Bitcoin Forum

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

It depends on the cost of electricity that you are using, if the cost is high, do not just go into bitcoin mining. But if electricity is cheap in your country, you can make further research if it is profitable.

You will need to buy mining equipments like application-specific integrated circuit (ASIC). They are costly but would worth it. Bitcoin mining might not be profitable, but you can hold the coins mined and wait for the price to increase is good so that you can sell at high price too, but making sure that at least, you earn profitable amount after you join a mining pool.

Bitcoin mining is profitable, but you have to calculate the electricity you will spend on miners and other mining equipments before you should start buying and setting up mining equipments. If you do not make right calculation, you could end up losing.

The loss can be from the cost of running mining equipments to be more than the reward given you from the mining pool you joined. The reward is based on the hashrates your miners are adding up in the total mining hashrates the pool is producing.

Mining bitcoin is based on the person's financial ability along with the lowest electricity consumption charge. Lower the electricity consumption charge, higher will be the profit out of mining. It also requires regular maintenance as well as knowledge to set-up mining operations through which one can switch mining of different cryptocurrencies based on the market variation.

If you are looking to make a ton of money out of mining like it was in the early years where people would even mine with CPUs, stack some coins and then realize a few years later that they are worth hundreds of thousands of dollars, then forget about it.
Currently mining profitability is dependent on so many factors from power costs, difficulty of the network, market conditions etc

Most small farm owners now days mine for small profits and some keep the coins for the bull market in hope that the value will multiply before selling off.

Based on this https://www.asicminervalue.com/efficiency/sha-256

It's not worth mining with an ASIC miner if you have an Electricity cost of $0.15/kWh above but if you have an electricity rate of around 0.04 or below or free it's profitable.
And actually, it also depends on the lifespan of your unit and you will never reach the ROI if you don't know how you maintain them.

Many people lie, if mining bitcoin was as profitable as they claimed , everyone you know would already have two ASICS in their house.

https://www.gemini.com/cryptopedia/crypto-mining-operation-crypto-mining-rig-asic-miner

1. You need at least 3000 ASICS to be competitive with the rich elite.
2. You need a cold climate to help dissipate the heat.
3. You need to rent a warehouse to house the ASICs. (included are security costs to make sure no steals asics or burns the warehouse down.)
4. You need to get industrial transformers from the power utility.
5. You need as low energy prices as you can find.

* Even if you did all of the above, PoW is on the verge of being banned worldwide due to it's excessive waste.*

So why even bother, PoW is a dead tech.  :P


 

Just "fake" mine. Use some miner to mine profitable altcoins, cashout in an altcoin, then convert the holdings into BTC.

OG mining ain't cutting it unless you have the financial capacity to build a hangar of miners.

Nope, my case for example.


Nope, see Mikey's case!


Not necessarily, my case again.


That's for every single activity out there, people are not growing tomatoes in greenhouses in the artic or in the mountains, you don't have steel mills in Manhattan, nor are most ice cream factories situated in Tamanrasset.  


Maybe you haven't read the news, profitable coins have gone extinct since the asteroid merge hit.

@stompix

Since you are promoting your case,  :)

Show the specs along with your input costs.

Include Cost to buy asics
Include energy cost to run asics and costs to cool them
Internet connection cost
do you run a full node, include cost of PC and energy used
do you rent the location where the miners are stored
are you using renewals is so include their purchase cost
Which pool do you mine with


Are you making a living off it,
or
is it nothing more than a hobby?

If you run it in your home, is your spouse on the verge of leaving because of the noise?

If you did the math, would you not have been better off to just buy the coins?

 :)

Bitcoin mining is still profitable in 2022 but we should take a look about electricity bill and graphics card cost. If they are cheap then can you can try mining Bitcoin otherwise it's better to leave Bitcoin mining and you can try other coins to mine.
 

Whoops, I was referring to the miner algorithm (i.e. ETC since it still uses PoW). Should have made it clearer.

I am not promoting my case, I'm telling you I can mine and I can still make a profit without 3000 ASICs, and I'm not the only guy on this board not having that many and still mining. If I would be losing money on it I would definitely turn it off as it makes no sense continuing, but as you can obviously see from the hashrate, mining is still profitable, despite the price going down the hashrate is still up, so,what more do you want?


Are you serious? No, not joking, are u serious?
Even for a complete anti-pow person like you, this is really searching for some more straws to grasp on.


Since I bought the gear it has always run on a profit,  starting at the same time, the value of my coins in $ terms has almost gone down by 2/3, and as you have probably realized, mining can be profitable even when holding is taking losses.


It's still the same thing, I'm quoting online calculators here so it might be a bit of up or down but with a 3090 at 3cents/kwh you're making 44 cents a day with the most profitable coin, you're way better just dumping the damn GPU and buying BTC directly rather than getting one satoshi every hour with it.


And what have you found out looking at graphics card cost?  ;D

What I am saying , is I don't believe you.
ASICS don't earn a profit for long, you are leaving out all kinds of input costs, which would make your return negative,
trying to give you the benefit of the doubt, but your apparent decline of information points to your not making a real profit.

Again, feel free to show your specs , after all that is what the OP was asking for,
how to be profitable mining BTC PoW coin.
Otherwise, I shall consider you making a profit from BTC PoW mining , a fantasy.  ;)

If you ever run a business,
you totaled up your input costs and compared against income earned.
Are you saying you have never done this with your BTC PoW mining?
If you have not, you don't have an accurate calculation of a profit or a loss.
If you made so little , you never paid taxes, then you are just wasting money on a hobby.
Which their is nothing wrong with that , except you need to admit it is a hobby and not a business you can survive off of.
 
Usually the only way a small miner can make a profit,
1.  Steal the ASICS
2.  Steal the Electricity
3.  Don't Pay their Taxes.
*None of which is worth the jail time when caught.*

The Big Miners survive by getting dumb VC money to fund their operations.

Yeah, you don't believe me unless I give you numbers when I will give numbers you will say those are fake, when I print you the bills and sign your addresses you will say those are photoshopped and that is not my address, even if I show you the privkeys you will say it's not my somebody lent it to me, right?
Unlike you, somebody who is clearly here with an agenda against something I have nothing, really nothing to gain with lying.

Price per kWh quoted here, 7 cents at max (https://bitcointalk.org/index.php?topic=5378628.msg59094540#msg59094540), day of the purchase of the first batch  here a year and 5 months ago (https://ninjastic.space/post/56987940), since those are s19 you can obviously to the profitability math for yourself.


I've done accounting for a business for 10 years, something way more complicated than inserting some cost and income, stop discussing what you think a person is doing and focus on reality, if you are again here just to troll you will simply start starving to death as everyone will put you on ignore.

In the past I've mined ethereum. During those days there is profit when the price was around $800, and later it dropped down to $200. By the time electricity costs me higher than what I got as reward through mining ethereum. For miners with large number of GPU they'll have minimum profit unlike the market. For small miners with very few number of mining machines the profit is much dependent over the market as well as the electricity charges.

During the bear market I experienced it is quite easy to buy one ethereum, but for the same through mining is truly difficult. Even with mining for users who have the ability to keep hold can profit out of mining.

No one wants your personal info, at least I don't.
What I wanted was for you to show a blueprint design , and in that you have utterly failed.
What was the mining equipment cost, what was the energy cost and any other small costs that add up , and yes even the tax amount, so the OP could decide for himself if he could pull off this imaginary feat only you and your unicorn have accomplished.
By the way, one of your posts implied your parents covered some of your energy costs, if so that would have to be excluded for anyone not living when their parents.
I still don't believe your PoW mining is profitable, if all true input costs are factored in.
I do believe it is possible you might be mooching off someone , but even with that , I doubt your PoW mining is worth the effort.
7 cents per KWH, yeah right.  ;)  
if True, Up front cost of solar panels would have to be in the input costs, even if Mummy and Daddy purchased it, others may not be as fortunate.

Maybe a more accurate description,
is You can make money mining BTC PoW, if your Mum and Dad cover the majority of your input costs.
However if you have to cover the normal inputs costs on your own to mine BTC PoW, you'll never earn a profit, once input costs are factored in.  :)
* Personally never seen an ASIC that was worth a shit after 8 months.*

As I said before if I give you the data you start saying it's not what you have asked, the numbers don't match, it's not real.


Of course, because that's your purpose here, everything you have done on this forum from the very first post (https://bitcointalk.org/index.php?topic=5386948.msg59354295#msg59354295) was anti-pow propaganda and nothing else other that a bit of shitcoin shilling.


Yeah, if you're completely illiterate and you don't understand two lines of text you might understand that, if you would spend two seconds actually trying to grasp what's written you would have understood that the energy is bought in bulk, there is no meter for the miners or individual bills for the grain mill or for the wood chipper, for the door bell or anything like that, I host them on that location and that's it, the 7c was the end price of the entire business.
Too hard for you?

Specifically for Bitcoin mining, to be able to make a decent ROI and profit, you would need to compete with the hashpower delivered by the biggest pools in this world. For that you would need a comparable mining facility that includes not just ASICs but also electricity, cooling methods, maintainance and manpower. Not to mention an open plot to run all these.

So if you can afford all that you could go for mining. But most of us cannot and hence we prefer to buy Bitcoin when it is at the lower average prices to hold for long term.

Nope, you are mooching off the energy from the business.
Which I did list stealing energy as one way to be profitable, and while you are being allowed access to almost free energy.

You listed a VAT tax, I thought you were in the US?

As far as me shilling, I say the small guy can't make a profit with BTC PoW mining.
Trying to keep the OP from wasting his time and money on a guaranteed negative return.

I was giving you the chance to show the OP a blueprint, that would help him earn a positive return.
What you shown is the average person that paids all of his own bills, without a subsidy from an outside source can't make a profit from BTC PoW mining.

@OP, it is profitable for the mining farms out there that has huge hash for their farms and have been there early as we are. And that means, if you're a small fish/miner, you'll probably just make a little for a month or break even.

That's usually the case and those small miners that have made a lot, it's likely that they've been mining throughout the bear market, held and sustained their electricity bills through their other source of income and waited until the bull run came.

Sold at the peak and rinse and repeat.

Depending on the mining,  because there are several ways to mine Bitcoin, one of them is by using the Platform provided by the Official and there is also one that makes it look like a big industry and uses a fairly large amount of electricity and so does the cost, but for this electricity fee depending on the individual country if in your country the cost is low you can learn more about this mining.
I think this is a good thing to do.

There are several people I know and I met and discussed about mining, specifically mining in cryptocurrencies, they happen to be people who mine in Bitcoin and according to their experience until now they are still mining in Bitcoin, reportedly, there are only a few obstacles they say "To Currently they are feeling a little heavy about mining Bitcoin due to the declining value of Bitcoin " but this is not a serious problem, and they are still earning even though it is slightly lower than their previous income.

Well, mining will not be as simple as holding, it requires a lot of things, you have to have a large amount of capital to prepare for mining. In addition to preparing mining equipment, you need to prepare for other things like daily costs, energy, operation, maintenance...I think you need a huge amount of initial capital as market conditions will also greatly affect mining. When we are in a bear market like now, bitcoin price has dropped so deeply that mining will make you unprofitable and you will have to pay extra to keep mining, not to mention the current unstable energy costs will also leave you with an initial budget deficit for mining. There will be many factors to be able to start mining, in my opinion buying and holding is better than mining.

many people think mining bitcoin can make a lot of money, but they don't think how much it costs and equipment needed to be able to mine bitcoin,
Bitcoin mining must have a lot of money first before you can mine and earn Bitcoin, is it worth the payoff?
if there is not a lot of money, it is better to buy bitcoins outright and hold them to sell at a high price,

If a small miner like me, to compete with everyone around the world who uses bitcoin mining, at least I won't get a big enough bitcoin, because the competition in Bitcoin mining is full of struggle, even we also have to spend quite a lot of money in terms of maintenance for example , some mining machines also need to be properly maintained, that's why I stopped mine..

Given that others have already broken down the technicalities, such as the gear you'd need and reasonable electricity cost for mining to be profitable, I'd also want to step in. Unless you're quite wealthy and can afford expensive operations, and you also want to spend time running a business, ensuring that miners don't overheat and everything is going well, why not just buy however much you can afford of BTC and wait for it to rise? This way you're very likely to profit in the long run, and you won't need to worry about at least getting back your initial investment into mining business.

According to what I know about Bitcoin Mining this is a very good thing to do, and there are several ways that I know about this there are those that use CPUs and arrange them like industrial factories, as well as CPUs there are also several platforms that provide Bitcoin Mining (but this depends on the Platform) because there are scams and there are also official ones (safe to use).

Actually I've tried to do Bitcoin mining with a platform in the application, and the experience I got was not too bad in this mining, because when I tried to mine Bitcoin on the platform it gave me results even though it wasn't big, but after I considered the expenses not that big, and I had nothing to lose with the experiment.
But about mining that uses CPU I haven't tried it yet, but it's really nice to do.

Worth and not worth depending on what method you want to try it with, but I prefer you to mine with CPU if you have the equipment or you are prepared to pay for the equipment.
But in 2022 it's still worth trying to mine Bitcoin, some of my partners are still doing this to this day.

If you had followed what you heard, you would have had some very reasonable amount of bitcoins by now.

Why not? Any method of getting bitcoin is welcome!  it is something you should try if you can handle all the cost related necessities to ensure a successful mining. Before you start, please understand that it can also be unprofitable if some factors are out of place for you, like cost of power etc. Analyze all the potential challenges you can face considering your location to know if they are something that you can overturn.

Rather than mining a Bitcoins, it would be great if you buy the whole Bitcoin.
I mean mining requires hardwork and more preparations, and if you buy the coin, then it’s easy af.
Also if you compare both thoroughly, then you will only get 19/20 difference. Moreover mining will consume more time, and will also take some space to set up the rig. Whereas in case of buying, you just buy the coin in minutes.
Nevertheless this is my personal opinion. People might have different opinions also. For my buying is better than mining.

You must be in dreamland my brother... Graphics cards profitably mining bitcoin in 2022!!  ;D ;D ;D

Even if you get them for free. You will be wasting time trying to mine Bitcoin. Time is money, remember that.

Currently, it is important in which country you want to do mining. Because the prices for electricity and  legally. The competition is extremely high, so solo mining is more likely in a network with many users to find a block. It doesn't matter it's BTC or ETH, both are possible. My story with a few miners in 2017 and the sale, was the best I do.

seeing the number of crypto users currently mining is still very profitable but it must be equipped with several supporting factors if not ... then don't occasionally jump into mining. one of the factors is the commodity of equipment and energy resources because at this time there are already many mining industries and individuals who use several devices that may be very expensive. calculating how much income can be obtained from mining with our devices and plus the electrical energy used, if it is profitable then do it if not then you have to add devices that support and be accompanied by additional electrical power
and lastly, the legality of mining in your country may not be allowed forever so you have to look for alternative energy other than state electricity, because the very high consumption of electricity has until now been the reason mining in a country is not allowed

There should be a lot of successful stories about bitcoin mining in the discussions in the mining section of the past years, when the community was just being formed. :) I'm not sure that most of those cases were successful from a financial point of view, because few people were able to hold btc for a long time, waiting for a huge rise in price. As for whether it is worth doing mining now, it all depends on your starting capital. Mining in 2022 is a business and the implementation of which must be approached with a business plan, with calculations of profitability, costs, profits, etc. Even though you plan to mine houses at one asic, even on an industrial scale. If you have enough perseverance, then you can do minking, even in a Tesla car, like some individuals.

If you really want to get into investing, I think you should research and plan a budget. It is definitely a good idea to invest in BTC. What are you waiting for? If it is more information, there are books you can look through that can revise the terms and conditions of the market place so you aren’t completely lost. Just be mentally prepared to suffer loss, too.

It could be profitable or couldn't be based on how much hash rate you're providing, given the price of bitcoin now 18900 I doubt it will be profitable compared to when btc was 60,000


I used to mine monero on an of which I forgot the name of, there I made 0.1-0.2 Monero, and the company denied my withdrawal when I applied for it after a few years when monero skyrocketed along with bitcoin and ETH.

If you are mining properly with mining equipment and have right amount of cheap electricity, after calculation of selling hold on bitcoin at right time u will definitely get profit at last but with caution if u are using expensive electricity instead of making small money then u are in wrong way of mining

Solo mining without a big farm won't get you far. But if you have a few ASICs, you can join a pool, and get a few drops of BTC here and there according to the hash power you have whenever that pool finds a block.

I guess you weren't in class when the teacher was talking about ASICs, what they do, and what chances graphics cards have when going head-to-head against them. 

Are you wondering about individual mining? I mean without mining farms? Then it would be hard to make money. Also miming fully depends on energy. So think about your energy source and cost. If you can use renewable energy then would be profitable and there won't be problems if the government allows Bitcoin. If the government doesn't allow you to use Bitcoin then they won't allow mining Bitcoin as well. So it depends on many things will mining be profitable or not for you?

Solo mining doesn't make you rich because the profit you will get isn't worthy enough, but for people who run a big mining farms, they're still profit good amount money. I think solo mining is worth it when you can still mine Bitcoin with CPU, but now you wouldn't get anything if you mine with CPU.

I think for individual person who want to make profit from Bitcoin, investing is the way at this moment especially it's on bear market.

Well, why can't go far in bitcoin solo mining? Here is an example of a discussion where you get it with the help of Compac F USB sticks (https://nitter.it/ckpooldev/status/1485610826505797635#m) - https://bitcointalk.org/index.php?topic=5407333.msg60663959#msg60663959. Despite the meager chances, OP can still try to try his luck in this way.


Well, 6,25BTC  says otherwise.:) - https://bitcointalk.org/index.php?topic=5407333.msg60668308#msg60668308


See the link above. In exceptional cases, solo mining can make rich if you are very lucky. But it only works for a few and I totally agree that investing in a btc is the easiest way to go for most.

Sure, the chances to win the lottery are there. That's exactly what it is. It's a lottery where the main prize is a whopping 6.25 BTC. But the difference between the bitcoin lottery and a traditional lottery is in the price of the lottery ticket. Bingos and lotteries cost a few $/€, but the entry price for bitcoin is $3.000 or $4.000 per ticket (miner). In the real world, you could purchase 3 lottery tickets for $10 or $20 in total, but if you want 3 modern ASIC miners, you might have to splash out $10-$15k. I am sure you will agree with me that it's a significant difference. Having one more or one less $10 bill in your wallet isn't the end of the world, but if you lose $10.000, that is something most people will feel. Not to mention the electricity costs for running your device. 

If people want to take that risk, they are free to try it out. I am not good in math, but I think we can say that for every 1 person that finds a block with insignificant computer resources (solo mining), there are surely 10.000 of those who will try to win the lottery in vain.

Bitcoin mining did exist far from now, many people have taken part in mining. But did you know that bitcoin mining requires sophisticated tools, because the computers we have, are not yet able to accommodate bitcoin mining, and that's why many people don't do mining, if the equipment needed is not complete and sophisticated.
So actually mining has been around for a long time, but the need for tools that may be constrained for people to do.

It does need;

.ASIC miners (not cheap)
Electricity cost ( vary on each place)
Mining knowledge(Of course)
Countries legal stance towards mining bitcoin

If you could really that able to have these checklist then you could mine.
You wont really be that dumb to proceed if you do see that you arent gaining or benefiting at all.Right?

in my opinion it depends on conditions such as electricity and so on, but in 2022, I think you can still mine as long as the facilities are adequate. but now in various countries the price of electricity is starting to rise and this causes some people to stop mining because of the high cost of electricity, so I think it all depends on the situation.

For now, ASIC prices vary quite a bit, depending on the year of production and the quality of the mining products, but the problem is that it is not enough to only use one, for this reason it seems that not everyone can achieve it.
After all, there are several important factors to consider before buying an ASIC.

1. Hash rate
2. Efficiency
3. Price

How many hashes a Bitcoin miner can generate per second, to get the most out of mining done with ASICs. This efficiency is important to ensure the hardware can run as efficiently as possible in mining, while the price determines the equipment used and can generate maximum profit.
The cheaper the device purchased, the lower the bitcoin mining generated and if the mining hardware is expensive and quality, the more bitcoins will be generated.
Don't try to buy miners based on price or hash rate alone. The best ASIC miners are the most efficient bitcoin miners.

Some Countries have differences or vary for the cost of electricity required to carry out mining, the electricity available by the government will not be able to offset the income generated by ordinary bitcoin mining.
this will not be optimal, because expenditures and income costs will never be balanced if we use the electrical engineering provided by the government, unless we can build our own environmentally friendly electricity system.

Regarding the quality of knowledge related to mining, it may not be a big problem, because nowadays there are many sources that can be easily learned, so it's not a big problem in my opinion.
Of course we need to learn before starting mining, so that the basic mining needs are known and can be implemented perfectly.

We can avoid the state's legal attitude towards bitcoin mining and not violate any rules, by buying or building a self-contained electrical system that is environmentally friendly and does not have an impact on environmental damage, so that none of these are violated in regulatory procedures.

Such as companies that use independent and environmentally friendly electrical systems. However, the problem is that the costs incurred are quite large and not everyone is able to fulfill them.

Based on the above considerations, very few people want to mine using this method, if the quality of support is not adequate in carrying out the process, this will have no impact if the required tools are not available and are still quite complicated to fulfill.
Therefore, the cost of expenditure will not be offset by the mining results obtained, thus we are wasting time in the wrong place.

People in countries with low electricity costs can still mine because it doesn't really matter to them. But they also have to consider how to cover operational costs because electricity costs are costs they must pay every month. And that's right. It all depends on the situation of each country. If we can get renewable energy or can use solar, wind, or even water to generate electricity, it will reduce the electricity costs we have to pay.

Mining bitcoin in 2022 is no longer feasible. This cycle has often happened after bitcoin touched the ATH price last year. Now there are also many graphic cards that are sold used to mine either from nvidia or radeon, as a result they are sold at cheap prices and it is very risky to damage if someone still buys it.

The only factor that would really be important is electricity/energy cost which would always be the main consideration whenever you decide mining whether focused on bitcoin or
other coins which could be mined.Even the miners are expensive but the cost of electricity is cheap then it would really at least cover up the expenses which it would really be
that just fine if you do proceed on mining because it would eventually just patch up the cost and ending up on making profits in the end of the day.
So if you are interested on mining and you do live on a country which does have cheap electricity then i dont have any questions to bother up myself
if im interested on doing mining.

But not many of us live in a country with cheap electricity and even if we live in that country, we also have to think about how much initial capital we must prepare before starting mining. The hardware that needs to be prepared must also have good specifications so that you can get a lot of rewards in a month and the price is not cheap, especially if you want to mine bitcoin. If I were him, I'd better use the money to learn to trade because, after all, the money must be very large to use for trading.

Why is it no longer feasible? Big companies and farms are still not stopping bitcoin mining. A drop in bitcoin prices or an unexpected increase in energy costs may affect mining operations but not to the extent of shutting down or selling off their miners. This is only for those who don't have much knowledge and experience in bitcoin mining. Bitcoin mining requires a lot of factors, not as simple as holding, so as long as you carefully prepare the necessary things, you will not have any difficulty in the mining process or you can handle it if unexpected events such as recent high energy prices are quite unexpected.

If electricity is cheap where you are or you don't have problems with electricity, I can say that it is advisable to do Bitcoin mining, and if you can afford to buy a mining rig, I don't see any problem with that.

But if your electricity consumption is expensive there, well, of course, it's not good to do mining in your area because that will only add to the burden on your bills, especially since currently the price of bitcoin is low.

At this time when prices are low then mining would not be that much profitable to the extent I know as you would need mining setup and above it electricity cost running 24/7and depending on what charges you will incur for it but if you are interested in it you can try it and joining any mining pool.In the long run when prices will rise your profits will also go the way up and covering your expenses as well.

Mining is not profitable at anytime, price be low or high. There are a lot of primary investments to start a mining infrastructure and being an Indie miner is a waste of time and money. So if you are not into the get a plot- build a farm- start the Asics type person then you will never be able to ROI the investment.

Besides miners will always be at hashwars, the cunning one either changes their type of investment to buying Bitcoin or sells the Asics to get hard cash at hand.

That is a great understanding of how mining is working and people who are working towards making money from the small investments that they are making, they should realize that they are not going to make money much. I understand that there is a good chance that you could have made the money back with some GPU investments on ETH mining back in the day but since merger that's not going to be that easy neither.

This is why I agree that there isn't really anything major about bitcoin mining right now for anyone who would invest under 100k. If you want to be a profitable bitcoin miner, you need to have a factory size place and at least 100+ asic miners to make it profitable.

Prices are low but if you do decide to hold up the coins which you've been mining and doesnt care about the current expenses then its your choice whether you would continue or not.
Majority of people would be saying that mining isnt profitable but it is really impossible to ignore and consider that you wont be making money if the electricity is cheap.
Problem here is that not all does have the capacity on buying expensive GPU or miners for them to mine.Lots of expenses and maintenance which you do
need up to consider before you do able to have that mining operation.

Miners using ASICs cannot be reached by ordinary people, so mining using this method costs a lot of money. While electricity can vary for the required cost, it is still in the normal category if using a lot of tools, while mining science can be learned easily for now.

The problem that arises in the use of ASICs is only the cost of purchasing and maintaining equipment, so it cannot be reached by many people. On the basis of these considerations, mining carried out using ASICs cannot be carried out by many people.

this same question popping for years now and the answer is still the same , that it will always depend in your location in which the cost of electricity , because the more it costing is the lower profit you may get.

and besides why need to Mine when you can just simply purchase and hold? isn't this is much appreciated to keep on?

Because he think purchasing Bitcoin is depends on how big of your money, if you only have small money, of course you will only get very small portion of Bitcoin and vice versa. While mining Bitcoin, he think if he bought ASIC miner at huge cost, he can collect each satoshi time by time and it would suppress his cost in the future. But it doesn't simple as that since ASIC miner need a good place where you have fan and ventilation, maintenance cost and make sure robbery wouldn't rob your miner.

Don't fall into such earning imagination because I tell you OP that mining is costly, though you can earn profit from it but never expect that you can earn much due to huge mining competition. In fact, many miners didn't survive and quit. And thinking of you as a starter, I hope I was wrong but might this will be your biggest regret in life in your crypto journey?

If you are now currently investing or trading, make it sustainable rather than diving into mining. It was friendly advice that needs your attention before making a final decision.

I agree with you!
These days it's not profitable compared to when it was back in 2013 and 2016. there's too much competition and joining a pool is the best thing one can do if they want to go into bitcoin mining.
Electricity is one thing but mining hardware and place required to mine is as important, good equipment like nvidia gtx 1080 or rtx 3080, 3090 are best to invest into.

If bitcoin mining wouldn't be feasible anymore you wouldn't have 220Exahah of gear mining now, you wouldn't have blocks coming actually faster than 10 minutes since the hashrate for the last 24 hours is bigger than the last two weeks' average and you wouldn't have any transactions getting confined at all. But since you have them, well, bitcoin mining is still feasible!


Oh god, just stop with this thing.
You have cheap electricity you can mine, you might be a citizen in a wealthy country making 10k a month but with higher electricity prices and you couldn't mine while somebody making 300$ in a third world country could have 3cents per kWh rates and could mine the shit out of it. Bitmain was selling the S19 Pro for $1900, the RTX 3090 Ti was going for 20% more back in March and we still had tons of people GPU mining without being part of the elite.


Again, seriously? Have you read the news in the last month or so?

I personally don't do mining using ASIC or any tools, because the quality of the electricity I have is still low and the number of Watts measured in KWH tokens is around 400 volts, while the electric current measured is around 2.2 Ampere, with this assumption the required electricity needs will not be able to accommodate mining.
Based on these considerations, the area where we live is not suitable for mining, if we still use subsidized electricity provided by the government.

Bitcoin mining needs a lot of factors to start, but the energy factor is the most important factor that we need to pay attention to. He can afford to buy several mining rigs and is fully equipped with knowledge about mining and how to operate but energy is another matter as it is always changing day by day, energy is being considered as the biggest problem nowadays in most countries. In addition, we must take into account that the market is extremely volatile, plus both of these will be a very difficult problem if we do not calculate in advance, very easily leads to loss when mining.

Mining Bitcoin is indeed very profitable, actually many people got rich by mining Bitcoin but that was in 2015 to 2020, not for 2022 now, because if you mine Bitcoin today, you will get nothing and only lose for electricity costs which is very high and your income is only small and not only that, if you are only a small miner you will surely lose to big miners who already have many tools and are sophisticated enough to mine Bitcoin. In my opinion, if you intend to do Bitcoin mining in 2022, it's better to think about it beforehand so you don't misstep later.

Depends on the set up that you got, some mining rigs aren't profitable enough to be used for mining especially with factoring electricity costs, the profit might not be that much to be worth your time. Consider the weather, electricity and the price of equipments in your country before getting into mining because you might have a problem if you don't do it but hey if you have the money to be able cover the cost and you know you can profit big out of it then go for it.

Altcoin mining does not count though, some of those shitcoins may make a lot of money in short time - whereby mining those might seen very return worthy during that time, but since the miner joined the party late, they might end up in a loss in future once it crashes.

For bitcoin obviously, there are the times when mining was done on GPUs and it was profitable for an indie miner to run them - but that was long back pre-ASIC era and now we have ASICs fighting all over the world for a share of that the block subsidy. Hence it is not longer advisable for newbies to jump into the foray.

Again this is where the argument of whether altcoin mining might be a risk worth taking comes in - my answer to to that is also no.

Many are still mining Bitcoin today. But is it still profitable? I can only say it depends on market conditions. If the price of Bitcoin is high, then mining is very profitable, but if the price of Bitcoin is low, of course the profit we get is very little. Miners usually sell their Bitcoin mining results every 3 years, or wait for a bull market. Why should they wait for the right time? because there are costs that are incurred every time sometimes not in accordance with the results of the mine. The routine costs incurred are electricity.
If you want to learn more about mining, it's a good idea to take a look at the information on the mining board. There you will continue to get the latest information about Bitcoin mining. https://bitcointalk.org/index.php?board=14.0

Mining bitcoin was not a easy task,you need to inverse a huge amount to get less amount of money to get as a profit.When the bitcoin was got as the payment from the mining.You should have a habit of holding bitcoin for the future.When the price of bitcoin pump to maximum,exchange some amount of bitcoin to usdt.Continue this process for the long run.When you made 2-3 bitcoin,you can gain a huge amount of dollars in a couple of years.

It's not as profitable as it was given the costs of upkeep, as well as the number of bitcoins you could generate with a "standard" mining rig that could cost over thousands of dollars in today's market. Add to this the flak that this venture receives from environmentalists who see it as a wasteful and an environmentally-destructive way for people to earn money instead of looking for a proper 9-5. As it stands today, you're better off mining some other cryptocurrency instead of spending copious amounts of money on a setup that will only get you less money than what you put in in the long run. Stray from websites on google searches that promise cloud mining or something along those lines as it could easily be a scam that could cost you your precious cryptocurrencies.

When calculating  Bitcoin mining profitability there are a lot of things you need to take into account.

A Hash is a mathematical problem the miner's computer needs to solve.

The Hash Rate refers to your miner's performance or how many guesses your computer can make per second.

Hash rate can be measured in  Mega hash per second (MH/s),

Giga hash per second (GH/s),

Terra hash per second (TH/s)

and even Peta hash per second (PH/s).

This refers to the number of Bitcoins generated when a miner finds the solution.

This number started at  50 Bitcoins back in 2009 and is halved every 210,000 blocks,  about four years.

The current number of Bitcoins awarded per block is 12.5.

The last block halving occurred in July of 2016 and the next one will be in 2020.

This is a number that represents how hard it is to mine Bitcoins at a certain moment according to the amount of mining power currently active in the system.

How many dollars are you paying per KiloWatt?

You'll need to find out your electricity rate to calculate profitability.

This can usually be found on your monthly electricity bill.

The reason this is important is that miners consume electricity - whether for powering up the miner or for cooling it down as these machines can get hot.

Each miner consumes a different amount of energy.

You'll need to find out the exact power consumption of your miner before calculating profitability.

This can be found easily with a quick search on the Internet or through this list.

Power consumption is measured in Watts.

If you are mining through a mining pool,  and you should,

then the pool will take a certain percentage of your earnings for rendering their service.

Since no one knows what the Bitcoin price will be in the future it's hard to predict if Bitcoin mining will be profitable.

If you are planning to convert  your mined Bitcoins in the future to any other currency,

this variable will have a significant impact on your profitability.

 The Difficulty increase per year -

This is probably the most important and elusive variable of them all.

The idea is that since no one can predict the rate of miners joining the network, neither can anyone predict how difficult it will be to mine in 6 weeks, 6 months or 6 years from now.

In fact, in all the time Bitcoin has existed profitability has dropped only a handful of times, even at times when the price was relatively low.



"is Bitcoin mining profitable?"

Once you have all of these variables at hand you can insert them into a Bitcoin mining calculator and get an estimate of how much Bitcoin you will earn each month.