Topic: Is Crypto Mining Still Profitable in 2024? Home vs. Mining Hosting (Read 294 times)

It’s great to know you’re finding it profitable. How’s your experience been with hem so far in terms of uptime and customer support? Also, do they provide full transparency on your rigs’ performance and payouts? Do they offer detailed performance metrics for your rigs, like hash rates or energy consumption? And how easy is it to manage or scale up your mining setup with them? I’m considering making the switch but want to make sure the hosting service delivers on everything they promise. Would love to hear more about your experience!

Thank you!

Your idea of exploring lesser-known Proof of Work coins is really interesting too. I guess there could be opportunities in smaller projects that big miners overlook. Do you have any go-to resources for tracking those coins?

Most profitable especially with hosting solutions like oneminers, which i use myself

Keep us updated on the situation, or maybe create a thread of your own about your journey. That would be great to read in that appropriate section.
 

Keep us updated on the situation, or maybe create a thread of your own about your journey. That would be great to read in that appropriate section.
 

It could vary seasonally, since electricity used pretty much all ends up as heat unless you do something special to force it to exit the home in some other form such as if you blast out more sound than your acoustic insulation can hold in, or pick photons to radiate that radiate directly out through your walls etc.

So although buying heaters that actually use computational work internally to generate heat is not yet a norm, if you already have computation devices that put out heat then using them instead of heaters, up to how many of them you happen to already have on hand, can make a lot of sense.

Especially if the gear is older tech that isn't actually all that efficient as a computation device yet still converts electricity into heat.

So, home mining might well be "worth it" in winter yet as summer comes you might prefer to lighten the load on your air-conditioners and such by turning off your mining rigs.

There is also the possibility that if you collated a large enough list of Proof of Work coins and platforms and polled them periodically you might from time to time stumble upon some that the big predating opportunistic miners are for whatever reason ignoring.

A key to that could be to take advantage of their window of opportunity-seeking, such as by regarding their window (such as how foresighted they are compared to whether they "blindly" react to some timescale's "current market price" oracle) as a box and "thinking outside their box".

Typically the huge predatory miners might not yet be seriously integrated with market-making activities for example.

A lot of them might to this day still not be acting upon their own potential as market-makers fully capable of creating a "bull market" in coins of a particular scale, a scale range commensurate with their mining-power; thus not in their calculations be taking into account how much various coins they might even be regarding as "beneath their notice" could profit them in a longer run than their 'blinkers' (bills due or whatever their particular 'blinkers' happen to be that cause their tunnel-vision) permit them to 'see'.

I'd best leave the rest of that line of reasoning as an exercise for the reader, other than to suggest that the history of e.g. I0Coin and its generation/ilk could maybe give some ideas. Conveniently, BitCoinTalk has both discussions and announcements going back into early times of crypto-history that are very helpful in following along what actually happened way back when with coins of such early ilks...


-MarkM-

Thanks, this is helpful. Hosting seems to be a smart choice for those who want to scale up without the hassle of managing everything themselves. I'm really considering of using a mining hosting right now.

Yes, crypto mining can still be profitable in 2024, but the profitability depends on several factors such as the type of cryptocurrency, hardware, and energy costs. Ultimately, hosting is more attractive for those looking for higher profitability and convenience, while home mining is often only feasible with lower energy costs or access to subsidized power.

If someone chooses to get into masternodes, it's better for them to just stake their funds into the platforms that they trust. I haven't done masternodes but that's one of my plans when they're hyped before. But you'll have to run your VPS 24/7, I don't know if that sounds easy or costless but it seems another requirement that many don't want to have. Compared to staking, just put it on stake and wait the fund to generate another quantity of the coin that you've staked.

There are still some masternodes active today but compared in the past where they're too expensive and some decent rewards but then, not that profitable anymore. Some are still active and quite expensive. ~> https://masternodes.online/
So, IMHO, it's not a wise choice if going with this choice today.

There are no masternodes too.

I think that is a great plan! Maybe all this strategy about passive income with betting helps stabilize finances but reduces the extreme levels of risk associated.

Taking profits in bull markets and investing them into stable coins would earn one money through staking while providing liquidity for further needs.

Your strategy, in fact, demonstrates the necessity of really having a well-thought-out plan since every location in this new crypto and constantly transforming world makes so much difference. Your investment was made with preparedness for challenges brought forth by globalization. There is also a reserve fund that you can liquidate whenever needed. These steps guide your financial decisions.

I’ve been in the crypto space for a while now, and recently I’ve been debating whether it’s still worth mining from home or moving to a mining hosting service. With electricity costs rising in many parts of the world (especially where I live 🥲), I’m finding it harder to justify mining at home.

The question I have is: Is home mining still worth it in 2024, or should we all be looking into hosted mining? Is anyone here currently using a mining hosting service, and how does it compare to home mining? Also, are there any coins out there that you think are more profitable to mine now, with lower difficulty and high ROI?


I’d love to hear from both newbies and experienced miners. I’m at a crossroads, and your insights could help me and others in a similar position decide the future of our mining setups. Thanks!

That's actually one of my end game in the market if I decide to forever leave everything for some passive income. Having a bunch of stables and just have it staked while raking the passive money is one of the best life. That's why if I am not going for mining soon after taking some profits in the bull run. Then, I'll have those profits have it staked and will be fine having some extra income passively through the holdings. I get to earn and at the same time, I have those reserves that I can liquidate any time I wish to. We all have plans, so plan your future and how you're going to deal with the hardship from the global trends.

Totally agree, more and probably better opinions could be heard there.
And, yeah, I would stake only my stables, and I need lotttss of them to get at least decent passive returns.

Not that profitable but there's still a profit margin around 3% so, if inflation is lower than that then that's manageable. But of course, it's not me to decide and we've got our ways of dealing with our own situation. So, for OP, he's got a lot of options and that's why he's surveying and what's going to be best for him. Another info for OP is to ask this on Mining (Altcoins) or move this thread there. There are still a lot of altcoin miners there and even more experienced than us who are just giving opinions.

Yeah, bills would be a deal-breaker for me
I've heard about Kaspa too, but didn't go further into it.
Staking is a good and stable option too, but it's, of course, not - too - profitable.

You have to consider your place with how's the condition there. Your electricity, the equipment that you'll invest. Because if it's quite expensive to operate a small mining farm in your house, you better just pull it off and put your money on staking that you'll do effortlessly without having to think of many things. Maintenance, electricity, bills, bills and more bills. What I have read is, many of the ETH miners before have moved in mining kaspa. I don't know if it's still profitable nowadays but that's the idea. And don't think about having a high ROI and then with low difficulty because most likely you're mining a low liquidity token if that's the factor that you're looking for.

I’ve been in the crypto space for a while now, and recently I’ve been debating whether it’s still worth mining from home or moving to a mining hosting service. With electricity costs rising in many parts of the world (especially where I live 🥲), I’m finding it harder to justify mining at home.

The question I have is: Is home mining still worth it in 2024, or should we all be looking into hosted mining? Is anyone here currently using a mining hosting service, and how does it compare to home mining? Also, are there any coins out there that you think are more profitable to mine now, with lower difficulty and high ROI?


I’d love to hear from both newbies and experienced miners. I’m at a crossroads, and your insights could help me and others in a similar position decide the future of our mining setups. Thanks!

I still heard occasional event where home mining solves a block and get whooping reward, but of course it happens rarely, right now I don't think home mining is that profitable, even mining altcoin or renting computing power to depin projects, all of them yields mediocre ROI.

I mean these days, whatever field that yield profit will eventually get dominated by people with sheer capital, home miner will always at disadvantage, moreover, that without accounting elevated electricity price if you're home miner.

so I think no, it's not worth it anymore.