Topic: Bitcoin Mining , Is it worth it? - page 30. (Read 2055 times)

If electricity is expensive, don't bother.

The lowest electricity rates around the world are around 3 USD cents and less per KWH, so that's your target when performing a cost analysis and will determine your profitability.

There's also further discounts for large industry scale operations on the hardware itself.

So unless you have very cheap access to electricity you won't be competitive in the long run and will eventually, not immediately, go out of business.

Unless you have a lot of Bitcoins already and want to hedge by mining I wouldn't personally bother with it. And even then, you would have to make sure to either have cheap electricity or otherwise find a cheap colocation (which carries some counterparety risks that need to be considered).

I think if they are mining ETH using graphics cards then they may have a fighting chance. Mining in a country with high cost of electricity is not advisable as the bill will consume most of your income, not to mention the maintenance of your rigs. Mining bitcoin is out of the question with these countries I think.

I personally am not a miner, but personally, my opinion is that it is better to invest this money in some coins including BTC. And part of them even for daily trading, which would lead to more profits. BTC
This is my opinion. Good luck  

This is a simple question with a complex answer. There are a few different factors that influence whether or not Bitcoin mining will be worth it for you. Even with the rising Bitcoin price, the set-up fees and electricity costs may outweigh the revenue that you’d earn through mining.

The primary factors that affect your Bitcoin mining profitable are:

Mining difficulty and rewards
Hash rate
Operational costs
Mining difficulty and rewards

The mining difficulty determines the complexity of the algorithm you need to solve when creating a new block of transactions. As more miners join the network, the difficulty increases making Bitcoin harder to mine.

Bitcoin mining difficulty

The reward for mining a block is currently 12.5 Bitcoin. This reward is cut in half every 210,000 blocks with the next “halving” set to occur in 2020. Ideally, the price of Bitcoin will increase enough to outweigh the continuing decline of the mining reward.

You should also factor in the conversion rate of Bitcoin to fiat if you plan on cashing out at any time. With the volatility of Bitcoin’s price, this could greatly affect your profitability.

The biggest unknown when calculating your projected Bitcoin mining profitable is the amount of yearly profitability decline. No one knows how many miners will continue to join the network, so it’s nearly impossible to calculate just how much your revenue will decrease each year.

Hash rate

The hash rate is the speed at which your mining rig can solve the algorithm needed to mine new blocks. Although a mining rig with a high hash rate may seem nice, they usually cost significantly more to purchase and operate.

When choosing a miner, you should first figure out how long you’d like to mine for. If you’re only planning on mining Bitcoin for a short amount of time, it could be advantageous to pick up a less expensive miner. Even though the hash rate may be lower, you may be able to pay off the initial purchase cost at a faster rate.

Operational costs

There are a few different costs you need to consider when calculating your Bitcoin mining profitability.

The electrical costs differ based on your electricity rate and the power consumption of your mining rig. Mining rigs are usually listed with their typical power consumption, and you can find your electricity rate on your power bills.

Bitcoin miners

To mine effectively, you’ll need to join a mining pool and pay the associated pool fees. A mining pool is a group of miners that work together to mine blocks at an increased rate. The reward of each block is then split amongst the miners enabling you to get paid more regularly. These fees range anywhere from 0% – 5%.

You should also include the upfront cost of buying a mining rig when calculating your potential profitability.

I think it might be right for you to dig up bitcoin. First you need to invest a lot of money to buy equipment, and then you need to look for cheap power sources so that you can maximize your profits. It takes a long time to earn back the principal.

Hello There! I'm also from PH. Mining bitcoins is really worth it. However, you need to take risk first for the investment on the equipments you will be using, it costs a lot of money. If you have just enough funds, don't go mining. I suggest you'll go trading bitcoins you can make fortune out of it.

Bitcoin mining is really hard now a days and your miner would need to really have a lot of computing power to efficiently mine bitcoin though I suggest that you mine altcoins instead of bitcoin. They are easier to mine though much lower in value they could prove to have more potential to grow compared to btc.

You should calculate the cost of mining one BTC with the price of electricity in your country. The profit of mining changes from country to country and time to time. It may be profitable in your state.

yes bitcoin mining is worth it if you can handle it will and if you have wide knowledge regarding mining. yes you are right mining consume too much electricity in the phillipines and doing mining also need huge capital to assemble mining hardware. so if you are planning to invest besure that you are ready to all expenses which you will spend.

I think you need a good equipment to do this mining work.
Whether it worth or not all count on your fortune as the price today of bitcoin can assure your profit as you get one or more.

It is worth it if you can afford to buy multiple mining hardwares that can produce a lot of hashrate to compete with other people that mines Bitcoin. I'm also from that country but I think it is not a good idea because of the weather, it is a tropical country so the temperature is high so if you will setup a mining farm you will need to have a place with very good ventilation or an air conditioner to keep your hardwares cool and also electricity is more expensive compared to other country. There are some that do altcoin mining here, maybe you can try that instead of Bitcoin mining because there are lots of competition.

Hi! We both from the same place and as I can see there's a difficulty now in buying mining equipment especially videocards because I heard it from my friend that the supplier is limiting people that every households should only have a maximum of two videocards or maybe this is only applicable where I am living. I myself mining a btc right now with just 1 videocard and I pay less in our electricity so my advice is when you don't pay for electricity or the equipment you bought was cheap then you'll get back your capital in a short period of time.

Yes, Mining bitcoin is worth it.it really does not look profitable and effective. it need huge  electricity but you can't get profit at least for your electricity bill.
so i am not going to do it.

You know, if he comes from a region where electricity is as cheap as you say, to the point that it is given for free, then it makes sense that he can earn more profit compared to some other country (with more expensive electricity). Maybe this is what he ment.  Electricity cost is the major factor to consider in setting up the mining operation.

I think it's not worth it for small capital traders and investor to have a bitcoin mining because of the increasing electricity charge and the value of the GPU's in the current market is extremely high for the moment. But if you can have a hundred of mining of rigs and a nice and cool place to start your mining it definitely worth if you can mine ETH or other altcoins because mining bitcoin is not advisable because of its block are harder to obtain.

It is possible that I misunderstood what he was saying regarding the regions, I'll have to check with him again. Like I say, I don't do mining at all, so not really too knowledgeable on the subject. The fraud thing I don't think is an issue, he gets an unlimited amount of electricity included in his monthly rent. Maybe depends on location around the world, but it's not an issue here, as it's clearly written in the rental agreement that electricity is included. That's one of the main reasons he started mining, it's a big saving over time.

For the people who have the money to invest and also have the rig could mine. But at this moment I don't think mining would be worth it. A few years back there were a few number of the miner and it was profitable for them. But now there were many miners and it's very costly and takes a huge amount of time to mine. So as my opinion, I don't think its worth it.

Expect high prices of electrician, mining equipment is very expensive, setting up that equipment comes later, and I heard that can be hard too. You need to have some technical knowledge.
One of my acquaintance started to mine ethereum month ago, he paid more then 3000 dollars for rig, and now he is a eth miner. That is sure cheaper option, that's is why many people are turning to other alts. Bitcoin is just to expensive to start, I'm sure that if you have enough money it can be good, later you can earn and upgrade your mining rigs, but that a lot is really a lot for start. Probably its best to check other options, mining other alts can be profitable, match your rig with good alt to give you best mining results.

Ordinary poople get more and more concerned about protecting environment and it is good. I would be only happier if as much attention as some people devote to it, were devoted to protecting our environment by governments, large corporations (Exon, Volksvagen etc) and other polluters blinded by money and profits.

Bitcoin mining currently won't be quite profitable I think as there are already many miners there and also the equipment they use are very expensive and also very powerful when compared to any graphics card. If you wanna go for mining try some other coin like Ethereum or any other coin maybe there you can get some profit out of it.