Topic: [2016-02-22] Is Bitcoin Mining Worth it? (Read 467 times)
I think mining now is not profitable for newcomers because it is not easy to get the ROI dew to the current difficulty even with cheap electricity. And the upcoming halving will reduce the rewards. So only big farms will be able to continue earning from mining
It might be profitable if you have very low energy prices in your country and enough mining equipment to get at least 1% of the total network hash power. And even then it will be a tough job to break even. I think we are now at a point where only mining farms can generate enough income to make profit.
Is Bitcoin Mining Worth It?
Before we delve into the details of whether Bitcoin mining is still a profitable venture for miners in today’s world, we first need to establish a basic understanding of what exactly is meant by Bitcoin mining. Bitcoin mining is the process of receiving bitcoins in return of validating transactions for Bitcoin users. Unfortunately, the Bitcoin network isn’t preceived to be trustworthy as for many the concept of digital currencies is still a mystery.
In that regard, Bitcoin mining is a great way to contribute to the security of the Bitcoin network. Since miners do the work for the Bitcoin network, the network sees it fair to reward them with Bitcoins as compensation. This has been the case for more than half a decade, and all had been going well for miners in the beginning. However, with changes in technology and the introduction of huge mining farms, many people have been asking the question if bitcoin mining is still a profitable venture.
Read More: http://themerkle.com/news/is-bitcoin-mining-worth-it/
Before we delve into the details of whether Bitcoin mining is still a profitable venture for miners in today’s world, we first need to establish a basic understanding of what exactly is meant by Bitcoin mining. Bitcoin mining is the process of receiving bitcoins in return of validating transactions for Bitcoin users. Unfortunately, the Bitcoin network isn’t preceived to be trustworthy as for many the concept of digital currencies is still a mystery.
In that regard, Bitcoin mining is a great way to contribute to the security of the Bitcoin network. Since miners do the work for the Bitcoin network, the network sees it fair to reward them with Bitcoins as compensation. This has been the case for more than half a decade, and all had been going well for miners in the beginning. However, with changes in technology and the introduction of huge mining farms, many people have been asking the question if bitcoin mining is still a profitable venture.
Read More: http://themerkle.com/news/is-bitcoin-mining-worth-it/
Jump to: