Is btc mining still profitable or is it just a big cover-up scam?

[Simple8.1]

talked to a guy who bought 25 antminers and lost all in 6 months. He said he did calculation and analysis when decided to do this, but all his calculation is purely theoretical. But it is nearly impossible to reach an ideal state in reality. Plus, as mining difficulty increases as time progresses, it takes about 2 months for a miner to be outdated. So he suggests just buy bitcoin and give up mining. He even mentioned that btc price on exchanges is manipulated as a way to stimulate the sale of miners...

[hitlab]

When doing mining calculations you MUST take into account the difficulty increases. Use a difficulty calculator like this http://www.vnbitcoin.org/bitcoincalculator.php

Mining is still profitable/at least break even if you live somewhere with very low electricity costs and don't overpay for the mining equipment

[efeaydin]

If you have the right equipment, it is still profitable. It also depends on electricity price. But I think altcoin mining is much profitable now.

[Nougat]

If you could make magical machines that would just give you money, would you ever sell them?   If so , why?

[HasHe]

talked to a guy who bought 25 antminers and lost all in 6 months. He said he did calculation and analysis when decided to do this, but all his calculation is purely theoretical. But it is nearly impossible to reach an ideal state in reality. Plus, as mining difficulty increases as time progresses, it takes about 2 months for a miner to be outdated. So he suggests just buy bitcoin and give up mining. He even mentioned that btc price on exchanges is manipulated as a way to stimulate the sale of miners...

Bitcoin mining was easy as well as profitable when it was mined with even a cpu system.Then it needed GPU system to mine and now.poerful ASICs are needed to mine bitcoins.Also,electricity charges should be checked since profit could be only made if cheap electricity is available.

[Xenrise]

Yes bitcoin mining is STILL profitable until now. Just been on a seminar last month and he is a miner since 2014. He told us about the equipments you need to use in order for you to profit very well. And he estimated that he is mining at least .24 bitcoin per month. The electricity bill is included on that earning. So if you add the bill it would be .26-.3 bitcoin, all in all. This is the greatest thing about mining. Leave it there and you will earn but it requires a lot of money to invest. But if you found out that bitcoin is no longer profitable then mine alts. Try eth I think it is a good alternative.

[BeetcoinScummer]

It may still be profitable depending on the cost of your electricity. This is a key factor, because it makes or breaks the whole equation.

If your friend's miners are already paid for, he probably should still keep mining as long as the total cost to generate a coin (electricity, space rental, etc.) is less than the value of the actual coin.

By the way the Antminer S9 has been around for almost a year and it still is not outdated. The days when a 65nm miner is obsolete before it is even released is over. 16nm is still viable and not too far away from the bleeding edge.

[Ayers]

talked to a guy who bought 25 antminers and lost all in 6 months. He said he did calculation and analysis when decided to do this, but all his calculation is purely theoretical. But it is nearly impossible to reach an ideal state in reality. Plus, as mining difficulty increases as time progresses, it takes about 2 months for a miner to be outdated. So he suggests just buy bitcoin and give up mining. He even mentioned that btc price on exchanges is manipulated as a way to stimulate the sale of miners...

it's profitable because now the diff is lower, because of the miners switching to bitcoin cash, so the profit is a higher on the main chain, or mine bitcoin cash which is also very profitable

[Boysen]

talked to a guy who bought 25 antminers and lost all in 6 months. He said he did calculation and analysis when decided to do this, but all his calculation is purely theoretical. But it is nearly impossible to reach an ideal state in reality. Plus, as mining difficulty increases as time progresses, it takes about 2 months for a miner to be outdated. So he suggests just buy bitcoin and give up mining. He even mentioned that btc price on exchanges is manipulated as a way to stimulate the sale of miners...

Yes mining is profitable and mining gives you much better profit and so very fast. But many mining now are scam becuase many people have evil plan to create a scam mining so be carefull.

[Argon2]

talked to a guy who bought 25 antminers and lost all in 6 months. He said he did calculation and analysis when decided to do this, but all his calculation is purely theoretical. But it is nearly impossible to reach an ideal state in reality. Plus, as mining difficulty increases as time progresses, it takes about 2 months for a miner to be outdated. So he suggests just buy bitcoin and give up mining. He even mentioned that btc price on exchanges is manipulated as a way to stimulate the sale of miners...

You cannot mine Bitcoin without near-free electricity. This is why most use hydro stations; because they always produce "excess" that can be subsidized for almost nothing.

[emuLOAD]

Mining is something _you_ do, it can never be a scam. Due diligence, as with any operation, makes the difference. That, and a profound understanding of the undertaking.

If you are not capable of explaining hash power, difficult, difficulty increase, average block generation time, different pool types, pool fees, uptime, etc. to a 12 year old then you shouldn't touch mining with a footpole. It's complicated, but a little maths can tell you what you need to break even. Electricity cost has a huge impact on your ability to make a profit.

keep in mind no mining breaks even in less than many months to a year, so be very careful how thin you stretch.

[joseafonso123az]

Well you can't really say it is a scam when you get something in return by mining. But for that you need to invest also a lot, unless you have super computing power and also free electricity. So you should first and ultimately think about what profit would you make, and how much you would have invested in. For me mining is not an option because where I am electricity is high in price, so not worth it mining, because I wouldn't profit anyhow.

[crismass1225]

mining still profitable if you live in the country with low electricity cost, or if you use other fuel that can convert to electricity. BTC mining is still profitable just need to know the right equipment. Knowledge about mining is one advantage, do the math and wait, it is a trial and error, understand the difficulty, block generation time , pool fee and up-time. It takes a months or a year to see the progress just take a note in every step you make. Big time minging company do they research and trials until they found the formula on it. GOOD LUCK

[Bacotan Bae]

If you mining itself is certainly profitable, never trust and invest in cloud mining because I'm sure 99% of cloud mining is a scam. the main factor of mining is the cost of electricity, please calculate the cost and income opportunities from mining.

[btctousd81]

During a gold rush, sell shovels.
that is what i think.,

you cant beat warehouses filled with thousands of ASIC running 24x7
i did the calculations too and even though i have free electricity, i did nt bother to buy ASIC, becuase it was not simply profitable, becuase the difficulty keeps on increasing and delivery delay by ASIC suppliers., so when you receive actual ASIC, its already late.

good luck., i have said it before., buying bitcoins directly is the only profitable option for now.,
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seconds thought.

you are all thinking it wrong, while calculating btc price using current rate.
if you gonna sell btc and make money right now, then its not profitable.,

mining btc and holding on to them , until price reaches 20k-50k per btc. then selling is what i call profitable.

keep mining BTC. and keep holding em.

[1NV3ST0NM3]

mining still profitable if you live in the country with low electricity cost, or if you use other fuel that can convert to electricity. BTC mining is still profitable just need to know the right equipment. Knowledge about mining is one advantage, do the math and wait, it is a trial and error, understand the difficulty, block generation time , pool fee and up-time. It takes a months or a year to see the progress just take a note in every step you make. Big time minging company do they research and trials until they found the formula on it. GOOD LUCK

Why only electricity. The hardware set up cost is also too high. It has become very difficult finding blocks these days. They require high speed equipment which easily become outdated in an year. So I think these days there is no point left in mining bitcoins.

[lucifochrome]

Bitcoin mining may still be profitable but that will depend on your business plan as bitcoin mining is a business and much like any other traditional businesses a lot of things needs to be put in consideration. First is the place, you need to find a place where the electricity cost is if not free is very low and since this is a business, one must comply to the rules of the government about businesses. Securing the necessary permit to be operational. Then next thing that needs to be put in consideration is the miner itself. You can't just buy some outdated miners. You need to buy the most updated as it wil, generate more hashpower that the previous model and this is where it will cost you more. New model are much expensive that the previous model. Next thing to be considered is the design of your establishment. We all know that miners generate heat and you need to have a good cooling system if you dont then expect that it will toast your miners. I have seen a video of one of the mining facility in iceland where the design is that a huge fan sucks air from the outside to the inside this is a good design no need to be putting more power on the fan or fans. There are more things to be considered not just this, im sure you all know that.

[zmhtech]

If you could make magical machines that would just give you money, would you ever sell them?   If so , why?

great point

[949miner]

Nah, it is only profitable if your electricity taxes are cheap, if not, then you are not going to earn anything. I know a friend who is from venezuela and his electricity is almost free, i think that he only pays $1 dollar monthly for electricity, and he mines almost for free.
So you can make your own conclusions, but bitcoin mining is not profitable, you must mine altcoins, otherwise you are not going to earn, doesnt matter if you dont pay electricity.

[smartbitcoininvestor]

From a mathematical standpoint, the only costs involved are the miner and electricity costs. The miner is a one-time fee and as expected will take a couple to a number of months to pay for the investment. Aside from this, if you were able to generate cheap electricity (by way of solar or hydroelectric energy) then theoretically you would be able to run each miner for as long as the CPU can exist without malfunctioning.

At some point it has to be profitable, otherwise, there would be nobody mining Bitcoins and the system would experience a bottleneck. Depending on your Bitcoin mining rig setup it may take years but it is definitely possible to recoup your investment and then some.