Can Mining Cryptocurrencies Could Be A Waste Of Time?

[Good-Guy]

Cryptocurrency mining is considered one of the most profitable ways to make money. It is one of those ways that could bring money without basically doing nothing except monitoring your hardware and seeing your earnings grow by the passage of time. Mining has remained one of the hottest topics in the world of cryptocurrency enthusiasts and this is why many people have taken a lot of interest. However, there are various aspects of mining that many people overlook. For example, mining involves you to buy really highly valuable hardware and machines and this will make it much harder to make profits and you will be required to wait for a long time to make profits. Let's say the cost of the hardware is $1,000 and this $1,000 worth of hardware hardly generates $1 in a day. Please note that I am only using this as an example because many $1,000 worth of hardware do not even generate $1 in a day for you. If we assume that it generates $1 per day, then it would generate 1 X 30 = $30 per month and 30 X 12 = $360 per year. This amount is quite low for a $1,000 investment amount. Please also note that you may also need to calculate other expenses such as machine repair expenses and electricity expenses and this would make you earn $300 per year approximately. So, do you think mining can be a waste of time?

 

[Buzemak]

It is really a time consuming thing. Sometimes, one sent his time and money after going through what the initiator of this topic analysis. The so called the cryptocurrency mining firm will still the person his payment. It is frustrating ,I have had an experience.

 

[Hamedd]

what is best Cryptocurrency to buy now ?

 

[Deleted member 28127]

For small minority mining is profitable but the big majority are just wasting their time because it needs investment to buy mining powerful software, mining for free pays pennies that don't even pay internet bills.

 

[Icon]

Believe me crypto mining is a very good and probably easy way to make money on the internet I have seen many peoples life change after investing crypto currency. Some of them I know in person, but the thing is you need to invest some tangible amount of money before you can make tangible money from it

 

[Mataracy]

According to the analysis you give here ; it made me to fear the more. If one can invest so much in buying a machine and still get low income like that , that means its not worth investing or wasting one time on.
I have been seeing some site that its for mining and in which they will tell some one to watch video and after they will release the coin out but fortunately they don't do that mostly because they used to hold their fund and make one to work harder.