Re: Is Mining still worth it?

I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated. Grin

The question is what coin are you looking to mine, if mining is no longer generating value or profit then I think the companies will shut down the whole thing but for now mining is still going on as usual. Don't listen to anyone but find out for yourself and if you want to mine, only mine valuable coins like BTC. Do not mine junk coins because the risk will be very likely.

If they shut down the whole thing then it will be a big problem. Who will process our transactions then? Crypto will also be less secure if that happens. That is why there will always be people who will volunteer to do it even if many of them quit because they think it wasn't profitable anymore.

For active coins, mining is still active on them. You recommended him to mine a btc but I don't think he can do it with using a graphics card alone. The difficulty in mining for btc have increased a lot so to be able to mine it successfully, a real mining machine is now required and it wasn't friendly in terms of electrical cost. That is why it isn't really advisable. He can mine other altcoins instead.

When we do talk about mining then it would be neither on Bitcoin or altcoins which we know that we could either make use of Asic or Gpu's respectively basing up on what you are tending to mine.
Its true that there are miners who dont really care out about profitability but instead they do mine just to make had that support into the network even though it would cost them instead of earning
on pushing or confirming transactions and thats the relevance or importance of their existence.People do just mind off about mainly on being profitable.Yes, its not profitable due to
mining difficult but doesnt mean that all of them had stopped.

I'm not sarcastic but I have a question, who is a miner who doesn't care about profit? this is the first time I heard someone entered the market just to help promote the growth of bitcoin without profit. According to what I see, Mining companies or bitcoin holders, they all enter the market with the common goal of profit, even we are here for profit.

OP, mining has become a lot harder than it used to be because electricity costs are an issue for all miners, you should look at your local electricity prices to get started. For bear markets are normal as they won't last forever, we will soon rise again.

Its true that we do mainly aim for making profits even if we arent miners and come to think that miners had invested on buying up those asic/gpu + electricity cost + maintenance, which it would
really be that impossible that you would be wasting off these things for the sake on showing up some support into the market or on Bitcoin itself.
Its really hard to believe that you wont really be that profitable on the current things that you've been dealing with.
Mining is worth if if you do see that you are still making profits even though its less but at least you are in greens.