Topic: Is Crypto Mining Still Profitable in 2024? Home vs. Mining Hosting - page 2. (Read 294 times)

Not really, not at a low scale, and not since ETH turned into staking. I know that there are still some ways that some people could make money, but it is not as profitable and the tiny profit that you could make from this isn't really that smart to invest into, it is not worth it.

There are costs involved with it, and you could lose it all with just one bad machinery as well, anything could happen and insurance won't cover everything. So you should be investing that capital into something else that could make you some good money, it would be smarter and you could do fine. I know it is not simple yet but it could have been something that would have done better on the long run. I know it is tough to do this right now, but it is not really that crazy to hold it for long term.

In most time we depends on general (government) light in most part of the world and government light most in African countries use to disappoint  businesses so as a miner, op has to look for alternative means of electricity which can be Solar system or Generator to power his mining power..and if he as those sources of power then mining becomes a continuous activity for him and he will be making good profit from it. Since he made mentioned of home mining which might not need heavy device to mine and less electricity consuming devices can do the job for him. Personal Computer can also be used to mine bitcoin and Solar system can power it.

As you said, mining is beneficial nematodes f you know it. Many people want to do mining and invest in it but they don't know how to do it . And addition to what you have said, it is not good for someone to start mining business it investment with loan but with a personal funds.

Its complicated to answer base on this article says. https://store.bitbo.io/blogs/mining/profitability  So best spend some time to read this maybe you can get an idea about how profitable mining is at current situation.

But if you could able to take risk and accept the fact that their are times profitability for this activity is so low then you could able to try it. After all there's still profit to get from bitcoin mining. Its just you need to spend more money for expensive hardware's and also you should consider the operating cost since somehow sometimes maintenance and electricity fees cost a lot of money. So do proper study regarding on this matter so you could figure out if everything is find and you can consider those possible issues you might encounter.

Totally.
Also depends on where you live on, conditions, taxes, etc.
Maybe you have a friend or connections who would give you electricity for a better price But it's highly unlikely.

Unless you are into cloud mining, cryptocurrency mining is a profitable activity if you know what you are doing, have cheap electricity, and enough capital to start mining without loans or repayment terms, so if you do not know what you are doing or one of the other factors is not available, mining may not be successful or profitable.

Yeah. I think mining can still very much be profitable in 2024. It just depends on your decision making and how you take risks. Also, if you want to experience a very convenient crypto mining, then I suggest you go for hosting instead of home mining.

It's a simple equation, you can use a whole host of sites to see what algorithm you are mining and the coins that are providing the most "profit".  It's all mainly dictated by your electricity cost though.  If you are in an area with super cheap electric than yeah other spots that are expensive typically can't compete.  Also your hardware cost determines your breakeven cost.  If you get free gear a lot easier to profit. 

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-

Yeah, most of people are not so lucky to have this combo, thus, mining is not an option for them. Like, at all

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.

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!