Is it still worth mining bitcoin in 2018 ?

[Sacredvineofspirits]

Hi guys, could a random mining system work? I mean if the miner of the next block is choosen randomly intead of PoW what are the possibile drawback?

miner of the next block is choosen randomly intead of PoW what are the possibile drawback?

There is no way to allocate 'tickets' into the system without someone trying to create millions so that they can win. There is no easy way to identify 1 person 1 ticket to make the system fair. People will just create software to make it look like millions of people are entering for their chance at the random win but actually it will all be the same person.
This is why mining works, because you can't fake work.

[Prideandprejudice]

Hi guys, could a random mining system work? I mean if the miner of the next block is choosen randomly intead of PoW what are the possibile drawback?

miner of the next block is choosen randomly intead of PoW what are the possibile drawback?

Well, the current mining system is kinda random... It's just that with higher hashpower you have a higher probability of winning the race. But actually finding the answer to the "puzzle" is kinda random process (guessing game). From how I understand your idea, you'd have the same: the more mining power you have, the more chance to get the random reward, so what would be the difference exactly?

[DanEverly]

The difficulty to mine up Bitcoin will also increase as the number of Bitcoins is still low and there are too many people involved in mining money at the same time. Many investors believe that, compared with trading on the floor, the investment in Bitcoin mining machine will be more profitable. However, today's mining is no longer as convenient as it was before with many difficulties and costs

[J Gambler]

I read on some forums and facebook groups that mining bitcoin is not profitable now so they convert to altcoins mining. But it still depends on your specs, how much it costs you to build it and your monthly utility bills. Still profitable but I think mining altcoins is more profitable now.

Yeah, however the problem for that is if no one will continue to mine BTC, does BTC still continue to rise? Will it fall or be stable? Someone needs to continue mining BTC not because of their earnings but because of the production of BTC. But you are still correct, Mining altcoins is much better than BTC "alone".

[HoryouToken]

What is Bitcoin Mining and is it Still Profitable in 2018?

 Today, in order to be profitable with Bitcoin mining you need to invest heavily in equipment, cooling and storage. It’s not possible to mine profitably with a PC or a <abbr rel="tooltip" title="Graphical Processing Unit. Basically it's a chip put into a computer that needs to display resource intensive graphics (e.g. hardcore gaming). In the past people used the calculation ability of this chip to also mine Bitcoin.">GPU</abbr> at home. You can calculate your profitability using a Bitcoin mining calculator.

[jrrsparkles]

My question is if it's still worth buying Asic's and start mining BTC in 2018.

If not mine BTC what other coin is it worth to mine nowadays?

The difficulty of the network grows daily, there is no worth to mine bitcoin, but in my opinion, Electrum is a perfect coin for mining.

Still it is profitable I think if the miners stopped working then the bitcoin networl will get clogged becaise of unconfirmed transactions but it isn't right so miners are making some profits from mining bitcoin.

And one more do we have a coin named Electrum? In my knowledge which is wallet name.

[Pasaway2701]

My question is if it's still worth buying Asic's and start mining BTC in 2018.

If not mine BTC what other coin is it worth to mine nowadays?

until now bitcoin has not run out in the mine and there are still many people who are mining bitcoin.
of course this is still beneficial for those who have expertise and techniques to deal with such as too much electricity costs.

There still people who mine bitcoin but for a newbie, you have to give time to search what is better for mining. Though the price is expensive for hardware, I think it is still profitable. You have to find what is good for mining because sometimes it just waste of your time and electricity.

[Isallonda]

Would it be not better to Mine Altcoins and trade it to Bitcoin? Dont think mining Bitcoin itself is that good or brings that much money, compared to the investment ifor Equipment