Bitcoin Forum

Bitcoin did not just start yesterday; miners did not just start yesterday too. I would like to know if you still believe that people who choose to start mining today will still be able to make good profit, like is it too late to start mining bitcoins?

What can they do to ensure that they make profit?

Now it's not like the early days when people could mine bitcoin with a regular computer, but miners are still making profit with their mining hardware and joining mining pools.
Take note that bitcoin total hashrate has increased by around 85% in the past year.

Of course they can: Provided they have VERY cheap electrical power. For the most part that rules out any home miners because residential service rates are typically 2-3x higher than commercial & industrial rates are. Even the commercial/industrial rates vary widely among the various states and countries.

The only way to get profits in mining is if you have a low or almost free electricity rate. That's the only way but since the Bitcoin price of Bitcoin is too volatile and the block halving is coming there is a big chance that the bitcoin price rises it can give more profit to those who mine at low-cost power. Another thing to ensure profit is to keep holding your mined coins and sell them at the right time.

If the electricity you pay is expensive in the locality where you live, I can say that it is not advisable for a novice miner to do that. Because you will end up wasting time, fatigue and money.

      But if you know that your electricity consumption is really cheap there, maybe somehow you can make money, but of course that depends on the price of bitcoin in the market as far as I know.

Build a nuclear fusion plant, sell that electricity to the grid, profit!

There is no way to ensure! profit, you either have the conditions in which most likely you will make a profit, which means nearly free energy, zero or low tax and vat on imports, hefty state deductions, you own the space you're going to mine in, or, you start without one or two of those and you go up the ladder of risking to not make a profit at all.
Mining is one of those businesses where no matter your skills or your knowledge if the cheap resources are not there in your country there is nothing you can do.


Most of it is on credit.
Compute North went bankrupt, Greenridge sold off $74 mils of equipment, Core Scientific needed life support cash injection to stay afloat, Iris Energy went into debt 100 million to avoid bankruptcy, the spike from 16k to 24k  saved half of those companies that have not learned a thing and keep expanding on credit and debt. Popcorn grabbing time!

I have inexpensive electricity 5 cents, but I have no great desire to buy ASICs. Mining in private homes will be prohibited. Mining is still banned in private homes, but there is no control if you do not consume a lot of electricity. The equipment is expensive and if a private house is checked, ASICs will be confiscated, and these are big risks.

The only gear that still makes sense draws 3000W, that's 72Kwh a day and 2160 kwh a month!
Since the average American house who are the leader in consumption burns only 800kwh, I seriously doubt you can mine and not get a control, you simply can't mine without consuming a ton of energy! I only have like 250-300 kwh a month, no way I could disguise a miner.

But, what country is that, cheap energy and a ban on private mining? Doesn't ring a bell!


At 5c/kwh you make 10 cents a day with a $1500 card, better play the lottery with a sha256 stick.

I know which one it is. People still mine but at risk of being discovered/incarcerated everything confiscated and the State mining with that using the military (underpaid exploited labor). Unless its some big whale with deep connections willing to share profits with them...

But what if the money you are going to spend on the purchase of equipment, just buy bitcoin for a long-term investment? You will still need to pay your electricity bills.

We can't say as optimally as possible, but it's just that maybe we can predict this can still provide them with profits and it also needs to be seen from the target achievement of a miner, apart from that this also depends on initial and ongoing expenses, sustainable in a good sense in terms of adding equipment, and also from the cost of electricity in a place, if in their place the cost of electricity is classified as low, this should benefit them.

Little we say now the right tool to run mining of course we can use ASIC, actually Rig Mining is also good to use and this is more precisely in an industrial way. Asic itself is a little high capitalized but I think it's a more effective tool to use if you focus on Bitcoin. Maximum profit can be obtained by taking a little profit from mining results to make investment assets.

Yeah Mining can still be profitable. But Most of them have not single miner but multiple of it take a look here https://www.asicminervalue.com/ or here https://whattomine.com/miners.

and today miner have a big farm and one or two company actually listed on US Stock Exchange even the Canaan.io Producer of Bitcoin Asic listed on NASDAQ

Nothing can go wrong with cheap electricity fees and efficient ASIC miners, you will always be in profit mining Bitcoin.