Is cryptocurrency mining really useful?

[karrymas]

I have heard a lot about cloud mining recently

 

[Graybeard]

Not useful but profitable
This is just the electrical cost and not the cost of equipment (or cloud server SaaS time)
Now let's talk about climate change </sarcasm>

How Much Does It Cost to Mine Bitcoin Around the World?​

 

[Dortmoond]

I guess everything is up to you. One can state that it's a very profitable activity and it's worth spending lots of money on mining setup, however I don't personally admit cryptocurrency mining as the profitable activity. Of course it can help you to generate the particular amount of crypto per month and you can earn by these steps, nevertheless, if you're not skilled at this activity at all, then you'd better stay off this idea. In my opinion, crypto mining is hyping nowadays that's why all the equipment is quite expensive. You'd better try to trade crypto, to my mind it's much easier than you will waste your time on choosing the equipment and making mining farm.

 

[amrita27]

mining Bitcoin becomes more difficult, as more miners compete for the next block reward. Today, mining Bitcoin as an individual is rarely profitable unless someone has access to extra low-cost electricity.

 

[SarahBoyer]

As time goes on, mining Bitcoin becomes more difficult, as more miners compete for the next block reward. Today, mining Bitcoin as an individual is rarely profitable unless someone has access to extra low-cost electricity.

 

[JoJoshura]

Mining cryptocurrencies may be profitable but it implies some decent investments and knowledge. If you know what to mine and you have enough money for the equipment which will do it efficiently, go ahead!