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

[bobitza]

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.

Yes! We can absolutely make money mining bitcoin. However, you need to equip yourself with the necessary knowledge to exploit successfully. The most necessary thing is to equip a bitcoin mining machine. Bitcoin investors are willing to spend hundreds of millions or even several billion dong to “raise” bitcoin mining rigs, creating huge profits from this bitcoin mining. Anyone can join and get rich.

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[YOSHIE]

"can I make money mining bitcoin?"

bitcoin miners are not an easy matter as one might imagine, money, everything can be obtained or vice versa, if you do not have complete facilities electricity, computers super, CPU and many other tools, in this case it is not easy and cannot be underestimated, bitcoin has a transaction network called (Blockchain), the computer can determine you can mine well so that you can find the hash so you can find or connect one block to another.

at this time the conditions that make a lot of people glance at 'mining' crypto, mining used to be done using CPUs, now must be with a computer super to determine the transaction verification process to get resultsmaximum.

For that at the moment there is the easiest way for you to start all of that 'mining' first (Cloud Mining) or (Mining Rig).
You need to understand more about the mining factor of this rig.
-Internet access or fees You must use broadband internet rental should not be interrupted for one week in 24 hours, for one week non-stop.
-Electricity, mining rig prices, competition and another thing you need to pay attention to is the risk of hardware damage level.

From several explanations, it can be concluded that if you start mining in the future you will be lucky or lose, the risk of mining needs must be prioritized and mature.

[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.

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.

indeed when you build with that method you can get free electricity but you have to know that when mining in bitcoin is not as easy as before because bitcoin has increased difficulty every 5 years and reduces the results obtained by the mining so you need high capital to build electricity and takes a very long time to be able to return the capital from what you have invested.

Well, the halving does not take place every 5 years but 4 years. Either way, besides the fact that solar panels are not that cheap, that goes the same with the mining rigs. If you will be building a huge number of mining rigs, you should also consider the place of your facility. These will be so noisy and people might report you most of the time.

[lumeire]

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 used to mine Crypto in past, there is always the factor of electricity that makes or breaks the entire operation along with the coats to maintain the temperature. So at my place the electricity is cheap but the Winters are only option to mine bitcoins as there is so much heat all around the entire year. So, mining is actually profitable business if you can scale it up and have the temperature and humidity under control at a place where electricity is very cheap, that's the reason why companies make their bitcoins mines in the cold places where electricity is cheap.

[andycarrol]

Mining bitcoin in modern day is capital intensive which requires a lot of investment and electricity cost, there are a lot fake information online encouraging newbies to mine bitcoin with smartphones which I belief is no feasible while the answer to making money by mining bitcoin is absolutely out of reach an ordinary low income earner while there also a lot of miners which is more of competition to breakeven.

well indeed there are many who do not do mining anymore because they assume that mining bitcoin is not easy because the electricity costs are very high and the results obtained from mining are also very small and the cost of repairs is also not cheap so in my opinion the results obtained are not too profitable, it's better to buy bitcoin directly at the exchange place.

[Yamifoud]

The situation, for now, is really hard that even old mining companies are leaving because they aren't profitable enough to cover their huge expenses.
Now asking, Can I make money in mining Bitcoin? It actually yes, but considering the huge expenses and small block rewards it isn't profitable anymore. If there is any but I don't think it is enough to live with.

If we are planning to this, I could say better not today. The current situation is so difficult and this is not the right time to start with. Its something we need time to think deeply and not by risking our money just to lose.

[taufik123]

The answer is you can. But it depends on the capital owned to do mining. Mining tools such as VGA, CPU and other tools are also needed. Using VGA with high specs makes mining faster but requires a lot of VGA sequences that will make mining faster. The price will certainly be very expensive, especially if calculated with the cost of electricity which is certainly greater for mining equipment owned. Mining bitcoinj can also use ready-made mining tools such as Antminer, but the price is very expensive. Creating RIG mining with a large amount will spend a lot of capital but can produce, if you have capital that is not comparable with the cost of electricity and others that must be borne.

[Bezobraznike]

The answer is you can. But it depends on the capital owned to do mining. Mining tools such as VGA, CPU and other tools are also needed. Using VGA with high specs makes mining faster but requires a lot of VGA sequences that will make mining faster. The price will certainly be very expensive, especially if calculated with the cost of electricity which is certainly greater for mining equipment owned. Mining bitcoinj can also use ready-made mining tools such as Antminer, but the price is very expensive. Creating RIG mining with a large amount will spend a lot of capital but can produce, if you have capital that is not comparable with the cost of electricity and others that must be borne.

    Capital and other conditions, mentioned in this thread, like cost of electricity, and the place where you
plan to put all the miners. There are calculators for that, who plan to start with mining Bitcoin should check
them. Miners for Bitcoin are expensive, that can be a reason why some people choosing other coins to mine.
    And people like I am, without technical experience with mining, we wouldn't know what to do and how to
set up miners for mining, we would need a help with that too! It's not just capital, miners and cheap electricity,
you need to know how to put together all that.

[arwin100]

The situation, for now, is really hard that even old mining companies are leaving because they aren't profitable enough to cover their huge expenses.
Now asking, Can I make money in mining Bitcoin? It actually yes, but considering the huge expenses and small block rewards it isn't profitable anymore. If there is any but I don't think it is enough to live with.

If we are planning to this, I could say better not today. The current situation is so difficult and this is not the right time to start with. Its something we need time to think deeply and not by risking our money just to lose.

It's hard if he just think about to buy a cheap cost miners since theirs nothing gonna happen and he might lose his money for the low profit he got from his rig, but if he invest on the latest units and expensive ones then provably he can earn with that.

But he should consider first on how much we will spend on the operations so that he can determine if it's really worth to build a business on his place since if the electricity cost is so high then he make get slow progress on profit accumulating.

[Reatim]

If you are not Miner then you will surely have  a hard time to explain that part to the one who's asking you because this case is very sensitive and so broad answer requires to understand.

try watching this video to at least have the idea about how Mining works this 2020

https://www.youtube.com/watch?v=yHnQzczY4xM

Personally?having a High expenses in Electricity in my Country?and with the high prices of solar panels?

i would suggest Mining Altcoins than Bitcoin because the rig is not that expensive and the chance to make profit when Bull run starts is there.

Specially if we will Mine cheapest altcoin that has potential in future.

waiting for at least 1 year or more before selling is not that bad for miners.

[Leviathan.007]

If you ask me I would say since it's just a few weeks after third halving and the new generation of the miner devices after third halving are not released yet, we need to wait for the new release of miners providing more hashpower and consuming less energy.
However if you have some sort of free uncharged energy like solar panels, this can be profitable for you. But still, after all I said you should calculate how long it takes for you to recover the money you spent for buying the devices. Also, usually after few months your devices will need some maintenance/repair and this won't be free. That's why in my own idea this is not profitable enough right now if you have to pay for the energy.

[fiulpro]

See even I have not personally mined Bitcoins but I would like to help you with it .

Certain things you need to consider before mining :-

1. Would you be able to invest in a minimum 2000$ mining machine ?
2. Do you have enough space in your house? A place which is secure and out of the reach of small kids and pets. It does contain a lot of wires and it won't be a good idea putting unattended kids in the room .
3. What is the electricity cost of your country? Note that a single miner generally has to struggle a lot to actually earn Bitcoins , even with a good machine , your chances of solving the reward is very very very low.
4. You can still earn through confirming the blocks therefore remember to take into account the electricity bill and at the same time see if you are going to make profit.
5. You have to check with the local authorities if it's indeed safe and legal to continue it.
6. You have to consider ordering the ASIC from a reputed company and as I know even Amazon is selling some of them now.
7. Consider evaluating the machine's specs before you do anything , on most machines it's written how much power they need and what would you need to set it up and all therefore you have to order one which does actually suits your interests.
_________________________________________________________

You can undoubtedly earn money be mining cryptocurrencies such as Bitcoins but it is a complicated thing and you should understand that you have to be well prepared in advance for anything.

Ask them to answer these questions first , if they feel like they know what they are doing then ofcourse they should go for it .

____________________________hope that answers your question_________________

[Ridwan Fauzi]

Some of my friends have came to me and ask with the same question as what happens to you.

They are interested in bitcoin and they are ready to spend money to buy some tools to mine, but they are still a newbie and don't know much the ins and out of bitcoin.

Just find on the internet that bitcoin is a promising place to make money moreover with the current situation and don't know what should they do during lockdown.

But, I just tell them mining bitcoin need a lot of capital or need a lot of money, I told them they must spend a lot of money to buy some tool and also with the electricity that must be spent.

Yeah, I just told it. Two things that must be preferred/considered when someone asks me to mine bitcoin. I didn't tell that mining bitcoin is not worth it anymore, because mining bitcoin is still worth to do.

[serjent05]

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.

The answer would depend on the electricity price and location.  If a person who wanted to mine Bitcoin lives in a country where electricity is very cheap then the answer would be possible, and if he is living in an area where the temperature is below zero degrees then the answer would be highly possible/yes.  With the surrounding temperature being low, the miner doesn't need to have cooler or aircon to prevent the machine from overheating coupled with low electricity price, which is a huge operational/maintenance discount.

[Flickkk]

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.

So even though you have a VPN ?  You cant earn BTC?
What to feel if your country has banned crypto currency?
Most politician doesnt bother much on crypto even tho it os banned so still theres a way on how to use them .

[kotajikikox]

Yes you can.

Then How?OP is asking for details and not just for a simple YES or NO.


Best answer is if they have Low cost in Electricity or much better if they are living in places that has Total sun supply so they can just use Solar power
to sustain the mining business and surely this will be profitable.

You can use solar energy to generate electricity, mining bitcoin can be profitable but don't use high-cost country electricity, use solar energy or river currents to generate electrical energy.

What if you are living in countries or cities that has no that much Sun supply?like in coldest places?
but Mining will be profitable if used a Farming and not only few rigs to operate .

[Gotumoot]

Whenever I got asked about that question I always answer them Yes but they should also consider the cost of mining.
Mining equipments,electricity bill and internet bill so they should also have a great patience to endure it because it wouldn't always give you a great result and know that the price could fluctuate and it could affect their earnings.

[Taskford]

Whenever I got asked about that question I always answer them Yes but they should also consider the cost of mining.
Mining equipments,electricity bill and internet bill so they should also have a great patience to endure it because it wouldn't always give you a great result and know that the price could fluctuate and it could affect their earnings.

It should be consider since cheap hardware's are not profitable anymore so investors really need to invest a huge amount of money and expect some headaches for running the operation. But I don't know if I'm future it's still worth it but since there's still an little Income then maybe it's still good for people who settled for less.

[pinggoki]

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

The answer will definitely "Yes" because a lot of people is mining bitcoin and you can see a lot of people in the mainstream that is mining it, the thing is that you need a proper equipment in order to mine a bitcoin or if you will just mine it through your normal computer then probably you can but the thing is so very slow when you do this. This is probably the main questions of many people out there if they can earn bitcoin through mining.

Pretty simple answer - no. More complicated one - you need big starting capital and really cheap electricity. Less than 0.4 usd/kWt would be perfect

Really? "NO"? Just like what you have been said, you can earn bitcoin by mining but you need to start with a high capital, which means it is possible, although it is complicated it is still possible to make money on mining bitcoin.

[Sterbens]

regardless of where you mine, for what amount of money, and using what kind of heavy equipment. mining also depends on the quality and quantity produced. if the tools are good you'll know how much you're getting in a day, then count up all your expenses. requires an objective calculation. many points that must be considered. whether you will open your own mine, or join other miners who are already running.
everything should be detailed in its entirety. if it's what you expect, then you invest there.