Bitcoin Forum

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.

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

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.

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.

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.

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...

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.

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.

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. ;D

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.

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.

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.

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 (https://www.forbes.com/sites/jasonbloomberg/2019/01/20/the-six-ways-to-make-money-mining-cryptocurrency-are-equally-surprising/#161924d21952).

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.


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.

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.

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.

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.

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

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.

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.

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.

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.

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

"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.

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.

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.
   

That is a question that is asked everywhere... in my point of view, besides the investment costs and maintenance and equipment choice, the most important factor is the power costs, so unless you are ready to invest both on the mining equipment and also the renewable electricity farm equipment (or if you are among those "special" cases in which electricity is really cheap) you'll have no chance of mining while paying a heavy power bill every month... I think this is what makes a lot of people quit their mining investments...

There are other things to consider as well. Even if the electricity is very cheap, the purchase of a miner is an expense that should be taken into account. Plus time and probably additional gear to maintain the work of the miner. And while one can expect a certain amount of BTC to be mined over a certain period of time, if the price of Bitcoin is low, mining can be unprofitable. All things considered, I don't think that now, so shortly after halving, is a good time to join the game. Even this fancy miner is not profitable right now according to the link, and is one has a few thousand dollar for experiments like mining, I'd rather use this money to buy BTC and HODL rather than to buy a miner.

No question it's a NO, you can't make a profit anymore even with decent hardware it's not worth it to do mining especially on bitcoin, Only big mining companies could actually make a profit in this kind of business.

Still, you could try if you're in a great place like cheap electricity, and cold weather. You could also try mining altcoins like ETH, which could be easier to mine and make a profit.

Answer yes because this is the truth.

Can you make money mining Bitcoin is a question comparable to can you earn a million dollars or can you become a successful trader.

Many people make money mining bitcoin and it's even possible to mine using your own solar power but this is an extreme long term investment.

I'm pretty sure 90% or more of first time askers have no expectations of having to lay out for dedicated equipment or having to balance profit vs outlay. They're probably expecting to fire up that Chromebook and watch those bitcoins pour in.

It is difficult to make money from mining right now
It's not impossible but hard though
Many factors are in the equation and electricity is the most occurring problem when it comes to mining
At most of the cases gains won't cover expenses

It's one of the reasons why all those scam browser miners and cloud mining schemes managed to make so much money.

Idiots thought mining Bitcoin is like making an account on some site or buying a mining contract and on the other site of the server some guy will buy and set up a miner for you every time you click a button :D

I've always laughet at those photoshopped pictures of giant warehouses full of miners those scammers were posting to lure newbies in.

Sorry if I sound rude but that's really a silly question that someone can hear. What does it mean "Can I make money by mining bitcoin"? There are a lot of factors, it's not a thing where you can give a direct answer. Everything depends on electricity fees, current and upcoming price of bitcoin, price of mining equipment, quality of mining equipment, what kind of innovative ideas you have to cool your mining rigs, will difficulty rise or fall? And this list goes on and on.
But in overall, you can't make much money without owning a lot of equipments. Mining isn't as profitable as it was back in 2017.

Depends on how much you want to invest. If you will just be buying a rig, you might be able to mine some bitcoins but it will take you a lot of time to get back that money you invested in. If you want to make money out of mining these days, some rigs, then consider solar panel.

Mining these days is not too profitable since the equipment for mining is a bit high in price plus your monthly bills for the electricity, monthly maintenance for the equipment and the mining difficulty is enough already to tell that it will lead to bankruptcy to you someday unless you have a free electricity. Well, solar panels are invented already you might save if you have it but it's another investment since you want to make money from mining.

That's what I was thinking. If you will invest also in solar panel if I have the funds. Big investment at the start but you can recover it for few months. And the rest will be free electricity. You can freely mine bitcoin afterwards but of course you need to check what kind of miner would be good to invest on. Users here already posted some links where to calculate your potential earnings.

Profitability will always matter or depend on electricity cost specially and this would be the main answer that i would say if someone ask me out about mining profitability.Its one of the factors or the most important thing to consider first before jumping into mining career.If they have cheap electricity then yes if not then better to ignore it because you are just basically wasting of time and resources.Its better to buy a coin directly then hold for long term which
is a better option to take if you do aim for profits.

The answer today is essentially no.  We have gotten to a point where there area already so many mining set ups that outside competition coming in would have to invest and incredible amount of money just to get started.  Then they need to likely have a warehouse in the right area to take advantage of climate situations ( being near water for power ).

It could be already a history to tell for a person interested in mining bitcoin as the era of bitcoin mining in my opinion is already "not so profitable", the mining reward is already too low, and I guess, the investment they will purchase will not be easy get back as the electricity consumption of mining rigs are also expensive.

I suggest that a large investment might be possible, those that are residing with countries that doesn't have an expensive electricity bill, believe me or not, countries with high temperature will just make mining harder as it may incur high maintenance to the hardware you are about to purchase.

Yes! We can absolutely make money mining bitcoin. However, you need to equip yourself with the necessary knowledge to exploit successfully. The most necessary thing is to equip a bitcoin mining machine. Bitcoin investors are willing to spend hundreds of millions or even several billion dong to “raise” bitcoin mining rigs, creating huge profits from this bitcoin mining. Anyone can join and get rich.

bitcoin miners are not an easy matter as one might imagine, money, everything can be obtained or vice versa, if you do not have complete facilities electricity, computers super, CPU and many other tools, in this case it is not easy and cannot be underestimated, bitcoin has a transaction network called (Blockchain), the computer can determine you can mine well so that you can find the hash so you can find or connect one block to another.

at this time the conditions that make a lot of people glance at 'mining' crypto, mining used to be done using CPUs, now must be with a computer super to determine the transaction verification process to get resultsmaximum.

For that at the moment there is the easiest way for you to start all of that 'mining' first (Cloud Mining) or (Mining Rig).
You need to understand more about the mining factor of this rig.
-Internet access or fees You must use broadband internet rental should not be interrupted for one week in 24 hours, for one week non-stop.
-Electricity, mining rig prices, competition and another thing you need to pay attention to is the risk of hardware damage level.

From several explanations, it can be concluded that if you start mining in the future you will be lucky or lose, the risk of mining needs must be prioritized and mature.

Well, the halving does not take place every 5 years but 4 years. Either way, besides the fact that solar panels are not that cheap, that goes the same with the mining rigs. If you will be building a huge number of mining rigs, you should also consider the place of your facility. These will be so noisy and people might report you most of the time.

I used to mine Crypto in past, there is always the factor of electricity that makes or breaks the entire operation along with the coats to maintain the temperature. So at my place the electricity is cheap but the Winters are only option to mine bitcoins as there is so much heat all around the entire year. So, mining is actually profitable business if you can scale it up and have the temperature and humidity under control at a place where electricity is very cheap, that's the reason why companies make their bitcoins mines in the cold places where electricity is cheap.

well indeed there are many who do not do mining anymore because they assume that mining bitcoin is not easy because the electricity costs are very high and the results obtained from mining are also very small and the cost of repairs is also not cheap so in my opinion the results obtained are not too profitable, it's better to buy bitcoin directly at the exchange place.

The situation, for now, is really hard that even old mining companies are leaving because they aren't profitable enough to cover their huge expenses.
Now asking, Can I make money in mining Bitcoin? It actually yes, but considering the huge expenses and small block rewards it isn't profitable anymore. If there is any but I don't think it is enough to live with.

If we are planning to this, I could say better not today. The current situation is so difficult and this is not the right time to start with. Its something we need time to think deeply and not by risking our money just to lose.

The answer is you can. But it depends on the capital owned to do mining. Mining tools such as VGA, CPU and other tools are also needed. Using VGA with high specs makes mining faster but requires a lot of VGA sequences that will make mining faster. The price will certainly be very expensive, especially if calculated with the cost of electricity which is certainly greater for mining equipment owned. Mining bitcoinj can also use ready-made mining tools such as Antminer, but the price is very expensive. Creating RIG mining with a large amount will spend a lot of capital but can produce, if you have capital that is not comparable with the cost of electricity and others that must be borne.

    Capital and other conditions, mentioned in this thread, like cost of electricity, and the place where you
plan to put all the miners. There are calculators for that, who plan to start with mining Bitcoin should check
them. Miners for Bitcoin are expensive, that can be a reason why some people choosing other coins to mine.
    And people like I am, without technical experience with mining, we wouldn't know what to do and how to
set up miners for mining, we would need a help with that too! It's not just capital, miners and cheap electricity,
you need to know how to put together all that.

It's hard if he just think about to buy a cheap cost miners since theirs nothing gonna happen and he might lose his money for the low profit he got from his rig, but if he invest on the latest units and expensive ones then provably he can earn with that.

But he should consider first on how much we will spend on the operations so that he can determine if it's really worth to build a business on his place since if the electricity cost is so high then he make get slow progress on profit accumulating.

If you are not Miner then you will surely have  a hard time to explain that part to the one who's asking you because this case is very sensitive and so broad answer requires to understand.

try watching this video to at least have the idea about how Mining works this 2020

https://www.youtube.com/watch?v=yHnQzczY4xM

Personally?having a High expenses in Electricity in my Country?and with the high prices of solar panels?

i would suggest Mining Altcoins than Bitcoin because the rig is not that expensive and the chance to make profit when Bull run starts is there.

Specially if we will Mine cheapest altcoin that has potential in future.

waiting for at least 1 year or more before selling is not that bad for miners.

If you ask me I would say since it's just a few weeks after third halving and the new generation of the miner devices after third halving are not released yet, we need to wait for the new release of miners providing more hashpower and consuming less energy.
However if you have some sort of free uncharged energy like solar panels, this can be profitable for you. But still, after all I said you should calculate how long it takes for you to recover the money you spent for buying the devices. Also, usually after few months your devices will need some maintenance/repair and this won't be free. That's why in my own idea this is not profitable enough right now if you have to pay for the energy.

See even I have not personally mined Bitcoins but I would like to help you with it .

Certain things you need to consider before mining :-

1. Would you be able to invest in a minimum 2000$ mining machine ?
2. Do you have enough space in your house? A place which is secure and out of the reach of small kids and pets. It does contain a lot of wires and it won't be a good idea putting unattended kids in the room .
3. What is the electricity cost of your country? Note that a single miner generally has to struggle a lot to actually earn Bitcoins , even with a good machine , your chances of solving the reward is very very very low.
4. You can still earn through confirming the blocks therefore remember to take into account the electricity bill and at the same time see if you are going to make profit.
5. You have to check with the local authorities if it's indeed safe and legal to continue it.
6. You have to consider ordering the ASIC from a reputed company and as I know even Amazon is selling some of them now.
7. Consider evaluating the machine's specs before you do anything , on most machines it's written how much power they need and what would you need to set it up and all therefore you have to order one which does actually suits your interests.
_________________________________________________________

You can undoubtedly earn money be mining cryptocurrencies such as Bitcoins but it is a complicated thing and you should understand that you have to be well prepared in advance for anything.

Ask them to answer these questions first , if they feel like they know what they are doing then ofcourse they should go for it .

____________________________hope that answers your question_________________

Some of my friends have came to me and ask with the same question as what happens to you.

They are interested in bitcoin and they are ready to spend money to buy some tools to mine, but they are still a newbie and don't know much the ins and out of bitcoin.

Just find on the internet that bitcoin is a promising place to make money moreover with the current situation and don't know what should they do during lockdown.

But, I just tell them mining bitcoin need a lot of capital or need a lot of money, I told them they must spend a lot of money to buy some tool and also with the electricity that must be spent.

Yeah, I just told it. Two things that must be preferred/considered when someone asks me to mine bitcoin. I didn't tell that mining bitcoin is not worth it anymore, because mining bitcoin is still worth to do.

The answer would depend on the electricity price and location.  If a person who wanted to mine Bitcoin lives in a country where electricity is very cheap then the answer would be possible, and if he is living in an area where the temperature is below zero degrees then the answer would be highly possible/yes.  With the surrounding temperature being low, the miner doesn't need to have cooler or aircon to prevent the machine from overheating coupled with low electricity price, which is a huge operational/maintenance discount.

So even though you have a VPN ?  You cant earn BTC?
What to feel if your country has banned crypto currency?
Most politician doesnt bother much on crypto even tho it os banned so still theres a way on how to use them .

Then How?OP is asking for details and not just for a simple YES or NO.

---

Best answer is if they have Low cost in Electricity or much better if they are living in places that has Total sun supply so they can just use Solar power
to sustain the mining business and surely this will be profitable.

What if you are living in countries or cities that has no that much Sun supply?like in coldest places?
but Mining will be profitable if used a Farming and not only few rigs to operate .

Whenever I got asked about that question I always answer them Yes but they should also consider the cost of mining.
Mining equipments,electricity bill and internet bill so they should also have a great patience to endure it because it wouldn't always give you a great result and know that the price could fluctuate and it could affect their earnings.

It should be consider since cheap hardware's are not profitable anymore so investors really need to invest a huge amount of money and expect some headaches for running the operation. But I don't know if I'm future it's still worth it but since there's still an little Income then maybe it's still good for people who settled for less.

The answer will definitely "Yes" because a lot of people is mining bitcoin and you can see a lot of people in the mainstream that is mining it, the thing is that you need a proper equipment in order to mine a bitcoin or if you will just mine it through your normal computer then probably you can but the thing is so very slow when you do this. This is probably the main questions of many people out there if they can earn bitcoin through mining.

Really? "NO"? Just like what you have been said, you can earn bitcoin by mining but you need to start with a high capital, which means it is possible, although it is complicated it is still possible to make money on mining bitcoin.

regardless of where you mine, for what amount of money, and using what kind of heavy equipment. mining also depends on the quality and quantity produced. if the tools are good you'll know how much you're getting in a day, then count up all your expenses. requires an objective calculation. many points that must be considered. whether you will open your own mine, or join other miners who are already running.
everything should be detailed in its entirety. if it's what you expect, then you invest there.

You can answer smth like "Yeah you can! Just like gold miners could!"

I think that its note anymore a possible think but people who mine
and hold bitcoin in its begennings are the lucky people
In the curent situation its very hard to get some money using mining

They can actually make money mining bitcoin but it depends on your site because there is some site that is paying electricity bills which is not good when you are mining since the mining site is running 24/7, so you are consuming electricity every day. If you have some solar panel that might help you to decrease or not to pay for the electricity bills. It actually depends on the equipment that you are using especially the video card which mines bitcoin.

The explanation is correct, but you need to tell me that mining Bitcoin is not as easy as hoeing in the fields. many things to consider such as internet fees, withdrawal fees, block that continue to increase, and the price of building a mining engine is very expensive. and the most important consideration is not to depend on income from mining, many unexpected things can happen, and try to have another income.

Some of them did make money. Gold mining was not just a cool story. It's just that most miners barely made enough to sustain themselves. They'd sell whatever gold they got, buy supplies and go back to work. For some of them the thought of finding the gold was as thrilling as any hobby for other people. Let's face it, most people don't make a lot of money doing simple jobs.

You can make money mining but you need very cheap power for it to make sense or be able to use the heat somehow. One guy in Russia who had greenhouses in cold climate and cheap power used miners as a source of heat. He was heating the greenhouses anyway and already had high power electric connection. This gave him a high profit compared to an average person who wastes all the heat from miners and doesn't have to use electricity as a source of heat every day.

It depends on who's asking if he is a newbie coming in then I will be honest to answer no not anymore, you must be brutally honest and discourage newbies because there are a lot of trap and a lot of studies that need to undergo before someone can make a profit from mining the first time, it's better to just buy Bitcoin and do trading it saves you a lot of fo time and costing as mining now is not profitable anymore.

Bitcoin mining is not just what I can advise anyone to run into, a lot of people believe that's probably there they can make hit big, ofcourse you can also also loose it big in mining especially when it's not a corporate body, you need some devices that will be needed to run the mining steadily and this will also require steady power supply. Using just your personal computer in your room cannot handle it.

You need give correct answer and tell them all do you know what advantage and disadvantage when mining bitcoin to earn money, I think many people imagine is easy when mining could earn bitcoin every day without think risk and how much budget needed for mining. Many people only care with mining earn but never think how much out come when mining, how much mining tool have to buy and how much electric have to pay every month, if have an option I think better to buy coin than have to mining, because mining is very hard and always stand bye and ready to check our mining tool is working or not, in my country have any time for electric is not working and our mining reward will be reduce if not enough electric.

I have been in this field for more than 8 years. I would say that Bitcoin mining is economical only for large-players. For small and medium sized players, it is more profitable to purchase Bitcoins from the open market and keep invested. Hash power is going up with every passing day and you constantly need to upgrade your hardware. I don't think this is possible unless you are having huge capital.

I am afraid that this question is a bit late, because mining was profitable, but it was not so profitable just for everyone. Nowadays even in case you find such places in the countries you mentioned like China or Venezuela where you will be able to use cheap electricity, it will be hard to use them, because it may be hard to find free spaces, too many are occupied by different mining BTC' monsters. Comparing with early years nowadays it is not so profitable to mine BTC, too many nuances may become problematic.

You can make it simple as it is, you should always provide information and the possibilities. This statement is more simple but yet
clear enough to understand.

Back then when bitcoin still can be mine inside your personal laptop or personal computer, but nowadays it's been conquered by
big established businesses.

And competing with them needs a huge amount of capital, before you can accumulate and
gain back the amount of your spend money from mining rig to your electricity bills, better
to use that money to start your trade.

Instead of having to wait for large capital, it is better to execute trades when the capital is large or small, the most important thing is from now on. because there is no deadlock when waiting for a long time to mine, it is not clear when, and the preparation is not necessarily with adequate tools, special places, members, large electricity. will take a very long time.

Bitcoin mining is monopolized by a few large mining farms and it is out of reach for the vast majority of users. This was one of the reasons why Bitcoin Gold (BTG) forked out of the main chain, but that coin failed to survive in the market. IMO, for normal users it is always better to mine altcoins which are having a lower hash rate, and then they can convert these alts to BTC or ETH.

Bitcoin mining is essential in the bitcoin system. Actually, it's the backbone of the bitcoin network. Bitcoin mining is the processing of transactions in the digital currency system. These transactions provide security for the bitcoin network.

But it's unfortunate that recently bitcoin mining profits have been at the lowest possible level. In recent years, the cryptocurrency has been less profitable to mine than ever. If you don't live in a place where electricity is cheap, then it will be difficult for you to make profits mining bitcoin. And also you have to put a decent amount of investment to buy mining hardware. They are also not that cheap.

To be honest, if you are only person and use your family computer, the answer is no.

That's not the Point because i know Personal computer has Been discourage in mining Bitcoin because of the risk and also not energy efficient .

I think Mining rigs will do specially now that the Miners fee is really increasing ? for sure generating profit is nearly to come.

What ?  We are talking about Mining , then post about mining of course , if this is what you can say then better not to speak at all.

you should ask yourself: is it supported by your government? do you have enough electricity employed in mining? do you have the patience/confidence in it? do you have a partner with you?

^ First thing first, before you will build a mining factory for BTC mining, it is good if you will calculate first the expenses and the total net gross of monthly incomes. Expenses including electricity cost are very important to consider plus another factor the mining facilities that you will build and how much the cost. The next step is when you will have ROI because that is a form of business that you will manage in a long term. But first, let us consider the electricity cost which is the vast majority of all miner's problem.
Nevertheless, here are the good countries for the mining industries.
https://paxful.com/blog/crypto-mining-friendly-countries/

no. since so many mining pools are there, why do you have to join in? It can be a way of amusement, but I don't think it can play the role of a career.

I am not a mining expert but the system keeps going on, so yes, it must be profitable. Actually, the system is designed so that mining is always profitable (to some persons at least). If mining stops being profitable, people will stop mining, the difficulty will drop, and mining will become profitable again. It's a dynamic balance.

askin government permissions is a must if you are planning to build a large factory so that your operations wont be questioned by anyone else but for small time mining i think its not needed to consult for a government and you can still mine secretly even if its illegal in your country because no one will know anyway  .

 the rest that you ask is needed tho especially patience and electrict cost . dont pressure your self much @op . you dont need to be a miner to answer them and you dont need to give a precise answer either .

If someone asks me Bitcoin mining can make money, I would say you could make money from mining Bitcoin. But it would be difficult to do it.
Then I advise the person to trade Bitcoin, if the goal is only to make money from Bitcoin. Sometimes we really have to tell the truth even though
it's not nice to hear, because the fact is making money from Bitcoin mining is very difficult. It has several provisions that are difficult to achieve,
for example, having to do mining in a country with low electricity costs. After that, buy mining equipment which is quite expensive and finally
the maintenance costs for mining equipment are not cheap either. So the conclusion is that avoid making money from mining.

Mining takes loads of energy and it relies on your power bills. On the off chance that your electric rates are modest then you can go into mining otherwise no compelling to include on it.


The fact is you need to turn your PC on for 24 hours which devours your power and GPU energy.
For me, it's a hazardous method to make money since the contentiously running of GPU can make it harm additionally its work on 100%. The cost of the GPU is higher than expected.

My answer would probably be, yes you can if you can factor the electricity cost, the rigs and other expenses and see that you still be able to make a profit then probably you're going to make money mining bitcoin but right now, I feel like no individual is mining bitcoin already, most of it are taken over by the farms.

The answer to "Can I make money mining Bitcoin?" is a qualified - yes.
IF:
1. Most important, you have access to very low cost electricity
2. You have a place to run the very hot and very loud miners
3. You can find gear without having to wait several month to get

If all 3 are true then no problem.

if someone asks, can i make money mining bitcoin,? you just answer him, I get money, but the expenses and income in mining bitcoin now are not worth it, more expenses than income,, we better take the middle path, we just invest in bitcoin, because if you invest, if you lose not much, but if we are lucky, we are free to fly wherever we like,

this is a good question topic but it is a bit excessive for us to convey.especially to the layman who says that bitcoin is not good for an investment, but for the process of getting money from miners it is also very dependent on the price of bitcoin as well as other investments, if the price goes down then our investment or our income will also experience the same thing, I don't think it's any different from other investments

Even with low energy cost, a decent place to run the machines and accessible equipments does it really worth? Or would it be better to mine an interesting altcoin instead and convert the profits into bitcoin later?
Because after so many halvings and with a lot of big companies at the market the activity doesn't look so attractive for an independent miner anymore.

The price of the mining hardware alone is insane, it would have been profitable in 2019 . Anyone with any brain power, knew back then to invest big into BTC or BTC Mining.
Now its uncertain if Btc can hold this price of 50K, it might go up, it might not.Buyin hardware at an unprecedented price as well as coins is a big risk, time will show who was right.

Thats exactly what I say to the people who ask me if they could mine bitcoin. Mining bitcoin alone is not the important factor but the cost of mining versus the return on investment is the thing to be considered the most.
Also, the time taken to make even is also another important factor.
Most people drop the idea when their initial investment is low because lower investment is equal to greater time to make even.
Bitcoin mining costs a lot and not a lot of people are able to afford it.

A sad fate of current new bitcoin miners, after many halvings has affected the volume that the device can mine but the truth from the owner of the actual story is that not too many people believe while the magazine writes about a bitcoin miner's earnings are desirable numbers, it's clearly fake but newbie still believes, maybe the companies that make the mining equipment released such news to increase the price of the equipment and their profits. After all, those who dream of being a bitcoin miner are also ashamed of reality and do not share more, revenue cannot have a revival for lost expenses

We can make money mining bitcoin?" It is possible and many people in the world are doing the mining. But we have also to see the cost of mining. Is its cost cheap or more than output? The Electricity cost? If electricity is expensive then use solar energy and the computer system should be kept in some snowy region. Where there is no risk of them getting hot.

My answer is Yes I make money mining different coins but that doesn't guarantee that you will too. If you have patience, disposable income that you don't mind losing and free time to maintain the rig, then go for it. If not just buy the coin directly and hold it till you're happy. Again no guarantee you'll make a profit!

Of course by mining Bitcoin you will get a profit. Even the profits are obtained in large numbers. But the large profits are also obtained from great hard work. To mine Bitcoin you need a device that is really strong and requires a lot of electricity and a strong signal. All of that will be paid off with Bitcoin mining results that have been you did.

If Bitcoin mining was no longer profitable, then there wouldn’t be people who are still mining it today.
Although I think it also depends on where you are living, because the cost of electricity is not the same in every location. It might be cheaper for me, but that wouldn’t be the same for you in the country you live in. If you can be able to get in contact with those who are also mining Bitcoin in your country, you would be able to know how much it is going to cost you and whether you would be able to cover that from mining.

Bitcoin mining is still profitable today, even cloud mining, and there are lots of people who are still doing it till today. But I’m still of the opinion that you should try to know from those in your location, that way you will be very sure about it, or you can still go ahead and give it a try.

Yes You can, but it costs a lot to mining bitcoin and it takes a long time to make a profit. Maybe another way can be suggested, because there are still many easier and profitable ways to get profit with bitcoin and faster.

One of my friends has bought some few Bitcoin mining rigs and was fortunate that his colleague offered him electricity that is “free of charge” in mining BTCs there. I assume that his friend is “rich”.

However, if someone asked me that if BTC mining is still profitable and can make money with it, my answer would be a straight NO. Because the mining pool has so many participants unlike a decade ago plus the halving every 4 years that would make it even more difficult to mine along with the maintenance and electricity cost, it’s not worth it anymore. 

For someone who has no idea about bitcoin mining, understanding it won’t be easier. So, I don’t think that you should waste your time explaining to people what to do and what not to. It would be better if you refer them to websites where they will be able to find all the information they need.

There was a time bitcoin can be mined but now these are not mined these are able to trade only. Because it has 21M supply of tokens. And people buy sell trade them only.

You may make money, but that will take time, and it also depends on the electricity bills in the current area. If the electricity bills are relatively high, you can get bitcoins through purchases. But I personally think that mining Bitcoin will make money, but you have to spend a lot of time, energy and even money.

it can cost high electricity unless you used a very heavy equipment for your machines to mine. If not probably it will not consume but less profits as well.. Because as far as i know mostly provide very expensive hardwares for it in order to have good profits.. So if want to build mining and wants good returns from it then make sure you can afford to provide those important things in mining.. Its like investment as well to be honest.  ;)

It needs a lot of money if your location is not an electricity friendly place. Plan and knows what you are aiming, long term the chance is high for you in gaining benefits from this, but in a short term probably you will lose more than the value of bitcoin that you will going to have when mining is more lesser than the expenses that you will need to pay from the hardware to the daily maintenance.

Best to have a better knowledge calculating everything before you step in this investment plan. ;) 8)

To successfully make money from mining Bitcoin requires really careful planning. Because in my opinion mining Bitcoin is not as easy as trading
or investing, we need to carefully calculate the costs we need to bear to be able to mine Bitcoin. For those new to the crypto world, I don't
recommend mining Bitcoin, there will definitely be big losses. Moreover, the cost of electricity in the country where we will be mining Bitcoin has
a high rate, forget the plan to mine Bitcoin. There are still many ways to make money from cryptocurrency other than mining Bitcoin. If we have
large capital and have experience in the crypto world for a long time, we can try mining Bitcoin.

The answer in my mind is definitely yes, however that is not perhaps how you see the question. If the question is "can I make short term profits by mining bitcoin?" then its a maybe, depending on the market, electricity costs, equipment costs and so on... But if this a long term venture with funding that can support it, then after a few years, it will definitely have paid off, no matter what the electricity costs were.

So it differs. My view is long term investment. And it definitely will make money, long term.

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.