Can I make much money mining Bitcoins?

[ADonnaldSpeak]

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

[wilhb81]

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

To be frankly, it's 2018, the competition and difficulty to find even a 0.001 Bitcoin is hundred or even thousand times harder, compare with 2009. Unless, you have over 6 digit of initial capital or you're open up your own mining farm - else, it's better to buy Bitcoin than mining it by yourself~

[amishmanish]

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

Earlier, fewer people used to run mining machines. Mining is just a process of dedicating your processor power to the network. Gradually, this became an arms race of sort to put the fastest machine on network for mining.

Thats why we now have a situation where bitcoin can only be mined using specialized ASIC miners (Application Specific Integrated Circuit). To mine profitably, you need to procure one of these specialized miners which are not easily available. Even then, your income will regularly reduce as more institutional miners keep adding more processing power.
Thats why its not a profitable thing as of now. Though, my advice would be to that if you can invest, then its still worthwhile to get a bunch of the fastest miners and keep those BTC as it'd keep appreciating in value.

You can easily find about the profitability from a simple google search on "Bitcoin mining profitability"

[VitKoyn]

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

Mining Bitcoin is a competition, you need to have multiple hardware miners (ASIC) for you to be able to compete with other miners for the block rewards. That is why it is not profitable for small miners anymore because there are mining pools that obtain high hashrate and they are the ones that have the higher chance to mine the next block and of course gets rewarded. Another reason is mining difficulty and the halving of block rewards every four years that will reduce the block rewards miners can get but Bitcoin mining will continue to be profitable whenever the price goes up.

[posi]

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

Bitcoin mining is one of the best way to make much money when it come to mining sector but you also need some require hardware because the mining game is improving every time and the require information, knowledge and equipment you have will determine your success. However, it better to switch the coin you mine sometime.

Nevertheless, bitcoin mining is not profitable like before due to the difficulty and so many people stepping into the game.

[giogio0504]

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

Now it is more difficult to mine bitcoins then earlier, you need much more time. But price is grew up significantly, so when you mine you get more profit. so i dont think the situation changed dramatically.

[marjon]

Mining of Bitcoin nowadays isn't that profitable anymore if we compare it on those days where the difficulty level of solving complex problems is not as high as of todays. However, if you have reasonable mining rigs facilities and your smart of finding better way to comfort your rigs to minimise energy consumption, then mining would still good yet less effort way of earning Bitcoins.

[Pursuer]

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

I don't think it is quite true.

it is true that a couple of years ago (2010-2012 for example) you could mine bitcoin with your PC and when you found a block and got the reward or share of the reward because you were in a pool, that bitcoin was worth so little. for example $10-$20,...
but now if you get the reward or part of it, that bitcoin is worth $13000+

so saying before it was profitable and now it isn't is a little misleading. it still costs electricity but you will earn a lot more and if you hold part of it, price may go even higher and that can worth a lot more.

[albert11]

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

Mining bitcoin is one of the best way to earn more bitcoin. You can earn a lot from it within months. But this king of business requires a lot of equipment to invest with that is very expensive and consumes a lot of power making your electricity bill very high. In short, mining is also a good investment but also requires a full time monitoring to keep all your equipment. In mining you'll probably have to dedicate the processors of your system to the network to produce bitcoin.

[rose8963]

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

Now it is more difficult to mine bitcoins then earlier, you need much more time. But price is grew up significantly, so when you mine you get more profit. so i dont think the situation changed dramatically.

Now that bitcoin is very valuable, the difficulty of digging bitcoins is immense, and you need to invest a lot of capital in specialized diggers to get a bitcoin out of this time. Recovering capital is quite difficult if you do not invest a lot at the beginning.

[Xenrise]

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

As you can see bitcoin mining is a competition. Last years there were only few that manage to mine. But look at the miners right now, they are so many. I don't know how much is the maximum per miner now but I thought so last year, I've heard a miner, he said he is getting about 700usd+ per month. That's good for mining.

[CHENIEN]

Mining on bitcoin is not easy as you can, it is made by some strategic method on how to earn and make your capital grow. Sometimes you earn a lot's but sometimes loosing. Mining is on  how the way you gumble your capital by looking the chart format of price movement. But if you enter bitcoin mining you must adopt and accept the reality of the future risk. Not all the time you earn always. As what I've said you must accept of what ever happen in the future.

[mondobitcoin]

Because when more people start mining bitcoin, the difficulty increases
However, today is still possible to make money with mining bitcoin, but you need a lot of good hardware and a lot of hash power
Is better to mine some alternative currencies, that have a lower difficulty and in the future the price may increase and give you a good profit

[PhucS]

Mining Bitcoins is one of the most effective way to earn Bitcoins and earn a lot of profits. But it is only true a few years ago, it is not very effective now, profit is less, if compared to the initial cost is very little profit. The cause is that Bitcoin is becoming more and more popular, its high value attracts a lot of people and they want to make a profit by Bitcoins mining, it is becoming a competitive market, I think so

[pugman]

Well the difficulty of mining keeps increasing so earnings from mining bitcoin has ever constantly decreasing. Plus for mining bitcoin you need to have the latest updated GPU and you obviously incur more cost on electricity, so obviously you're not in a profit stage in the beginning. You can get a little profit like after one/two years. But until then you'd have to take the burden of the expenditure on yourself. But if you're really looking to mine something, you can mine altcoins. They can be more profitable than bitcoin mining.

[jazpreti]

There’s a lot of competetion nowadays but yes we can still earn much money for mining bitcoin. But before you do that, you just have to invest very good computers to mine for bitcoin. If your computer is not that good, mining bitcoin will destroy your computer. But for me, i rather go to work bounties to earn bitcoin. Mining can ear bitcoin but not that much nowadays.

[darshansetty]

yes we can make much money with the bitcoin if our hasch rate is more but now days the compitators are more in the bitcoin mining

[jvdp]

I heard that we can make much money by mining Bitcoins before, but now we cant anymore. Why?

Mining is the best profitable decent platform. But Bitcoin mining is not supported to make profit in current situation. So I am looking to choose Ethereum mining. This have decent profit platform. But it take more power supply and constant profit. Some of the countries are monitoring the mining platform. Because any time government take action in miners. Whatever happens in mining it make money day by day.

[BitNotByte]

there's so many big mining farm now a days. If you're up against them and you're only mining using your own mining rig with a minimum number of gpu's, well I guess it's not surprising that you're getting a hard time in mining bitcoins.

[TeraBitHoven]

Bitcoin mining earns a bit slower. You should need as many good computers as possible and patience. Profit is lesser and the risk of using electricity is high.