Topic: Why is Bitcoin mining not a profitable option right now? (Read 1640 times)
It's been over a year since Bitmain released their latest model of Antminer. A lot of people already have it so difficulty went up. What do you consider as "Bitcoin mining"? Many people confuse it with mining altcoins on GPU mining rigs that are different than ASICs. I'm going to wait for the next generation of Bitmain's Antminers before I upgrade from GPU to ASIC mining. I'm tired of building everything from the scratch.
Hi All,
Im a newbie into this Bitcoin Arena, I have been reading about bitcoins from many sources.
I saw few threads in this forum where many messaged saying "Bitcoin Mining is not profitable now".
Can somebody explain me why?
Is it not profitable even if I have free ELECTRICITY and latest ASIC hardware?
Regards
Requin
If you are trying to mine with your computer it could be not profitable otherwise if you are doing this for a bigger scale it is, thats why people doing this. Im a newbie into this Bitcoin Arena, I have been reading about bitcoins from many sources.
I saw few threads in this forum where many messaged saying "Bitcoin Mining is not profitable now".
Can somebody explain me why?
Is it not profitable even if I have free ELECTRICITY and latest ASIC hardware?
Regards
Requin
Hi All,
Im a newbie into this Bitcoin Arena, I have been reading about bitcoins from many sources.
I saw few threads in this forum where many messaged saying "Bitcoin Mining is not profitable now".
Can somebody explain me why?
Is it not profitable even if I have free ELECTRICITY and latest ASIC hardware?
Regards
Requin
Im a newbie into this Bitcoin Arena, I have been reading about bitcoins from many sources.
I saw few threads in this forum where many messaged saying "Bitcoin Mining is not profitable now".
Can somebody explain me why?
Is it not profitable even if I have free ELECTRICITY and latest ASIC hardware?
Regards
Requin
The best way is try, one person can say " It has no sens " but second guy say you it is the gold mine. Just try.
Logically like this, if it is not profitable why there is still doing it?
just think it.
just think it.
It is profitable if you are using the asic miners, better mine alt coins, but remember that the time passes the difficulty increases too and bear in mind the electricity cost.
he said free electricity, please read before post.
It is profitable if you are using the asic miners, better mine alt coins, but remember that the time passes the difficulty increases too and bear in mind the electricity cost.
Equipment is today so expensive,asic miner nobody wants to buy after yours using because you are probably selling because it isn't profitabile. So just in case your ROI is veru fast mining is profitabile. In other case it isn't.
For free electricity, budgeting for solar power might be smart...
Hi All,
Im a newbie into this Bitcoin Arena, I have been reading about bitcoins from many sources.
I saw few threads in this forum where many messaged saying "Bitcoin Mining is not profitable now".
Can somebody explain me why?
Is it not profitable even if I have free ELECTRICITY and latest ASIC hardware?
Regards
Requin
Free ELECTRICITY is enough to get a huge profit in mining because most of the time what miners earned just go to pay their electricity bills and sometimes it is not enough. Im a newbie into this Bitcoin Arena, I have been reading about bitcoins from many sources.
I saw few threads in this forum where many messaged saying "Bitcoin Mining is not profitable now".
Can somebody explain me why?
Is it not profitable even if I have free ELECTRICITY and latest ASIC hardware?
Regards
Requin
It is really only profitable if you use ASIC Bitcoin Miners
It all depends on the electricity cost and the money you have at hand to invest. If you have free electricity get some used antminer S7 not the latest versions but at least with free electricity you make money from them and you can buy them very cheap now.
If you have more money buy 1 or 2 S9 antminers and with free electricity you would be making about 0.40 bitcoin in a month, pretty nice amount I would say.
If your electricity is expensive, don't bother mining as it will not be profitable, by expensive I mean 0.10 usd kwatt and above, lower than this you should still have chances to mine in a profitable way.
If you have more money buy 1 or 2 S9 antminers and with free electricity you would be making about 0.40 bitcoin in a month, pretty nice amount I would say.
If your electricity is expensive, don't bother mining as it will not be profitable, by expensive I mean 0.10 usd kwatt and above, lower than this you should still have chances to mine in a profitable way.
It is not a good option just because of a big system complexity, and if you are planning to enter to a mining market you must invest in a Bitcoin mining machine where the one and only aim is to mine as many Bitcoins as possible, as quickly as possible.
To all those that have issued the blanket statement that "Bitcoin mining is not profitable":
Obviously, mining bitcoins is profitable for some people, but maybe just not for everyone.
Please explain why then there is 7,938,651,523 GH/s devoted to mining Bitcoin right now.
Obviously, mining bitcoins is profitable for some people, but maybe just not for everyone.
Because there are Big Bitcoin Miners all over the world. And if you're a small one, think you can cope up with them? No, I think not. So, find some other ways to earn some Bitcoins or satoshi.
Yes. But not for all. You might have been counfused because you have heard a lot say that it isn't that profitable anymore due to the number of things that you will need. And this include : electricity, time, space, latest riggs, maintenance, and lastly, stable internet connection. Now, all of these require money(except time if you plan to never have someone who watches your devices for you) and some of these require big amounts of money. While some of them are not available everywhere. These are what makes people "not like" the idea of mining. But, if you manage to get a hold pf all these things and still see enough profit after you have calculated all the expenses, then why not right? It really is your choice.
But whatever it is you decide to do, goodluck.
But whatever it is you decide to do, goodluck.
As the difficulty increases. Always try to remember that it all evens out in the end and as miners upgrade and more miners join in the miners would need to constantly upgrade to remain mining the same amount of bitcoins.
For the small time miner it no longer is profitable because you competing with huge amounts if hashing power.
The problem is the miner will become obsolete. So you can use the older miners as heaters in colder counties.
For the small time miner it no longer is profitable because you competing with huge amounts if hashing power.
The problem is the miner will become obsolete. So you can use the older miners as heaters in colder counties.
Correct me if i am wrong, it is not as profitable as some time before because nowadays the competition between miners has become tighter caused by miners numbers are raising rapidly this year 
The diff is just so high now it's not profitable to buy the equipment and mine and electricity it is not good these days, the equip costs a lot and then the electricity costs are pretty high :/
If you have free electricity you'll be extra profitable. The more hash power you have the more you will earn.
There's a chance that you can profit from BTC now because of it's continues t go rise and rise,and there's still a chance to loose profit.
(Do it at your own risk.)
(Do it at your own risk.)
Is it not profitable even if I have free ELECTRICITY and latest ASIC hardware?
Even in case of "free electricity" you will earn so slow, that its easier and more profitable to just buy and hold.
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