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RE: Is Bitcoin Mining Worth The Risk

in #bitcoin7 years ago

In short? No.

BTC and most crypto mining is pretty inefficient by single users, largely due to the costs of electricity and the mining market being dominated by huge miners in countries with cheap power (China, primarily).

True, you can make enough money to maybe pay off the GPU you bought to mine with in a year or so, but there is always a high risk the strain on your hardware will cause problems, or the price of BTC and difficulty to mine it changes over that year.

I mean, look at how the price of BTC changed in even the past few months and think about entering into a longer term investment (Paying off GPU, electricity over a year or two).

Honestly, if you want to get into it, just buy some BTC or ETH and play around with trading, or explore investing in ICO (Initial Coin Offerings).

Like others have mentioned, Cloud mining is an option but you need to be VERY careful who you are trusting with the investment. Lot of horror stories floating around with those. If you do your research it should be fine though.