Bitcoin Forum

Is mining bitcoin still a viable venture to undertake in today’s world? We will explore that question in this article. But first, let’s explore the various ways in which you can mine Bitcoin.

By reading this article we are assuming that you are already familiar with the basic fundamentals of Bitcoin and Bitcoin mining. In this article, we’ll explore the actual hardware, software and technical aspects that are required in order to be profitable in Bitcoin mining...

https://www.bitcrypt.co/is-bitcoin-mining-still-viable/ (https://www.bitcrypt.co/is-bitcoin-mining-still-viable/)

Bitcoin mining have become a very consuming venture lately with high cost of electricity and software's before you can set up a mining farm now you have to have huge capital and cheap electricity supply such as solar system. But if you have a good location and friendly government policy bitcoin mining can be highly profitable.

It's still viable but you have to set specific plan to make it more profitable. You must consider the consumption, your capital, your equipment set up and even the market situation. Bitcoin mining would be viable if you're gaining more than what you consume.

It really depends on what you mean by "viable", and I'm not trying to be flippant about that. Bitcoin could shoot up tremendously with another bull-run or a significant use-case; when this happens all of those coins you mined in the past will become a lot more "worth it". You can mine at a loss today, but as long as you hold onto your BTC you can make the decision when it is the time to cash-out or not.

The short answer would be yes, although if you're looking to profit at today's prices then the search becomes a little harder. Still entirely doable though.

Not after end of 2017 when price decreased constantly. It depends on how cheap/expensive the electricity is.

In most of the countries mining is no longer profitable and it might become attractive at a price of 6500-7000 $.

Bitcoin is viable to some extent, one cannot depend on the same for all the needs. Depending upon the market fluctuation the profitability varies with time. If someone has access to free electricity or possibilities to produce electricity in a cheap manner then it is highly viable. By the beginning of 2018 I stopped mining and till date nothing seems profiting considering the capital investment.

With the current price of Bitcoin, I am sure the Bitcoin mining activity can still be profitable and viable depending on the location, the cost of electricity and the political culture of the place you are in. This means that in many areas Bitcoin mining is already dead because of high cost and less availability of power. There are place where electric can be cheaper but politically the atmosphere is not friendly. This is in fact, bringing the next question: What if there be less and fewer locations where mining can be viable...what will happen to Bitcoin and its sustainability? Can we develop new technology for Bitcoin mining where the demand for power is not that significant?

Looking at the huge cost of setting up a mining rig or farm i don't think anybody would want to get into bitcoin mining for now. Most governments are also banning the mining of cryptocurrencies in their countries so what if after setting the mining farm the mining of cryptocurrencies gets banned in your country. Invest into some cheap cryptocurrencies in this bear market and hold them till their prices rise up. It's way better this way than setting up a mining farm which is very expensive.

It is not viable then hash rate should be affected negatively. But it isn't so I guess there's your answer. As far as being profitable? there's a lot of factors here like cheap electricity, environment, and everything.

But one thing for sure is that there will be miners being born out there somewhere. And now we heard that China might ban bitcoin mining, someone will pick up, whether through joint ventures or state sponsored mining farms or companies.

that is a wrong question to ask!
the real question is asked in a comparative way. meaning the question is whether bitcoin mining is viable with the equipment you have access to and the electricity cost that you are exposed to. otherwise it is always going to be viable and very profitable to mine bitcoin in general that is why there is always a huge amount of computing power (hashrate) mining bitcoin no matter what the price  is.

Bitcoin mining is fully open to entry-exit. So actually free market conditions apply. Costs are period, decreasing or increasing. It has nothing to do with being viable. Bitcoin mining will always be viable. The cost of everything is as it is in mining.

The viability of Bitcoin mining solely depends on how long you are willing to invest in the mining venture. If you are thinking of joining the mining ecosystem and you have a mindset that in just one month you will start earning or gaining profit, then I'm sorry to tell you that Bitcoin mining currently does not become profitable after some few weeks of joining. Crypto Mining currently is a long term investment venture and it might take months before you can make a decent profit...

Bitcoin mining is still viable but it also depends on what kind of equipment you are using to mine bitcoins.
If we use the specialized equipment and have enough of it to generate good revenue while having the high profits then it is viable to mine bitcoin.
But if we use GPUs or CPUs to mine bitcoin then obviously it is not at all viable to do that.

If Bitcoin mining is not viable, many people will close it (BTC mining shutdown en masse).


Perfect... true. Mining BTC is a long-term investment whose benefits we cannot enjoy quickly or short-term. What about the active miners where the price of BTC plunged to the price of $ 3000 yesterday? they will enjoy the results of their profits in mining after the next few months where BTC prices have risen by more than $ 6,000. Apart from that, being feasible or not, BTC mining depends on our perspective in investing in mining BTC.

That has still not been confirmed yet. The Chinese government will most likely not go through with this since they would lose out on a ton of profit which is why I don't see this as a feasible move.

Bitmain will continue functioning in the mining sector in one way or another in my opinion.

It seems to me that those who are engaged in mining already know the answer to your question. It all depends on the country in which you are mining. There are even interactive maps showing the countries with the cheapest and most expensive electricity. But this is all subjective. Each individual case must be considered separately. I am engaged in mining ETH in two countries and in one of them it still remains profitable and in the other there is practically no. But as you understand, many miners can now work at a loss in order to sell more expensive in future. This practice also exists.

Sure it is.

yes, it is valuable. no matter how high bitcoins block difficulty goes people are still gonna do bitcoin mining that's one of the most useful ways of making money and contributing to the network without even doing any work at all. If Mining was not profitable then why are big companies are doing it till now and why so many people are using pool mining.

Viable, yes. Profitable? Not for everyone else. Only the big rigs are gaining a lot from mining as of this writing, while everyone else have already sold their machines or have found a new coin to mess with while the market is still shaky and unpredictable. As long as bitcoins have value, people will mine it, though the disparity between profits will be defined between large farms and little ones, of course.

If we take it on the perspective of mining Bitcoin as a long term investment, then I say yes it is still viable! Since most people are hopeful for Bitcoin's future prospect and potential to have massive price gains, I think they are aiming for higher ROI in the future. But I guess its up to the miners especially for those who have lesser hashing power to decide whether they want to shoulder bigger mining operating costs with minimal profits in the hope that Bitcoin's price will rise profoundly in the near future in order to recover their investments.

Well if you are currently mining and planning to hodl it for a long-term purpose, then it could be viable. Mining equipment nowadays are expensive, not to consider maintenance, electricity cost and cooling system for your farm will cost you a lot. So, you will have yo consider all this and look in a long-term perspective.

it depends to country.it doesnt mean anything here in Turkey.electronic stuffs are very expensive due to taxes and so bills ofcourse.everyone trying to sell their stuffs

It highly depends on your geographic location, availability of space, government regulations, and attitude towards mining. The high cost of energy to mine bitcoins can also affect your profit margins.  Before the popularity of bitcoin exploded, mining was very profitable due to a low number of competitors in the market but many have shifted and turned away from it.

The main focus of your income would be towards the incentives rewarded from transaction fees. If the price of bitcoin suddenly skyrockets, it has the potential to become valuable again.

If your mining equipment has a low mining power or hash rate to compete with other Bitcoin miners, then I think you should direct your mining resources to  profitable coins and exchange it for Bitcoins in order to make your mining more profitable and efficient. This is a strategy that some miners have been doing and it seems quite effective but then I suggest you have to make a feasibility study first before you start any mining activity.

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Crypto or Bitcoin mining will also be viable in as much that the general crypto ecosystem is concerned. It's level or range of profitability is strictly determined by the longevity of the period of mining. Short term mining investors do not make anything out of their investment. Long term miners are the people who are really seeing how profitable crypto mining is.

Good explanation!

Therefore, in your country like in many countries with the same situation, trading is the better variant. Additionally, it increases the interest of a person in the cryptocurrencies.

The answer to your question is yes and no, Bitcoin mining is still viable in some countries and it's not in others it all depends on the electricity cost and how powerful and efficient your hardware is.

I could say yes but if your are here to earn to get profit,my advice for you is joining in bounty too because its profitable too you could double your profit in mining,but make sure that you do research before joining for avoiding wasting time.

Of course yes in own opinion miner knows what them to do during the bear market for those miners our there long long time to hold their coins mined at time they got profits due to bitcoin price hike to be include sltcoins is in the green signal. This recent market situation increase mining coins is very vialable.

I think it is not by now for people like me. At first, before I joined this forum I thought of mining them since it is not that hard at that time, you can just leave it to your family's home computer and you will be back in the afternoon you can mine like 0.2 or 0.4 of it. Today, I can't even get closer to it in days. Mining them is hard now, though I know other people can still do it as long as they can afford it.

It depends on the location of your area because it has a lot of factors to consider. The main factor when having a bitcoin mining is the cost of the power consumed by the GPU or your system. Actually, in our country, Bitcoin mining was not very essential as of now because our power cost was very expensive because our government sells the Meralco (power line in the Philippines) to a private sector, that's why we're paying an expensive price of power. Maybe it can be more profitable if you use a lot of miners and a source of solar panel generated to minimize the power consumption in the power line.

I think it's not due to many miners were selling their rig and also VGA prices also dropped.
Maybe bitcoin mining is profitable when bitcoin is touch 8k USD or more

bitcoin mining being profitable or not has nothing to do with its price alone. if it did then all miners should have left when price fell below that number you mentioned here! which obviously they didn't and we have been under it for many months.
the profitability of mining bitcoin depends on multiple factors one of which is price the others are the difficulty, the electricity cost that the miner has and other possible costs such as cooling, labor,... and since difficulty changes with price it always remains profitable for many to mine bitcoin.
by the way bitcoin is mined with ASICs not "VGAs"!

Bitcoin mining is still viable , There are so many ways to make it happen or successful.
Like okala said

When it comes to electricity Bill you could use solar panel to lessen the cost of your elecrric bills.
If you are going to invest why not complete it to make the most out of it.
And for sure it would be great for a long run.

If you do have the knowledge to make it work as of today’s current bitcoin price, yes it is still viable.
Hardware, electricity and maintenance cost, You need to consider all of these before setting it all up.
If you do have a low-cost or maybe even free electricity, maybe you’ll need less time to break-even.

Bitcoin mining ought to be viable but the cost attach to the process makes so many discourage about the profit. Before you can mine well you need stable electricity, standard Hardwares/Softwares including maintenance and time consuming all this requires a lot of funds to put them in place. In my opinion I will rather for trading either long term or daily trading since I can start with low cost and higher profits.

I believe that mining is worth doing because it is a very profitable business and the price of bitcoin depends on how much will be mine.  Because I think that it should be enough.

Looking at today's bitcoin price, I think no one has any doubts about the profitability of mining. The Bitmain plant creates new mining equipment for a reason. If it was not profitable, then it is quite obvious that no one would create new equipment.Mining is viable and profitable. Who says the opposite is probably just lying.

I am not even sure who is mining anymore. I just can't see it happening in most areas. Even with free electricity mining eth with a GPU is so low is insane. RX480/5801060-1080 only makes about $0.25 a day.
Bitcoin ASIC I am not even sure what they have these days but last I looked it was better but the problem was the break-even time and the riks of it malfunctioning. It just doesn't seem economically viable anymore, which makes me wonder who exactly is mining right now? Probably the Chinese.