BTC Mining, Still Relevant ?

[bitbunnny]

Only big mining farms are profitable now. No wonder that majority of Bitcoins is mined in China, they are leading mining country. Individual mining isn't profitable anymore, it's too much electricity and resources consuming for a rather small profit. So it's much better to choose some other option to make money with Bitcoin.

[1715607447]

1715607447

[1715607447]

1715607447

[stompix]

BTC mining is dead, sorry.

If BTC mining would be dead so would be the coin.
No mining > no blocks > no transactions > no way to use your coins. DEAD!

Which is obviously not the case!

Mining is still profitable always if your electricity cost $0.05Kwh. Not only for bitcoin but every new coins that requires mining is very profitable.

Depends on the gear you have, s17/s19, yeah it's profitable, s15 you barely earn a few cents, anything below that you lose money.

There are a few people there always sharing their rigs and setup and YES if you set up traditionally you'll be paying a lot for ASICs but if you somehow have a way for clean and cheap energy (like home solar setups that virtually cost nothing except setup) then even cheaper older ASICs are available.

Virtually nothing? Lol.
Do you think that you can put a solar panel on your house and you will be able to feed a 3000W miner all day?
You will need at best 10 panels just for that, not even mentioning batteries, controller , inverter.
All that for earning 8-9$ a day, after you pay 2000$ for a miner!

[ghost424]

I am new to this forum and I have noted some useful value add comments.
Wonder if anyone can help me?
Is Bitcoin mining still happening or this is relevant only for new Crypto currencies ?


Open to being educated privately [email - thabangom@gmail.com].

Relevant or not, Mining is still profitable if done correctly. There is also a whole section that is dedicated to Bitcoin Mining and other Mining related services. Mining is one way to earn Bitcoin slowly and surely that only uses your electricity. There are low cost mining equipment that is said to return your investment within 6 months. That is already profit once done properly.

[Coin_trader]

Bitcoin mining requirements is costly these days. You need to purchase specific hardware in order to mine a block which give you BTC in return, which profits low. If you calculate your electricity and mining equipment purchase, and i believe Antminer is much more costly. This is piece because its decrypts the code of a block faster than a regular GPU.

Antminer is much efficient than others, but still it will not be enough to earn a lot from mining knowing how high the bills increases even during Pandemic. It's only suitable to people who maybe have plenty of solar panels or in countries that have lower electricity billing. It will be better to use the capital in buying hardware to start trading especially now that it's good to trade as long you'll be able to ride on DeFi projects hype and will be able to monitor throughly.

[Kelvinid]

Only big mining farms are profitable now. No wonder that majority of Bitcoins is mined in China, they are leading mining country. Individual mining isn't profitable anymore, it's too much electricity and resources consuming for a rather small profit. So it's much better to choose some other option to make money with Bitcoin.

I can't imagine how mining companies in China still surviving these days and can manage their bills though we know that their electricity charges are also high the same with the other country. What are these people do to save their expenses and still able to compete with others and besides, they are the number 1 Bitcoin miners at this time. Maybe we think that their country leaders are supporting crypto more than a thing that they give support to others which gives them to cut their charges. Because if that so, no way that they can't make it through and become profitable.

And indeed you're right, small mining scales have a lesser chance to grow than those who have already been established well.