Bitcoin Forum

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

To be frankly, it's 2018, the competition and difficulty to find even a 0.001 Bitcoin is hundred or even thousand times harder, compare with 2009. Unless, you have over 6 digit of initial capital or you're open up your own mining farm - else, it's better to buy Bitcoin than mining it by yourself~

Earlier, fewer people used to run mining machines. Mining is just a process of dedicating your processor power to the network. Gradually, this became an arms race of sort to put the fastest machine on network for mining.

Thats why we now have a situation where bitcoin can only be mined using specialized ASIC miners (Application Specific Integrated Circuit). To mine profitably, you need to procure one of these specialized miners which are not easily available. Even then, your income will regularly reduce as more institutional miners keep adding more processing power.
Thats why its not a profitable thing as of now. Though, my advice would be to that if you can invest, then its still worthwhile to get a bunch of the fastest miners and keep those BTC as it'd keep appreciating in value.

You can easily find about the profitability from a simple google search on "Bitcoin mining profitability"

Mining Bitcoin is a competition, you need to have multiple hardware miners (ASIC) for you to be able to compete with other miners for the block rewards. That is why it is not profitable for small miners anymore because there are mining pools that obtain high hashrate and they are the ones that have the higher chance to mine the next block and of course gets rewarded. Another reason is mining difficulty and the halving of block rewards every four years that will reduce the block rewards miners can get but Bitcoin mining will continue to be profitable whenever the price goes up.

Bitcoin mining is one of the best way to make much money when it come to mining sector but you also need some require hardware because the mining game is improving every time and the require information, knowledge and equipment you have will determine your success. However, it better to switch the coin you mine sometime.

Nevertheless, bitcoin mining is not profitable like before due to the difficulty and so many people stepping into the game.

Now it is more difficult to mine bitcoins then earlier, you need much more time. But price is grew up significantly, so when you mine you get more profit. so i dont think the situation changed dramatically.

Mining of Bitcoin nowadays isn't that profitable anymore if we compare it on those days where the difficulty level of solving complex problems is not as high as of todays. However, if you have reasonable mining rigs facilities and your smart of finding better way to comfort your rigs to minimise energy consumption, then mining would still good yet less effort way of earning Bitcoins.

I don't think it is quite true.

it is true that a couple of years ago (2010-2012 for example) you could mine bitcoin with your PC and when you found a block and got the reward or share of the reward because you were in a pool, that bitcoin was worth so little. for example $10-$20,...
but now if you get the reward or part of it, that bitcoin is worth $13000+

so saying before it was profitable and now it isn't is a little misleading. it still costs electricity but you will earn a lot more and if you hold part of it, price may go even higher and that can worth a lot more.

Mining bitcoin is one of the best way to earn more bitcoin. You can earn a lot from it within months. But this king of business requires a lot of equipment to invest with that is very expensive and consumes a lot of power making your electricity bill very high. In short, mining is also a good investment but also requires a full time monitoring to keep all your equipment. In mining you'll probably have to dedicate the processors of your system to the network to produce bitcoin.

Now that bitcoin is very valuable, the difficulty of digging bitcoins is immense, and you need to invest a lot of capital in specialized diggers to get a bitcoin out of this time. Recovering capital is quite difficult if you do not invest a lot at the beginning.

As you can see bitcoin mining is a competition. Last years there were only few that manage to mine. But look at the miners right now, they are so many. I don't know how much is the maximum per miner now but I thought so last year, I've heard a miner, he said he is getting about 700usd+ per month. That's good for mining.

Mining on bitcoin is not easy as you can, it is made by some strategic method on how to earn and make your capital grow. Sometimes you earn a lot's but sometimes loosing. Mining is on  how the way you gumble your capital by looking the chart format of price movement. But if you enter bitcoin mining you must adopt and accept the reality of the future risk. Not all the time you earn always. As what I've said you must accept of what ever happen in the future.

Because when more people start mining bitcoin, the difficulty increases
However, today is still possible to make money with mining bitcoin, but you need a lot of good hardware and a lot of hash power
Is better to mine some alternative currencies, that have a lower difficulty and in the future the price may increase and give you a good profit

Mining Bitcoins is one of the most effective way to earn Bitcoins and earn a lot of profits. But it is only true a few years ago, it is not very effective now, profit is less, if compared to the initial cost is very little profit. The cause is that Bitcoin is becoming more and more popular, its high value attracts a lot of people and they want to make a profit by Bitcoins mining, it is becoming a competitive market, I think so

Well the difficulty of mining keeps increasing so earnings from mining bitcoin has ever constantly decreasing. Plus for mining bitcoin you need to have the latest updated GPU and you obviously incur more cost on electricity, so obviously you're not in a profit stage in the beginning. You can get a little profit like after one/two years. But until then you'd have to take the burden of the expenditure on yourself. But if you're really looking to mine something, you can mine altcoins. They can be more profitable than bitcoin mining.

There’s a lot of competetion nowadays but yes we can still earn much money for mining bitcoin. But before you do that, you just have to invest very good computers to mine for bitcoin. If your computer is not that good, mining bitcoin will destroy your computer. But for me, i rather go to work bounties to earn bitcoin. Mining can ear bitcoin but not that much nowadays.

yes we can make much money with the bitcoin if our hasch rate is more but now days the compitators are more in the bitcoin mining

Mining is the best profitable decent platform. But Bitcoin mining is not supported to make profit in current situation. So I am looking to choose Ethereum mining. This have decent profit platform. But it take more power supply and constant profit. Some of the countries are monitoring the mining platform. Because any time government take action in miners. Whatever happens in mining it make money day by day.

there's so many big mining farm now a days. If you're up against them and you're only mining using your own mining rig with a minimum number of gpu's, well I guess it's not surprising that you're getting a hard time in mining bitcoins.

Bitcoin mining earns a bit slower. You should need as many good computers as possible and patience. Profit is lesser and the risk of using electricity is high.

I do not think you can make much Bitcoin from mining because so many are mining it. Especially China is a nation famous for crypto mining industry. Because there are many people involved in Bitcoin mining, the algorithm is getting harder and harder and Bitcoin is getting less and less.

its depend on how much the electricity fee in your country, what hardware you will use, how stable your internet connection, what coin you want to mine. this is the most important that you need to think before you decide to mining. ok maybe you have cheap electricity fee and you can use vga cards to mining, but you still think what coin that will profitable for you. you can find this in whattomine.com to know which coins that will give you a profit in a day.

As previous speaker told, there are two ways of earning something from crypto-mining - invest huge amount of money into hardware and electricity or mine other coins, which are not so expensive nor hard to obtain.

I invested £2k and I have made that back in 3 and half months....I now make roughly £17-£20 a day for nothing.
Gamble big for big rewards!

when the first bitcoin appears. people can do mining with a laptop only because the network load and the level of difficulty mining is still easy. but today you need to have a sophisticated computer specification to bite the bitcoin. not just one but many. so if you want to do mining. I hope you have a lot of funds to support your desire because bitcoin mining tools are very expensive and high operational costs.

This absolutely depends on the amount of electricity cost you are incurring for the mining operation and whether you are being able to cover it. You have to calculate your miner's output against the electricity incurred. There are lots of online calculators available to do so.

Why? It is simply because there are many miners that mines bitcoin. Data that passes through rig computers are divided among many miners and those who has a faster and most powerful hardwares mines faster than those with low-end hardwares. The many the miners are the more they are to share the goods that they mined.

Yes I think it change. The price of the materials you need in mining is getting more expensive but. When interms of bitcoin i think you can get it back because of the price but i dont think its faster

The reason why mining bitcoins is not so profitable nowadays is due to the increase of difficulty in mining. The difficulty comes in when there are many mining farms who compete with each other to solve blocks. The lesser the hashpower means less mining productivity, in the end it become the battle of the  strongest hashpower.

it depends on your investment.. The more you invest the more you get

I think you need more than "a bit of hardware" in order to make a bit of difference.

Im gonna be honest and just tell you the short answer. Its no, for most people, unless you have a spare 30k lying around to fill a huge room full of mining rigs at the cost of 1-2k per each rig, you need around 10 rigs to even make a decent profit.

mining bitcoin need a lot of resources, maybe with high diff that people said that mining bitcoin not profitable anymore, but if you want to you can mine altcoins, or ETH with GPU,

Difficulty of mining has gone up so high such that you need a machine with insane high speed in order to even get a pie. And then, if you just managed to break even after deducting the electric costs then why mine? 

Of course you can. But it will take a lot of time.

As much as anyone else, I guess.

If you are rich enough to open a mining farm, the and then only you can earn money from bitcoin mining. Things have changes since last one and more years, bitcoin has crossed $15000 mark. Bitcoin transaction charges have increased a lot. Electricity is the major expense of mining firm, if you have electricity cheaply available in your country then you will be profitable in bitcoin miming business. If you don’t have this then do not go for mining business. Instead invest your capital in bitcoin trading exchange. It will definitely have you good profit.

That's right, competition among miners are getting strong and bitcoin supply are almost reach to it's maximum.
Mining altcoins could really make more profit that of bitcoin at this time. Though people say sacrifice, but in mining it could really not make any sense because the more you spend on mining-the more expenses you've got. 

Of course you can earn a lot of money on bitcoin.
But you should know that as in any other business, the more you invest, the more you earn.
Without investing money you will not get anything.

yes actually has a lot of bicoin it is very tasty, but now to make it very difficult. I do not know, maybe with the rise of prices that raced like this so it is quite difficult to have a lot of bitcoin ..

Bitcoin mining is a competition. But now look at the mineral, they are so many people that I do not know that I am much more than every miner now, but I thought last year, I have heard a miner. Now more than mining is happening since last year.

As in many business matters
Often the income depends on the investment
If you can afford it, I think you will succeed.

Too many miners.
The difficulty gets higher. It is impossible now to profit from it.
Even the return of investment will be hard to get.
You might want to mine other currency than bitcoin. Just an option if you are really into mining.

To be fair, the rarity of decent results through mining today, makes the investment for the gear required, to leave a bigger hole in you pocket than the actual profit.

The bitcoin still left just 20% of total supply and more mimers raising so thats why now difficult to get profit from mining.

If the price maintain a certain price you can make good money from mining, but if the price increases so fast, it's wiser to invest in bitcoin rather than just mine it.

As the difficulty rises it makes it even hard to mine the bitcoins, there is still a chance to make some profits but you would have to invest in the latest mining hardware to achieve that.

Bitcoin is the father of crypto currency and it the only that bring the mining thing into picture before other crypto currency. However, there are always a new of mining bitcoin in other to be profitable and you'll find how onmining section (https://bitcointalk.org/index.php?board=14.0)

although bitcoin is now a very large coin and makes a lot of money from mining but I think there are still a lot of good new coins for the mine. but now the new coin nambang has a very good potential and the results can exceed bitcoin.

If you have a place where the electricity cost is very low then you can earn much money mining bitcoin but you need to remember that mining bitcoin requires a lot of money because you will be investing in bitcoin that requires high end machines to just solve the algorithm of bitcoin and that will give you a lot of headache at the first few months but after a couple of months you will be earning good.

presenty its quite difficult to mine see the stasticks. To be frankly, it's 2018, the competition and difficulty to find even a 0.001 Bitcoin is hundred or even thousand times harder, compare with 2009. Unless, you have over 6 digit of initial capital or you're open up your own mining farm - else, it's better to buy Bitcoin than mining it by yourself~

I did some research about mining too. You can earn a lot from mining but it depends on the rig that you built to mine. You need to have at least 6 graphic cards to start your mining.lower than 6 graphic cards,you will not feel that you are earning.because you also need to consider another bills, such as electricity and internet.if you only have a gaming computer with one graphic card, don't waste your time to mine.

In simple terms, because you have to invest a lot of money for equipment and resources (like electricity and time).
And mathematical computations are becoming more and more complex to solve.

I really dont recommend mining bitcoins because the difficulty is too high and its very hard to mined bitcoin right now. There's a lot of cryptocurrency in the market that you can mine follow them on coinmarketcap.

well, logically you can make money with bitcoin minning. but, many risks must be prepared, and of course it becomes common. you might be able to make a lot of money out of it, but, you have to make sure that the plan you put together and the thought of using mince to look for bitcoin is really done.

I don't really know about bitcoin mining. but some of my friends are still doing mining activities on bitcoin, I think it's still very promising and profitable. but it always requires great capital and knowledge

I think you can not make a lot of profit with the mining anymore. Is becoming more and more difficult and more expensive.
So I do not advise you to do it.

of course you can, why do you think so many people do it?

It depends on your initial investment. If you have $1000 and want to get into Bitcoin mining just forget it. It will require a decent space that is cool and relatively free of any dust and moisture and a decent investment of at least a couple thousand USD to start with. Note that this will only get you into mining. It won't make you earn "a lot of money". To earn a lot you have to invest a lot.

In 2009 mining bitcoin was very easy and you can make much bitcoin just by dedicating your machine on the bitcoin network, but this is 2018 and bitcoin mining is very hard and can only be done using specialized upgraded machine and software's like Asic and the rest of them. But if you are ready to invest your huge capital to set up a modern mining farm you can still make some good amount of bitcoin but the most profitable way to make bitcoin now is to buy and hold bitcoin as a long term investment.

In actual we are at that destination where about 80% of the bitcoin is already mined . Now here mining is a profitable as well as non-profitbale business because it depends upon the location of the miner for those people who have electricity at cheap price and have cool environment can make profit from the bitcoin but where electricity is not cheap then there you can't make much profit .
Since in the starting mining was not difficult but we are towards 80% mined bitcoin.
But here you can make mining profit by making mining of etherium , dash like coins much  because these coins are at initial layer of mining and also there price will increase much , so beside bitcoin we have lots of chances .

you better buy bitcoin and then you switch from mining to invest or trade because it is more profitable in my opinion

It depends on the country. Base on my research and also ive been to mining way back a year a go it is really profitable before the halving takes place because you can easily mine a bitcoin now it is very difficult. Unless if you are in iceland because first their electricity is very cheap and also their country is cooled so meaning you can make a mining rig with airflow that could help you not overheating your gpu's but the best thing is electricity because that will mostly make you most of your money in paying bills of electric but it is cheap in their country so it would be a ton of profit

You can easily find about the profitability from a simple google search on "Bitcoin mining profitability"

if you get some real sophisticated hardware or build a mining rig, mining bitcoin is a good thing to do. You can use these websites to get your potential earning on hardware

https://www.cryptocompare.com/mining/#/equipment

https://www.bitcoinmining.com/bitcoin-mining-hardware/

Yes you can earn much money in bitcoin but you need to be patient and work hard in posting so you cam earn for the capital then invest for bigger profit

I am not sure, but i heard its hard and you have some risks.
But I can't give advices about it because I don't understand in it so much.

I agree with you, to set up mining machine electricity is very important. in your country electricity is cheap then you carry on else you must need big capital. Once you set up and start to mine you will not make a profit from the 1st month it will take some time. So you need money to manage your rig, and now mining BTC is very tough don't know how much time it will take to mine 1 BTC. But you can manage electricity bill then it is profitable.