• Please note to have a link in an article you must first request permission from the administrator and pay a fee. You can read more information here.

Should you start mining when bitcoin is cheap and electricity is expensive?

  • Thread starter Thread starter deucher
  • Start date Start date

deucher

Guest
In my country, for 1 kilowatt of energy, I have to pay 10 cents, and the asik that I plan to buy consumes one and a half kilowatts per hour and its profit is somewhere around 30 dollars a month, should I buy it now when bitcoin is cheap, or should I wait for it to become more expensive and then the profit will be much greater relative to the cost of electricity.
 
Bitcoin isn't going to drop down in price anytime soon, and likely not to the point where you can get in on it cheap. Right now Bitcoin is valued at almost $35,000 for a single bitcoin. If Bitcoin drops, it's not going to drop down much. I'm willing to bet that if it does drop some, it'll only drop down to like $10,000 or so. I don't see it going down further than that.

You can invest in Bitcoin now, you're just not going to be able to buy much of it considering its worth right now.
 
If you continue to hold your mining reward until it goes up high again, mining can be profitable. However, considering the cost of running a mining rig and the low price of Bitcoin you might not be able to make a lot of profits through mining Bitcoin at this moment.
 
You must log in or register to reply here.
Back
Top