Is Bitcoin Mining Still Viable?

[Ailmand]

Well if you are currently mining and planning to hodl it for a long-term purpose, then it could be viable. Mining equipment nowadays are expensive, not to consider maintenance, electricity cost and cooling system for your farm will cost you a lot. So, you will have yo consider all this and look in a long-term perspective.

[antisocial77]

it depends to country.it doesnt mean anything here in Turkey.electronic stuffs are very expensive due to taxes and so bills ofcourse.everyone trying to sell their stuffs

[qwertyup23]

Is mining bitcoin still a viable venture to undertake in today’s world? We will explore that question in this article. But first, let’s explore the various ways in which you can mine Bitcoin.

By reading this article we are assuming that you are already familiar with the basic fundamentals of Bitcoin and Bitcoin mining. In this article, we’ll explore the actual hardware, software and technical aspects that are required in order to be profitable in Bitcoin mining...

https://www.bitcrypt.co/is-bitcoin-mining-still-viable/

It highly depends on your geographic location, availability of space, government regulations, and attitude towards mining. The high cost of energy to mine bitcoins can also affect your profit margins.  Before the popularity of bitcoin exploded, mining was very profitable due to a low number of competitors in the market but many have shifted and turned away from it.

The main focus of your income would be towards the incentives rewarded from transaction fees. If the price of bitcoin suddenly skyrockets, it has the potential to become valuable again.

[Decksperiment]

Is mining bitcoin still a viable venture to undertake in today’s world? We will explore that question in this article. But first, let’s explore the various ways in which you can mine Bitcoin.

By reading this article we are assuming that you are already familiar with the basic fundamentals of Bitcoin and Bitcoin mining. In this article, we’ll explore the actual hardware, software and technical aspects that are required in order to be profitable in Bitcoin mining...

https://www.bitcrypt.co/is-bitcoin-mining-still-viable/

It highly depends on your geographic location, availability of space, government regulations, and attitude towards mining. The high cost of energy to mine bitcoins can also affect your profit margins.  Before the popularity of bitcoin exploded, mining was very profitable due to a low number of competitors in the market but many have shifted and turned away from it.

The main focus of your income would be towards the incentives rewarded from transaction fees. If the price of bitcoin suddenly skyrockets, it has the potential to become valuable again.

If your mining equipment has a low mining power or hash rate to compete with other Bitcoin miners, then I think you should direct your mining resources to  profitable coins and exchange it for Bitcoins in order to make your mining more profitable and efficient. This is a strategy that some miners have been doing and it seems quite effective but then I suggest you have to make a feasibility study first before you start any mining activity.

[slon71]

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[minersday]

Crypto or Bitcoin mining will also be viable in as much that the general crypto ecosystem is concerned. It's level or range of profitability is strictly determined by the longevity of the period of mining. Short term mining investors do not make anything out of their investment. Long term miners are the people who are really seeing how profitable crypto mining is.

[R21]

It really depends on what you mean by "viable", and I'm not trying to be flippant about that. Bitcoin could shoot up tremendously with another bull-run or a significant use-case; when this happens all of those coins you mined in the past will become a lot more "worth it". You can mine at a loss today, but as long as you hold onto your BTC you can make the decision when it is the time to cash-out or not.

The short answer would be yes, although if you're looking to profit at today's prices then the search becomes a little harder. Still entirely doable though.

Good explanation!

[sakokinak]

it depends to country.it doesnt mean anything here in Turkey.electronic stuffs are very expensive due to taxes and so bills ofcourse.everyone trying to sell their stuffs

Therefore, in your country like in many countries with the same situation, trading is the better variant. Additionally, it increases the interest of a person in the cryptocurrencies.

[Bountyhonter]

The answer to your question is yes and no, Bitcoin mining is still viable in some countries and it's not in others it all depends on the electricity cost and how powerful and efficient your hardware is.

[franciscoDC]

I could say yes but if your are here to earn to get profit,my advice for you is joining in bounty too because its profitable too you could double your profit in mining,but make sure that you do research before joining for avoiding wasting time.

[kotajikikox]

Of course yes in own opinion miner knows what them to do during the bear market for those miners our there long long time to hold their coins mined at time they got profits due to bitcoin price hike to be include sltcoins is in the green signal. This recent market situation increase mining coins is very vialable.

[FlightyPouch]

I think it is not by now for people like me. At first, before I joined this forum I thought of mining them since it is not that hard at that time, you can just leave it to your family's home computer and you will be back in the afternoon you can mine like 0.2 or 0.4 of it. Today, I can't even get closer to it in days. Mining them is hard now, though I know other people can still do it as long as they can afford it.

[finaleshot2016]

It depends on the location of your area because it has a lot of factors to consider. The main factor when having a bitcoin mining is the cost of the power consumed by the GPU or your system. Actually, in our country, Bitcoin mining was not very essential as of now because our power cost was very expensive because our government sells the Meralco (power line in the Philippines) to a private sector, that's why we're paying an expensive price of power. Maybe it can be more profitable if you use a lot of miners and a source of solar panel generated to minimize the power consumption in the power line.

[tegarp90]

Is mining bitcoin still a viable venture to undertake in today’s world? We will explore that question in this article. But first, let’s explore the various ways in which you can mine Bitcoin.

By reading this article we are assuming that you are already familiar with the basic fundamentals of Bitcoin and Bitcoin mining. In this article, we’ll explore the actual hardware, software and technical aspects that are required in order to be profitable in Bitcoin mining...

https://www.bitcrypt.co/is-bitcoin-mining-still-viable/

I think it's not due to many miners were selling their rig and also VGA prices also dropped.
Maybe bitcoin mining is profitable when bitcoin is touch 8k USD or more

[pooya87]

I think it's not due to many miners were selling their rig and also VGA prices also dropped.
Maybe bitcoin mining is profitable when bitcoin is touch 8k USD or more

bitcoin mining being profitable or not has nothing to do with its price alone. if it did then all miners should have left when price fell below that number you mentioned here! which obviously they didn't and we have been under it for many months.
the profitability of mining bitcoin depends on multiple factors one of which is price the others are the difficulty, the electricity cost that the miner has and other possible costs such as cooling, labor,... and since difficulty changes with price it always remains profitable for many to mine bitcoin.
by the way bitcoin is mined with ASICs not "VGAs"!

[bhabygrim]

Bitcoin mining is still viable , There are so many ways to make it happen or successful.
Like okala said

Bitcoin mining have become a very consuming venture lately with high cost of electricity and software's before you can set up a mining farm now you have to have huge capital and cheap electricity supply such as solar system. But if you have a good location and friendly government policy bitcoin mining can be highly profitable.

When it comes to electricity Bill you could use solar panel to lessen the cost of your elecrric bills.
If you are going to invest why not complete it to make the most out of it.
And for sure it would be great for a long run.

[_Django05_]

Is mining bitcoin still a viable venture to undertake in today’s world?

If you do have the knowledge to make it work as of today’s current bitcoin price, yes it is still viable.
Hardware, electricity and maintenance cost, You need to consider all of these before setting it all up.
If you do have a low-cost or maybe even free electricity, maybe you’ll need less time to break-even.

[coinnumber]

Bitcoin mining ought to be viable but the cost attach to the process makes so many discourage about the profit. Before you can mine well you need stable electricity, standard Hardwares/Softwares including maintenance and time consuming all this requires a lot of funds to put them in place. In my opinion I will rather for trading either long term or daily trading since I can start with low cost and higher profits.

[thirdlight]

I believe that mining is worth doing because it is a very profitable business and the price of bitcoin depends on how much will be mine.  Because I think that it should be enough.

[Nolimitz84]

Not after end of 2017 when price decreased constantly. It depends on how cheap/expensive the electricity is.

In most of the countries mining is no longer profitable and it might become attractive at a price of 6500-7000 $.

Looking at today's bitcoin price, I think no one has any doubts about the profitability of mining. The Bitmain plant creates new mining equipment for a reason. If it was not profitable, then it is quite obvious that no one would create new equipment.Mining is viable and profitable. Who says the opposite is probably just lying.