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

My experience so far is surprisingly good lol. Customer support is responsive via whatsapp or you can always call on their phone number and they'll help you out with everything. Full transparency is a must with hosting these days and all the metrics of your mashines in terms of hashrate, uptime etc. you can find everything in the dashboiard, oyu can check out some videos on youtube. In terms of management, if you buy the machine directyl from them, they'll give you a 7 years warranty and tehy do everything for you since the product is under warranty, if you want you can also ship the miner from their hosting centre to oyur home. There are however lots of videos on-line so you can always check Good luck & big profits!

The problem there is that "money is IOUs".

When a "civilisation" - and as a courtesy let us assume you are yourself a potential "civilisation" or representative thereof - adopts a cryptocurrency to be its own currency, it naturally does not appreciate it if "foreigners" and "aliens" and so on ("counterfeiters" even save that supposely PoW blockchain based currencies "cannot be counterfeited"; which said another way really just means the "civilisation" cannot differentiate the "counterfeit" - the not isssued by their own "department of the treasury" - from the genuine - those they issued themselves with the full faith etc of their "civilisation" behind them).

So, if you do manage to find some group of miners mining some under the radar PoW chain, hopefully co-operating to keep their minting of their IOUs cheap by not blowing the difficulty up let alone blowing it up then abandoning it to take months or years to mine enough blocks to get the difficulty to adjust back downwards... Are you prepared to join that "civilisation" and to "honour" aka "buy back" the "IOUs" (coins) that you mint?

The Tenebrians for example, living in the shadows tenebrously as one might expect, once upon a time found their currency being mass-produced by some denizen of the planet known as Earth, which as a presumedly fictional / mythical planet was no doubt quite a surprise. Unfortunately it is also a planet even the Martians do not seem to admit to having any Warbirds near to thus kind of hard even to resort to gunship diplomacy to resolve, oops...


-MarkM-

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!

I'm considering this, since I already somehow started crypto mining but wanted to just share my honest journey about what I have experienced so far. This will also help others who have same experience with me and share new insights. I still want to push mining while I also diversify my funds in other projects/coins.

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?

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.
 

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.

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

I am not familiar with many masternodes systems but for example in DMD Diamond the reward per block usually is less per block to solo/home/nonmaster stakers with ordinary wallets (nodes currently, metamask et all when DMDv4 arrives) than what a masternode gets.

Even when DMDv4 arrives with its delegated (to chosen masternode) staking without needing to leave wallet online, the masternode gets I think 30% of the block reward even if it only itself owns 10k of the up to a total of 50k DMD it can have the benefit of in determining its staking-power.

So possibly with DMDv4 if you stake 40k delegated to a masternode that only holds 10k of its own maybe you could get 70% of the block reward on blocks that masternode wins, I am not sure.

But currently, with DMDv3, home staking gets you basically half of what a masternode would get.

I know because I run one or more DMD masternodes myself; ever since using DMD as escape method to move capital out of Cryptsy after bitcoin withdrawals were shut down and before whole exchange flew by night or did the classic "oh noes we got hacked" exit-strategy, can't even recall which was the case for that particular exchange, I stuck with DMD because, who knew, it was and has continued to be an amazing, community-run project.

I suppose it will be feasible for third party holders of your coins to offer staking, running masternodes themselves or something, but when DMDv4 comes out folk will be able to stake it from home metamask type wallets without needing to leave their wallet online.

Oh and all your DMDv3 will be claimable 1:1 in v4 plus likely the then-old v3 will likely become "DMD Classic" still traded somewhere, maybe even on the DMDv4 platform itself (since it is essentially a souped-up faster cheaper-fees ethereum type platform)...

-MarkM-

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.

Mining? Aside from Bitcoin, I don't think there is any altcoin that can be directly mined unless it is bia staking or setting up validating nodes of these new blockchains. If your question is indeed about Bitcoin, I don't think you'll be profitable now. Competition is stiff and the cost of electricity have gone haywire in recent years. Better ROI would be to find an altcoin you want to hold long term and just get it staked to get those passive rewards. That should be >>> than mining bitcoin right now as a solo miner.

There are no masternodes too.

Not with betting but with staking, you mistyped it I guess or sort of autocorrection(?). 

That's true a reserve fund that we can liquidate any time we want to. So, this is just an idea and someone can adapt it if that seems logical on their end. But that's going to be part of my end game as we can't stay forever and can't work forever to where we are right now. Sometime in the future, we'll meet again and we'll discuss how our passive incomes are working on through crypto while having a sip of coffee.

For one, because electricity is expensive, it might not be possible to produce at home. Especially when that production slowly breaks your profits. Hosted mining companies will give you more efficient alternatives. They will thus have cheaper ways of accessing energies. And also better infrastructure and maintenance.

For those already running hosting services currently, this will be of great utility to hear about their experience. Especially in terms of performance and reliability compared to a setup at home. What kind of coin does it mine? Some of the more obscure coins which tend to have less hassle, and a better ROI are also worth exploring. Like Ethereum Classic or other alt coins, they come in a segment, and are definitely worth looking into. This will give you deep insights into mining complexities and market trends.

Conclusion In short, your decision depends upon factors such as local energy prices and preliminary hosting costs and your long-term goals in the crypto space. Stories by first-timers and experienced professionals who just happen to mine can really be very helpful in telling you what to do if you are ever in a similar position.


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.

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.

Times changed when it at least - could - potentially bring profit.
I do agree with you that if you don't have a good farm and electricity price, it would usually not be worth it.

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.

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!