Can i be rich mining cryptocurrency?

[allison001]

Mining is one of the way so many individuals don't generate income from cryptocurrency. I know mining takes time and it requires patience. Can i become rich mining cryptocurrency?

 

[Suba]

When you want to mine crypto, you first need to consider the electricity rates in your country, if electricity costs are high, maybe you won't make a profit. But if electricity costs are cheap you will be able to make a profit and if you do it continuously you will certainly become rich.

 

[allison001]

When you want to mine crypto, you first need to consider the electricity rates in your country, if electricity costs are high, maybe you won't make a profit. But if electricity costs are cheap you will be able to make a profit and if you do it continuously you will certainly become rich.

This is the first time hearing this about cryptocurrency mining. This electricity cost please how does it affects our mining? I'll like to know more.

 

[riberet19]

At this point, I don't know if you could get rich with cryptocurrency mining, because you would need a large investment of money to get them, plus these cryptocurrency mining machines are not cheap at all and also use a lot of electricity, on the other hand, a bear market could make your returns go down a lot and on the other hand you may also have to pay taxes according to the laws of your country

 

[allison001]

At this point, I don't know if you could get rich with cryptocurrency mining, because you would need a large investment of money to get them, plus these cryptocurrency mining machines are not cheap at all and also use a lot of electricity, on the other hand, a bear market could make your returns go down a lot and on the other hand you may also have to pay taxes according to the laws of your country

I really appreciate this educational reply. I'm more enlightened about this mining of a thing. Mining probably needs a lot of money to become rich, nothing good comes easy.

 

[riberet19]

I really appreciate this educational reply. I'm more enlightened about this mining of a thing. Mining probably needs a lot of money to become rich, nothing good comes easy.

It's a pleasure to help you, we're here to learn from each other

 

[Suba]

This is the first time hearing this about cryptocurrency mining. This electricity cost please how does it affects our mining? I'll like to know more.

As far as I know, Italy is the country with the most expensive electricity costs for mining 1 Bitcoin. You will incur electricity costs of $210k, so electricity costs are more expensive than the price of Bitcoin. According to the news I read on CoinGecko, there are only 60 countries in the world that can possibly make a profit from Bitcoin mining. There are several countries in Asia and Africa that are considered cheap to mine Bitcoin, such as Lebanon, Syria, Iran, Ethiopia and Sudan.

 

[Kirubel]

Mining needs a lots of things like mining equipment's, high and stable electric supply with backup energy supply, good internet connection, cooling system and also a place to setup the mining rigs, and after that you need to calculate how much money you will need for maintenance, electric bill payment and gas fees, after that you decide if mining is profitable or not.

 

[Nomad]

You can become rich with crypto mining, however, you will have to invest a lot of money to set up your mining rig, you will also have to spend a lot of money to maintain your mining rig.

 

[deucher]

I think that you can become rich in anything, but to begin with, you need a lot of funds for investments and also patience, because mining is not a quick profit and it takes at least 1 year to pay off the equipment