Mining Bitcoin

[Fara Chan]

Oh god, just stop with this thing.
You have cheap electricity you can mine, you might be a citizen in a wealthy country making 10k a month but with higher electricity prices and you couldn't mine while somebody making 300$ in a third world country could have 3cents per kWh rates and could mine the shit out of it. Bitmain was selling the S19 Pro for $1900, the RTX 3090 Ti was going for 20% more back in March and we still had tons of people GPU mining without being part of the elite.

I personally don't do mining using ASIC or any tools, because the quality of the electricity I have is still low and the number of Watts measured in KWH tokens is around 400 volts, while the electric current measured is around 2.2 Ampere, with this assumption the required electricity needs will not be able to accommodate mining.
Based on these considerations, the area where we live is not suitable for mining, if we still use subsidized electricity provided by the government.

[Smack That Ace]

in my opinion it depends on conditions such as electricity and so on, but in 2022, I think you can still mine as long as the facilities are adequate. but now in various countries the price of electricity is starting to rise and this causes some people to stop mining because of the high cost of electricity, so I think it all depends on the situation.

People in countries with low electricity costs can still mine because it doesn't really matter to them. But they also have to consider how to cover operational costs because electricity costs are costs they must pay every month. And that's right. It all depends on the situation of each country. If we can get renewable energy or can use solar, wind, or even water to generate electricity, it will reduce the electricity costs we have to pay.

The only factor that would really be important is electricity/energy cost which would always be the main consideration whenever you decide mining whether focused on bitcoin or
other coins which could be mined.Even the miners are expensive but the cost of electricity is cheap then it would really at least cover up the expenses which it would really be
that just fine if you do proceed on mining because it would eventually just patch up the cost and ending up on making profits in the end of the day.
So if you are interested on mining and you do live on a country which does have cheap electricity then i dont have any questions to bother up myself
if im interested on doing mining.

Bitcoin mining needs a lot of factors to start, but the energy factor is the most important factor that we need to pay attention to. He can afford to buy several mining rigs and is fully equipped with knowledge about mining and how to operate but energy is another matter as it is always changing day by day, energy is being considered as the biggest problem nowadays in most countries. In addition, we must take into account that the market is extremely volatile, plus both of these will be a very difficult problem if we do not calculate in advance, very easily leads to loss when mining.

[Jeger.Kiting]

Mining Bitcoin is indeed very profitable, actually many people got rich by mining Bitcoin but that was in 2015 to 2020, not for 2022 now, because if you mine Bitcoin today, you will get nothing and only lose for electricity costs which is very high and your income is only small and not only that, if you are only a small miner you will surely lose to big miners who already have many tools and are sophisticated enough to mine Bitcoin. In my opinion, if you intend to do Bitcoin mining in 2022, it's better to think about it beforehand so you don't misstep later.

[CarnagexD]

Depends on the set up that you got, some mining rigs aren't profitable enough to be used for mining especially with factoring electricity costs, the profit might not be that much to be worth your time. Consider the weather, electricity and the price of equipments in your country before getting into mining because you might have a problem if you don't do it but hey if you have the money to be able cover the cost and you know you can profit big out of it then go for it.

[TheUltraElite]

Depends on the set up that you got, some mining rigs aren't profitable enough to be used for mining especially with factoring electricity costs, the profit might not be that much to be worth your time. Consider the weather, electricity and the price of equipments in your country before getting into mining because you might have a problem if you don't do it but hey if you have the money to be able cover the cost and you know you can profit big out of it then go for it.

Altcoin mining does not count though, some of those shitcoins may make a lot of money in short time - whereby mining those might seen very return worthy during that time, but since the miner joined the party late, they might end up in a loss in future once it crashes.

For bitcoin obviously, there are the times when mining was done on GPUs and it was profitable for an indie miner to run them - but that was long back pre-ASIC era and now we have ASICs fighting all over the world for a share of that the block subsidy. Hence it is not longer advisable for newbies to jump into the foray.

Again this is where the argument of whether altcoin mining might be a risk worth taking comes in - my answer to to that is also no.

[Moeda]

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

Many are still mining Bitcoin today. But is it still profitable? I can only say it depends on market conditions. If the price of Bitcoin is high, then mining is very profitable, but if the price of Bitcoin is low, of course the profit we get is very little. Miners usually sell their Bitcoin mining results every 3 years, or wait for a bull market. Why should they wait for the right time? because there are costs that are incurred every time sometimes not in accordance with the results of the mine. The routine costs incurred are electricity.
If you want to learn more about mining, it's a good idea to take a look at the information on the mining board. There you will continue to get the latest information about Bitcoin mining. https://bitcointalk.org/index.php?board=14.0

[bocyaj]

Mining bitcoin was not a easy task,you need to inverse a huge amount to get less amount of money to get as a profit.When the bitcoin was got as the payment from the mining.You should have a habit of holding bitcoin for the future.When the price of bitcoin pump to maximum,exchange some amount of bitcoin to usdt.Continue this process for the long run.When you made 2-3 bitcoin,you can gain a huge amount of dollars in a couple of years.

[panganib999]

It's not as profitable as it was given the costs of upkeep, as well as the number of bitcoins you could generate with a "standard" mining rig that could cost over thousands of dollars in today's market. Add to this the flak that this venture receives from environmentalists who see it as a wasteful and an environmentally-destructive way for people to earn money instead of looking for a proper 9-5. As it stands today, you're better off mining some other cryptocurrency instead of spending copious amounts of money on a setup that will only get you less money than what you put in in the long run. Stray from websites on google searches that promise cloud mining or something along those lines as it could easily be a scam that could cost you your precious cryptocurrencies.

[Editbar]

When calculating  Bitcoin mining profitability there are a lot of things you need to take into account.

A Hash is a mathematical problem the miner's computer needs to solve.

The Hash Rate refers to your miner's performance or how many guesses your computer can make per second.

Hash rate can be measured in  Mega hash per second (MH/s),

Giga hash per second (GH/s),

Terra hash per second (TH/s)

and even Peta hash per second (PH/s).

This refers to the number of Bitcoins generated when a miner finds the solution.

This number started at  50 Bitcoins back in 2009 and is halved every 210,000 blocks,  about four years.

The current number of Bitcoins awarded per block is 12.5.

The last block halving occurred in July of 2016 and the next one will be in 2020.

This is a number that represents how hard it is to mine Bitcoins at a certain moment according to the amount of mining power currently active in the system.

How many dollars are you paying per KiloWatt?

You'll need to find out your electricity rate to calculate profitability.

This can usually be found on your monthly electricity bill.

The reason this is important is that miners consume electricity - whether for powering up the miner or for cooling it down as these machines can get hot.

Each miner consumes a different amount of energy.

You'll need to find out the exact power consumption of your miner before calculating profitability.

This can be found easily with a quick search on the Internet or through this list.

Power consumption is measured in Watts.

If you are mining through a mining pool,  and you should,

then the pool will take a certain percentage of your earnings for rendering their service.

Since no one knows what the Bitcoin price will be in the future it's hard to predict if Bitcoin mining will be profitable.

If you are planning to convert  your mined Bitcoins in the future to any other currency,

this variable will have a significant impact on your profitability.

 The Difficulty increase per year -

This is probably the most important and elusive variable of them all.

The idea is that since no one can predict the rate of miners joining the network, neither can anyone predict how difficult it will be to mine in 6 weeks, 6 months or 6 years from now.

In fact, in all the time Bitcoin has existed profitability has dropped only a handful of times, even at times when the price was relatively low.



"is Bitcoin mining profitable?"

Once you have all of these variables at hand you can insert them into a Bitcoin mining calculator and get an estimate of how much Bitcoin you will earn each month.