cryptocurrency forum

BTC mining "worth" argument.

Discussion in 'Crypto Mining' started by Camon, Dec 18, 2017.

  1. Camon

    Camon Contributor

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    As i navigate the ins and outs of crypto community, I notice a hot topic right now is "Is X currency worth mining now?" And im left to wonder, well someone has to do it right? and what happens when everyone decides the answer is no, and a lot of miners jump ship from that currency? Does the price of that one go up then drop, or would it be a good opportunity for some one to step up and mine when most bail? Im curious to thoughts on this, seeing as its such a hot topic, and all. I see some possible paths it could take each bringing its own opportunities, and dangers.
     
  2. Camon

    Camon Contributor

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    also while here, wondering between investing in gpus to mine lower difficulty altcoin, or invet in some ASIC or w/e for the more expensive, but powerful miner? Also any options for building vs buying prefab etc, are all things im pondering.
     
  3. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

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    Well usually when there's less miners that means less demand for the coin, since the price most likely is low and miners don't want to waste electricity costs. The only good thing about mining a coin no one else is mining is that you get all the coins, they just might be useless until one random day 1-5 years from now the coin catches some crazy steam. This happened to a coin I mined in 2014 called Monacoin, unfortunately I only mined it for a short period of time so I only had 115 coins when I checked my wallet lol

    I personally liked mining with GPUs cuz I'm also into gaming, so getting a beast GPU to mine then play games with felt like an investment I could also have fun with lol. But if your intention is solely mining then you would probably build a 4 GPU rig with the barebones to save on cost. ASIC mining to me is not worth it because as the difficulty increases the miner gets less ROI and once its not worth running you can't even sell back the ASIC for some money unlike with GPUs that you can always resell back to gamers.
     
    Camon likes this.
  4. Camon

    Camon Contributor

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    I mean id still be tracking and mining the promising and trending altcoins, but just in the theory of mining them now while everyones worried about the "big 3" before inevitably migrating down the line to mine the new up and coming altcoin. As far as my second post inquires to..... the first post was more a point of interest for conversation. Im obviously not familiar enough with mining to make a very educated comment or projection on that topic. but am very interested in it.
     
  5. Camon

    Camon Contributor

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    and wondered if it was possible for value to rise a bit when mining goes down, do to the demand for BTC once mining slows down, assuming it would only be temporary before tech caught up to computing profitably.
     
  6. Camon

    Camon Contributor

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    I also forsee a rise and demand again for gpus when people move to altcoin mining. because i to am a gamer, and developer. Plus gamers cant even get their gpus now haha, so im thinking about hording some up
     
  7. DreamBliss

    DreamBliss Contributor

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    Moderators... Is member CryptoCrane supposed to be advertising like this? They have also started a thread with the same wording as this post.
     
  8. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

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    No, we clean up when we can. Just deleted. Thanks :)
     
  9. Bilkymesk

    Bilkymesk Beginner

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    I think the mining may goes down in a short time and the price will rise soon.
     
  10. Stephany Koh

    Stephany Koh Contributor

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    electricity cost will be high. anyone heard of ice mining ?
     
  11. Jelley

    Jelley Contributor

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    The price of bitcoin varies every day. You need to be careful with the market. It seems that bitcoin will rise again, but everything can change at any moment. I always check real price of bitcoins here https://www.crosslytics.com/ it is very convenient and quick service
     
    Last edited: Mar 28, 2018
  12. Kiss Norbert

    Kiss Norbert Contributor

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    It's worth to mine online!
     
  13. LuckyGonzo

    LuckyGonzo Contributor

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    IMO mining BTC is waste of energy. The future of crypto market are alt coins with rock stable rate independent from BTC, there is for example Nebula Network with emission mechanism tied to the supply.
     
  14. geoffreycelen

    geoffreycelen Contributor

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    Electricity cost is very high. On the other hand, the price of Bitcoin fluctuating. Online mining is worthy.:)
     
  15. Andy Hatch

    Andy Hatch Beginner

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    I found a crypto mining company minerbooking and fortunately I receive my coins every 24 hours in my wallet.I'm not really an expert at this but from what I've seen until now it looks quite good so i thought I'd share my experience. Can not wait for your advices as well.
     
  16. Jayko

    Jayko Scholar

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    Simple answer?

    NO! It's not worth it.

    If you don't know, in depth, how cryptocurrencies work then do not, let me repeat that: DO NOT buy mining equipment.

    JUST DONT DO IT!

    Don't make me say I told you so.

    If you do and find out that I was right, come back here and upvote this answer. Let's help others not make the same mistake.

    If you want to use your CPU or graphics card, then go ahead. But for god’s sake do not spend 1000’s of $$$ on mining equipment.

    Just buy the cryptocurrency. Invest that money wisely. Look at the historical prices and just buy when the cycle looks low. Even if you buy too high and prices fall in the short term, just don't sell. Consider this money gone and don't touch it. Fast forward to the year 2030, if you own 2 bitcoins, you'd be a millionaire now (according to forecasts).
     
    geoffreycelen and Beardhat like this.
  17. geoffreycelen

    geoffreycelen Contributor

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    I agree with you.
     

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