What to answer when asked "Can I make money mining bitcoin?" - page 5.

devindeysel

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Quote from: kemoglo on May 22, 2020, 05:59:12 PM

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.

Hey
in Bitcoin Mining There is Two Ways

- Mine by yourself ( Buy machine )
- Mine with cloud ( Buy and host with someone)

now For Profitability check and what is latest technology for machine you can check
https://www.asicminervalue.com/
https://whattomine.com/miners

Option 1 : If you wanna buy yourself You check which machine Suitable For You and you Can Buy From manufacturer.

Option 2 : you can Mine In someone else Place Kind Of Your Machine Host By Professional People or company even Factory Also Offer This service Like Bitmain

Please Make Sure You have Right people to collaboration with. that's matter most.

bitbunnny

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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.

LogitechMouse

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"If you are just an ordinary person who is planning to mine Bitcoin and will be using only a few rigs and your cost of electricity in the country is high then just don't think about it"

This is what you will say to them. Right now, China is by far the most profitable country where we can mine Bitcoin since they will still be profitable as long as Bitcoin remains above 6k but going below there will be a disaster for them. Now for other miners who are living in other countries, it will be hard for them to mine unless they will upgrade to the latest mining rig then they can get profit.

Because of halving, the profit of the miners are also cut into half. The hashrate also reduced from around 135M TH/s before the halving to around 90-100M TH/s. This just shows that there are some miners who stopped mining as they see it that it isn't profitable for them anymore.

mariah.sadio

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Simple answer is no. Especiallty after halving. New generations of miners are really pricy and ARP is not so good actually

MCobian

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For me mining bitcoin is no longer profitable, because electricity costs are expensive. And also the price of bitcoin hasn't gone up either,
that's why cannot cover operational costs if there is maintenance of mining equipment. The same is true if you want to invest in cloud mining
already a lot websites that scams. So it's better to avoid making money from mining bitcoin now.

lillobo

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Yes it can. Many people make a lot of money by mining bitcoin all the time. You have to keep in mind that this is not a simple way to earn bitcoin. You have to invest a lot of money for this at once. Also you must keep in mind the electricity bill. If you use solar electricity you will be able to earn more income. In the beginning you will have to invest a large amount of money.

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Quote from: kemoglo on May 22, 2020, 05:59:12 PM

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 don't know about China (apparently its seasonal), Iran is another place with cheap electricity, but sometimes you get people from other countries with "free" electricity, either because they invested in renewable, or perhaps its the owner of a power plant with excess production, etc. I have also heard about Russia and even Mongolia before.

Of course the bigger the operation, the more money you need and longer ROI.

So for most people the answer is no, unless they have nearly free electricity.

Janation

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Just say yes.

There are a lot of people that earned money out of gambling the thing is the profit of it is not that good unlike in the past where gambling is easier where you can just leave it in a PC. You can earn but I don't think that would be enough to get back from the money you used to buy that rig. So yeah, you can make money out of mining Bitcoin but it is not profitable.

sujon5

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If the answer means "Can I make a lot of money in a short period of time mining Bitcoin?" The answer is "No!".

maydna

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I will answer "Maybe, but that will depend on how much money you have to prepare the hardware to mining bitcoin". If you only want to test how big a reward you can get, then I suggest you leave mining and never think about that because you will be disappointed to see the reward you will get. You can explain to that person if he wants to mine, he needs to buy high-end hardware which he can get nice rewards daily.

Besides that, you can explain about the electricity fee that he should pay, and if in his place, the fee will cost bigger, then he will not earn much money, but he can lose some money to pay the fee.

Fundamentals Of

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If somebody asks you that, you cannot just answer yes or no. This kind of question is better answered with another question rather than a straight answer. If the question is formulated as "Can mining Bitcoin be profitable?" then the answer is a straight yes. But if the question is formulated in such a way that the individual circumstances of the person asking play a very vital role, then you need to know first whether the electricity in his place is relatively high, whether Bitcoin mining or Bitcoin itself is legal, whether he has the money to buy the latest and most efficient miner, etc. The yes or no will depend on these factors, among others.

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Every person who seems to ask this question then follows up with 'I have this laptop, you see. It's got a PENTIUM. I'm set, right?'

That shows the average depth of understanding on offer. Fair enough as we all have to start somewhere.

I would never suggest mining to anyone even if they had the funds to get rolling properly. You're going to be outgunned. I figured out it was a pisspoor idea in 2013. It's gotten pissier ever since.

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Quote from: kemoglo on May 22, 2020, 05:59:12 PM

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.

Internet is always there and Google and YouTube is our friend so how come that these questions are still exist?and besides you should have told us
where specific place you are living so we can give more accurate answers since this is always depend on your place.

Quote from: PochJvb on May 23, 2020, 04:33:46 AM

I suggest dont go for BTC mining there are many other profitable coins that can mined with profit without need of expensive hardware and electricity.
Bitcoin mining is over and those who invseted early in this sector have got the bigger piece of cake. Mining Bitcoin is not easy, apart from investment its very difficult to keep up the mining ring.

I suggest to trust this advice because Bitcoin mining has gone profitable long time ago and you should consider mining altcoins as there are some
who can bring you income with less hassle like what Bitcoin give.

sheenshane

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You're right on saying "maybe" and my answer is "probably yes", it is possible to mine but if it's going to be profitable then that is the question for there are lots of things to consider first before going into Bitcoin mining business like the electricity cost, types of equipment and so on and so forth. Countries that have not legalized Bitcoin yet it is a different issue that must be deal with because it may be profitable in certain countries who have low electricity cost but mining Bitcoin are still illegal then it will be costly as well when you get caught by the authority. The answers to your question will be base on where you are physically located and where do you plan to do the mining business.

There are too many ways in earning money in Bitcoin mining but some are illegal. In any illegal way of having power supply will put in jail.

Legal, Competitive Mining --> You need powerful mining machines and electricity. (recommended)
Subsidized Electricity Mining --> Your initiative to create an electricity supply either hydraulic or Solar power. (recommended)
Steal Electricity --> Stealing power supply anywhere top sustain the power cost of mining. (not recommended)

Check more here.

PochJvb

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I suggest dont go for BTC mining there are many other profitable coins that can mined with profit without need of expensive hardware and electricity.
Bitcoin mining is over and those who invseted early in this sector have got the bigger piece of cake. Mining Bitcoin is not easy, apart from investment its very difficult to keep up the mining ring.

Reatim

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Quote from: kemoglo on May 22, 2020, 05:59:12 PM

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.

actually you have given the complete sets of things need to be consider before investing in Mining,specially Bitcoin ,My bestfriend
try to Mine back in 2017 when bitcoin Price starts blooming high but he end up being a loser because he did not even
realized the cost of electricity in our city that too much high for mining apparatus amd it is already
late when he discover this.

What i am telling now is that we must be aware of everything before starting or conducting mining business because this is not
easy,unless you can use solar panel(in countries like mine) so the cost of electricity can be reasonable in mining,
but also better tell those who asked you to try mining "Altcoins" instead of bitcoin
because of lower transaction fee.

msarro

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Quote from: davis196 on May 23, 2020, 12:54:41 AM

My answer would be NO!Anyone,who wants to start mining Bitcoins would have to invest a shitload of money and still there's no guarantee for profit.The good old days,when people used to mine BTC on their PC are gone forever.A guy,who wants to start a BTC mining business has to:
1.Buy/rent real estate in a location where the electricity costs are cheap.
2.Buy lots of mining equipment/hardware and transport that equipment to the desired location.
3.Hire some workers.
4.Set up a company(lots of paperwork and it costs money).
5.Pray to God that the Bitcoin price won't crash. Grin

That's very much true. I don't think anyone who cant afford expensive mining equipment's and huge electricity bills should think of mining BTC now. There are many other coins that you can mine using cheap mining equipment, if you really wanna do mining go and find such coins.

davis196

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Quote from: kemoglo on May 22, 2020, 05:59:12 PM

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.

My answer would be NO!Anyone,who wants to start mining Bitcoins would have to invest a shitload of money and still there's no guarantee for profit.The good old days,when people used to mine BTC on their PC are gone forever.A guy,who wants to start a BTC mining business has to:
1.Buy/rent real estate in a location where the electricity costs are cheap.
2.Buy lots of mining equipment/hardware and transport that equipment to the desired location.
3.Hire some workers.
4.Set up a company(lots of paperwork and it costs money).
5.Pray to God that the Bitcoin price won't crash. Grin

Latviand

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Quote from: meanwords on May 22, 2020, 10:27:32 PM

Quote from: ?? on ??

Quote from: kemoglo on May 22, 2020, 05:59:12 PM

What do you even answer when someone asks
"can I make money mining bitcoin?"

NO is the correct Answer.

Anyone telling you different is bullshitting you.

I agree with this but it's a little too much. I'd say stay away from Bitcoin right now and mine other altcoins if you want to profit as a small time miner. With Bitcoin halving done, the reward is split by 50% and with that, most miners just doesn't want to mine again while waiting for the difficulty to lower. Unless you have a next to free electricity cost, mining Bitcoin right now is not profitable. Maybe it will get profitable again when Bitcoin's price starts rising above the current price.

For me, if you want something where you can make money then invest in bitcoin rather than mining it. Mining bitcoin is really expensive and you need to maintain your equipment and pay electricity bills. That will cost you a lot of money, while the bitcoin is not that certain if the price is high or low than your expenses so it is unsure.

Instead, try to invest in bitcoin and know the fundamentals of manipulating in the market, if you want to be safe, then hold, and if you want to engage in trading, you should buy and sell. That's just simple and you don't need to maintain it just like in mining that it really requires a lot of attention while managing it. But it depends on you if you really want to engage in bitcoin mining industry, it is your choice.

Always remember that bitcoin is volatile.

TravelMug

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Quote from: kemoglo on May 22, 2020, 05:59:12 PM

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?

With the recent bitcoin block halving, it's really hard to make profits mining bitcoin unless you do own a huge mining farms. For average joe like us, hard to imagine how can you make money. You already mentioned things to consider, so I guess the answer is no.

You can look at this table here, https://www.asicminervalue.com/

As you can see only few mining hardware can give you a ROI.

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