Should we still do Bitcoin Mining in such circumstances?
This November is really a nightmare for bitcoin and mining industry. Many investors and mining farm are losing money and maybe contunious to lose money. As We all know that the most reason leading to this is the harshrate battle of BCH.
This is the fourth time that Bitcoin price dropped so dramatically. Under such circumstances, can we still do mining? Or we just give up and thown away the miner?
For me, I do not suggest the one who do not have money to do mining. If you have extra money and also you have time, do not have other ways to make money at home,You may can do mining at home. For several reasons as bellow:
1, Bitcoin miner price is cheapest in it's histroy. The Bitcoin Miner like Antminer S9, Antminer S11, Antminer S15 price is cheaper than ever before. Do not need to invest a lot of money on this miner machine. Just invest hundreds of dollars, you can start to mining.
2, Investors are withdrawing from this industry, some big mining farm is closed as lacking of investment. With the reducing of the mining machine, The mining hashrate will not increase much like before. The profit will be much more stable.
3, As a Bitcoin believer, The bitcoin must increase after this period, Histroy has it's course, it is normal for the bitcoin market down or up, We just need to wait for our opportunity in patient.
Now for mining, the biggest cost is electricity and miner machine, if you have cheap electricity rersources, You must be profitable, If you have friends in Venezuela, you can consider to mining there, because Venezuela have free electric resource.
At last, I do not recommend to make loan to do mining, only take it as an investment method, use your extra money to do mining.