Mining pros and cons

Hello everyone hope you all are doing well I'm here to share my thoughts about the Mining Im glad to be a part of steem alliance and I learn alot to see different posts I try to share whatever knowledge I have. The question always in my mind from peak prices down in to the deep I try to explain here whatever I know about it, and I hope it will be helpful. Look into the actual math behind both of the these decisions to see which ones is more profitable I will share some pros and cons of mining depending on how you think the price perform in the long run and how long you plan about mining.

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pros and cons of mining

Pixaby>

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• What's goog thing about mining first of when you buy miner I'm going to reference Bitcoin mining you can mine all kind of other coins as well and these thoughts will apply on it. With a minor you are mining everyday as long as you are.

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• Good thing about mining is that you are actually contributing to the safey of the network Infront you are literally being paid to help secure the network. If you are like that specific network and you want to see other people using it. It's a very good thing that you simply won't get if you just buy Bitcoin.

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• Other great thing about mining that Many people don't think about is you have the upfront cost of a miner but when you want to get out of mining business you can also sell the miner and if you are in a bull run might be even able to sell miner for more than you bought it because miner price somewhat correlate to the crypto prices.

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• Lastly we have best thing about mining crypto the coins that you are mine are completely clean. They don't have the transaction history behind them and you don't have to worry about you are dealing with sanctioned coins . mined coins always have a clean transaction history now.

Pixaby

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cons of mining

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• The bad thing of mining is obvious is that you will have a monthly electricity bill and it's likely won't be so cheap if you are running multiple miner it will be quite a bit however if you are probably you should be able to sell some oth the mined Bitcoin to cover your costs along with electricity you must also pay your internet bill isn't to much of a hassle unless you mining in a place far away from internet connection even with the cost though. If you operate your mining situation like a business you are actually able to deduct the many expenses.

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• Another bad thing about mining is that there is usually a high upfront cost and it takes a long time to get your original investment back from mining of course you could always sell your equipment to recover your cost but it won't be easy as selling on an app. Mining to making money you probably doing it for the long haul now . Some people realize is that one thing your mining will technically make less and less money this is because assuming the price of Bitcoin stays same or even if it goes up the amount of other people wanting to mine it it's should also increase which the increase he total hash rate this your portion of mining will decrease meaning less Bitcoin per day also meaning less money.

• Lastly as time goes on the equipment that we have to mine transaction became more efficient and faster so it's not likely that your equipment will be profitable in the next hundred years because of how much greater our technology will be by then that seems to be a good overview about mining.

Pixaby

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This s it for today thanks in advance for reviewing my post see you again ✨
Kind regards: @kunwal