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RE: Musing Posts

in #musing-threads6 years ago

Last month I did an analysis on this and from what I see it is country specific and how much you spend for buying the rig and paying the electricity bill. If both the things are available for cheaper rates in your country, then mining is profitable.

There are websites that can provide you a simple calculation based on certain parameters. You can try out the below links from cryptocompare website to check if mining is still profitable for you.

https://www.cryptocompare.com/mining/calculator/

I have one of my crypto friend in Chennai, India doing mining for the past one year. He hasn't been able to reach ROI yet with continuous mining yet. His profit value is also declining continuously.

If you are still keen about mining cryptocurrencies, there is an option available. You can go for smaller coins that will not require lots of efforts. Some of those coins can be a bit profitable. If you identify a good potential on a particular coin, you can even hold it for long term to see some considerable profit. Other than that mining is not going to be of great advantage now.

There have been lots of mining farms implemented in countries where electricity is cheap or free. With increase in the number of mining farms in various locations across the world, small household rigs may not give you good profit in the long run.

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