In some time mining was profitable and many were into that business.
Today mining isn't profitable anymore unless you have big mining farm and these are not profit amount they used to be.
So, don't choose mining, you will not get the profit because your expenses will be much bigger.
Choose something else, like trading.
Topic: What to answer when asked "Can I make money mining bitcoin?" (Read 1178 times)
December 15, 2021, 04:11:49 AM
What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?
I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.
I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.
The answer in my mind is definitely yes, however that is not perhaps how you see the question. If the question is "can I make short term profits by mining bitcoin?" then its a maybe, depending on the market, electricity costs, equipment costs and so on... But if this a long term venture with funding that can support it, then after a few years, it will definitely have paid off, no matter what the electricity costs were.
So it differs. My view is long term investment. And it definitely will make money, long term.
December 15, 2021, 04:07:20 AM
You may make money, but that will take time, and it also depends on the electricity bills in the current area. If the electricity bills are relatively high, you can get bitcoins through purchases. But I personally think that mining Bitcoin will make money, but you have to spend a lot of time, energy and even money.
it can cost high electricity unless you used a very heavy equipment for your machines to mine. If not probably it will not consume but less profits as well.. Because as far as i know mostly provide very expensive hardwares for it in order to have good profits.. So if want to build mining and wants good returns from it then make sure you can afford to provide those important things in mining.. Its like investment as well to be honest. 
Best to have a better knowledge calculating everything before you step in this investment plan.
To successfully make money from mining Bitcoin requires really careful planning. Because in my opinion mining Bitcoin is not as easy as trading
or investing, we need to carefully calculate the costs we need to bear to be able to mine Bitcoin. For those new to the crypto world, I don't
recommend mining Bitcoin, there will definitely be big losses. Moreover, the cost of electricity in the country where we will be mining Bitcoin has
a high rate, forget the plan to mine Bitcoin. There are still many ways to make money from cryptocurrency other than mining Bitcoin. If we have
large capital and have experience in the crypto world for a long time, we can try mining Bitcoin.
December 15, 2021, 03:24:39 AM
You may make money, but that will take time, and it also depends on the electricity bills in the current area. If the electricity bills are relatively high, you can get bitcoins through purchases. But I personally think that mining Bitcoin will make money, but you have to spend a lot of time, energy and even money.
it can cost high electricity unless you used a very heavy equipment for your machines to mine. If not probably it will not consume but less profits as well.. Because as far as i know mostly provide very expensive hardwares for it in order to have good profits.. So if want to build mining and wants good returns from it then make sure you can afford to provide those important things in mining.. Its like investment as well to be honest. Best to have a better knowledge calculating everything before you step in this investment plan.
December 15, 2021, 03:16:30 AM
You may make money, but that will take time, and it also depends on the electricity bills in the current area. If the electricity bills are relatively high, you can get bitcoins through purchases. But I personally think that mining Bitcoin will make money, but you have to spend a lot of time, energy and even money.
it can cost high electricity unless you used a very heavy equipment for your machines to mine. If not probably it will not consume but less profits as well.. Because as far as i know mostly provide very expensive hardwares for it in order to have good profits.. So if want to build mining and wants good returns from it then make sure you can afford to provide those important things in mining.. Its like investment as well to be honest. December 15, 2021, 02:36:18 AM
You may make money, but that will take time, and it also depends on the electricity bills in the current area. If the electricity bills are relatively high, you can get bitcoins through purchases. But I personally think that mining Bitcoin will make money, but you have to spend a lot of time, energy and even money.
December 14, 2021, 01:13:35 PM
There was a time bitcoin can be mined but now these are not mined these are able to trade only. Because it has 21M supply of tokens. And people buy sell trade them only.
For someone who has no idea about bitcoin mining, understanding it won’t be easier. So, I don’t think that you should waste your time explaining to people what to do and what not to. It would be better if you refer them to websites where they will be able to find all the information they need.
One of my friends has bought some few Bitcoin mining rigs and was fortunate that his colleague offered him electricity that is “free of charge” in mining BTCs there. I assume that his friend is “rich”.
However, if someone asked me that if BTC mining is still profitable and can make money with it, my answer would be a straight NO. Because the mining pool has so many participants unlike a decade ago plus the halving every 4 years that would make it even more difficult to mine along with the maintenance and electricity cost, it’s not worth it anymore.
However, if someone asked me that if BTC mining is still profitable and can make money with it, my answer would be a straight NO. Because the mining pool has so many participants unlike a decade ago plus the halving every 4 years that would make it even more difficult to mine along with the maintenance and electricity cost, it’s not worth it anymore.
Yes You can, but it costs a lot to mining bitcoin and it takes a long time to make a profit. Maybe another way can be suggested, because there are still many easier and profitable ways to get profit with bitcoin and faster.
I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.
If Bitcoin mining was no longer profitable, then there wouldn’t be people who are still mining it today.Although I think it also depends on where you are living, because the cost of electricity is not the same in every location. It might be cheaper for me, but that wouldn’t be the same for you in the country you live in. If you can be able to get in contact with those who are also mining Bitcoin in your country, you would be able to know how much it is going to cost you and whether you would be able to cover that from mining.
Bitcoin mining is still profitable today, even cloud mining, and there are lots of people who are still doing it till today. But I’m still of the opinion that you should try to know from those in your location, that way you will be very sure about it, or you can still go ahead and give it a try.
Of course by mining Bitcoin you will get a profit. Even the profits are obtained in large numbers. But the large profits are also obtained from great hard work. To mine Bitcoin you need a device that is really strong and requires a lot of electricity and a strong signal. All of that will be paid off with Bitcoin mining results that have been you did.
My answer is Yes I make money mining different coins but that doesn't guarantee that you will too. If you have patience, disposable income that you don't mind losing and free time to maintain the rig, then go for it. If not just buy the coin directly and hold it till you're happy. Again no guarantee you'll make a profit!
We can make money mining bitcoin?" It is possible and many people in the world are doing the mining. But we have also to see the cost of mining. Is its cost cheap or more than output? The Electricity cost? If electricity is expensive then use solar energy and the computer system should be kept in some snowy region. Where there is no risk of them getting hot.
September 04, 2021, 11:44:00 AM
if someone asks, can i make money mining bitcoin,? you just answer him, I get money, but the expenses and income in mining bitcoin now are not worth it, more expenses than income,, we better take the middle path, we just invest in bitcoin, because if you invest, if you lose not much, but if we are lucky, we are free to fly wherever we like,
A sad fate of current new bitcoin miners, after many halvings has affected the volume that the device can mine but the truth from the owner of the actual story is that not too many people believe while the magazine writes about a bitcoin miner's earnings are desirable numbers, it's clearly fake but newbie still believes, maybe the companies that make the mining equipment released such news to increase the price of the equipment and their profits. After all, those who dream of being a bitcoin miner are also ashamed of reality and do not share more, revenue cannot have a revival for lost expenses 
September 03, 2021, 09:53:07 PM
The price of the mining hardware alone is insane, it would have been profitable in 2019 . Anyone with any brain power, knew back then to invest big into BTC or BTC Mining.
Now its uncertain if Btc can hold this price of 50K, it might go up, it might not.Buyin hardware at an unprecedented price as well as coins is a big risk, time will show who was right.
Now its uncertain if Btc can hold this price of 50K, it might go up, it might not.Buyin hardware at an unprecedented price as well as coins is a big risk, time will show who was right.
Thats exactly what I say to the people who ask me if they could mine bitcoin. Mining bitcoin alone is not the important factor but the cost of mining versus the return on investment is the thing to be considered the most.
Also, the time taken to make even is also another important factor.
Most people drop the idea when their initial investment is low because lower investment is equal to greater time to make even.
Bitcoin mining costs a lot and not a lot of people are able to afford it.
September 03, 2021, 09:16:36 PM
The price of the mining hardware alone is insane, it would have been profitable in 2019 . Anyone with any brain power, knew back then to invest big into BTC or BTC Mining.
Now its uncertain if Btc can hold this price of 50K, it might go up, it might not.Buyin hardware at an unprecedented price as well as coins is a big risk, time will show who was right.
Now its uncertain if Btc can hold this price of 50K, it might go up, it might not.Buyin hardware at an unprecedented price as well as coins is a big risk, time will show who was right.
September 03, 2021, 08:56:01 PM
The answer to "Can I make money mining Bitcoin?" is a qualified - yes.
IF:
1. Most important, you have access to very low cost electricity
2. You have a place to run the very hot and very loud miners
3. You can find gear without having to wait several month to get
If all 3 are true then no problem.
Even with low energy cost, a decent place to run the machines and accessible equipments does it really worth? Or would it be better to mine an interesting altcoin instead and convert the profits into bitcoin later?IF:
1. Most important, you have access to very low cost electricity
2. You have a place to run the very hot and very loud miners
3. You can find gear without having to wait several month to get
If all 3 are true then no problem.
Because after so many halvings and with a lot of big companies at the market the activity doesn't look so attractive for an independent miner anymore.
September 03, 2021, 05:15:04 PM
this is a good question topic but it is a bit excessive for us to convey.especially to the layman who says that bitcoin is not good for an investment, but for the process of getting money from miners it is also very dependent on the price of bitcoin as well as other investments, if the price goes down then our investment or our income will also experience the same thing, I don't think it's any different from other investments
September 03, 2021, 10:33:40 AM
if someone asks, can i make money mining bitcoin,? you just answer him, I get money, but the expenses and income in mining bitcoin now are not worth it, more expenses than income,, we better take the middle path, we just invest in bitcoin, because if you invest, if you lose not much, but if we are lucky, we are free to fly wherever we like,
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