[2018-04-22]Is Cryptocurrency Mining Still Profitable In 2018?

[Alex077]

Is Cryptocurrency Mining Still Profitable In 2018?

Due to increase of digital currency prices in 2017 and their publication in the headlines of the majority media, many people began to interest in the crypto space. So, cryptocurrency mining last year has reached unprecedented scales. Companies-manufacturer of mining hardware could not cope with the demand, which in the summer led to a shortage of mining hardware in the markets of not only the CIS countries, but also of the of Europe, and then the price rise for the devices themselves.

Since the beginning of 2018 many cryptocurrencies have lost more than 70% of their cost, but interest in cryptocurrency mining doesn't cease. Due to the fact that the profitability of mining fell, and the procedure itself continues to become more complicated and expensive, what do those who purchase hardware or intend to buy it? Is a cryptocurrence mining is profitable today and whether it right money?..https://en.bit.news/is-cryptocurrency-mining-still-profitable-in-2018/

                 

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[davis196]

Many people think that cryptocurrency mining is just easy money.
They buy mining hardware,connect it with the electricity network and they just wait for the profits.
The reality is way different.They have to buy lots of mining hardware (on a reasonable price) and have to have a cheap eletricity course in order to make profits.I guess the only big winner from the current situation are the mining hardware production companies.

[InvoKing]

Simple and easy to understand article. They could insist more about the scammy cloudmining and cite examples of how they manipulate the ROI of its users by increasing maintenance fees.
Increased difficulty, high electricity bills and expensive equipments are pushing away Bitcoiners from mining. For other cryptocurrencies, it depends and the price has an impact also.
Personally, I would give it a try now but my pocket wouldn't be happy with the electricity bill.

[Qartersa]

I think so especially when the number of Bitcoin users increases. You know, people should not always think that miners are taking a huge portion of their incomes mainly because it is the miners who are taking more of the gamble as compared to all others. For one, they purchase all hardware, software and all other equipment necessary to mine cryptocurrencies in the most expeditious way possible while having to greatly consider electricity costs. Second, they do all the job notwithstanding the fact that the prices either abruptly increases or decreases- you know this is such a gamble for all but more so to the miners because they are doing their job round the clock even if they are already operating at a loss. You see, this is more of a commitment; and you are bound to stick to it even if the gears have already shifted. Even so, I still believe they charge so high....

[Slugmonkey]

Setting up new computer power and rigs to mine bitcoin is barely profitable anymore in countries like China, India but not profitable in USA at the price less than 6000 usd. But at this much volatility it is fairly risky right now to mine bitcoin. Instead you could mine other crypto currencies with much less resources and then convert it into bitcoin or cash as you feel. At least 10000 usd ia feasible for bitcoin to be mined in USA.