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You won’t earn anything on home mining – professor at Moscow State University

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You won't earn anything on home mining - professor at Moscow State University

You won’t earn anything on home mining – professor at Moscow State University
CONTENT

  • MSU recommends not to do home mining

  • Experts are confident that Bitcoin mining can bring from $ 500 dollars in monthly income

  • Home mining causes tragedies

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Doctor of Economics, Head of the Laboratory of the Faculty of Economics, Moscow State University Lomonosov Andrey Kolganov recommends not to engage in home mining.

You won't earn anything on home mining - professor at Moscow State University

Costs and nothing else

The process of mining bitcoin at home is a costly business that will not pay off in the future. This opinion was voiced by the Doctor of Economics, Head of the Laboratory of the Faculty of Economics, Moscow State University. Lomonosov Andrey Kolganov on the air of the radio station “Moscow speaking”. According to the expert, bitcoin mining has become too energy-consuming, and on a regular computer, users simply will not be able to mine a single bitcoin.

“Now this occupation requires very high costs, rather large computing power and a fairly large consumption of electricity. Working effectively from home is almost impossible – the electrical grid will not hold up. You can’t get anything there with a regular computer. It was possible to do this several years ago, but now it is no longer. This is an extremely risky business “, – said Kolganov.

Professional miners disagree with this statement and believe that home mining is able to bring from $ 500 per month in passive income. In particular, Arseniy Grusha, co-founder of the consulting company Wattum, spoke about this earlier..

You won't earn anything on home mining - professor at Moscow State University

“For the CIS countries, and Russia in particular, home mining is still beneficial. First, the cost of electricity in Russia is much lower than in America or China. And these are certain advantages for miners. Even the use of 2-3 modern miners can bring up to $ 500 in profit per month, which is a significant amount for remote regions of Russia. And that’s passive income. I personally would even hold a promotion to give every person over 50+ the opportunity to try mining and earn their $ 500 without making any special efforts, ”said Grusha.

According to Andrey Kolganov, the rise in the bitcoin rate to $ 27,000 will contribute to the influx of new retail miners. However, you shouldn’t trust bitcoin, the expert believes. Cryptocurrencies are still very volatile and are taking off during the turbulence of the financial market.

Kolganov predicts that bitcoin has reached a ceiling and will soon begin a rollback. But it is definitely not worth risking your housing and even health for Bitcoin mining. After all, it is known that home mining has caused several incidents in Russia..

Home mining brings damage worth millions of rubles

Bitcoin mining requires serious energy costs, and the usual network in residential buildings or utility rooms is not able to cope with such a load. Therefore, unauthorized mining of cryptocurrency at home causes fires..

In 2019, there were several cases of fires in buildings and premises, caused by mining. For example, in the Primorsky Territory, a Russian started a fire in a residential building, which was caused by an explosion of mining equipment. The total damage exceeded 53 million rubles. A resident of Vologda put together a whole mining farm in his own garage, which worked 24 hours a day. After overheating, the equipment caught fire, and the fire destroyed the gate and the roof of the room. Firefighters put out the fire on time, so other garages were not damaged.

Home mining brings the most problems to Rosseti. The organization complains that shadow miners are stealing electricity worth millions of rubles a year. For three years, the total damage to the company from the actions of illegal mining farms and retail miners amounted to 450 million rubles.

Despite this, Russia is among the five leaders in bitcoin mining and has every chance of ousting the United States and China from the pedestal..

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You won't earn anything on home mining - professor at Moscow State University

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