Why is Bitcoin mining not a profitable option right now?

[requin]

Hi All,

Im a newbie into this Bitcoin Arena, I have been reading about bitcoins from many sources.
I saw few threads in this forum where many messaged saying "Bitcoin Mining is not profitable now".

Can somebody explain me why?

Is it not profitable even if I have free ELECTRICITY and latest ASIC hardware?

Regards
Requin

[Taras]

Bitcoin mining can be profitable, otherwise nobody would do it. You might have heard it is not profitable if you tried doing it with, say, a graphics card, or your laptop processor. That would definitely not be profitable.

[OmegaStarScream]

Hi All,

Im a newbie into this Bitcoin Arena, I have been reading about bitcoins from many sources.
I saw few threads in this forum where many messaged saying "Bitcoin Mining is not profitable now".

Can somebody explain me why?

Is it not profitable even if I have free ELECTRICITY and latest ASIC hardware?

Regards
Requin

The difficulty keep increasing so It's not longer possible to mine using your computer or graphic cards. People keep saying It's not profitable because not everyone have free electricity or the latest mining equipment which costs a lot of money. If you have these, then you should definitely go for it. (you need a good amount of these machines though)

[NeuroticFish]

I saw few threads in this forum where many messaged saying "Bitcoin Mining is not profitable now".

Usual messages are "Bitcoin Mining is not profitable now if your electricity costs more than X" (I think it's 15 cents, but I am not 100% sure)
Of course that with free electricity and ASIC miner the mining will make you profit.

Just make sure that the electricity is really free. Meaning that if your family pays for it, it's not free; if it's fixed / included in the rent expense, the sudden grow of consumption may not go unnoticed and may be seen as abuse. Any abuse may mean sooner or later you'll have to pay for it. So please make sure you know what you do.

[requin]

Bitcoin mining can be profitable, otherwise nobody would do it. You might have heard it is not profitable if you tried doing it with, say, a graphics card, or your laptop processor. That would definitely not be profitable.

Thanks for the reply. I think I will continue with the idea.

[physicist]

This can help you do your homework:

http://www.bitcoinx.com/profit/

[Smarty14392]

Bitcoin mining is offcourse profitable. People have invested millions of rupees for purchasing miners. Profit from mining totally depends on your miner. If you are using CPU/GPU miner then usually you will get a high electricity bill as compared to mined coins. You can use some good ASIC miners if you really want to have some good profit. You can purchase antminer L3+ to mine litcoin. It will give you 40$-42$ profit per day.

[odolvlobo]

This can help you do your homework:

http://www.bitcoinx.com/profit/

That calculator is confusing to me because it uses something called a "mining factor" instead of varying the difficulty. I like this one better: https://bitcoinwisdom.com/bitcoin/calculator

[lucifochrome]

Hello,

Im new to bitcoin and i have been reading a lot in the forum, i just have some questions i hope someone can answer. With graphic card and cpu mining not making you a profit some/most people go with ASIC mining however, if i dont have the capability to buy such hardware. Is there a way that i could mine for btc? I have read about cloud mining but some people said that it is a scam. Please enlighten me with this one? Is it really a scam or is there some legit source for cloud mining?

Thanks,

[AdolfinWolf]

Hello,

Im new to bitcoin and i have been reading a lot in the forum, i just have some questions i hope someone can answer. With graphic card and cpu mining not making you a profit some/most people go with ASIC mining however, if i dont have the capability to buy such hardware. Is there a way that i could mine for btc? I have read about cloud mining but some people said that it is a scam. Please enlighten me with this one? Is it really a scam or is there some legit source for cloud mining?

Thanks,

No. Even if there is a cloudmining site which is legit, it is not worth the risk. 99.9% of these cloud mining sites are ponzis. https://en.wikipedia.org/wiki/Ponzi_scheme

And yes, if you don't have an asic miner, but you do have a pretty darn good pc, you can use for example http://nicehash.com to mine altcoins, and transfer that into bitcoin.

Modern day miners (1080gtx) earn up to 8$ a day. (2500$ a year), look on the site to see how much your gpu can make daily.

[requin]

Bitcoin mining is offcourse profitable. People have invested millions of rupees for purchasing miners. Profit from mining totally depends on your miner. If you are using CPU/GPU miner then usually you will get a high electricity bill as compared to mined coins. You can use some good ASIC miners if you really want to have some good profit. You can purchase antminer L3+ to mine litcoin. It will give you 40$-42$ profit per day.

hi,

thanks for the advice, i will start research on litcoins too. i you can suggest me tips and tricks of this mining, that would be too grateful.

my email id is requinblanc011@gmail.com

you can mail me some info regarding it, that would be too helpful.
and im planning to buy antiminer s9, please suggest me on this too.

regards
requin

[legendbtc]

Now it is not profitable because Bitcoin mining difficulty is arising so it will take a lot of time to mature the Bitcoins. Even I tried many time to mine Bitcoin but I spend paying for my electricity bill but could not able to mature even 1 Bitcoin after one Month also.

[Velkro]

Is it not profitable even if I have free ELECTRICITY and latest ASIC hardware?

Its always profitable if you have free electricity. Im afraid there is no such thing as free electricity, you mean you can steal electricity from employer that is 99% of cases.
Even in case of "free electricity" you will earn so slow, that its easier and more profitable to just buy and hold.

[BobBct]

There's a chance that you can profit from BTC now because of it's continues t go rise and rise,and there's still a chance to loose profit.
(Do it at your own risk.)

[sabbathhawk]

If you have free electricity you'll be extra profitable. The more hash power you have the more you will earn.

[kiddikoddi]

The diff is just so high now it's not profitable to buy the equipment and mine and electricity it is not good these days, the equip costs a lot and then the electricity costs are pretty high :/

[sukiho]

Correct me if i am wrong, it is not as profitable as some time before because nowadays the competition between miners has become tighter caused by miners numbers are raising rapidly this year 

[Mike Mayor]

As the difficulty increases. Always try to remember that it all evens out in the end and as miners upgrade and more miners join in the miners would need to constantly upgrade to remain mining the same amount of bitcoins.

For the small time miner  it no longer is profitable because you competing with huge amounts if hashing power.

The problem is the miner will become obsolete. So you can use the older miners as heaters in colder counties.

[Similificator]

Yes. But not for all. You might have been counfused because you have heard a lot say that it isn't that profitable anymore due to the number of things that you will need. And this include : electricity, time, space, latest riggs, maintenance, and lastly, stable internet connection. Now, all of these require money(except time if you plan to never have someone who watches your devices for you) and some of these require big amounts of money. While some of them are not available everywhere. These are what makes people "not like" the idea of mining. But, if you manage to get a hold pf all these things and still see enough profit after you have calculated all the expenses, then why not right? It really is your choice.

But whatever it is you decide to do, goodluck.

[Lyancy001]

Because there are Big Bitcoin Miners all over the world. And if you're a small one, think you can cope up with them? No, I think not. So, find some other ways to earn some Bitcoins or satoshi.