Now is definitely an excellent time for personal mining

[lucky9475]

why would you say so
Because China’s large mining farms have been closed, the computing power of the entire network has been reduced a lot, and the difficulty of mining has also been reduced. At this time, the amount of currency produced has increased, and the income of individual mining at home will also be Increase, plus a great tool, increase wealth is really easyhttp://file:///C:/Users/Administrator.BF-20210502SNVU/f655292903bc6dc7129293eab60914d.png

[ranochigo]

Difficulty hasn't changed for the current epoch. Any profitability change will occur in the next epoch. I highly doubt that it is very profitable for anyone right now. Difficulty remains unchanged and the price has dropped quite significantly.

The only time casual miners are able to get any significant profit is that if the difficulty drops drastically while the price rises at the same time. Else, difficulty tracks the profitability and you're better off just buying your coins.

[lucky9475]

The cost of buying cryptocurrency directly is too high, and the investment in mining is still much less than that of buying cryptocurrency directly. We have to control costs and risks

[Upgrade00]

The cost of buying cryptocurrency directly is too high, and the investment in mining is still much less than that of buying cryptocurrency directly. We have to control costs and risks

The cost of buying cryptocurrencies Bitcoin is not too high compared to a couple of months ago when it was almost double the current price. And you can always buy a fraction of a Bitcoin depending on how much you have, you can as well DCA.
Mining investment depends on a lot of factors such as your capital and access to cheap electricity, so it can only be relatively cheaper, but it's not always like that.

[lucky9475]

Have you been doing it your own way now?

[btc_angela]

I don't think it will be profitable to mine personally, difficulty is still very high even though some miners in China has pull the plug. Might be better to just buy BTC and hold instead to solo mine which might give you a big head ache later as there are a lot of factors to consider, specially where you are going to get cheap electricity? and then mining gear are also very expensive.

[lucky9475]

There are still a lot of cheap electricity in Asian countries. This is easy to find. The price of mining machines is now reduced. Small-scale personal operations are still very profitable.

[clint25n]

in an age of forbalitatas like this, it is indeed very difficult for us to become miners, given the uncertain prices and making miners feel very confused about unstable prices. What if they mine in large quantities.what if the price doesn't go up like this? What is expected is that it will be a loss for the miners themselves.And if the price goes up, the miners can get abundant profits.that is what we call investment. We can determine the selling price and buying price in a short time.

[SFR10]

The cost of buying cryptocurrency directly is too high, and the investment in mining is still much less than that of buying cryptocurrency directly. We have to control costs and risks

It looks like you've forgotten about the issues that might come with mining investments; It's not always going to be a smooth experience...

e.g.

• Dealing with faulty boards, PSU's and etc... > Shipping them for repair ^{[depending on the situation, it could lead to additional costs]} > Less hash rate.

The price of mining machines is now reduced.

I haven't checked if that's indeed the case, but I don't think it'll last forever...

[ranochigo]

The cost of buying cryptocurrency directly is too high, and the investment in mining is still much less than that of buying cryptocurrency directly. We have to control costs and risks

It is not. Think about it.

Mining is an entire industry by now and the barrier of entry has been raised again and again. China explicitly banning certain Bitcoin farms might have some impact on the difficulty in the future but it has certainly affected the prices right now. Those miners have access to the lowest electrical rates and ASICs, as they're doing it in bulk. Do you really think an average person can mine at a lower cost at them? Most likely not.

Any difficulty drop is almost always shortlived and the subsequent difficulty change will result in a significant change in difficulty as well. It is possible for people to be mining for a profit (probably 1-2%), if difficulty drops further and price increases. Reaching ROI can take months and most revenue are not sustainable. I can guarantee you that it is faster (and safer) for people to put $4K in Bitcoin than to purchase an ASIC, wait 7 months for ROI, if that is even happening and potentially risking having to stash it away somewhere after the difficulty starts increasing again.

There are a ton of things that can and will go wrong in the process. Investing in mining equipment without taking into account further fluctuation in profitability is just stupid.


Also, difficulty hasn't changed. It is less profitable to mine today than 6 days ago.

[Lee_Mire]

The cost of buying cryptocurrency directly is too high, and the investment in mining is still much less than that of buying cryptocurrency directly. We have to control costs and risks

I think its easier and possibly cheaper to buy cryptocurrencies rather than mine them. Personal mining era has passed.

[ethereumhunter]

If you have a low fee of electricity cost or almost free of the electricity fee, you can start personal mining at your home because maybe you can earn some nice rewards from bitcoin mining. But if you still pay a high electricity cost, bitcoin mining will not be profitable. Even if the difficulty is reduced a lot, you still need to think about the electricity cost. It will be different if you can have renewable electricity from solar, water, wind or else you do not need to pay the fee to your government. But you can start mining if you want so you can know how many rewards you can earn. You need to know that you need to have the newest mining hardware that will cost you more expensive if you want to get a big reward. You can calculate the BEP later.

[xwshamim]

I think holding is better then mining and facing different  types of problems and pay a charge every month.  But i dont understand why people are afyer Mining.

[mikeywith]

I think holding is better then mining and facing different  types of problems and pay a charge every month.  But i dont understand why people are afyer Mining.

In some rare cases, mining is a lot more profitable than HODLing, remember that mining generates passive bitcoin, hodling does not (unless you are farming it in some stupid shit), so if you can buy 1 BTC worth gears today, and end up with say 1.5BTC after 12 months, hell ya that beats "hodl", but you need a streak of luck, cheap gear, good quality gear, cheap power rate and great timing for entry.

The sad truth is that most newbies buy the wrong gear for the wrong price at the worst time possible.

[flip4flop]

Everyone's situation is different. Anyone who makes a blanket statement saying "x is more profitable than x" is just speculation based on their current situation. It can be either for a variety of people. If you have free electricity and/or access to a seller of ASICs who could give you a fair deal you easily can make a killing. If you don't and end up paying a premium for everything then it makes more sense to just buy and hold. At the end of the day, each individual should do the cost and risk analysis for what situation works best for them.

[tokyohd]

Unless you get electricity for free it's not profitable
J

[flip4flop]

Unless you get electricity for free it's not profitable
J

Not true at all. I have ASICs hosted at locations paying .059/kw and they have been very profitable and will continue to be. I dont know why people make blanket statements about profitability that have no data or anything else to say. What algo, what equipment and over what timeframe?  I have been mining for almost 5 years now and I have mined way more crypto and converted into BTC or ETH than I ever would have had if I just bought the same amount of BTC with fiat that I paid for the ASICs or GPUs. At any point I could sell my equipment and buy even more crypto as well.  Saying its not profitable with no information beyond that is lazy or illinformed.

[paid2]

Unless you get electricity for free it's not profitable
J

Thanks god you're wrong ! They are so many possibilities for being profitable, even with medium cost of electricity

[Husires]

What algo, what equipment and over what timeframe?  I have been mining for almost 5 years now and I have mined way more crypto and converted into BTC or ETH than I ever would have had if I just bought the same amount of BTC with fiat that I paid for the ASICs or GPUs. At any point I could sell my equipment and buy even more crypto as well.  Saying its not profitable with no information beyond that is lazy or illinformed.

It is rare to hear this nowadays, almost all the new altcoins have become centralized relying on POS because they want to make a quick profit for their developers and thus distribute the coins quickly with low fees.
I used to remember in the year that the limited and the possibility of mining using inexpensive devices used to give coins a value. Today, we see that coins containing trillions or more of the supply are popular and make profits.
Mining altcoins is often not quite as profitable as mining Bitcoin.

[Difidifi]

The cost of buying cryptocurrency directly is too high, and the investment in mining is still much less than that of buying cryptocurrency directly. We have to control costs and risks

This is incorrect. Example: a S19 Bitcoin miner costs currently $10,000 and performs with 100THash/sec and pulls about 3200 Watt (a bit more than advertised)
Let's say you would invest the $10K today in BTC , that would give you 0.2 BTC which would appreciate in price over time

After deducting the electricity your miner would produce only 0.00052684 per day

let's assume the difficulty would stay the same (which is not realistic) you would need to mine for 379 days until you break even and make your 0.2 BTC back.
In the meantime you have to deal with cooling, noise levels and maintenance

And this is the best case scenario with one of the best performing BTC miners. If you have a lower performing model, it will take exponentially longer to make your money back - if ever.
Plus realistically: with increasing price and upcoming better performing chips the network hash rate will go up and your rewards will be reduced over time.

So no, if it was for the pure investment purpose you are better off buying the currency directly.

Miners want to support the network, helping to keep a stable decentralization and in return they are getting some rewards. Although it is a business, it is a different philosophy than direct investments.