Bit Coin mining anyone ?

Have been thinking about this for sometime and I am ready to dive in, I will have to start small until I clean my garage a little moved in to a new home recently and my garage is my new storage...LOL, anyway thought I would share some videos just so you will have a better understanding of how things work.

 

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Get ready for some very expensive electric bills.

 

https://www.tiktok.com/t/ZT2PEMbUT/

 

They have several models that are cheaper then a hair dryer to run also if you pay $300
in dedicated electricity but make $1,700 that
still $1,400 a month in passive income.
the link in my previous post is a good example.

 

Seems like a pretty serious drain on the grid and overall not good for the environment.

 

I thought there was only a limited amount of Bitcoin to be mined?
That was supposed to be all mined out before now?how are you going to be able to compete with countries that mine and throw hundreds of thousands of dollars at mining?
If you run a solar mining system, you can cut the costs...But then you have the solar system cost.
Is this one of those make money mining bitcon... start a business cheap, buy the license, the computer equipment, solar system, new truck, Etc and write it off as a loss next Year in taxes when you close the business?

 

I saw a TikTok video and a guy on YouTube say I can mine my own bitcoin and not have to pay anything! "Official CT Troll Sweeper" seems a bit of a reach on this one, unless you get rid of that 'Sweeper" part.

But if you do happen to decide to take whatever advice those people mentioned (I didn't watch either of them, zero interest for me) I sincerely wish you luck! And I hope it works out for you so well that you can come back here and make me eat my shoes. I have my own opinion in doubting that you'll have great success in trying to mine, but godspeed to you.

 

I think I'll stick to Vaultbox, thanks.

 

Beyond immediate impacts on local communities, cryptocurrency mining consumes tremendous amounts of fossil fuel–generated electricity, resulting in increased emissions of harmful air pollutants and greenhouse gases that accelerate climate change.

 

From a fellow that has to call the kids to open an email…… I believe I’ll stick with boring old gold.

 

I do not know but from what I read, the amount of computer equipment and electricity you will burn might make it prohibitive. Bitcoin has a finite number of coin that can be mined, and the closer to it's end, the more expensive it is to be mined. That being said, bitcoin is the ONLY crypto I would ever consider owning.

 

If someone is telling you you can profit by mining Bitcoin at home, they're trying to sell you something. The only people coming out ahead on it at this point are those who can colocate by a source of unusually cheap electricity, or those who can "borrow" the equipment and the power to run it.

You'll spend a whole bunch on equipment, a not-insignificant amount on electricity, and be rewarded with an insignificant amount of Bitcoin.

 

so you dont like money ? I have made a small fortune in BTC taking the foam off the talk while still moving forward and maintaining my original investment this FOAM is converted to GOLD, made many a trip to Costco to prove my point.

 

Well there are several ways you can go and most of what I have read is positive
and the start up costs are relativity inexpensive and its literally plug and play so once your set up it basically runs itself, your only real expense is the electricity
so you should be easily be ably to cover those expenses and net a profit, seeing people doing $40 a day including the cost of electricity and all additional expenses
such as site fees so roughly about $1,000 a month, my kinds numbers

 

What better way of buying GOLD with using profits from BTC, this is actually a dirty word on CT, I like GOLD as well but the money has to come from somewhere right...LOL

 

I dunno. I know a guy who was BIG in sales at Dell for years, is somewhat of a nerd genius, and he's not keen on the idea. The irony is that in addition to what he does selling computer equipment, he just bought a pawn shop in south Fla. I'll ask him again about this.

 

I think this subject needs a category of its own on CT since it really has nothing to do with bullion investing.