Bitcoin mining would bring back excessive profit？

[pooya87]

Well to be fair, there are still a lot of people/groups hashing bitcoin no matter what its value is, even when we drooped down to $3000 levels for a while. I believe that the enthusiasm and interest have died for a short time, especially when the price kept on tanking,

that is because the profit you make from mining does not exactly depend on the price of bitcoin. it depends on the price and how much it costs YOU to mine bitcoin. and since difficulty adjusts based on hashrate and that adjusts based on price (to some extent) then it means theoretically your profit can be the same no matter what the price is. for example if you earn 1BTC per day at $3000, if price goes up to $6000 you will start earning 0.5BTC per day because hashrate goes up with it.
(of course that is simplifying things a lot, in reality there is a lot of additional complications and hashrate doesn't change as fast as price and a lot of other things but the basic idea is this)

[rahmatullah9305]

one Bitcoin miner has been forced to turn to solar power in light of the dwindling profitability of mining for Bitcoin during the bear market. The original poster, Candese, states that not only is solar energy harnessed through panels the cheapest form of power available to them, but the savings made on taxes and through not having to transfer power from the grid are expected to be as much as 75%

[Caladonian]

People who treated bitcoin as a good investment for future still doing this practice, they still believing that bitcoin will increase it's value, they have a  good insight that even the profitabilities is not that much but by keeping it for a while will bring them good result after, this miners who have a good faith with this industry, foreseen the future bounce will let them to keep holding.

Miners will continue as it's an habitual act for them to enjoy this market.

[killat]

Bitcoin mining is no longer profitable since more than one year. Equipment became more expensive and mining difficulty increased over time.

Next year will be a new halving,  meaning that rewards will diminish, too.

[traderethereum]

Bitcoin mining is no longer profitable since more than one year. Equipment became more expensive and mining difficulty increased over time.

Next year will be a new halving,  meaning that rewards will diminish, too.

But some people who have big power in bitcoin mining will still mine bitcoin even if the price is down as we saw today. They only believe that in a long time, bitcoin price will increase higher and they are trying to collect as much bitcoin as they can so when the time comes, they can sell the bitcoin at the very highest price.
But for people who don't have a big power in the hashrate and they cannot cover their electricity fee, they'd better shut down the mining process, and they will change the other way to make a profit.

[Johnzky]

Bitcoin mining is no longer profitable since more than one year. Equipment became more expensive and mining difficulty increased over time.

Next year will be a new halving,  meaning that rewards will diminish, too.

Not just the equipments are expensive but the whole operation as well,specially the electricity in which increasingly in the last years

For me mining days are over and nothing can be profitable even a mining farmers i think better find another way of investing than this non profit field

[ufaiz50]

What make an influence on Bitcoin mining is computing power, difficulty of computing power and electrovalence. Among them, the electrovalence can be seen as a constant value for the reason of smooth fluctuations under the annual mining contract. There are generally two reasons for drastic fluctuation. One is the evolution of mining machines or methods resulting in halving the reward of Bitcoin; the other is the value of Bitcoin mining won’t increase more than the fluctuation of Bitcoin price.

Hence, Bitcoin mining could return to the lucrative business if its price continues to increase (say, above $5,785).

Actually I am not very familiar with the purpose of electrovalence, you are right about the value of bitcoin which determines whether it is profitable to be mined. I've done mining by making a mining rig with a device that can be considered standard, from my calculation with the current price after being reduced by operating costs during mining is just a waste of time, ok here I'm sure the miner has a method or technique to maximize the tools , but still if the operational costs are greater than the crypto value at times with the amount of bitcoin we get.

[Odessit_ya]

There are places in our land where the price of electricity is so low that it allows you to engage in mining and now profitably for yourself. So why not mine bitcoin?

[nauane]

one Bitcoin miner has been forced to turn to solar power in light of the dwindling profitability of mining for Bitcoin during the bear market. The original poster, Candese, states that not only is solar energy harnessed through panels the cheapest form of power available to them, but the savings made on taxes and through not having to transfer power from the grid are expected to be as much as 75%

Bitcoin mining is only feasible in places where electricity is cheap. If the electricity is not cheap, then the expense of bitcoin mining is too much. Using Solar energy is also a good way to reduce the mining cost and if someone has a proper setup of solar panels, he can earn a good profit from mining.

[Ailmand]

As long as there is Bitcoin, I believe that mining would also exist. They say that mining consumes too much energy but I guess it's just the same as other businesses. Mining is always profitable but miners could gain more if the market situation becomes better and I have no doubt about that. Also, there are mining companies who are trying to solve the energy problem that they're facing. They are focusing on having their own energy provider like solar energy.

[okala]

Well to be fair, there are still a lot of people/groups hashing bitcoin no matter what its value is, even when we drooped down to $3000 levels for a while. I believe that the enthusiasm and interest have died for a short time, especially when the price kept on tanking, but yeah, the more the price rallies the greater the interest of people will be for bitcoin, again, as was always the case for the past 2 bullish runs. Mining is alive, no matter what the price is, though some miners may have switched off for good or for the mean time when the price is not performing well.

Mining can never seize to operate no matter what the price or market conditions may be even if bitcoin price drop to $1 today there will still be miner's mining bitcoin. Mining is a business and as volatile as the bitcoin price is those who are ready for the business will stick to it whether they are making huge profits when the price is high or running on loses when the price falls. Only those who are not ready for the business will park off during bear market.

[Kemarit]

As long as there is Bitcoin, I believe that mining would also exist. They say that mining consumes too much energy but I guess it's just the same as other businesses. Mining is always profitable but miners could gain more if the market situation becomes better and I have no doubt about that. Also, there are mining companies who are trying to solve the energy problem that they're facing. They are focusing on having their own energy provider like solar energy.

The problem with those people who see negative impact on bitcoin crypto mining is that they really don't understand how it works and yet they think it contributes to sort of environment hazards or something. But they fail to realized that banking sector is far worst, double standard.

It depends on where you mine your Bitcoin, other countries have cheap and abundance of renewable energy that they can used to mine, so they made huge profits. And there are companies that I would say might be in the break-even because of the current price, but it didn't deter them because they known that the price could go up and can make them huge profits in the future.

[D3m1r4wanti]

mining requires large capital, such as machinery for mining, electricity and other things, and what is obtained from mining is altcoin or crypto currency, the crypto currency earnings will be in accordance with the number of machines used, the excess profit depends on crypto prices they get

[Kelvinid]

As base on the current market situation, may we can have some but not into an excessive amounts for sure. May consider the numbers of equipment we used, total expenses but the market isn't bringing enough huge demand that we could generate more profits from.

Our market conditions never give a favorable experience today that would affect our profit as well. If prices will be at the bull run, definitely we expect an excessive market profits generation.

[kryptqnick]

OP I don't really get why you're using the term "electrovalence" possibly a translator or something.

Either way you are missing a few key points for mining. Regardless of the price someone will mine profitably; the people with lower power costs. You can see this by checking any profitability calculator out there. So when the price drops people who have higher electrical costs tend to shut down first, this leads to another factor of mining Difficulty adjustments. When miners shut down their farms the network hashrate is reduced, this eventually brings down the network difficutly.

When Difiiculty goes down, you earn more BTC per TH you mine with. So the miners earnings find an equilibrium again. The opposite effect happens when price goes up, more people can afford to mine so they do causing the Difficulty to increase.

~snip~
In other words, either you have enough money to buy a powerful a** computer or you're better off mining altcoins.
I'm currently mining bpx tokens, the project looks amazing.

I disagree that it's either or. I spent significantly more on my GPU rig than I did buying my first several Asic machines. You run into the same issues with Altcoins that can be considered stable; there is no guarantee of massive gains in anything.

What you are saying about some people leaving and others profiting from it makes sense, of course, but it seems to me that sometimes there remain too many people who mine unprofitably, hoping that eventually they'll be able to compensate their losses. For instance, I believe that is what Bitmain did throughout 2018. A downside here is also that big players tend to be able to stay in business even when things are not going well, whereas the small ones quit. This makes an already pretty centralised mining business even more so.

[CryptoReggae]

Some are undermining at a loss, for reasons of state (see China). In order to export currency they are willing to undermine at a loss.
It is a topic of which little is talked about, but which in reality is larger than one imagines.

[Gaff]

As long as there is Bitcoin, I believe that mining would also exist. They say that mining consumes too much energy but I guess it's just the same as other businesses. Mining is always profitable but miners could gain more if the market situation becomes better and I have no doubt about that. Also, there are mining companies who are trying to solve the energy problem that they're facing. They are focusing on having their own energy provider like solar energy.

Indeed, solar energy would become more efficient on energy consumption compared to the traditional main line source. Green energy with bigger profit could be possible to achieve once all this methods will be followed according to it's effectiveness. Mining really consumes a lot of energy same with other sectors who used electricity in order to run their machinery, so I think miner computers also be considered as machines. Thinking about excessive profit, well I guess it depends on how you run your mining operation; just make it sure you'll able to make it up to the maximum performance.

[BitHodler]

Also, there are mining companies who are trying to solve the energy problem that they're facing. They are focusing on having their own energy provider like solar energy.

Renewable energy is already a big thing in the mining industry, but even if Bitcoin's entire energy consumption consists of grean/clean energy, those who are against Bitcoin will still refer to it as energy waste.

The problem isn't the energy consumption at all, it's just an excuse they can fall back on to point out how harmful all that energy consumption is. Politicians and other haters don't like Bitcoin and will use anything to put it in a bad position.

The battle against Bitcoin won't stop until even the politicians acknowledge and actually use Bitcoin themselves. It doesn't have to be as a currency, but store of value as digital gold is fine too.

[kotajikikox]

Well to be fair, there are still a lot of people/groups hashing bitcoin no matter what its value is, even when we drooped down to $3000 levels for a while. I believe that the enthusiasm and interest have died for a short time, especially when the price kept on tanking, but yeah, the more the price rallies the greater the interest of people will be for bitcoin, again, as was always the case for the past 2 bullish runs. Mining is alive, no matter what the price is, though some miners may have switched off for good or for the mean time when the price is not performing well.

Yeah right because if the is not well huge of lose they can experience of miners. But in rhe other way if miner continue to mined nad keep their bitcoin until the price done well more than 3x profits they can get by doing this strategy holding same priciple by the traders.

[minersday]

Bitcoin mining is very lucrative when you decide to going in for a long term investment plan. The profit nature of bitcoin mining strongly depends on how long you decide to mine without pausing or quitting. If you invest $10k into building a mining rig which generates about $50 worth of bitcoin within  a day and you decide to mine for a year without touching your Bitcoin earned via mining, the profit will be massive even if the price of Bitcoin is down.  Bitcoin mining is not short term something to judge how lucrative it is.