Can I make much money mining Bitcoins? - page 4.

Pursuer

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Quote from: ADonnaldSpeak on January 15, 2018, 03:49:54 AM

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

I don't think it is quite true.

it is true that a couple of years ago (2010-2012 for example) you could mine bitcoin with your PC and when you found a block and got the reward or share of the reward because you were in a pool, that bitcoin was worth so little. for example $10-$20,...
but now if you get the reward or part of it, that bitcoin is worth $13000+

so saying before it was profitable and now it isn't is a little misleading. it still costs electricity but you will earn a lot more and if you hold part of it, price may go even higher and that can worth a lot more.

marjon

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Mining of Bitcoin nowadays isn't that profitable anymore if we compare it on those days where the difficulty level of solving complex problems is not as high as of todays. However, if you have reasonable mining rigs facilities and your smart of finding better way to comfort your rigs to minimise energy consumption, then mining would still good yet less effort way of earning Bitcoins.

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Quote from: ADonnaldSpeak on January 15, 2018, 03:49:54 AM

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

Now it is more difficult to mine bitcoins then earlier, you need much more time. But price is grew up significantly, so when you mine you get more profit. so i dont think the situation changed dramatically.

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Quote from: ADonnaldSpeak on January 15, 2018, 03:49:54 AM

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

Bitcoin mining is one of the best way to make much money when it come to mining sector but you also need some require hardware because the mining game is improving every time and the require information, knowledge and equipment you have will determine your success. However, it better to switch the coin you mine sometime.

Nevertheless, bitcoin mining is not profitable like before due to the difficulty and so many people stepping into the game.

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Quote from: ADonnaldSpeak on January 15, 2018, 03:49:54 AM

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

Mining Bitcoin is a competition, you need to have multiple hardware miners (ASIC) for you to be able to compete with other miners for the block rewards. That is why it is not profitable for small miners anymore because there are mining pools that obtain high hashrate and they are the ones that have the higher chance to mine the next block and of course gets rewarded. Another reason is mining difficulty and the halving of block rewards every four years that will reduce the block rewards miners can get but Bitcoin mining will continue to be profitable whenever the price goes up.

amishmanish

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Quote from: ADonnaldSpeak on January 15, 2018, 03:49:54 AM

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

Earlier, fewer people used to run mining machines. Mining is just a process of dedicating your processor power to the network. Gradually, this became an arms race of sort to put the fastest machine on network for mining.

Thats why we now have a situation where bitcoin can only be mined using specialized ASIC miners (Application Specific Integrated Circuit). To mine profitably, you need to procure one of these specialized miners which are not easily available. Even then, your income will regularly reduce as more institutional miners keep adding more processing power.
Thats why its not a profitable thing as of now. Though, my advice would be to that if you can invest, then its still worthwhile to get a bunch of the fastest miners and keep those BTC as it'd keep appreciating in value.

You can easily find about the profitability from a simple google search on "Bitcoin mining profitability"

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Quote from: ADonnaldSpeak on January 15, 2018, 03:49:54 AM

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

To be frankly, it's 2018, the competition and difficulty to find even a 0.001 Bitcoin is hundred or even thousand times harder, compare with 2009. Unless, you have over 6 digit of initial capital or you're open up your own mining farm - else, it's better to buy Bitcoin than mining it by yourself~

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I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

Topic: Can I make much money mining Bitcoins? - page 4. (Read 452 times)