There has been a growing migration of people into the cryptocurrency mining industry in recent years. The increased awareness about cryptocurrencies, as well as the tremendous bull runs that tokens like bitcoin and dogecoin have had over the years, have encouraged this trend.
I have friends who are mining and we are talking about it. They use a huge room for mining. They say it is profitable, but of course it has its difficulties. If they pay 1000 units of electricity bill in the currency of the country, they earn a minimum of 3 times the profit per month.
One of the difficulties is cleaning and being very hot. Especially on summer days. It works in winter days because there is no need to turn on the heater :D They say they can't get away from the house, they need to make sure the system doesn't stop. The damage to nature should not be ignored.
Considering all these, it is a profitable method if you have money to invest. Even if I don't prefer it. I prefer to buy cryptocurrencies.
Crypto mining is one of the entry methods to crypto. It is quite costly, but with the right strategies, it can turn into a good profit tool. It requires a solid investment to get started.
The way I see it, people who mine are primarily targeting ROI. If I was a miner, I would follow the same strategy. I would first secure the amount I deposited. If I needed money afterwards, I would cash it out, but since I am a crypto lover, I would hodl.
Although it is a profitable method, the damage to the environment and the fact that I don't have room to spare for such a system in my house prevent me from being a miner. Mining businesses are also not something I would prefer. Mining is not for everyone and has various requirements.
The fact that miners bought mining content especially high-yield graphics cards like zombies makes it a bit difficult to have own mining system. However, why not to mine if you have opportunity and financial back-up? It is much possible to see regular people joining in mining industry, like your local butcher (Yes, I have seen a butcher bulding up bunch of mining stuff!).
I think Etherium mining will continue to be advantageous in upcoming years, and I don't think mining business will have an end in short time.
I was interested in mining crypto before 2 years prior starting crypto. We (with my father) made a search before the times when Bitcoin collapsed in 2018, and we approved a mining contract with a mining company. They continuously mined BTC and LTC for 3 years, and we just let it there cause the amount we paid them wasn't that huge. So, mined coins were in our wallet when I last year got into crypto. I think we got 4x back from what we paid!
A good review of solo mining. Although the article touches on buying mining power from a pool, it totally missed selling into a mining pool. A good quality gaming computer with a high end video card can often make a few dollars a month through selling hashing power on the market. I always recommend joining a mining service for anyone interested in learning about making their own crypto.
Mining can be profitable for someone who does good research. No fixed income. You have to calculate everything. A possible price fluctuation or the price of electricity or equipment supply.Jul.
If we want to get into this, we have to do a good job first. How much do we make, how much do we lose? Or dig what? After solving such questions, if we are going to be profitable, of course, mining should be done.
It depends very much on your goals and strategy. In my opinion it's better to just buy and trade, you'll make some gains quicker than getting ROI from mining.
Maybe a good strategy could be reinvesting your trading gains into mining.
I think trading in the stock market is more profitable than mining.
I made good money when Doge did 10x but when he saw this my friend got depressed because he was mining and not making as much money as I was making in the stock market
I liken mining to opening a new shop because you have very little risk and physical effort.
I think the biggest problem of mining is that the video card is broken and all the effort is wasted.
I'm thinking of buying a new computer, but the prices are too high. After doing some research, I figured out why. People have collected all the graphics cards on the market. The demand is high, the number of products is low, naturally the prices have increased.
If you think it is suitable for you and electricity prices are cheap in your country, it is inevitable that you will earn money from mining.
because I enjoy investing in projects with high functionality with the capital I have.
Mining is just like buying a house with a large capital and then renting it out and trying to make a profit. When you calculate how many years it will pay for itself, it happens in the long run, and you can only leave a profit for your grandchildren, not you.
Mining is better than this, but I guess it's still not for me. Graphics cards + electricity costs + device maintenance + the rent of the warehouse where you will keep the devices is tiring.
The easiest is to enter a stock market and start hodl 😉.
Thank you for tackling this beautiful topic. I wish you a good day.
I know some people's who are mining Ethereum by doing like $15K investment on Graphic Cards + Monthly Electricity and when i asked them is it Profitable to mine ? There answer was yes it is profitable but everything is based on assumption
You don't have a fix income in Mining because eth Prices fluctuates time to time and Roi mainly depends on the prices of the crypto mined
If you would ask me will i mine or not ?
My sudden reply would be absolutely no but if thinking as a long perspective i wouldn't mind to do that :)
If the possibilities can make up the cost very well, I would mine, but this cannot be the same for every country and condition, instead, trading is preferred.
I have friends who are mining and we are talking about it. They use a huge room for mining. They say it is profitable, but of course it has its difficulties. If they pay 1000 units of electricity bill in the currency of the country, they earn a minimum of 3 times the profit per month.
One of the difficulties is cleaning and being very hot. Especially on summer days. It works in winter days because there is no need to turn on the heater :D They say they can't get away from the house, they need to make sure the system doesn't stop. The damage to nature should not be ignored.
Considering all these, it is a profitable method if you have money to invest. Even if I don't prefer it. I prefer to buy cryptocurrencies.
Thank you for the article.
Crypto mining is one of the entry methods to crypto. It is quite costly, but with the right strategies, it can turn into a good profit tool. It requires a solid investment to get started.
The way I see it, people who mine are primarily targeting ROI. If I was a miner, I would follow the same strategy. I would first secure the amount I deposited. If I needed money afterwards, I would cash it out, but since I am a crypto lover, I would hodl.
Although it is a profitable method, the damage to the environment and the fact that I don't have room to spare for such a system in my house prevent me from being a miner. Mining businesses are also not something I would prefer. Mining is not for everyone and has various requirements.
Thanks for the article!
The fact that miners bought mining content especially high-yield graphics cards like zombies makes it a bit difficult to have own mining system. However, why not to mine if you have opportunity and financial back-up? It is much possible to see regular people joining in mining industry, like your local butcher (Yes, I have seen a butcher bulding up bunch of mining stuff!).
I think Etherium mining will continue to be advantageous in upcoming years, and I don't think mining business will have an end in short time.
I was interested in mining crypto before 2 years prior starting crypto. We (with my father) made a search before the times when Bitcoin collapsed in 2018, and we approved a mining contract with a mining company. They continuously mined BTC and LTC for 3 years, and we just let it there cause the amount we paid them wasn't that huge. So, mined coins were in our wallet when I last year got into crypto. I think we got 4x back from what we paid!
Thanks for the article.
A good review of solo mining. Although the article touches on buying mining power from a pool, it totally missed selling into a mining pool. A good quality gaming computer with a high end video card can often make a few dollars a month through selling hashing power on the market. I always recommend joining a mining service for anyone interested in learning about making their own crypto.
When I just got into crypto, I did a lot of mining research. At the time, it seemed to be a very profitable business.
In some countries, I think, it's still profitable. Great, especially if electricity prices are cheap. It's a must for the Pow system.
But mining seems a little outdated. Switching to PoS system. I think it was done to regulate energy use.
I think it's a great article to start mining. If I have a friend who doesn't know or asks, I'll definitely show you.
Thank you so much.
Have a good day
Mining can be profitable for someone who does good research. No fixed income. You have to calculate everything. A possible price fluctuation or the price of electricity or equipment supply.Jul.
If we want to get into this, we have to do a good job first. How much do we make, how much do we lose? Or dig what? After solving such questions, if we are going to be profitable, of course, mining should be done.
It depends very much on your goals and strategy. In my opinion it's better to just buy and trade, you'll make some gains quicker than getting ROI from mining.
Maybe a good strategy could be reinvesting your trading gains into mining.
I think trading in the stock market is more profitable than mining.
I made good money when Doge did 10x but when he saw this my friend got depressed because he was mining and not making as much money as I was making in the stock market
I liken mining to opening a new shop because you have very little risk and physical effort.
I think the biggest problem of mining is that the video card is broken and all the effort is wasted.
I'm thinking of buying a new computer, but the prices are too high. After doing some research, I figured out why. People have collected all the graphics cards on the market. The demand is high, the number of products is low, naturally the prices have increased.
If you think it is suitable for you and electricity prices are cheap in your country, it is inevitable that you will earn money from mining.
I guess mining is against me :D.
because I enjoy investing in projects with high functionality with the capital I have.
Mining is just like buying a house with a large capital and then renting it out and trying to make a profit. When you calculate how many years it will pay for itself, it happens in the long run, and you can only leave a profit for your grandchildren, not you.
Mining is better than this, but I guess it's still not for me. Graphics cards + electricity costs + device maintenance + the rent of the warehouse where you will keep the devices is tiring.
The easiest is to enter a stock market and start hodl 😉.
Thank you for tackling this beautiful topic. I wish you a good day.
I know some people's who are mining Ethereum by doing like $15K investment on Graphic Cards + Monthly Electricity and when i asked them is it Profitable to mine ? There answer was yes it is profitable but everything is based on assumption
You don't have a fix income in Mining because eth Prices fluctuates time to time and Roi mainly depends on the prices of the crypto mined
If you would ask me will i mine or not ?
My sudden reply would be absolutely no but if thinking as a long perspective i wouldn't mind to do that :)
Thanks for an amazing Article Rony ✌️
In my opinion, cryptocurrency mining is a profitable investment.
Of course, it should be done by analyzing many issues such as electricity costs and sustainability.
There are people who have been doing this business for years and earn quite a bit of money.
However, due to the high equipment costs, some turn to ready-made pools.
In summary, I can say that there is money in this business, you can start after doing your own research.
If the possibilities can make up the cost very well, I would mine, but this cannot be the same for every country and condition, instead, trading is preferred.
I never got into mining.....I believe the buy and hodl technique is the boss move.
Unless you're going major with big bucks and big tech I would recommend just buying your coins and token. Mining can be a headache.