Kakashi2020 Posted May 31, 2018 Share Posted May 31, 2018 Recently I've been hearing news that it's more expensive to mine Bitcoin than the amount and value of bitcoins mined. So are miners just wasting much needed energy to the point that they'll incur losses instead of income? If this is true, is it a new thing or its the same in the past? Quote Link to comment https://slingbank.com/forums/topic/564-is-the-bitcoin-network-just-wasting-energy/ Share on other sites More sharing options...
Marako0406 Posted June 21, 2018 Share Posted June 21, 2018 To me, that would be true. I tried to mine bitcoin for sometime and when I reached the threshold amount that I like, I thought that maybe I am only wasting my time and energy and there's a rise on our electric bill. The mined bitcoin I got was just an extra and would never be able to pay even half of the electricity bill and that's sad haha Quote Link to comment https://slingbank.com/forums/topic/564-is-the-bitcoin-network-just-wasting-energy/#findComment-1382 Share on other sites More sharing options...
fishbate Posted June 22, 2018 Share Posted June 22, 2018 Basically yes, but the value of energy you use may differ in some countries that's why its more profitable to mine for them. I think if you want to gain profit in mining you must first calculate the cost vs the income possibilities. Quote Link to comment https://slingbank.com/forums/topic/564-is-the-bitcoin-network-just-wasting-energy/#findComment-1385 Share on other sites More sharing options...
EfficientNinja Posted June 22, 2018 Share Posted June 22, 2018 I guess it's a matter of location. Here in my area some of the miners are quitting because they are losing more than they are earning. Bitcoin's falling price doesn't help either. If only Bitcoin or other cryptocurrencies are still sky high maybe they could profit more? Quote Link to comment https://slingbank.com/forums/topic/564-is-the-bitcoin-network-just-wasting-energy/#findComment-1402 Share on other sites More sharing options...
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