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

[Pleione527]

Yes it is but you need many stuff to have a good mining facility your electricity should also be good because bitcoin mining will not work in a low electricity place and also it must be cheap. There's a lot of site offering mining but you must be carefull because majority of them were scam

[cryptocortex]

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 Plus, as mining difficulty increases as time progresses, it takes about 2 months for a miner to be outdated.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...

He started wrong buying antminers. The money you give Bitmain for a single antminer is almost enough money for them to build two.

[cryptodrzej]

I think its way more time and money than it's worth if you don't already have your setup

[allthingsluxury]

It is, with the right energy cost and the right setup. Buying some random machine and hoping to strike it rich is very unlikely.

[wellsontheja]

It's profitable if you had the right equipment i thought the only problem for mining is difficult of block, funds for gear, electricity cost.

[PizzaBTC]

It's profitable if you had the right equipment i thought the only problem for mining is difficult of block, funds for gear, electricity cost.

It is profitable but so much later on the mining because at the spot of mining it is not much valuable than the expenses made during the mining. Bitcoin mining needs high specifications computer system and so much expensive software and massive electricity. That’s why the value of the mined bitcoin doesn’t meet to the expenses made upon the bitcoin mining.

In this sense bitcoin is not profitable at the spot of mining but later on it covers the expenditure made upon it as the price of bitcoin is increasing day by day.

[Redanim]

Of course bitcoin mining is still profitable, your profit depends from your power, you can also mine others popular and profitable cryptocurrencies like ethereum. I was mining bitcoin some months ago, but after started mining ethereum because its more profitable for me, u can just check your profit, find calculator in internet where u can check your estimated profit.

[ned00]

It has simple ecomomy. You can find calc for that.

The point is that doubling the processing power the price does not double. Therefore, there is a lower power limit when the mining is profitable. You can get reasonable value of money starting from 100 MH/s

[Rev1234]

BTC is profitable like other crypto currencies.

Like other there are always high value risks behind.

[khaled0111]

I think you misunderstood the concept of mining.
There will be no bitcoin without mining thus it is mandatory and can't be a scam. maybe your friend was scammed by the one who sold him the miners and told that it was profitable. It is hard to make profit nowadays since you need the newest equipment and a low electricity cost besides you have to renew equipment whenever the hashrate (difficulty) increases.

[Lipe490]

Bitcoin will keep profitable for mining if you have the right machines to do the job like other coin and of course you have to see what is the energy cost in your country. Of course that the mining difficulty increases faster than the other because there are too many people mining it like amateur and professionaly like big enterprises (genesis mining, etc) and the chineses which have the biggest slice of mining. Even if you calculate right now what would be your earnings you'll be wrong because the difficulty can surprises you like did to me when I started to mine ethereum. I thought I could have a good profit but in one single month I saw my earnings drop the half and I just couldnt do that anymore and sold all my rigs. And you have to keep in mind that the equipment also have a lifetime for mining not only because of its use but also because comes a time when it's not worth to mine with it anymore like happened to the S7 equipment.

[tigan_gangmei]

My brother bought a Rs. 90K desktop with dual graphics card. In the beginning he earned around 10 dollars per day by mining,  now it's around 2-3 dollars per day.

[Tantlizbat]

It’s really hard to make any definite claims about the profitability of mining, as it depends on how Bitcoin price and difficulty will move in the medium term… Try out the calculators with various price / difficulty scenarios which you consider likely.
My guess is that in the long run you could make a profit from Bitcoin mining but only if you invest a considerable amount of money in a good mining rig, If you don’t have the time or the money, stay away from mining and just invest in buying Bitcoins for the long run