Bitcoin Forum

I am new to this forum and I have noted some useful value add comments.
Wonder if anyone can help me?
Is Bitcoin mining still happening or this is relevant only for new Crypto currencies ?


Open to being educated privately [email - thabangom@gmail.com].

I recommend that you read everything that is being posted here:

https://bitcointalk.org/index.php?board=14.0

I believe that all your questions you will find in the link I gave you. I am of the opinion that if someone is still in the mining business Is because they should make a profit because if they had no profit they would not be in that mining business

It is relevant if you have sufficient resources. Bitcoin mining, right now is only worthwhile if you can do it on a large scale. The rising difficulty means that the ratio of returns to your hardware is pretty small. It's not worthwhile unless you have a lot of space and have near free electricity.

If you do have near free electricity, you can squeeze some profits out of secondhand hardware which is still good and double up as a space heater.

^^ Exactly.
BTC mining is VERY relevant. Why on earth would someone think otherwise? If it was not relevant, no one would be mining and then diff would be far far lower than it is (and folks would then start flocking to it).

Can anyone still mine BTC? No. The entry bar is set pretty high as in many parts of the world cost of electricity is too high, temps are to high, ROI time expectations are unreasonable, etc. That said, as long as your operations cost is less than mining income and you are in it for the long game, then MINE ON!

As you are a newbie, i wish you are not reffering to Cloud-mining. Comments above resumed the actual situation of bitcoin mining. Note that solo mining wasn't profitable since a long time. However, you can still try with some altcoins if you consider investing a large budget to cover costs of powerful rigs and electricity.

I don't advice you to be opened for private discussions. All what you are looking for can be found in public documentations/discussions. Scammers may contact you to convince you buy stuff.

In my country due to the high electricity cost and rentals and along with the high equipment costs this is not making much sense unless somebody has enough wealth to try it out and can bear some loses if must sell out later. ROI might take years or more and in between if somebody needs urgent money then you are stuck and would not find easily people who want mining equipment’s so you will have to sell at very cheap price.

Exactly.
If BTC mining was 'easy' then every one would be doing it and like most crap altcoins it would be near worthless. BTC uses PoW to prevent that scenario. As more folks mine Diff goes up which in turn brings cost of operations into the picture. That in turn enforces financial limits on who can mine.

For me it still relevant. I understand that your a newbie and wanted to learn about bitcoin and lots of things about it.

Going back to my side, its important cause miners are the one processing the transaction send to the blockchain and they are the solve it cryptographically. Imagine if the miners has beem decreased more, and left. Transaction will become more slower and people will complained with it. No need to send your email here and asked for private discussion you can do your own research. Google is your friend and if not enough, Youtube can extent hand.

I recommend you to remove your email on this thread. There will be email collectors that will just simply add you to their database.

And when they are done, you'll receive a bunch of spam emails.

BTC mining is dead, sorry. Unless you not ready to spend thousands of dollars to special equipment. There are better investments options on the market, educate yourself and good luck

Bitcoin mining relevancy didn't go away however the level playing field has changed. Small home based miners are out of the game as corporate and deep pocket miners have taken up the job with enough resources. So the controllers have changed but the mining is still relevant otherwise bitcoin network would come to a halt.

If you are just starting with mining, your only hope are the newly launched cryptocurrencies. As a small home based miners, you won't be able to earn anything from bitcoin mining anymore!

just so that you have some idea of the money that is earned through mining you should know that when a miner finds a block they are earning between about $73000 to $88000 for that block depending on the total fees and using the current bitcoin price.
every day there are around 144 bitcoin blocks found. which means this total is about $10 to $12 million earned by all miners per day.

Just as other users already explain, no miners means no block confirmations, without them the network would die.

After some years, has become really difficult to mine blocks, is a task we can't do with our CPU now, but that's why people have developed more powerful miners, if you search for some you will find cheap 9Thz miners and some other more powerful.

Mining is still profitable always if your electricity cost $0.05Kwh. Not only for bitcoin but every new coins that requires mining is very profitable.
https://www.cryptocompare.com/coins/btc/overview/

If youre not sure, better try staking, the risk can be equal

First you are welcomed to bitcointalk community, I will advice you to feel free to the forum and ask any question you find difficult to handle,because here is made up of wisdom.
For the support via bitcoin mining is a personal zeal which you can learn through this platform  by asking a questions and also making a personal research towards a better understanding.

Bitcoin mining requirements is costly these days. You need to purchase specific hardware in order to mine a block which give you BTC in return, which profits low. If you calculate your electricity and mining equipment purchase, and i believe Antminer is much more costly. This is piece because its decrypts the code of a block faster than a regular GPU.

Not according to some hobbyists if you check out the mining subforum. There are a few people there always sharing their rigs and setup and YES if you set up traditionally you'll be paying a lot for ASICs but if you somehow have a way for clean and cheap energy (like home solar setups that virtually cost nothing except setup) then even cheaper older ASICs are available.

I still believe that solo mining with an old asic, and solar power is a fun gamble. It's a bit like doing the lottery - you know your chances of winning are pretty remote, but it can be fun, and there is always the chance that you can win. I can't see the point of mining Bitcoin through a pool though.

That financial fact is indeed very relevant to miners and all BTC stakeholders not to mention mining's primary purpose of securing the Bitcoin network and keeping its integrity all the time. So without miners, BTC will ceased to exist. :)

View global statistics on mining and countries.
There are not many countries where mining is now profitable. The leader of mining is China (according to various estimates, more than 60% of all bitcoins are mined there). Russia, Kazakhstan, Georgia, USA, Canada are increasing mining capacities.
But many coins prefer the POS algorithm.
If you have the ability to get cheap electricity, then this is a profitable birnes.

See this statistic
https://www.blockchain.com/charts/hash-rate
The hashrate is constantly growing.

Only big mining farms are profitable now. No wonder that majority of Bitcoins is mined in China, they are leading mining country. Individual mining isn't profitable anymore, it's too much electricity and resources consuming for a rather small profit. So it's much better to choose some other option to make money with Bitcoin.

If BTC mining would be dead so would be the coin.
No mining > no blocks > no transactions > no way to use your coins. DEAD!

Which is obviously not the case!


Depends on the gear you have, s17/s19, yeah it's profitable, s15 you barely earn a few cents, anything below that you lose money.


Virtually nothing? Lol.
Do you think that you can put a solar panel on your house and you will be able to feed a 3000W miner all day?
You will need at best 10 panels just for that, not even mentioning batteries, controller , inverter.
All that for earning 8-9$ a day, after you pay 2000$ for a miner!

Relevant or not, Mining is still profitable if done correctly. There is also a whole section that is dedicated to Bitcoin Mining and other Mining related services. Mining is one way to earn Bitcoin slowly and surely that only uses your electricity. There are low cost mining equipment that is said to return your investment within 6 months. That is already profit once done properly.

Antminer is much efficient than others, but still it will not be enough to earn a lot from mining knowing how high the bills increases even during Pandemic. It's only suitable to people who maybe have plenty of solar panels or in countries that have lower electricity billing. It will be better to use the capital in buying hardware to start trading especially now that it's good to trade as long you'll be able to ride on DeFi projects hype and will be able to monitor throughly.

I can't imagine how mining companies in China still surviving these days and can manage their bills though we know that their electricity charges are also high the same with the other country. What are these people do to save their expenses and still able to compete with others and besides, they are the number 1 Bitcoin miners at this time. Maybe we think that their country leaders are supporting crypto more than a thing that they give support to others which gives them to cut their charges. Because if that so, no way that they can't make it through and become profitable.

And indeed you're right, small mining scales have a lesser chance to grow than those who have already been established well.