Is Bitcoin Mining Efficient?

S

skybluesam1

New member
Okay, so I am not sure where to put this so please do move it if you think that it suits somewhere else better!

Do you think that it is still cost effective for me to make a bit coin mining rig and to try and mine bitcoins? I just found out that bitcoin rigs generally use up a lot of power which is not ideal but I guess I cannot really help that! Also bitcoin rigs are generally expensive so at this late point in the bitcoin market, is it still worth it?
 
So would you suggest that I don't invest in it as well in the hope that the price of them will go up? Also how long would you personally give them until the whole thing collapses? Furthermore, do you think that any of the other coins are worth it? Like litecoin for example? Litecoin does seem a little more affordable and successful in my opinion.
 
Mining is still worth a try. ASIC is fine (depends on your asic hashes/second) but there are newer models that are more power-efficient.
 
I've heard that where the current market is right now the Bitcoins which were easily mined to begin with are gone. Not only due to there being a smaller amount of them but with the price of BitCoins being so much higher than they were before so many more people are in the game now. In terms of efficiency it all depends, if you're paying for power then Bitcoin mining will definitely financially make you a loss as well as have an impact on the environment. As others have mentioned so far in this thread as well, if you're mining even with a high end GPU you'll be disadvantaged since a lot of people have ASICS.
 
Orz said:
I've heard that where the current market is right now the Bitcoins which were easily mined to begin with are gone. Not only due to there being a smaller amount of them but with the price of BitCoins being so much higher than they were before so many more people are in the game now. In terms of efficiency it all depends, if you're paying for power then Bitcoin mining will definitely financially make you a loss as well as have an impact on the environment. As others have mentioned so far in this thread as well, if you're mining even with a high end GPU you'll be disadvantaged since a lot of people have ASICS.
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Yeah to combat this you can buy shares in mining companies who get cheap electric and mass buy ASIC's. Or you can mine with GPU's to Litecoin or Worldcoin and convert to Bitcoin and make a big profit.
 
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