salve0908 (OP)
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September 05, 2024, 09:35:13 AM |
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Hello everyone! Since mining isn’t that popular anymore I’m curious is BTC mining still profitable?
I’ve really many equipment since I was mining ETH back in 2021 but when it changed from PoW to PoS I’m not sure about its profitability..I mean only 3% APR and much more money to invest now. So, do you recommend to stick to BTC mining or switch to staking? I saw crazy APRs like 150% but not sure about it
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fiulpro
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September 05, 2024, 09:39:41 AM |
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Hello everyone! Since mining isn’t that popular anymore I’m curious is BTC mining still profitable?
I’ve really many equipment since I was mining ETH back in 2021 but when it changed from PoW to PoS I’m not sure about its profitability..I mean only 3% APR and much more money to invest now. So, do you recommend to stick to BTC mining or switch to staking? I saw crazy APRs like 150% but not sure about it
I looked into mining when bitcoin had already started and it was supposed to cost me around 2k to set up and get everything done and it was definitely profitable at that time but I decided to wait, now if you look into the same possibility, the issue is : 1. Dominance of Mining farms, majority of industry is honestly being controlled by big companies 2. Small industrialists are still mining ⛏️ but they are fighting with the big fishes for profits 3. Individual miner, your circumstances are so different plus with the investments and energy costs, people generally avoid it It is definitely profitable but not as much as it was before. If you have the investments, then why not? If you can afford the bills, go for it! Best of luck 🤞
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Lucius
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September 05, 2024, 09:51:31 AM |
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@fiulpro, you write very fast, only 4 minutes to answer a question? I guess it's easy when you already have a prepared answer to the question you're asking yourself, right? That's stupid considering your trust feedback and accusations of alts...
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salve0908 (OP)
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September 05, 2024, 10:09:39 AM |
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@fiulpro, you write very fast, only 4 minutes to answer a question? I guess it's easy when you already have a prepared answer to the question you're asking yourself, right? That's stupid considering your trust feedback and accusations of alts...
Hah, nah, I can guarantee I don't know this man. No worries Plus, there's no ad in his message so what;s the point?
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cryptoaddictchie
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September 05, 2024, 10:14:01 AM |
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So, do you recommend to stick to BTC mining or switch to staking? I saw crazy APRs like 150% but not sure about it
Honestly never tried doing mining so I dont have the rates to give but Id been doing staking too and its much convenient for me given the right alts to do staking. Not bad APR as well but not gonna spend on mining equipment and electricity but only setting up a wallet and a fund to use for staking. But surely theres not much difference since my friends having a decent income as they response. Not much but still manage to do so.
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ABCbits
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September 05, 2024, 10:27:04 AM |
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I’ve really many equipment since I was mining ETH back in 2021 but when it changed from PoW to PoS I’m not sure about its profitability..I mean only 3% APR and much more money to invest now.
3% APR is current rate of ETH staking. Few years ago, it was few times higher. So, do you recommend to stick to BTC mining or switch to staking? I saw crazy APRs like 150% but not sure about it
Without any detail, no one can make solid recommendation. But if you don't have way to obtain Bitcoin ASIC affordably or cheap electricity price ($0.07/kWh or lower), BTC mining probably would be unprofitable for you. And i'm not aware of any coin which offer 150% APR by perform staking.
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salve0908 (OP)
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September 05, 2024, 10:31:16 AM |
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I’ve really many equipment since I was mining ETH back in 2021 but when it changed from PoW to PoS I’m not sure about its profitability..I mean only 3% APR and much more money to invest now.
And i'm not aware of any coin which offer 150% APR by perform staking. I believe I saw new projects who gives that like ETH in the beginning
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stompix
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September 05, 2024, 10:31:47 AM Last edit: September 05, 2024, 10:43:47 AM by stompix Merited by d5000 (1), Lucius (1), ABCbits (1) |
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@fiulpro, you write very fast, only 4 minutes to answer a question? I guess it's easy when you already have a prepared answer to the question you're asking yourself, right? That's stupid considering your trust feedback and accusations of alts...
The right man at the right time with the right answers and the right icons ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) It happens, trust me bruh! ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) What is actually funny is that that damn paragraph wasn't helpful at all and was just a useless wall of text. Plus, there's no ad in his message so what;s the point?
I find it even funnier when newbies know about signatures on this forum. Why not use this knowledge to go here https://bitcointalk.org/index.php?board=14.0and not ask the same question that pops up over and over and over again Without any detail, no one can make solid recommendation. But if you don't have way to obtain Bitcoin ASIC affordably or cheap electricity price ($0.07/kWh or lower), BTC mining probably would be unprofitable for you.
Make it 5 cents or lower, 7 cents before taxes and other costs is a no-go, even with the s21 launched 6 months ago you're looking at 3 years' ROI.
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Ambatman
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September 05, 2024, 10:38:08 AM |
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Hello everyone! Since mining isn’t that popular anymore I’m curious is BTC mining still profitable?
I’ve really many equipment since I was mining ETH back in 2021 but when it changed from PoW to PoS I’m not sure about its profitability..I mean only 3% APR and much more money to invest now. So, do you recommend to stick to BTC mining or switch to staking? I saw crazy APRs like 150% but not sure about it
ETH miners usually use GPU which is not suitable for Bitcoin so if you have such you would have to switch to ASICS. Is bitcoin mining profitable? It depends on your access to cheap electricity or energy among other cost. It's not as profitable as it was then, except you have a means of reducing cost in relation to returns. Staking that gives returns that high are quite risky and volatile. It's like gambling but in a year basis. Personally would stick with buying and accumulating BTC except you do have the capacity to mine in profit whether solo or via a mining pool. Which possibility is quite close to nil
I’ve really many equipment since I was mining ETH back in 2021 but when it changed from PoW to PoS I’m not sure about its profitability..I mean only 3% APR and much more money to invest now.
3% APR is current rate of ETH staking. Few years ago, it was few times higher. it's approximately averaged 2%.
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Lucius
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September 05, 2024, 10:40:54 AM |
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Plus, there's no ad in his message so what;s the point?
I find it even funnier when newbies know about signatures on this forum. Why not use this knowledge to here https://bitcointalk.org/index.php?board=14.0 and not ask the same question that pops up over and over and over again ~snip~When someone digs a hole under himself, it's only a matter of time before he falls into it - in this particular case, it happened very quickly. There are a lot of newbies on the forum who pretend to be beginners, but they do it very badly.
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ABCbits
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September 05, 2024, 10:59:39 AM |
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I’ve really many equipment since I was mining ETH back in 2021 but when it changed from PoW to PoS I’m not sure about its profitability..I mean only 3% APR and much more money to invest now.
And i'm not aware of any coin which offer 150% APR by perform staking. I believe I saw new projects who gives that like ETH in the beginning Assuming you remember it correctly, such APR probably only offered for very limited quantity or duration. And if you'd rather buy and stake altcoin, you might want to visit https://www.stakingrewards.com/assets which shows APY of such altcoins. Without any detail, no one can make solid recommendation. But if you don't have way to obtain Bitcoin ASIC affordably or cheap electricity price ($0.07/kWh or lower), BTC mining probably would be unprofitable for you.
Make it 5 cents or lower, 7 cents before taxes and other costs is a no-go, even with the s21 launched 6 months ago you're looking at 3 years' ROI. You're right. I'm not mining, so i don't always remember the suitable electricity price.
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JanNettFoster
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September 05, 2024, 11:26:06 AM |
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Hello everyone! Since mining isn’t that popular anymore I’m curious is BTC mining still profitable?
I’ve really many equipment since I was mining ETH back in 2021 but when it changed from PoW to PoS I’m not sure about its profitability..I mean only 3% APR and much more money to invest now. So, do you recommend to stick to BTC mining or switch to staking? I saw crazy APRs like 150% but not sure about it
I dropped mining bc it stopped being profitable for me. I earned, and then paid my bills, with 0% profit in the end. I didn't see 150% APR but I saw about 100-120% in one pos project Waterfall Network. Check them out, maybe it'll be helpful for you
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Pandorak
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September 05, 2024, 11:28:47 AM |
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Hello everyone! Since mining isn’t that popular anymore I’m curious is BTC mining still profitable?
I’ve really many equipment since I was mining ETH back in 2021 but when it changed from PoW to PoS I’m not sure about its profitability..I mean only 3% APR and much more money to invest now. So, do you recommend to stick to BTC mining or switch to staking? I saw crazy APRs like 150% but not sure about it
I had the same question on our local board [1], from the responses i got, i concluded that mining activities are no longer profitable. As for the crazy APR, don't trust them too much, do your due diligence first. It's up to you whether you want to continue your mining activities or not, but if you prefer to do staking, i suggest you take a look at Babylon [2], they seem to offer better returns than just 3% APR. [1] https://bitcointalk.org/index.php?topic=5507664.0[2] https://btcstaking.babylonlabs.io/
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tabas
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September 05, 2024, 12:43:38 PM |
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So, do you recommend to stick to BTC mining or switch to staking? I saw crazy APRs like 150% but not sure about it
If you can't afford the thousands of ASIC miners and are considering staking, it's best to avoid staking platforms or coins that offer that percentage. They will soon drop. Since you mined ETH before it turned into POS, and if you still have your GPUs, check out the coins that you can mine with them through https://whattomine.com/ However, I think that the profitability of those other altcoins has dropped too. As for people like me who have the same plans before, I've concluded that buying Bitcoin and holding it will give me more returns and then less effort and less electric bills and it has no other way but to go up. So, the potential loss will be there in paper but it will be recovered once it's high again.
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Mia Chloe
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September 05, 2024, 01:55:04 PM |
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Hello everyone! Since mining isn’t that popular anymore I’m curious is BTC mining still profitable?
I’ve really many equipment since I was mining ETH back in 2021 but when it changed from PoW to PoS I’m not sure about its profitability..I mean only 3% APR and much more money to invest now. So, do you recommend to stick to BTC mining or switch to staking? I saw crazy APRs like 150% but not sure about it
Yes bitcoin mining is still profitable. However it's not as rosy as it was during the very first 4 years to 8 years of it's launch. Mining was most profitable during the periods of 2009 to about 2012 when back then each successfully mined block had a net reward of about 50 BTC. However during those periods the price of bitcoin wasn't as high as it is now so then it really didn't seem like much of a big deal. Mining currently is very competitive and one of the biggest problems miners face is actually electricity costs. If AI can remember vividly I the philipma1957 used to have a solo mining farm he stopped because it became very uneconomical in terms of profit since electrical cost was already becoming a problem.
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adaseb
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September 05, 2024, 04:34:07 PM |
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Bitcoin mining hasnt been profitable for most retail people for the past decade pretty much. Only those with ultra low power rates could mine at a profit. What has been profitable until a year ago or so was GPU mining which is altcoins like ETH.
Even if you had decent power, you had to pay a huge amount of money for the miner ASIC to begin with and sometimes the ROI was 12 months or so. Some people got lucky and bought used miners who had free power at school or work. They always made profit, but for the majority of people it was always an uphill battle. Now its mostly industrial companies which are mining Bitcoin. And ETH GPU mining is no more since it went POS. Those days are long gone.
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serjent05
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September 05, 2024, 07:21:37 PM |
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Mining Hash Power should have dropped significantly if Bitcoin mining is not profitable anymore. Although mining reward halve again this year, the development of mining asics had already greatly advanced. The needed electricity to run a rig is much more conservative now unlike years ago. Aside from that the price of Bitcoin is high enough to give at least these Bitcoin miners a little room for profit. Although the price of electricity now a days is getting higher and higher, there are still places where electricity is cheaper and that is where those who created a Bitcoin mining farm are located, if not, these Bitcoin mining farm have their own renewable source of energy. Correct strategy and approach should be used in order for the mining farm to be profitable and I think they nailed it because these farms are still existing and yet to shutdown their mining power. But according to the data of https://www.blockchain.com/explorer/charts/hash-rate, the total hash rate seems not fluctuating that high. This means miners are still able to get profit on their Bitcoin mining activity.
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The Cryptovator
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September 05, 2024, 07:43:13 PM |
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Mining is still profitable, otherwise, miners won't continue mining Bitcoin. Since each halving makes reward half means lower profits than before. Without miners, transactions won't be confirmed. Regarding staking, you need to be very careful from your side. Just stake solid coins, even they pay your small APR. If you just look for high APR and choose a shitcoin, then you might lose a lot. Usually staking altcoin is quite risky since sometimes dump it hard. So choosing the wrong coins would be harmful for you.
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BitMaxz
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September 05, 2024, 10:10:08 PM |
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@OP If you don't have a free power source then you won't make any profit in mining BTC it would take more than 5 years before you get the ROI back or even a free power source it takes 3 years before you get your ROI back for s21 Hyd. Also, take note that you can't mine BTC with the ETH miner or the rig you have mining with GPUs is no longer profitable. When someone digs a hole under himself, it's only a matter of time before he falls into it - in this particular case, it happened very quickly. There are a lot of newbies on the forum who pretend to be beginners, but they do it very badly.
![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Now he retired after Stompix found out.
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uneng
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September 05, 2024, 11:32:46 PM |
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Mining isn't worthy for most crypto enthusiasts, because electricity cost plus mining equipment are expensive and the potential profit you will make will heavily depend on the market's fluctuations. An alternative would be to invest in altcoins mining, but then you will still have to be "lucky" in order to have the altcoins you are mining to have their price increased in the future. It seems much more profitable to just buy Bitcoin and hold it.
Why to take extra and desnecessary risks through mining operation since you can just acquire a portion of Bitcoin and hold it for profit? It's the most logical alternative at the current point of crypto industry. Unless you have an unlimited source of free energy, of course, what isn't the case of most people, anyway.
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