Crypto Mining- Is It Worth It?
- Thread starter nite001
- Start date
Cryptocurrency mining is a very good way to make money online and it is one of the ways people are exploring to make reasonable amount of money for themselves . Venturing into cryptocurrency mining would give you a huge profit
It is very correct that cryptocurrency mining is lucrative and one of the ways at which people make money online presently but there is need for you to gain experience on how to manage it properly in order to achieve success.
To me, it is not worth it
I cannot even count how many currencies that I have mined and they are just a waste of time.
I cannot even count how many currencies that I have mined and they are just a waste of time.
With cryptocurrencies getting more and more popular day by day, many people have explore this form of currency and aspired it to be the future of money. Some decided that they can profit from it by investing in it, whilst some began to convert all forms of cash that they have to crypto currencies, with the dream of their money to grow.
A minority of people, on the other hand explored ways in which they can earn cryptocurrencies. One of which, is Crypto Mining.
What is Crypto Mining?
Crypto Mining is a process where people make use of their computer GPU, to solve complex computer codes and in turn, crypto currencies are earned.
Is it Profitable?
The simple answer is no. Crypto mining actually uses a lot of electricity and that equates to cost. The speed in which you mine cryptocurrencies depends on what GPU systems you have. A GPU with a high level of efficiency would be costly. For example, the NVIDIA GeForce RTX 3060 Ti, claimed as one of the best GPUs, costs $399 and can mine only $0.29 USD worth of crypto currencies a day. At the end of the day, the worth of the Cryptocurrency that you had mined is still "paper profit", as it still depends on the market price of the cryptocurrency. With the crypto market performing really bad lately, I would not regard Crypto Currency as profitable, since you still have account for the costs of electricity and equipment.
That's it for my little sharing. I welcome all users to share your opinions and experiences (if any) on crypto mining. Cheers!
It depends on whether you have enough capital to buy enough machinery so that the margins after amortizing the machines and paying the bills are profitable, which is not easy or cheap, so right now with the prices of the current cryptos the margins will not be very good and the amount of investment money very high, better to invest directly in crypto.
Cryptocurrency mining is worth it and each and every individuals would always want to try this type of investment.
It would be profitable if you could establish a big mining farm.
CCrypto
Crypto mining will not be profitable if you do not have a mining farm.
It is better to get prepared for the business because it is capital-intensive if you really want to make huge profit.
If you have the intentions of investing in cryptocurrency mining you would need to involve a lot of capital.
Crypto mining I will say is worth especially when it comes to Bitcoin mining as it will increase the amount of Bitcoin that you are having when you stake which comes in monthly based on the kind of staking and miner that you put in your money on and that is how so many guys own their Bitcoin through stake mining.With cryptocurrencies getting more and more popular day by day, many people have explore this form of currency and aspired it to be the future of money. Some decided that they can profit from it by investing in it, whilst some began to convert all forms of cash that they have to crypto currencies, with the dream of their money to grow.
A minority of people, on the other hand explored ways in which they can earn cryptocurrencies. One of which, is Crypto Mining.
What is Crypto Mining?
Crypto Mining is a process where people make use of their computer GPU, to solve complex computer codes and in turn, crypto currencies are earned.
Is it Profitable?
The simple answer is no. Crypto mining actually uses a lot of electricity and that equates to cost. The speed in which you mine cryptocurrencies depends on what GPU systems you have. A GPU with a high level of efficiency would be costly. For example, the NVIDIA GeForce RTX 3060 Ti, claimed as one of the best GPUs, costs $399 and can mine only $0.29 USD worth of crypto currencies a day. At the end of the day, the worth of the Cryptocurrency that you had mined is still "paper profit", as it still depends on the market price of the cryptocurrency. With the crypto market performing really bad lately, I would not regard Crypto Currency as profitable, since you still have to account for the costs of electricity and equipment.
That's it for my little sharing. I welcome all users to share your opinions and experiences (if any) on crypto mining. Cheers!
