Well this is news.... {Most people says, it's not profitable to mine bitcoins, when the electricity is not cheap}
Well teens seems to know the answer, because this one, paid his parents electric bill and still made a $2000 profit. {What are we doing wrong}
Well teens seems to know the answer, because this one, paid his parents electric bill and still made a $2000 profit. {What are we doing wrong}
You have to be careful with the word "profit". Lots of miners made a "profit" mining because the value of the bitcoins they mined went up so much in 2013. However, they would have made a much bigger "profit" if they just bought the bitcoins outright instead of buying the equipment to mine them.
In other words, they paid more than 1 BTC for every bitcoin they mined and thus they lost money mining bitcoins. But they overcame their loss by holding the bitcoins as the value rose.
That is tough to do when you have an extended period of sideways market movements. Add in a race against difficulty rises and it gets tough.
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