Is crypto mining still profitable?

[JanNettFoster]

Hey guys! Hope you to share your experience and thoughts
Since ETH switched to PoS on September 15th, 2022 mining ended for me, there's no coins to mine and to earn. But I still have equipment (however, its price dropped in a half), so I'm curious - are there any crypto you can still mine and get income?

[1714827506]

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[1714827506]

1714827506

[sesterceshop]

If you have GPUs that are over 2 GB, then XMR comes to mind - https://whattomine.com/coins/101-xmr-randomx

You can also consider joining a mining pool or using cloud mining services to increase your chances of earning profit.

[svgisawmn]

Hey guys! Hope you to share your experience and thoughts
Since ETH switched to PoS on September 15th, 2022 mining ended for me, there's no coins to mine and to earn. But I still have equipment (however, its price dropped in a half), so I'm curious - are there any crypto you can still mine and get income?

Not sure about your country but I live in Ukraine and mining became impossible. Electricity cost is too high and it doesn't pay off (even with solar panels)

[alastantiger]

No, in 2023 crypto mining in not profitable.  and I wouldn't advice anyone to mine cryptocurrency in 2023, small time miners are already selling off their equipment. This is due to the fact that there is a decrease in profit that miners are getting because of the bitcoin halving expected next year.
Mining hardware is now expensive compared to before and unless you backed by an organization or have  a lot of money... for small time miners, they do no not have such capital to procure the hardware needed. 

Lastly, the rise in other always to acquire bitcoin as well as other cryptocurrencies is negatively affecting mining. Most people are acquiring bitcoin through staking and trading etc.

[SamReomo]

If you have GPUs that are over 2 GB, then XMR comes to mind - https://whattomine.com/coins/101-xmr-randomx

You can also consider joining a mining pool or using cloud mining services to increase your chances of earning profit.

is cloud mining profitable, can you share your experience, please?

I would recommend you to stay away from cloud mining because it's a pure form of scam and if you invest your money into cloud mining sites then you may end up loosing your money. Cloud mining was introduced to trick those people who weren't aware about mining and the ones who still trust such thing should get proper knowledge about it before putting their money into it.

Back to @OP! In 2023, the mining is not that much profitable and anyone who has bought ASIC miners in 2021 is hardly earning any profits from mining. The ones who are earning some profits from mining even in 2023 are those people who have access to free electricity or very cheap electricity. If you don't have cheap or free electricity then you should stay away from mining especially in 2023.

[FP91G]

Hey guys! Hope you to share your experience and thoughts
Since ETH switched to PoS on September 15th, 2022 mining ended for me, there's no coins to mine and to earn. But I still have equipment (however, its price dropped in a half), so I'm curious - are there any crypto you can still mine and get income?

What video cards do you have and what is the cost of electricity?
Now you can mine some coins for the future or sell old video cards and buy slightly more powerful video cards from miners instead. It is not yet profitable to buy new video cards for mining.

[@sriyan]

Hey guys! Hope you to share your experience and thoughts
Since ETH switched to PoS on September 15th, 2022 mining ended for me, there's no coins to mine and to earn. But I still have equipment (however, its price dropped in a half), so I'm curious - are there any crypto you can still mine and get income?

Crypto mining profitability depends on the mining difficulty and the electrical costs.  Also, regulations could affect how mining operations are conducted. Currently I 'am running a few validator nodes using a VPS. You can try out some layer 1 projects for the node running operations.

Eg :
1. Shardreum
2. Namada
3. Celestia

[joniboini]

is cloud mining profitable, can you share your experience, please?

Try looking around for GPU renting services if you can't mine with it. I recall some users sharing how they make some money by renting their GPU for decentralized computing services. It should offer you better results compared to cloud mining especially if you have some GPU laying around. Cloud mining is only profitable for the business while the user only gets a very small profit most of the time (or scams, as mentioned above). CMIIW.

[FP91G]

is cloud mining profitable, can you share your experience, please?

Try looking around for GPU renting services if you can't mine with it. I recall some users sharing how they make some money by renting their GPU for decentralized computing services. It should offer you better results compared to cloud mining especially if you have some GPU laying around. Cloud mining is only profitable for the business while the user only gets a very small profit most of the time (or scams, as mentioned above). CMIIW.

These services do not guarantee 100% rent to the miner. The miner will be forced to overpay for more expensive equipment, but as a result, his video cards will mine coins with a small profit 90% of the time. Therefore, if you do not have guarantees for renting your equipment, then try to take into account only the payback from mining.

[SharonC]

No, in 2023 crypto mining in not profitable.  and I wouldn't advice anyone to mine cryptocurrency in 2023, small time miners are already selling off their equipment. This is due to the fact that there is a decrease in profit that miners are getting because of the bitcoin halving expected next year.
Mining hardware is now expensive compared to before and unless you backed by an organization or have  a lot of money... for small time miners, they do no not have such capital to procure the hardware needed. 

Lastly, the rise in other always to acquire bitcoin as well as other cryptocurrencies is negatively affecting mining. Most people are acquiring bitcoin through staking and trading etc.

totally agree with you! After eth ended mining, the mining ended for good
ram and cpu prices decreased x2

[Bitcoin_Arena]

Crypto mining profitability is seasonal, sometimes you could mine at a loss, but if you are patient enough. You could rip big at the end, though no one really knows which coin might be the next big thing in terms of mining profitability when the bull market is finally on. It's similar to how we buy coins during the bear market while waiting for how they will perform in the bull market.

[adaseb]

I don’t think home miners will be able to mine profitability like we had since ETH came out in late 2015. Globally the electricity prices have gone up lots since then. And since ETH was removed as one of the most profitable GPU coins out there there isn’t much.

Sure you can do Bitcoin mining but the rigs are crazy expensive and they are risky to buy. Same with the other algos like Litecoin. You can mine a few new coins here and there but it’ll most likely be short lived. Even the ETH POW coin was a failure.

[FP91G]

Today I was looking through coins for mining on video cards, and I didn’t find anything profitable. It is unprofitable for a beginner to enter this business. You can get a little more cheating profit on CLORE mining, but this is a small increase in profit. I'm currently on standby. If a new coin appears, then I will turn on mining. I have the advantage that my equipment has already been paid for, so my risks are small.

[rdagcoin]

Can wait until the next bull market

[nur1labs]

Can wait until the next bull market

we wait for that market for next bull run for turn on mining big. but after all the profit one still bigger miner 

[FP91G]

Can wait until the next bull market

How do you propose to wait?
Should miners buy cheap hardware now and wait or buy hardware when the demand for mining is high and videocart and ASIC prices go up as well?
But the competition in mining is high, and without cheap electricity, waiting will not bring profit. As soon as the profit grows, the number of miners will also increase.

[Bitcoin_Arena]

Can wait until the next bull market

So you finally wake up and start buying mining gear when it's already expensive and the coins are already up in price? 
My brother, always avoid FOMO, it's way too risky, start early.

The good thing about the bear market, in most cases, there is only one way to go... Upwards!

[nur1labs]

Can wait until the next bull market

So you finally wake up and start buying mining gear when it's already expensive and the coins are already up in price? 
My brother, always avoid FOMO, it's way too risky, start early.

The good thing about the bear market, in most cases, there is only one way to go... Upwards!

well risk too big i think but sometimes when bull some coins is still low. maybe the timing needs here we know asic cheap now. we not much trust on this time if calculate wrong become bad.

[Bitcoin_Arena]

well risk too big i think but sometimes when bull some coins is still low. maybe the timing needs here we know asic cheap now. we not much trust on this time if calculate wrong become bad.

Still less risky than buying an already very expensive mining gear at the peak of the bull market due to FOMO only for the coin prices, mining profitability and mining gear value to drop a few weeks later.

[FP91G]

well risk too big i think but sometimes when bull some coins is still low. maybe the timing needs here we know asic cheap now. we not much trust on this time if calculate wrong become bad.

Still less risky than buying an already very expensive mining gear at the peak of the bull market due to FOMO only for the coin prices, mining profitability and mining gear value to drop a few weeks later.

In 2018-2019, when mining was unprofitable or low-profit, miners knew which coins to mine and most miners chose Ethereum. Now no one knows which coin to choose, because all these shitcoins for mining on video cards do not inspire confidence. And for current coins it is more profitable to use Nvidia 2xxx-3xxx series and AMD analogues.