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Those who have decided to deal with mining now, in theory and in practice, - are they already late? How much money can beginner miners make?

10 July 2017 06:10, UTC


Maxim Ivanov, Moscow Digital Academy

Earnings of a miner differ a lot depending on equipment and cryptocurrency for mining, but his income can reach the salary of a line manager if in case of good preparation.


Iliya Buturlin, Lecturer, Financial University

No, it is not too late; now the payback of a mining farm is from 6 to 12 months. But its future profitability will depend on cryptocurrencies costs at the exchange and if it goes down, then a miner can never pay back the investments.


Oleg Bogdanov, Chief Analyst, Teletrade Group:

It is never too late to deal with mining, one just need to choose the correct cryptocurrency, profitable for miners. Usually a beginning miner earns from $300 US.


Alexander Bespalov, General Director of Crypto Company, Senior Partner, General Director of Bespalov and the Partners Consulting Group

It cannot be too late to deal with mining; it is just the question of a competent choice of the equipment and its operation (equipment management). There are many services and companies which offer operation and maintenance of this equipment for a profit share, thus a user receives a convenient service while maintaining high potential profitability.

Independent mining including purchase of accessories and collecting so-called farms is not of current interest because the effect will be not so big. It is easier for a common user to invest in "cloud mining” that is to rent a part of a datacenter capacity and to get passive income.

Now the era of industrial mining comes, and large investors with dozens and hundreds of millions of investments come to this industry.

Nevertheless under certain conditions even the domestic mining can bring 50-100% annually (and sometimes more if you are lucky and the rate seriously grows).


Konstantin Vorobyev, GOLOS.io blogger | Blockchain and blog platform

And yet, as for mining at the moment, those who wanted to mine bitcoin are already late. Ethereum will see transfer to Proof-of-Stake. If we consider how to reach consensus in terms of their operational methods, then we will see that Proof-of-Work used by bitcoin is squeeze dry of the Earth's energy resources. By estimate, the capacities used by bitcoin miners would be enough to heat the whole Denmark. PoS has a tendency to accumulation of funds in one hands that can have poor effect on economy in general.

Although the mining is profitable business which starts to bring profit approximately in half a year, however, I do not recommend to deal with mining if you do not have cheap electric power because you simply will not be able to sustain competition after Ethereum transfers to PoS, and you will have to sell your video cards for a half price.

Quite soon, I think, mining will be the past, and standard PoS will replace DPoS. And this blockchain method will be integrated in many fields: legal, banking, trade, healthcare, production, government… The blockchain is a powerful technology, which implies a new philosophy.


Mikhail Tsyskarev, Head of Advanced Technology Department, Ural Bank of Reconstruction and Development

In theory you are not late. In practice cryptocurrency rates change very quickly, therefore it is unreasonable to recommend them as a method of easy money. Literally a few days ago, when the rate of Bitcoin, Litecoin and Ethereum made a slight rollback, one could find in the Internet many sale offers of video cards and even whole farms. So, on the one hand, in the market there are quite many cryptocurrencies available for mining in "domestic" conditions, on the other hand, it is necessary to be ready that this business will not give fast payback, especially in case of using small capacity. At the same time it is important not to forget that the labor intensity of mining of the most popular cryptocurrencies increases together with growth of the number of miners.