What to answer when asked "Can I make money mining bitcoin?"

[kemoglo]

What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?

I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.

[BitMaxz]

Mining profitability always depends on the Electricity rate if you are not living in countries you mention above but you have an Electricity rate of below 0.1 you can make money and profit but the ROI will take too long to reach.

Try to use this tool to find ASIC miner below to find which one will make you a better hash rate and profitability.
- https://www.asicminervalue.com/
or use this calculator for SHA-256 algo
- https://whattomine.com/asic

For now, it seems Antminer s19 pro 110th from Bitmain is the only miner that can make a better profit.
- https://www.asicminervalue.com/miners/bitmain/antminer-s19-pro-110th

[hatshepsut93]

One of the other factors is Bitcoin's legality and de-facto state of things when it comes to the law side of it. Some countries have banned Bitcoin, and even if they have very cheap electricity, it's a huge risk to try to mine there. Lots of other countries neither banned Bitcoin, nor legalized it, and in some cases corrupt law enforcement sees it as an opportunity to extort miners, even though no laws are broken. So, if you don't live in a country with strong rule of law, it's better to do some research to see if such problems can occur.

[meanwords]

What do you even answer when someone asks
"can I make money mining bitcoin?"

NO   is the correct Answer.

Anyone telling you different is bullshitting you.

I agree with this but it's a little too much. I'd say stay away from Bitcoin right now and mine other altcoins if you want to profit as a small time miner. With Bitcoin halving done, the reward is split by 50% and with that, most miners just doesn't want to mine again while waiting for the difficulty to lower. Unless you have a next to free electricity cost, mining Bitcoin right now is not profitable. Maybe it will get profitable again when Bitcoin's price starts rising above the current price.

[philipma1957]

If you give me a building within a 1 hour drive from my house. with 4 cent power I will make you money.

Caveats .

You need 4 cent power.
You need to give me at least four 30 amp circuits to make it worth my while.
You need to have internet set up.

Don’t expect large profit but there is money to be made with cheap power.

[pooya87]

it depends on a lot of factors. it starts from the electricity bill but also it could be affected by bitcoin price too. for instance even if you didn't have the cheapest electricity during 2017 you could still make a ton of profit mining bitcoin since the price constantly kept going up. so when we get the next bull run the same situation will apply again that is why every time there is a big bull run that lasts a long time there is a lot of hashrate increase shortly after the bull run starts.

and like everything else it will require understanding of what they are doing. i have seen many people who are just blinded by greed and buy any garbage they can find online (like old useless ASICs) and think they are now in for a lot of profit. and maybe even lose their money by keeping it in a web wallet or something like that for lack of understanding...

[TravelMug]

What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?

With the recent bitcoin block halving, it's really hard to make profits mining bitcoin unless you do own a huge mining farms. For average joe like us, hard to imagine how can you make money. You already mentioned things to consider, so I guess the answer is no.

You can look at this table here, https://www.asicminervalue.com/

As you can see only few mining hardware can give you a ROI.

[Latviand]

What do you even answer when someone asks
"can I make money mining bitcoin?"

NO   is the correct Answer.

Anyone telling you different is bullshitting you.

I agree with this but it's a little too much. I'd say stay away from Bitcoin right now and mine other altcoins if you want to profit as a small time miner. With Bitcoin halving done, the reward is split by 50% and with that, most miners just doesn't want to mine again while waiting for the difficulty to lower. Unless you have a next to free electricity cost, mining Bitcoin right now is not profitable. Maybe it will get profitable again when Bitcoin's price starts rising above the current price.

For me, if you want something where you can make money then invest in bitcoin rather than mining it. Mining bitcoin is really expensive and you need to maintain your equipment and pay electricity bills. That will cost you a lot of money, while the bitcoin is not that certain if the price is high or low than your expenses so it is unsure.

 Instead, try to invest in bitcoin and know the fundamentals of manipulating in the market, if you want to be safe, then hold, and if you want to engage in trading, you should buy and sell. That's just simple and you don't need to maintain it just like in mining that it really requires a lot of attention while managing it. But it depends on you if you really want to engage in bitcoin mining industry, it is your choice.

Always remember that bitcoin is volatile.

[davis196]

What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?

I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.

My answer would be NO!Anyone,who wants to start mining Bitcoins would have to invest a shitload of money and still there's no guarantee for profit.The good old days,when people used to mine BTC on their PC are gone forever.A guy,who wants to start a BTC mining business has to:
1.Buy/rent real estate in a location where the electricity costs are cheap.
2.Buy lots of mining equipment/hardware and transport that equipment to the desired location.
3.Hire some workers.
4.Set up a company(lots of paperwork and it costs money).
5.Pray to God that the Bitcoin price won't crash.

[msarro]

My answer would be NO!Anyone,who wants to start mining Bitcoins would have to invest a shitload of money and still there's no guarantee for profit.The good old days,when people used to mine BTC on their PC are gone forever.A guy,who wants to start a BTC mining business has to:
1.Buy/rent real estate in a location where the electricity costs are cheap.
2.Buy lots of mining equipment/hardware and transport that equipment to the desired location.
3.Hire some workers.
4.Set up a company(lots of paperwork and it costs money).
5.Pray to God that the Bitcoin price won't crash.

That's very much true. I don't think anyone who cant afford expensive mining equipment's and huge electricity bills should think of mining BTC now. There are many other coins that you can mine using cheap mining equipment, if you really wanna do mining go and find such coins.

[Reatim]

What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?

I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.

actually you have given the complete sets of things need to be consider before investing in Mining,specially Bitcoin ,My bestfriend
try to Mine back in 2017 when bitcoin Price starts blooming high but he end up being a loser because he did not even
realized the cost of electricity in our city that too much high for mining apparatus amd it is already
late when he discover this.

What i am telling now is that we must be aware of everything before starting or conducting mining business because this is not
 easy,unless you can use solar panel(in countries like mine) so the cost of electricity can be reasonable in mining,
but also better tell those who asked you to try mining "Altcoins" instead of bitcoin
because of lower transaction fee.

[PochJvb]

I suggest dont go for BTC mining there are many other profitable coins that can mined with profit without need of expensive hardware and electricity.
Bitcoin mining is over and those who invseted early in this sector have got the bigger piece of cake. Mining Bitcoin is not easy, apart from investment its very difficult to keep up the mining ring.

[sheenshane]

You're right on saying "maybe" and my answer is "probably yes", it is possible to mine but if it's going to be profitable then that is the question for there are lots of things to consider first before going into Bitcoin mining business like the electricity cost, types of equipment and so on and so forth. Countries that have not legalized Bitcoin yet it is a different issue that must be deal with because it may be profitable in certain countries who have low electricity cost but mining Bitcoin are still illegal then it will be costly as well when you get caught by the authority. The answers to your question will be base on where you are physically located and where do you plan to do the mining business.

There are too many ways in earning money in Bitcoin mining but some are illegal. In any illegal way of having power supply will put in jail.

• Legal, Competitive Mining --> You need powerful mining machines and electricity. (recommended)
• Subsidized Electricity Mining --> Your initiative to create an electricity supply either hydraulic or Solar power. (recommended)
• Steal Electricity --> Stealing power supply anywhere top sustain the power cost of mining. (not recommended)

Check more here.

[carlisle1]

What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?

I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.

Internet is always there and Google and YouTube is our friend so how come that these questions are still exist?and besides you should have told us
 where specific place you are living so we can give more accurate answers since this is always depend on your place.

I suggest dont go for BTC mining there are many other profitable coins that can mined with profit without need of expensive hardware and electricity.
Bitcoin mining is over and those who invseted early in this sector have got the bigger piece of cake. Mining Bitcoin is not easy, apart from investment its very difficult to keep up the mining ring.

I suggest to trust this advice because Bitcoin mining has gone profitable long time ago and you should consider mining altcoins as there are some
who can bring you income with less hassle like what Bitcoin give.

[gentlemand]

Every person who seems to ask this question then follows up with 'I have this laptop, you see. It's got a PENTIUM. I'm set, right?'

That shows the average depth of understanding on offer. Fair enough as we all have to start somewhere.

I would never suggest mining to anyone even if they had the funds to get rolling properly. You're going to be outgunned. I figured out it was a pisspoor idea in 2013. It's gotten pissier ever since.

[Fundamentals Of]

If somebody asks you that, you cannot just answer yes or no. This kind of question is better answered with another question rather than a straight answer. If the question is formulated as "Can mining Bitcoin be profitable?" then the answer is a straight yes. But if the question is formulated in such a way that the individual circumstances of the person asking play a very vital role, then you need to know first whether the electricity in his place is relatively high, whether Bitcoin mining or Bitcoin itself is legal, whether he has the money to buy the latest and most efficient miner, etc. The yes or no will depend on these factors, among others.

[maydna]

I will answer "Maybe, but that will depend on how much money you have to prepare the hardware to mining bitcoin". If you only want to test how big a reward you can get, then I suggest you leave mining and never think about that because you will be disappointed to see the reward you will get. You can explain to that person if he wants to mine, he needs to buy high-end hardware which he can get nice rewards daily.

Besides that, you can explain about the electricity fee that he should pay, and if in his place, the fee will cost bigger, then he will not earn much money, but he can lose some money to pay the fee.

[sujon5]

If the answer means "Can I make a lot of money in a short period of time mining Bitcoin?" The answer is "No!".

[Janation]

Just say yes.

There are a lot of people that earned money out of gambling the thing is the profit of it is not that good unlike in the past where gambling is easier where you can just leave it in a PC. You can earn but I don't think that would be enough to get back from the money you used to buy that rig. So yeah, you can make money out of mining Bitcoin but it is not profitable.

[Artemis3]

What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?

I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.

I don't know about China (apparently its seasonal), Iran is another place with cheap electricity, but sometimes you get people from other countries with "free" electricity, either because they invested in renewable, or perhaps its the owner of a power plant with excess production, etc. I have also heard about Russia and even Mongolia before.

Of course the bigger the operation, the more money you need and longer ROI.

So for most people the answer is no, unless they have nearly free electricity.