Why are so many people trying to start mining?

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Deniedstingray

Deniedstingray

Honorable
Nov 2, 2015
983
0
11,160
My understanding of mining is that it is a waste of components and the gain is not worth the electricity.

Can someone fill me in because im clearly missing something, How much do you make a month mining?
 
Solution
k1114
Depends on which currency you're mining. For bitcoin that's true because of asics but ethereum and some others are asic resistant. It's not about the newest. There have always been multiple even with the first wave of bitcoin popularity. They just never get popular and aren't worth mining.
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Martell1977

Martell1977

Splendid
Oct 26, 2010
3,846
3
24,960
When a new crypto-currency comes out it can be very profitable early on using GPU's. Eventually though, the process gets to a point where GPU mining is no longer profitable and people move to ASIC's. Right now, GPU mining is all the rage for the newest currency...
 
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k1114

k1114

Titan
May 2, 2010
14,240
93
75,540
Depends on which currency you're mining. For bitcoin that's true because of asics but ethereum and some others are asic resistant. It's not about the newest. There have always been multiple even with the first wave of bitcoin popularity. They just never get popular and aren't worth mining.
 
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