it depends on a lot of factors. it starts from the electricity bill but also it could be affected by bitcoin price too. for instance even if you didn't have the cheapest electricity during 2017 you could still make a ton of profit mining bitcoin since the price constantly kept going up. so when we get the next bull run the same situation will apply again that is why every time there is a big bull run that lasts a long time there is a lot of hashrate increase shortly after the bull run starts.
and like everything else it will require understanding of what they are doing. i have seen many people who are just blinded by greed and buy any garbage they can find online (like old useless ASICs) and think they are now in for a lot of profit. and maybe even lose their money by keeping it in a web wallet or something like that for lack of understanding...
Topic: What to answer when asked "Can I make money mining bitcoin?" - page 6. (Read 1178 times)
If you give me a building within a 1 hour drive from my house. with 4 cent power I will make you money.
Caveats .
You need 4 cent power.
You need to give me at least four 30 amp circuits to make it worth my while.
You need to have internet set up.
Don’t expect large profit but there is money to be made with cheap power.
Caveats .
You need 4 cent power.
You need to give me at least four 30 amp circuits to make it worth my while.
You need to have internet set up.
Don’t expect large profit but there is money to be made with cheap power.
What do you even answer when someone asks
"can I make money mining bitcoin?"
"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.
One of the other factors is Bitcoin's legality and de-facto state of things when it comes to the law side of it. Some countries have banned Bitcoin, and even if they have very cheap electricity, it's a huge risk to try to mine there. Lots of other countries neither banned Bitcoin, nor legalized it, and in some cases corrupt law enforcement sees it as an opportunity to extort miners, even though no laws are broken. So, if you don't live in a country with strong rule of law, it's better to do some research to see if such problems can occur.
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
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
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.
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