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

[lillobo]

Yes it can. Many people make a lot of money by mining bitcoin all the time. You have to keep in mind that this is not a simple way to earn bitcoin. You have to invest a lot of money for this at once. Also you must keep in mind the electricity bill. If you use solar electricity you will be able to earn more income. In the beginning you will have to invest a large amount of money.

[MCobian]

For me mining bitcoin is no longer profitable, because electricity costs are expensive. And also the price of bitcoin hasn't gone up either,
that's why cannot cover operational costs if there is maintenance of mining equipment. The same is true if you want to invest in cloud mining
already a lot websites that scams. So it's better to avoid making money from mining bitcoin now.

[mariah.sadio]

Simple answer is no. Especiallty after halving. New generations of miners are really pricy and ARP is not so good actually

[LogitechMouse]

"If you are just an ordinary person who is planning to mine Bitcoin and will be using only a few rigs and your cost of electricity in the country is high then just don't think about it"

This is what you will say to them. Right now, China is by far the most profitable country where we can mine Bitcoin since they will still be profitable as long as Bitcoin remains above 6k but going below there will be a disaster for them. Now for other miners who are living in other countries, it will be hard for them to mine unless they will upgrade to the latest mining rig then they can get profit.

Because of halving, the profit of the miners are also cut into half. The hashrate also reduced from around 135M TH/s before the halving to around 90-100M TH/s. This just shows that there are some miners who stopped mining as they see it that it isn't profitable for them anymore.

[bitbunnny]

In some time mining was profitable and many were into that business.
Today mining isn't profitable anymore unless you have big mining farm and these are not profit amount they used to be.
So, don't choose mining, you will not get the profit because your expenses will be much bigger.
Choose something else, like trading.

[devindeysel]

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.

Hey
in Bitcoin Mining There is Two Ways

- Mine by yourself ( Buy machine )
- Mine with cloud ( Buy and host with someone)

now For Profitability check and what is latest technology for machine you can check
https://www.asicminervalue.com/
https://whattomine.com/miners

Option 1 : If you wanna buy yourself You check which machine Suitable For You and you Can Buy From manufacturer.

Option 2 : you can Mine In someone else Place Kind Of Your Machine Host By Professional People or company even Factory Also Offer This service Like Bitmain

Please Make Sure You have Right people to collaboration with. that's matter most.
   

[dentolas]

That is a question that is asked everywhere... in my point of view, besides the investment costs and maintenance and equipment choice, the most important factor is the power costs, so unless you are ready to invest both on the mining equipment and also the renewable electricity farm equipment (or if you are among those "special" cases in which electricity is really cheap) you'll have no chance of mining while paying a heavy power bill every month... I think this is what makes a lot of people quit their mining investments...

[kryptqnick]

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

There are other things to consider as well. Even if the electricity is very cheap, the purchase of a miner is an expense that should be taken into account. Plus time and probably additional gear to maintain the work of the miner. And while one can expect a certain amount of BTC to be mined over a certain period of time, if the price of Bitcoin is low, mining can be unprofitable. All things considered, I don't think that now, so shortly after halving, is a good time to join the game. Even this fancy miner is not profitable right now according to the link, and is one has a few thousand dollar for experiments like mining, I'd rather use this money to buy BTC and HODL rather than to buy a miner.

[Asuspawer09]

Simple answer is no. Especiallty after halving. New generations of miners are really pricy and ARP is not so good actually

No question it's a NO, you can't make a profit anymore even with decent hardware it's not worth it to do mining especially on bitcoin, Only big mining companies could actually make a profit in this kind of business.

Still, you could try if you're in a great place like cheap electricity, and cold weather. You could also try mining altcoins like ETH, which could be easier to mine and make a profit.

[pixie85]

Answer yes because this is the truth.

Can you make money mining Bitcoin is a question comparable to can you earn a million dollars or can you become a successful trader.

Many people make money mining bitcoin and it's even possible to mine using your own solar power but this is an extreme long term investment.

[gentlemand]

Many people make money mining bitcoin and it's even possible to mine using your own solar power but this is an extreme long term investment.

I'm pretty sure 90% or more of first time askers have no expectations of having to lay out for dedicated equipment or having to balance profit vs outlay. They're probably expecting to fire up that Chromebook and watch those bitcoins pour in.

[Jamesdila1]

It is difficult to make money from mining right now
It's not impossible but hard though
Many factors are in the equation and electricity is the most occurring problem when it comes to mining
At most of the cases gains won't cover expenses

[pixie85]

Many people make money mining bitcoin and it's even possible to mine using your own solar power but this is an extreme long term investment.

I'm pretty sure 90% or more of first time askers have no expectations of having to lay out for dedicated equipment or having to balance power vs outlay. They're probably expecting to fire up that Chromebook and watch those bitcoins pour in.

It's one of the reasons why all those scam browser miners and cloud mining schemes managed to make so much money.

Idiots thought mining Bitcoin is like making an account on some site or buying a mining contract and on the other site of the server some guy will buy and set up a miner for you every time you click a button

I've always laughet at those photoshopped pictures of giant warehouses full of miners those scammers were posting to lure newbies in.

[shield132]

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.

Sorry if I sound rude but that's really a silly question that someone can hear. What does it mean "Can I make money by mining bitcoin"? There are a lot of factors, it's not a thing where you can give a direct answer. Everything depends on electricity fees, current and upcoming price of bitcoin, price of mining equipment, quality of mining equipment, what kind of innovative ideas you have to cool your mining rigs, will difficulty rise or fall? And this list goes on and on.
But in overall, you can't make much money without owning a lot of equipments. Mining isn't as profitable as it was back in 2017.

[FlightyPouch]

Depends on how much you want to invest. If you will just be buying a rig, you might be able to mine some bitcoins but it will take you a lot of time to get back that money you invested in. If you want to make money out of mining these days, some rigs, then consider solar panel.

[Oceat]

Depends on how much you want to invest. If you will just be buying a rig, you might be able to mine some bitcoins but it will take you a lot of time to get back that money you invested in. If you want to make money out of mining these days, some rigs, then consider solar panel.

Mining these days is not too profitable since the equipment for mining is a bit high in price plus your monthly bills for the electricity, monthly maintenance for the equipment and the mining difficulty is enough already to tell that it will lead to bankruptcy to you someday unless you have a free electricity. Well, solar panels are invented already you might save if you have it but it's another investment since you want to make money from mining.

[Twinkledoe]

Depends on how much you want to invest. If you will just be buying a rig, you might be able to mine some bitcoins but it will take you a lot of time to get back that money you invested in. If you want to make money out of mining these days, some rigs, then consider solar panel.

That's what I was thinking. If you will invest also in solar panel if I have the funds. Big investment at the start but you can recover it for few months. And the rest will be free electricity. You can freely mine bitcoin afterwards but of course you need to check what kind of miner would be good to invest on. Users here already posted some links where to calculate your potential earnings.

[dunfida]

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.

Profitability will always matter or depend on electricity cost specially and this would be the main answer that i would say if someone ask me out about mining profitability.Its one of the factors or the most important thing to consider first before jumping into mining career.If they have cheap electricity then yes if not then better to ignore it because you are just basically wasting of time and resources.Its better to buy a coin directly then hold for long term which
is a better option to take if you do aim for profits.

[ChiBitCTy]

The answer today is essentially no.  We have gotten to a point where there area already so many mining set ups that outside competition coming in would have to invest and incredible amount of money just to get started.  Then they need to likely have a warehouse in the right area to take advantage of climate situations ( being near water for power ).

[Debonaire217]

It could be already a history to tell for a person interested in mining bitcoin as the era of bitcoin mining in my opinion is already "not so profitable", the mining reward is already too low, and I guess, the investment they will purchase will not be easy get back as the electricity consumption of mining rigs are also expensive.

I suggest that a large investment might be possible, those that are residing with countries that doesn't have an expensive electricity bill, believe me or not, countries with high temperature will just make mining harder as it may incur high maintenance to the hardware you are about to purchase.