Topic: Mining Bitcoin (Read 855 times)

When calculating  Bitcoin mining profitability there are a lot of things you need to take into account.

A Hash is a mathematical problem the miner's computer needs to solve.

The Hash Rate refers to your miner's performance or how many guesses your computer can make per second.

Hash rate can be measured in  Mega hash per second (MH/s),

Giga hash per second (GH/s),

Terra hash per second (TH/s)

and even Peta hash per second (PH/s).

This refers to the number of Bitcoins generated when a miner finds the solution.

This number started at  50 Bitcoins back in 2009 and is halved every 210,000 blocks,  about four years.

The current number of Bitcoins awarded per block is 12.5.

The last block halving occurred in July of 2016 and the next one will be in 2020.

This is a number that represents how hard it is to mine Bitcoins at a certain moment according to the amount of mining power currently active in the system.

How many dollars are you paying per KiloWatt?

You'll need to find out your electricity rate to calculate profitability.

This can usually be found on your monthly electricity bill.

The reason this is important is that miners consume electricity - whether for powering up the miner or for cooling it down as these machines can get hot.

Each miner consumes a different amount of energy.

You'll need to find out the exact power consumption of your miner before calculating profitability.

This can be found easily with a quick search on the Internet or through this list.

Power consumption is measured in Watts.

If you are mining through a mining pool,  and you should,

then the pool will take a certain percentage of your earnings for rendering their service.

Since no one knows what the Bitcoin price will be in the future it's hard to predict if Bitcoin mining will be profitable.

If you are planning to convert  your mined Bitcoins in the future to any other currency,

this variable will have a significant impact on your profitability.

 The Difficulty increase per year -

This is probably the most important and elusive variable of them all.

The idea is that since no one can predict the rate of miners joining the network, neither can anyone predict how difficult it will be to mine in 6 weeks, 6 months or 6 years from now.

In fact, in all the time Bitcoin has existed profitability has dropped only a handful of times, even at times when the price was relatively low.



"is Bitcoin mining profitable?"

Once you have all of these variables at hand you can insert them into a Bitcoin mining calculator and get an estimate of how much Bitcoin you will earn each month.

It's not as profitable as it was given the costs of upkeep, as well as the number of bitcoins you could generate with a "standard" mining rig that could cost over thousands of dollars in today's market. Add to this the flak that this venture receives from environmentalists who see it as a wasteful and an environmentally-destructive way for people to earn money instead of looking for a proper 9-5. As it stands today, you're better off mining some other cryptocurrency instead of spending copious amounts of money on a setup that will only get you less money than what you put in in the long run. Stray from websites on google searches that promise cloud mining or something along those lines as it could easily be a scam that could cost you your precious cryptocurrencies.

Mining bitcoin was not a easy task,you need to inverse a huge amount to get less amount of money to get as a profit.When the bitcoin was got as the payment from the mining.You should have a habit of holding bitcoin for the future.When the price of bitcoin pump to maximum,exchange some amount of bitcoin to usdt.Continue this process for the long run.When you made 2-3 bitcoin,you can gain a huge amount of dollars in a couple of years.

Many are still mining Bitcoin today. But is it still profitable? I can only say it depends on market conditions. If the price of Bitcoin is high, then mining is very profitable, but if the price of Bitcoin is low, of course the profit we get is very little. Miners usually sell their Bitcoin mining results every 3 years, or wait for a bull market. Why should they wait for the right time? because there are costs that are incurred every time sometimes not in accordance with the results of the mine. The routine costs incurred are electricity.
If you want to learn more about mining, it's a good idea to take a look at the information on the mining board. There you will continue to get the latest information about Bitcoin mining. https://bitcointalk.org/index.php?board=14.0

Altcoin mining does not count though, some of those shitcoins may make a lot of money in short time - whereby mining those might seen very return worthy during that time, but since the miner joined the party late, they might end up in a loss in future once it crashes.

For bitcoin obviously, there are the times when mining was done on GPUs and it was profitable for an indie miner to run them - but that was long back pre-ASIC era and now we have ASICs fighting all over the world for a share of that the block subsidy. Hence it is not longer advisable for newbies to jump into the foray.

Again this is where the argument of whether altcoin mining might be a risk worth taking comes in - my answer to to that is also no.

Depends on the set up that you got, some mining rigs aren't profitable enough to be used for mining especially with factoring electricity costs, the profit might not be that much to be worth your time. Consider the weather, electricity and the price of equipments in your country before getting into mining because you might have a problem if you don't do it but hey if you have the money to be able cover the cost and you know you can profit big out of it then go for it.

Mining Bitcoin is indeed very profitable, actually many people got rich by mining Bitcoin but that was in 2015 to 2020, not for 2022 now, because if you mine Bitcoin today, you will get nothing and only lose for electricity costs which is very high and your income is only small and not only that, if you are only a small miner you will surely lose to big miners who already have many tools and are sophisticated enough to mine Bitcoin. In my opinion, if you intend to do Bitcoin mining in 2022, it's better to think about it beforehand so you don't misstep later.

Bitcoin mining needs a lot of factors to start, but the energy factor is the most important factor that we need to pay attention to. He can afford to buy several mining rigs and is fully equipped with knowledge about mining and how to operate but energy is another matter as it is always changing day by day, energy is being considered as the biggest problem nowadays in most countries. In addition, we must take into account that the market is extremely volatile, plus both of these will be a very difficult problem if we do not calculate in advance, very easily leads to loss when mining.

I personally don't do mining using ASIC or any tools, because the quality of the electricity I have is still low and the number of Watts measured in KWH tokens is around 400 volts, while the electric current measured is around 2.2 Ampere, with this assumption the required electricity needs will not be able to accommodate mining.
Based on these considerations, the area where we live is not suitable for mining, if we still use subsidized electricity provided by the government.

If bitcoin mining wouldn't be feasible anymore you wouldn't have 220Exahah of gear mining now, you wouldn't have blocks coming actually faster than 10 minutes since the hashrate for the last 24 hours is bigger than the last two weeks' average and you wouldn't have any transactions getting confined at all. But since you have them, well, bitcoin mining is still feasible!


Oh god, just stop with this thing.
You have cheap electricity you can mine, you might be a citizen in a wealthy country making 10k a month but with higher electricity prices and you couldn't mine while somebody making 300$ in a third world country could have 3cents per kWh rates and could mine the shit out of it. Bitmain was selling the S19 Pro for $1900, the RTX 3090 Ti was going for 20% more back in March and we still had tons of people GPU mining without being part of the elite.


Again, seriously? Have you read the news in the last month or so?

I agree with you!
These days it's not profitable compared to when it was back in 2013 and 2016. there's too much competition and joining a pool is the best thing one can do if they want to go into bitcoin mining.
Electricity is one thing but mining hardware and place required to mine is as important, good equipment like nvidia gtx 1080 or rtx 3080, 3090 are best to invest into.

Don't fall into such earning imagination because I tell you OP that mining is costly, though you can earn profit from it but never expect that you can earn much due to huge mining competition. In fact, many miners didn't survive and quit. And thinking of you as a starter, I hope I was wrong but might this will be your biggest regret in life in your crypto journey?

If you are now currently investing or trading, make it sustainable rather than diving into mining. It was friendly advice that needs your attention before making a final decision.

Because he think purchasing Bitcoin is depends on how big of your money, if you only have small money, of course you will only get very small portion of Bitcoin and vice versa. While mining Bitcoin, he think if he bought ASIC miner at huge cost, he can collect each satoshi time by time and it would suppress his cost in the future. But it doesn't simple as that since ASIC miner need a good place where you have fan and ventilation, maintenance cost and make sure robbery wouldn't rob your miner.

this same question popping for years now and the answer is still the same , that it will always depend in your location in which the cost of electricity , because the more it costing is the lower profit you may get.

and besides why need to Mine when you can just simply purchase and hold? isn't this is much appreciated to keep on?

Miners using ASICs cannot be reached by ordinary people, so mining using this method costs a lot of money. While electricity can vary for the required cost, it is still in the normal category if using a lot of tools, while mining science can be learned easily for now.

The problem that arises in the use of ASICs is only the cost of purchasing and maintaining equipment, so it cannot be reached by many people. On the basis of these considerations, mining carried out using ASICs cannot be carried out by many people.

Prices are low but if you do decide to hold up the coins which you've been mining and doesnt care about the current expenses then its your choice whether you would continue or not.
Majority of people would be saying that mining isnt profitable but it is really impossible to ignore and consider that you wont be making money if the electricity is cheap.
Problem here is that not all does have the capacity on buying expensive GPU or miners for them to mine.Lots of expenses and maintenance which you do
need up to consider before you do able to have that mining operation.

That is a great understanding of how mining is working and people who are working towards making money from the small investments that they are making, they should realize that they are not going to make money much. I understand that there is a good chance that you could have made the money back with some GPU investments on ETH mining back in the day but since merger that's not going to be that easy neither.

This is why I agree that there isn't really anything major about bitcoin mining right now for anyone who would invest under 100k. If you want to be a profitable bitcoin miner, you need to have a factory size place and at least 100+ asic miners to make it profitable.

Mining is not profitable at anytime, price be low or high. There are a lot of primary investments to start a mining infrastructure and being an Indie miner is a waste of time and money. So if you are not into the get a plot- build a farm- start the Asics type person then you will never be able to ROI the investment.

Besides miners will always be at hashwars, the cunning one either changes their type of investment to buying Bitcoin or sells the Asics to get hard cash at hand.

At this time when prices are low then mining would not be that much profitable to the extent I know as you would need mining setup and above it electricity cost running 24/7and depending on what charges you will incur for it but if you are interested in it you can try it and joining any mining pool.In the long run when prices will rise your profits will also go the way up and covering your expenses as well.

If electricity is cheap where you are or you don't have problems with electricity, I can say that it is advisable to do Bitcoin mining, and if you can afford to buy a mining rig, I don't see any problem with that.

But if your electricity consumption is expensive there, well, of course, it's not good to do mining in your area because that will only add to the burden on your bills, especially since currently the price of bitcoin is low.