Is It Still Profitable To Mine Cryptos In 2021

[motun01]

I have always been interested in mining cryptocurrency in a very long time and my biggest obstacle has always been the financial resources to purchase mining rigs and electricity required however remaining crypto-currencies became almost impossible for me because of the high cost involved and very low profit margin so I am pumped to ask that with the recent pumps in crypto prices and everything going to the moon is it profitable to mine Bitcoin in 2021 or any other altcoins please let me know.

[Flowzer]

As i know, the mining hardware price now skyrocketing and you need to spare your investment to pay electricity (For Long term investment or hodl strategy).
Ethereum Mining need more than 4 GB of VRAM to have a nice performance when Bitcoin need ASIC to do mining program.
For now its better to do trading than mining because if the price drop, your mining earning can be minus like in the past. Also as many miner decide to sell their hardware, the price of the hardware will falling down so hard.

[GreatArkansas]

There are some areas or countries where the electricity price is really expensive, so mining cryptocurrency may not that so profitable, or in all, you may just lose because of the expensive electricity.
And for me, if cryptocurrency you will mine will just sideways or up only these days, yes it is still profitable. Just read some stories about what happened in the last bull run 2017 - 2018, a lot of miners got REKT, especially for those miners who started at the peak of the run.

[asriloni]

I have always been interested in mining cryptocurrency in a very long time and my biggest obstacle has always been the financial resources to purchase mining rigs and electricity required however remaining crypto-currencies became almost impossible for me because of the high cost involved and very low profit margin so I am pumped to ask that with the recent pumps in crypto prices and everything going to the moon is it profitable to mine Bitcoin in 2021 or any other altcoins please let me know.

How profitable mining depends on the various factors. imagine when you are having a lot of hashrate power and you can generate very good daily profit from your mining. It can't be said when crypto gets pump and you will be profitable to mine crypto and this is not how it's working.

When the price increases the miners were putting more and more mining rig and that will make the difficulty will be increasing even higher too.

https://etherscan.io/chart/hashrate

It's an example and you must see that.
The difficulty will increase along with the pump that happened with the coin.

[cabron]

Mining rigs are expensive. I also wanted to do mine coins but there are just things to consider like electricity.

The ones that are easily mine are coins like IDENA because it just need solving a captcha and then you earn the coins which they consider mining. This could actually be a good coin to mine but needs constant monitoring since you have to solve arranging pictures which is how they are mined.

[Ken_terrance]

Yes mining is presently very profitable if you have free electricity or cheap electricity, also to get your ROI back faster you must mine every hour of every day, the most profitable coin presently is Ethereum

[Ken_terrance]

Mining rigs are expensive. I also wanted to do mine coins but there are just things to consider like electricity.

The ones that are easily mine are coins like IDENA because it just need solving a captcha and then you earn the coins which they consider mining. This could actually be a good coin to mine but needs constant monitoring since you have to solve arranging pictures which is how they are mined.

Getting paid for solving captcha and arranging pictures isn't real mining, this is like joining and claiming faucets like the old days, I've heard about IDENA through bounty campaign but never knew they would use this stupid idea as their mining strategy

[sangkler11]

You put the topic in the wrong thread bro, it should be placed here: https://bitcointalk.org/index.php?board=160.0


but I try to respond, you can visit this website
https://www.cryptocompare.com/mining/calculator/btc?HashingPower=40&HashingUnit=TH%2Fs&PowerConsumption=1500&CostPerkWh=0.12&MiningPoolFee=1

maybe this tool can help you to calculated before to starts mining bitcoin or other altcoins.

[Bitbtc8]

I believe it's kinda too late to start building mining rigs right now, even asic miners are skyrocketing in price, you can only get into crypto if you buy used cards and that's not advisable because used card can die on you at any time, a single RX580 8gb used to be around 170$ to 200$ in 2020 and now it's over 500$, for now look else where

[disconnectme]

I don't think a small player can make money mining these Big coins  and recently it is very difficult to see low to mid cap coin that is a Proof of Work (POW) project because of the 51 attack, if you have access o free or cheap energy you can give it a try but if not, I don't think it worth the try expect it is your hobby or betting on the future price of the coin

[cryptoaddictchie]

For me I prefer to do trading or staking. Less expenses on energy consumption plus not hassle to monitor and manage. But I'm sure there are some areas benefiting through mining.

I remember my friend, whom working on a computer shop. The owner didn't know that he is doing mining on the shop and the guy is literally doing a free expense mining. But that's not good. I found an article where country have very low energy fee just forgot where it is.

[PerfectCircle]

For me I prefer to do trading or staking. Less expenses on energy consumption plus not hassle to monitor and manage. But I'm sure there are some areas benefiting through mining.

I remember my friend, whom working on a computer shop. The owner didn't know that he is doing mining on the shop and the guy is literally doing a free expense mining. But that's not good. I found an article where country have very low energy fee just forgot where it is.

There is more mining coins than trying to go the easier way like staking, I am a computer engineer and I've loved everything about CPU and GPU since a very young age, been able to make money out of PC is cool and fun at the same time, also freedom of mining is better than staking

[maydna]

Mining is still profitable, but that is only if you can have a low fee in electricity and have the latest equipment for mining bitcoin or altcoin. Without that, I do not think you can get a nice return from the mining process. I know many of my friends who mining bitcoin and ethereum can't survive long because they need to pay the electricity cost, which is not too cheap. Besides that, I think you need always to upgrade your hardware to the new hardware, so you can get a nice reward from the mining.

I prefer to trading than mining because the money you want to use to buy the hardware will be useful for trading. Although you don't have high trading skills, you can expect to profit from trading, but you always need to try to buy low and sell high.

You need to set up many things before start mining, and that is not easy to do. The room for your hardware needs air conditioner to make the room doesn't heat because of the mining process.

[dihari]

Individual miners are killed by the companies. they're running their tons of rigs and process the blocks by themselves. In other words, it's better to invest on your time to learn and hone trading skill than buying an expensive mining rig. It's not profitable anymore except you run more than 10 asic miner.
And the most important thing is, it's not good for the earth lol. The usage of electricity is too high. I better invest on a pos coin because I love the earth.

[RussianEnglishTranslation]

I mine 0xMonero and Raven

[RobbyDama01]

In my opinion, there are advantages and disadvantages to mining crypto, how do we play it, because mining crypto every year has ups and downs so if we don't want to lose we have to mine properly and understand the work.

[Sourhearrt]

Think deeply about the cost of electricity before you start planning on building mining rigs, also know that it's not a good time to buy graphic equipments because they are too costly, you can use the money for gtx1660 today to buy two pieces of gtx1660 months ago

[cilgindansci]

Mining is getting harder and harder and a lot of capital is required for this job. Many countries are taking measures for the electricity problem. I think mining in 2021 is a very difficult task, but you can make a good profit with altcoin investments.

[aprilnot]

for me it is no longer profitable. it's easier to trade them, than to mine. electricity costs, internet fees, and maintenance costs for RIGs are all currently considered. small results with large expenditures are not proportional to the profits. different when trading, the bull market makes all coins profitable.

[danherbias07]

I would not do that anymore.
It requires a huge capital to be able to start a new mining device.
Think about how long the ROI is?
Investors might be making profits right now by just buying Bitcoin rather than spending it with GPU's with prices that are soaring.
Trade or invest will be the better idea.