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

[marcbitcoins]

I am not a mining expert but the system keeps going on, so yes, it must be profitable. Actually, the system is designed so that mining is always profitable (to some persons at least). If mining stops being profitable, people will stop mining, the difficulty will drop, and mining will become profitable again. It's a dynamic balance.

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[shoreno]

you should ask yourself: is it supported by your government? do you have enough electricity employed in mining? do you have the patience/confidence in it? do you have a partner with you?

askin government permissions is a must if you are planning to build a large factory so that your operations wont be questioned by anyone else but for small time mining i think its not needed to consult for a government and you can still mine secretly even if its illegal in your country because no one will know anyway  .

 the rest that you ask is needed tho especially patience and electrict cost . dont pressure your self much @op . you dont need to be a miner to answer them and you dont need to give a precise answer either .

[Shasha80]

If someone asks me Bitcoin mining can make money, I would say you could make money from mining Bitcoin. But it would be difficult to do it.
Then I advise the person to trade Bitcoin, if the goal is only to make money from Bitcoin. Sometimes we really have to tell the truth even though
it's not nice to hear, because the fact is making money from Bitcoin mining is very difficult. It has several provisions that are difficult to achieve,
for example, having to do mining in a country with low electricity costs. After that, buy mining equipment which is quite expensive and finally
the maintenance costs for mining equipment are not cheap either. So the conclusion is that avoid making money from mining.

[worldofcoins]

If someone asks me Bitcoin mining can make money, I would say you could make money from mining Bitcoin. But it would be difficult to do it.

Mining takes loads of energy and it relies on your power bills. On the off chance that your electric rates are modest then you can go into mining otherwise no compelling to include on it.

After that, buy mining equipment which is quite expensive and finally
the maintenance costs for mining equipment are not cheap either. So the conclusion is that avoid making money from mining.

The fact is you need to turn your PC on for 24 hours which devours your power and GPU energy.
For me, it's a hazardous method to make money since the contentiously running of GPU can make it harm additionally its work on 100%. The cost of the GPU is higher than expected.

[zanezane]

My answer would probably be, yes you can if you can factor the electricity cost, the rigs and other expenses and see that you still be able to make a profit then probably you're going to make money mining bitcoin but right now, I feel like no individual is mining bitcoin already, most of it are taken over by the farms.

[NotFuzzyWarm]

The answer to "Can I make money mining Bitcoin?" is a qualified - yes.
IF:
1. Most important, you have access to very low cost electricity
2. You have a place to run the very hot and very loud miners
3. You can find gear without having to wait several month to get

If all 3 are true then no problem.

[ropyu1978]

if someone asks, can i make money mining bitcoin,? you just answer him, I get money, but the expenses and income in mining bitcoin now are not worth it, more expenses than income,, we better take the middle path, we just invest in bitcoin, because if you invest, if you lose not much, but if we are lucky, we are free to fly wherever we like,

[clint25n]

this is a good question topic but it is a bit excessive for us to convey.especially to the layman who says that bitcoin is not good for an investment, but for the process of getting money from miners it is also very dependent on the price of bitcoin as well as other investments, if the price goes down then our investment or our income will also experience the same thing, I don't think it's any different from other investments

[uneng]

The answer to "Can I make money mining Bitcoin?" is a qualified - yes.
IF:
1. Most important, you have access to very low cost electricity
2. You have a place to run the very hot and very loud miners
3. You can find gear without having to wait several month to get

If all 3 are true then no problem.

Even with low energy cost, a decent place to run the machines and accessible equipments does it really worth? Or would it be better to mine an interesting altcoin instead and convert the profits into bitcoin later?
Because after so many halvings and with a lot of big companies at the market the activity doesn't look so attractive for an independent miner anymore.

[swiftxi]

The price of the mining hardware alone is insane, it would have been profitable in 2019 . Anyone with any brain power, knew back then to invest big into BTC or BTC Mining.
Now its uncertain if Btc can hold this price of 50K, it might go up, it might not.Buyin hardware at an unprecedented price as well as coins is a big risk, time will show who was right.

[pawanjain]

The price of the mining hardware alone is insane, it would have been profitable in 2019 . Anyone with any brain power, knew back then to invest big into BTC or BTC Mining.
Now its uncertain if Btc can hold this price of 50K, it might go up, it might not.Buyin hardware at an unprecedented price as well as coins is a big risk, time will show who was right.

Thats exactly what I say to the people who ask me if they could mine bitcoin. Mining bitcoin alone is not the important factor but the cost of mining versus the return on investment is the thing to be considered the most.
Also, the time taken to make even is also another important factor.
Most people drop the idea when their initial investment is low because lower investment is equal to greater time to make even.
Bitcoin mining costs a lot and not a lot of people are able to afford it.

[geegaw]

if someone asks, can i make money mining bitcoin,? you just answer him, I get money, but the expenses and income in mining bitcoin now are not worth it, more expenses than income,, we better take the middle path, we just invest in bitcoin, because if you invest, if you lose not much, but if we are lucky, we are free to fly wherever we like,

A sad fate of current new bitcoin miners, after many halvings has affected the volume that the device can mine but the truth from the owner of the actual story is that not too many people believe while the magazine writes about a bitcoin miner's earnings are desirable numbers, it's clearly fake but newbie still believes, maybe the companies that make the mining equipment released such news to increase the price of the equipment and their profits. After all, those who dream of being a bitcoin miner are also ashamed of reality and do not share more, revenue cannot have a revival for lost expenses

[syedakhlaque]

We can make money mining bitcoin?" It is possible and many people in the world are doing the mining. But we have also to see the cost of mining. Is its cost cheap or more than output? The Electricity cost? If electricity is expensive then use solar energy and the computer system should be kept in some snowy region. Where there is no risk of them getting hot.

[Amejoaquim]

My answer is Yes I make money mining different coins but that doesn't guarantee that you will too. If you have patience, disposable income that you don't mind losing and free time to maintain the rig, then go for it. If not just buy the coin directly and hold it till you're happy. Again no guarantee you'll make a profit!

[carrigan]

Of course by mining Bitcoin you will get a profit. Even the profits are obtained in large numbers. But the large profits are also obtained from great hard work. To mine Bitcoin you need a device that is really strong and requires a lot of electricity and a strong signal. All of that will be paid off with Bitcoin mining results that have been you did.

[fullhdpixel]

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.

If Bitcoin mining was no longer profitable, then there wouldn’t be people who are still mining it today.
Although I think it also depends on where you are living, because the cost of electricity is not the same in every location. It might be cheaper for me, but that wouldn’t be the same for you in the country you live in. If you can be able to get in contact with those who are also mining Bitcoin in your country, you would be able to know how much it is going to cost you and whether you would be able to cover that from mining.

Bitcoin mining is still profitable today, even cloud mining, and there are lots of people who are still doing it till today. But I’m still of the opinion that you should try to know from those in your location, that way you will be very sure about it, or you can still go ahead and give it a try.

[deadmousehat]

Yes You can, but it costs a lot to mining bitcoin and it takes a long time to make a profit. Maybe another way can be suggested, because there are still many easier and profitable ways to get profit with bitcoin and faster.

[cheezcarls]

One of my friends has bought some few Bitcoin mining rigs and was fortunate that his colleague offered him electricity that is “free of charge” in mining BTCs there. I assume that his friend is “rich”.

However, if someone asked me that if BTC mining is still profitable and can make money with it, my answer would be a straight NO. Because the mining pool has so many participants unlike a decade ago plus the halving every 4 years that would make it even more difficult to mine along with the maintenance and electricity cost, it’s not worth it anymore. 

[leverageguy]

For someone who has no idea about bitcoin mining, understanding it won’t be easier. So, I don’t think that you should waste your time explaining to people what to do and what not to. It would be better if you refer them to websites where they will be able to find all the information they need.

[haasanjui]

There was a time bitcoin can be mined but now these are not mined these are able to trade only. Because it has 21M supply of tokens. And people buy sell trade them only.