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❓ASK Why miners prefer to mine bitcoin more than any other coins

Razor1911

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I have watched many news stating that big companies building huge plant for bitcoin mining. Many companies are investing huge some of money for the sole purpose of bitcoin mining. But not much news comes out regarding other coins. Why is it so?

I think it may be because bitcoin mining is more regarding. If you ever transact through bitcoin, you would probably know that bitcoin mining fees is too high. So miners generally gets attracted towards such high incentives. Do you think this is the very reason behind that?
 
Higher demand i guess? Since it's the most famous people are expecting it to be always ahead of others that is why if even crypto currency suddenly decline.. bitcoin will probably be the last one
 
Higher demand i guess? Since it's the most famous people are expecting it to be always ahead of others that is why if even crypto currency suddenly decline.. bitcoin will probably be the last one
Definitely that is one of the reason. Higher demand means, higher the price. So when they will mine bitcoin, the incentives will be higher too. The bitcoin that will be accumulated will have higher value then.
 
As for me, I would prefer to mine other coin, because the difficulty of bitcoin is too high that it can only mine small coin.
Big companies mining bitcoin, might be because they want to HODL bitcoin for long investment, but they don't want to buy it.
Difficult? As far as I know, it is an automated process, and mostly done by CPUs. You can say the specifications of PC should be high in order to mine bitcoin.
 
The disadvantage of having a high difficulty is that it will reduce the number of bitcoin a miner will be earning. As the difficulty incease so as the mined coin reduces. And this will reduce the profit also.
But do you know what value will increase too. For example, if you would have mined bitcoin 5 years back, could have mined .005 bitcoins at that time having value 7000 per coin, and same way if you mine today you will get mere 0.001 but the price is now 42000.
 
I think despite the difficulty they still choose bitcoin because the mining and transaction fee been paid to them,so they choose bitcoin ahead and the popu'arity is another factor
 
I think despite the difficulty they still choose bitcoin because the mining and transaction fee been paid to them,so they choose bitcoin ahead and the popu'arity is another factor
Yes , and that is the main reason behind the popularity of bitcoin. Miners always prefers bitcoin as the mining commison is high here than other coins.
 
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Yes , and that is the main reason behind the popularity of bitcoin. Miners always prefers bitcoin as the mining commison is high here than other coins.
If more comission is been given we might see a surge and high and increase in miners more than ever as bitcoin continues to make progress
 
I think is because bitcoin is first coin ever to hit the market, and considering it's market value, one will know that it pays for mining bitcoin.
 
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If more comission is been given we might see a surge and high and increase in miners more than ever as bitcoin continues to make progress
That is actually the main reason. High Mining fees will attract more miners, and more miners means the demand of bitcoin mining will surge. Ultimately the price of bitcoin will also go up.
 
I don't there could be any other reason aside the fact that bitcoin is more expensive so if you are able to mine it significantly you will make money faster as compared.
 
I don't there could be any other reason aside the fact that bitcoin is more expensive so if you are able to mine it significantly you will make money faster as compared.
But do you know mining of bitcoin is more expensive too. You will need more heavy configuration of PC in order to mine. Othercoins are mined with even lower specs PCs.
 
But do you know mining of bitcoin is more expensive too. You will need more heavy configuration of PC in order to mine. Othercoins are mined with even lower specs PCs.
Yeah I am aware of the sophisticated equipment needed to mine bitcoin, it all about comparative cost and profitability analysis before you embark on mining any coin.
 
Yeah I am aware of the sophisticated equipment needed to mine bitcoin, it all about comparative cost and profitability analysis before you embark on mining any coin.
Yes. But net profit still remains high due to high price of bitcoin. If the price of bitcoin crashes, then the cost of the mining equipment will become high than revenue, and people will stop mining it.
 
Yes. But net profit still remains high due to high price of bitcoin. If the price of bitcoin crashes, then the cost of the mining equipment will become high than revenue, and people will stop mining it.
In the case of crash the miner may need to hold the bitcoin for a while till it recovers, I also learnt that miners earn from transaction fee we pay.
 
In the case of crash the miner may need to hold the bitcoin for a while till it recovers, I also learnt that miners earn from transaction fee we pay.
Yes. The Transaction fee that we pay directly goes to Miner's pocket. There are no other middle men. When transaction are high, I have seen fees going up to 15 dollar per transaction. Now you can understand how much a single clearing of transaction can yield to the miners.
 
Yes. The Transaction fee that we pay directly goes to Miner's pocket. There are no other middle men. When transaction are high, I have seen fees going up to 15 dollar per transaction. Now you can understand how much a single clearing of transaction can yield to the miners.
It is more reason why the miners will be more interested in coins like Bitcoin and ethereum so to an extent they won't be loosing much
 
Despite the fact that bitcoin Mining is very difficult , it's end result is very much profitable. Miners benefit much from both transaction fee and sales of the coin
 
Despite the fact that bitcoin Mining is very difficult , it's end result is very much profitable. Miners benefit much from both transaction fee and sales of the coin
There is every tendency that miners mining bitcoin now will make more profit if they can hold their coins for a while because the market could recover soon . I guess transaction fees are also down now right?.
 

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