The situation, for now, is really hard that even old mining companies are leaving because they aren't profitable enough to cover their huge expenses.
Now asking, Can I make money in mining Bitcoin? It actually yes, but considering the huge expenses and small block rewards it isn't profitable anymore. If there is any but I don't think it is enough to live with.
If we are planning to this, I could say better not today. The current situation is so difficult and this is not the right time to start with. Its something we need time to think deeply and not by risking our money just to lose.
Topic: What to answer when asked "Can I make money mining bitcoin?" - page 4. (Read 1167 times)
Mining bitcoin in modern day is capital intensive which requires a lot of investment and electricity cost, there are a lot fake information online encouraging newbies to mine bitcoin with smartphones which I belief is no feasible while the answer to making money by mining bitcoin is absolutely out of reach an ordinary low income earner while there also a lot of miners which is more of competition to breakeven.
well indeed there are many who do not do mining anymore because they assume that mining bitcoin is not easy because the electricity costs are very high and the results obtained from mining are also very small and the cost of repairs is also not cheap so in my opinion the results obtained are not too profitable, it's better to buy bitcoin directly at the exchange place. 
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 used to mine Crypto in past, there is always the factor of electricity that makes or breaks the entire operation along with the coats to maintain the temperature. So at my place the electricity is cheap but the Winters are only option to mine bitcoins as there is so much heat all around the entire year. So, mining is actually profitable business if you can scale it up and have the temperature and humidity under control at a place where electricity is very cheap, that's the reason why companies make their bitcoins mines in the cold places 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.
Depends on how much you want to invest. If you will just be buying a rig, you might be able to mine some bitcoins but it will take you a lot of time to get back that money you invested in. If you want to make money out of mining these days, some rigs, then consider solar panel.
That's what I was thinking. If you will invest also in solar panel if I have the funds. Big investment at the start but you can recover it for few months. And the rest will be free electricity. You can freely mine bitcoin afterwards but of course you need to check what kind of miner would be good to invest on. Users here already posted some links where to calculate your potential earnings.
Well, the halving does not take place every 5 years but 4 years. Either way, besides the fact that solar panels are not that cheap, that goes the same with the mining rigs. If you will be building a huge number of mining rigs, you should also consider the place of your facility. These will be so noisy and people might report you most of the time.
"can I make money mining bitcoin?"
bitcoin miners are not an easy matter as one might imagine, money, everything can be obtained or vice versa, if you do not have complete facilities electricity, computers super, CPU and many other tools, in this case it is not easy and cannot be underestimated, bitcoin has a transaction network called (Blockchain), the computer can determine you can mine well so that you can find the hash so you can find or connect one block to another.at this time the conditions that make a lot of people glance at 'mining' crypto, mining used to be done using CPUs, now must be with a computer super to determine the transaction verification process to get resultsmaximum.
For that at the moment there is the easiest way for you to start all of that 'mining' first (Cloud Mining) or (Mining Rig).
You need to understand more about the mining factor of this rig.
-Internet access or fees You must use broadband internet rental should not be interrupted for one week in 24 hours, for one week non-stop.
-Electricity, mining rig prices, competition and another thing you need to pay attention to is the risk of hardware damage level.
From several explanations, it can be concluded that if you start mining in the future you will be lucky or lose, the risk of mining needs must be prioritized and mature.
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.
Yes! We can absolutely make money mining bitcoin. However, you need to equip yourself with the necessary knowledge to exploit successfully. The most necessary thing is to equip a bitcoin mining machine. Bitcoin investors are willing to spend hundreds of millions or even several billion dong to “raise” bitcoin mining rigs, creating huge profits from this bitcoin mining. Anyone can join and get rich. 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.
It could be already a history to tell for a person interested in mining bitcoin as the era of bitcoin mining in my opinion is already "not so profitable", the mining reward is already too low, and I guess, the investment they will purchase will not be easy get back as the electricity consumption of mining rigs are also expensive.
I suggest that a large investment might be possible, those that are residing with countries that doesn't have an expensive electricity bill, believe me or not, countries with high temperature will just make mining harder as it may incur high maintenance to the hardware you are about to purchase.
I suggest that a large investment might be possible, those that are residing with countries that doesn't have an expensive electricity bill, believe me or not, countries with high temperature will just make mining harder as it may incur high maintenance to the hardware you are about to purchase.
The answer today is essentially no. We have gotten to a point where there area already so many mining set ups that outside competition coming in would have to invest and incredible amount of money just to get started. Then they need to likely have a warehouse in the right area to take advantage of climate situations ( being near water for power ).
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.
Profitability will always matter or depend on electricity cost specially and this would be the main answer that i would say if someone ask me out about mining profitability.Its one of the factors or the most important thing to consider first before jumping into mining career.If they have cheap electricity then yes if not then better to ignore it because you are just basically wasting of time and resources.Its better to buy a coin directly then hold for long term which
is a better option to take if you do aim for profits.
Depends on how much you want to invest. If you will just be buying a rig, you might be able to mine some bitcoins but it will take you a lot of time to get back that money you invested in. If you want to make money out of mining these days, some rigs, then consider solar panel.
That's what I was thinking. If you will invest also in solar panel if I have the funds. Big investment at the start but you can recover it for few months. And the rest will be free electricity. You can freely mine bitcoin afterwards but of course you need to check what kind of miner would be good to invest on. Users here already posted some links where to calculate your potential earnings.
Depends on how much you want to invest. If you will just be buying a rig, you might be able to mine some bitcoins but it will take you a lot of time to get back that money you invested in. If you want to make money out of mining these days, some rigs, then consider solar panel.
Mining these days is not too profitable since the equipment for mining is a bit high in price plus your monthly bills for the electricity, monthly maintenance for the equipment and the mining difficulty is enough already to tell that it will lead to bankruptcy to you someday unless you have a free electricity. Well, solar panels are invented already you might save if you have it but it's another investment since you want to make money from mining.
Depends on how much you want to invest. If you will just be buying a rig, you might be able to mine some bitcoins but it will take you a lot of time to get back that money you invested in. If you want to make money out of mining these days, some rigs, then consider solar panel.
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.
Sorry if I sound rude but that's really a silly question that someone can hear. What does it mean "Can I make money by mining bitcoin"? There are a lot of factors, it's not a thing where you can give a direct answer. Everything depends on electricity fees, current and upcoming price of bitcoin, price of mining equipment, quality of mining equipment, what kind of innovative ideas you have to cool your mining rigs, will difficulty rise or fall? And this list goes on and on.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.
But in overall, you can't make much money without owning a lot of equipments. Mining isn't as profitable as it was back in 2017.
Many people make money mining bitcoin and it's even possible to mine using your own solar power but this is an extreme long term investment.
I'm pretty sure 90% or more of first time askers have no expectations of having to lay out for dedicated equipment or having to balance power vs outlay. They're probably expecting to fire up that Chromebook and watch those bitcoins pour in.
It's one of the reasons why all those scam browser miners and cloud mining schemes managed to make so much money.
Idiots thought mining Bitcoin is like making an account on some site or buying a mining contract and on the other site of the server some guy will buy and set up a miner for you every time you click a button
I've always laughet at those photoshopped pictures of giant warehouses full of miners those scammers were posting to lure newbies in.
It is difficult to make money from mining right now
It's not impossible but hard though
Many factors are in the equation and electricity is the most occurring problem when it comes to mining
At most of the cases gains won't cover expenses
It's not impossible but hard though
Many factors are in the equation and electricity is the most occurring problem when it comes to mining
At most of the cases gains won't cover expenses
Many people make money mining bitcoin and it's even possible to mine using your own solar power but this is an extreme long term investment.
I'm pretty sure 90% or more of first time askers have no expectations of having to lay out for dedicated equipment or having to balance profit vs outlay. They're probably expecting to fire up that Chromebook and watch those bitcoins pour in.
Answer yes because this is the truth.
Can you make money mining Bitcoin is a question comparable to can you earn a million dollars or can you become a successful trader.
Many people make money mining bitcoin and it's even possible to mine using your own solar power but this is an extreme long term investment.
Can you make money mining Bitcoin is a question comparable to can you earn a million dollars or can you become a successful trader.
Many people make money mining bitcoin and it's even possible to mine using your own solar power but this is an extreme long term investment.
Simple answer is no. Especiallty after halving. New generations of miners are really pricy and ARP is not so good actually
No question it's a NO, you can't make a profit anymore even with decent hardware it's not worth it to do mining especially on bitcoin, Only big mining companies could actually make a profit in this kind of business.
Still, you could try if you're in a great place like cheap electricity, and cold weather. You could also try mining altcoins like ETH, which could be easier to mine and make a profit.
Mining profitability always depends on the Electricity rate if you are not living in countries you mention above but you have an Electricity rate of below 0.1 you can make money and profit but the ROI will take too long to reach.
Try to use this tool to find ASIC miner below to find which one will make you a better hash rate and profitability.
- https://www.asicminervalue.com/
or use this calculator for SHA-256 algo
- https://whattomine.com/asic
For now, it seems Antminer s19 pro 110th from Bitmain is the only miner that can make a better profit.
- https://www.asicminervalue.com/miners/bitmain/antminer-s19-pro-110th
There are other things to consider as well. Even if the electricity is very cheap, the purchase of a miner is an expense that should be taken into account. Plus time and probably additional gear to maintain the work of the miner. And while one can expect a certain amount of BTC to be mined over a certain period of time, if the price of Bitcoin is low, mining can be unprofitable. All things considered, I don't think that now, so shortly after halving, is a good time to join the game. Even this fancy miner is not profitable right now according to the link, and is one has a few thousand dollar for experiments like mining, I'd rather use this money to buy BTC and HODL rather than to buy a miner. Try to use this tool to find ASIC miner below to find which one will make you a better hash rate and profitability.
- https://www.asicminervalue.com/
or use this calculator for SHA-256 algo
- https://whattomine.com/asic
For now, it seems Antminer s19 pro 110th from Bitmain is the only miner that can make a better profit.
- https://www.asicminervalue.com/miners/bitmain/antminer-s19-pro-110th
That is a question that is asked everywhere... in my point of view, besides the investment costs and maintenance and equipment choice, the most important factor is the power costs, so unless you are ready to invest both on the mining equipment and also the renewable electricity farm equipment (or if you are among those "special" cases in which electricity is really cheap) you'll have no chance of mining while paying a heavy power bill every month... I think this is what makes a lot of people quit their mining investments...
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