How does crypto mining profitability can help me on my mining journey?

Mia Chloe

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Quote from: ? on December 13, 2024, 06:15:11 PM

Hello,
I don't know if i should post it here. Please need some help. I'm dead curious!
I'm new here. I also post on other social media asking for tips for beginners like me and some of them tell me to check the ASICprofit a tool where I can see the profitability of machine. I don't really get it. Can anyone here tell me what crypto mining profitability is and how it can help me? Thanks a lot!

Mining is relatively difficult to make profit from especially as a solo miner but that actually depends on how cheap your electricity is and also how much you have to spare on wares. To the average solo miner it's a tug of war trying to mine independently while trying to hash transactions and also claim block reward. This is the reason why most of them end up joining mining pools in the end so that roughly 80% of their hash rate earns them a fair amount.

If you wish to start up mining I suggest you do so in a country with very low electricity cost on average and also make sure to pick a decent mining pool that pays off a good amount on average based on the hash rate you contribute to the pool.

Outhue

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The biggest challenge for beginners is them taking their eye off the mining and let it do its thing for long period of time without taking out the profit everyday and swapping into Fiat, because at the end of the day mining means nothing is all you do is spend the BTC every 24hrs.

I have helped few people to setup their Asic miners to a pool and this is what they do.

They focus on the mining like their means of surviving everyday, this makes you no miner, a smart miner will have their job on going and getting paid, and keep mining as a side hustle to gather some Bitcoin for the future.

serchan

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Simple: Profitability is simply how much you earn comprising all the factors already mentioned. Please understand that the more machines mining the same coin the less reward you get. Because you share reward. So you can expect in long run to have lower profitability month by month.

The things that influence it :
   Hashrate and Mining Power: .
   Electricity Costs:
   Mining Difficulty:
   Cryptocurrency Prices:

Calculating Mining Profitability:
   AsicProfit - https://www.asicprofit.com/calculators

Exmple:

Here you have TOP machine for Bitcoin and you can see it has profitability 446 USD per day.

Of course it is a Joke . Choose real machine and data

. Put there in calculator 270 TH and not 7200TH. That is homework for you

ABCbits

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Quote from: ? on December 13, 2024, 06:15:11 PM

I'm new here. I also post on other social media asking for tips for beginners like me and some of them tell me to check the ASICprofit a tool where I can see the profitability of machine. I don't really get it. Can anyone here tell me what crypto mining profitability is and how it can help me? Thanks a lot!

I also notice some member begin to mention this "asicprofit" website[1], where some of them got nuked by moderator. Anyway, most crypto mining profitability calculator or website usually have weakness that they only use current bitcoin price, mining reward and difficulty. Actual ROI or profit you could make on long term usually is worse, unless Bitcoin price rise significantly.

[1] https://ninjastic.space/search?content=asicprofit%7Casicprofit.com

OcTradism

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Quote from: ? on December 13, 2024, 06:15:11 PM

I'm new here. I also post on other social media asking for tips for beginners like me and some of them tell me to check the ASICprofit a tool where I can see the profitability of machine. I don't really get it. Can anyone here tell me what crypto mining profitability is and how it can help me? Thanks a lot!

You can not mine bitcoin without mining equipment like ASICs and you need more than one ASIC. Days for a solo miner to find a Bitcoin block is very long gone, and you will waste your money and time if you want to solo mine bitcoin with very small hash rate.

Mining is like other business activities, if it is unprofitable, it won't be sustainable and you will have loss, more loss with time that will bring you to bankruptcy and end your mining activity when you are no longer able to afford paying loss cost.

NERDMINER: Bitcoin lottery miners

tabas

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Check the dedicated section for Mining, there are the actual miners there that can give you their insights aside from the references that are given here. On top that, if you're discouraged to mine individually and your feed might be swarmed with the cloud mining, I hope that you won't fall for those offers and keep on doing your research about the real BTC mining through hardware, asic miners.

_act_

legendary

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Lightning network is good with small amount of BTC

This is an example of bitcoin mining profitability calculator: https://www.cryptocompare.com/mining/calculator/btc?HashingPower=100&HashingUnit=TH%2Fs&PowerConsumption=1500&CostPerkWh=0.12&MiningPoolFee=1

I think each mining pool has its own profitability calculator which you can use to calculate if mining can be profitable for you or not in your location.

Churchillvv

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Perhaps individual mining profitability has become so difficult nowadays for bitcoin in particular mabecause the possibility of your individual machine competing mining farms is too low hence the alternative for you if you already have a mining tool is to join a mining pool maybe from there you can be profitable.

Additionally, the profitability that you're being referenced to on social media is the capacity of each mining machines and how much you can make per day which is calculated on ASICProfit.com. currently the highest machine is Bitmain Antminer L9 (17 GHs) and it's capable of mining several altcoins like LTC, Dogecoin etc so if you're interested in mining this coin abd you want to be highly profitable then you should get the Bitmain Antminer L9

?

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Hello,

I don't know if i should post it here. Please need some help. I'm dead curious!

I'm new here. I also post on other social media asking for tips for beginners like me and some of them tell me to check the ASICprofit a tool where I can see the profitability of machine. I don't really get it. Can anyone here tell me what crypto mining profitability is and how it can help me? Thanks a lot!

Topic: How does crypto mining profitability can help me on my mining journey? (Read 109 times)