Cryptocurrency mining still profitable ?

[Firstfrost]

Cryptocurrency mining has definitely become very complex and costly industry over the years. High equipment and electricity costs, along with market volatility, has make it very challenging. Asides from complexity and high electricity costs, it’s also time-intensive and the rewards can be relatively low due to competition. The more miners increase, the more difficult mining gets as it require more computational power.

Cloud mining could have been an alternative but i’ve heard those who offer cloud mining services are mostly scams, so it’s better to stay off it. Given the expensive cost of crypto mining now, would you say it’s still worth it or not ?

[Ruttoshi]

Bitcoin mining currently is very expensive and is not advisable for anyone to go into mining if you don't know how much would be involved and you have no experience of this business. Before mining, you need to consider the electricity cost in where you intend to set up your mining farm. Solo mining isn't profitable anymore, only if you join a mining pool. Bitcoin use PoW.

Altcoins mining is nothing because the person with the highest quantity of coins does validate the block. Altcoin is PoS and censorship lacks security.

[1miau]

In mining you need to compete against big industrial giants who really mine a lot at very cheap electricity. Such competition is harsh and if you are not able to compete at such high levels of competition like cheap electricity, you can not make a good profit anymore.
Mining is not really profitable anymore for average Joes, it's just a hobby if you really like mining.

[Bitcoin Smith]

Number of miners increased so the chances of getting the rewards also decreased proportionally, it's just how it works and the block rewards are fixed amount so there will be no difference in it but if some solo miner need to have enough hash power to compete against mining pools then no one is stopping you.

As an individual starting with a capital like $10 to 50K the mining is that going to be that profitable and ROI also will take longer than before so better buy bitcoin with that amount and keep HOLDing. Yes it is not the same but second one is recommended in my pinion.

[Obim34]

With the large expenses of running nodes to kick off mining, it costs too much not to consider profits in the long run. Mining won't be profitable as it was, the blocks become difficult to mine with less Bitcoin being mined per block, as time goes on, there will be fewer miners that can keep up with all the costs to mine for little rewards.

It is advisable you take that huge capital and invest for the long run, Bitcoin is more profitable during this period when you can buy low and  sell very high in a few cycle.

[Stalker22]

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Given the expensive cost of crypto mining now, would you say it’s still worth it or not ?

Id say crypto mining can still be profitable for some, thats for sure.  But unless you have like a huge, industrial-level thing going with super cheap or even free electricity, you are probably better off not bothering.  Its just not gonna pencil out financially for most normal people? 

Now, if you wanna get exposure to crypto theres definitely easier ways that dont require sinking a bunch of money into equipment and racking up big electricity bills.  Us little guys are better off just buying some coins directly.

[Patikno]

Cryptocurrency mining has definitely become very complex and costly industry over the years. High equipment and electricity costs, along with market volatility, has make it very challenging. Asides from complexity and high electricity costs, it’s also time-intensive and the rewards can be relatively low due to competition. The more miners increase, the more difficult mining gets as it require more computational power.

Cloud mining could have been an alternative but i’ve heard those who offer cloud mining services are mostly scams, so it’s better to stay off it. Given the expensive cost of crypto mining now, would you say it’s still worth it or not ?

If you are talking about Bitcoin mining, then I would say it is hard now, while for altcoins there is still a possibility I think, but it seems like a matter of luck or game of chance. I have not seen anyone who is really profitable when mining, some time ago I saw some people who said that they managed to get profit from mining some altcoins, and as I remember it was ADVC and Verus coins or tokens, but unfortunately I saw that in the end those tokens had difficulty getting profit there, and one more thing is because the decline in value of the mined tokens is very drastic, so I think in the end no one really gets profit from mining at this time.

On the other hand, maybe about a year ago or so, I saw that many people were making profits after mining Kaspa tokens, and you need to realize that most of them made profits after the token had increased drastically in value, so the point is that it's like a game of chance as I said before, because I'm sure there are also people who are mining and only making a little profit than those who are mining and holding, and that's like gambling on luck. So the question is, do you know which tokens will experience a drastic increase after you mine them? It's hard to answer, right?

[alani123]

Bitcoin mining currently is very expensive and is not advisable for anyone to go into mining if you don't know how much would be involved and you have no experience of this business. Before mining, you need to consider the electricity cost in where you intend to set up your mining farm. Solo mining isn't profitable anymore, only if you join a mining pool. Bitcoin use PoW.

Altcoins mining is nothing because the person with the highest quantity of coins does validate the block. Altcoin is PoS and censorship lacks security.

This is highly variable. Some people have low electricity charges on home power pricing so they might still consider running a rig at home. Bitcoin mining now surely requires very noisy machines but it's not prohibitive to be done for profit. There's actually still a very big community of hobby and semi-pro miners that run machines at home and in DIY style. So if someone decides to start, albeit the very high competition from industrial scale mining, it can still be viable and there's a lot of community support. A Bitmain S21 can go for $1500 and runs at 4k Watts, it's still a realistic entry price and consumption for a home mining machine. Although if you want to scale up things surely become harder at home.

[boyptc]

Cloud mining could have been an alternative but i’ve heard those who offer cloud mining services are mostly scams, so it’s better to stay off it.

Good, because this is exact.

Given the expensive cost of crypto mining now, would you say it’s still worth it or not ?

How much will it cost you to buy an asic and everything? Make an advanced calculation of the cost of operation including bills and maintenance of your miner/s.

IMHO, it's best to use that budget to buy Bitcoin and simply HODL. Less effort, less hassle, you all need to wait.

[SATWAT]

Cloud mining could have been an alternative but i’ve heard those who offer cloud mining services are mostly scams, so it’s better to stay off it.

Good, because this is exact.

Given the expensive cost of crypto mining now, would you say it’s still worth it or not ?

How much will it cost you to buy an asic and everything? Make an advanced calculation of the cost of operation including bills and maintenance of your miner/s.

IMHO, it's best to use that budget to buy Bitcoin and simply HODL. Less effort, less hassle, you all need to wait.

Due to recent crisis and situation the best thing is instead of investing into mining have bitcoin and hodl for some time can give better profit because electricity prices and few other problems having deep impact on small miners, and they have no enough chance to survive for long time and have profit.
Sometime back I was also thinking but after doing calculation and few other things I leave this idea and started investment in bitcoin which is now much better and profitable option for all.
But still if someone want to go ahead then surely he needs to work on then jump into this journey because without having any prior updates and all details things can go on wrong side which are always not good deal for anyone so for the better use of your hard-earned money just search and then start.

[Publictalk792]

Bitcoin mining currently is very expensive and is not advisable for anyone to go into mining if you don't know how much would be involved and you have no experience of this business. Before mining, you need to consider the electricity cost in where you intend to set up your mining farm. Solo mining isn't profitable anymore, only if you join a mining pool. Bitcoin use PoW.

Altcoins mining is nothing because the person with the highest quantity of coins does validate the block. Altcoin is PoS and censorship lacks security.

That is right dear Bitcoin mining is extremely expensive and complicated not for beginners mainly because of huge electricity costs for special computers needed. Solo mining is thing of past joining mining pool is only way to go for most. Bitcoin uses Proof of Work which is secure but uses much of energy. When it comes to other cryptocurrencies many have switched to Proof of Stake where you validate transactions based on how much coin you hold making it more energy efficient. However PoS can lead to power held by few big coin holders raising worries about control and potential censorship.

[Catenaccio]

That is right dear Bitcoin mining is extremely expensive and complicated not for beginners mainly because of huge electricity costs for special computers needed.

I don't say it is expensive because if you say it with Bitcoin mining, you can say the same with Bitcoin investment. Surely that Bitcoin mining requires many initial investment and knowledge for doing it well at beginning as well as maintenance a long the way so if you are not ready for these things, you can simply do your Bitcoin investment.

Solo mining is thing of past joining mining pool is only way to go for most.

Solo mining is long gone but there are still attempts on it like finding a super lucky life-changing block. SoloCK is a mining pool for solo miners.
https://mempool.space/mining/pool/solock

NERDMINER: Bitcoin lottery miners.

[BenCodie]

Yes, it's still profitable to mine (if you are setup correctly), though it will take business experience, investment and research, plus the risk will vary based on your know-how and how you execute. You can't just plug in and profit unfortunately In the initial days of Bitcoin you could mine with your CPU. Then GPUs and mining farms (which became more expensive as difficulty exponentially grew in comparison to CPU era) which you could still do as an individual. Jump to now, you need energy efficient storage spaces and plenty of equipment. It isn't cheap, it requires investment, and it's not a hobby, but a business operation that needs to managed carefully and intelligently.

[traderethereum]

Bitcoin mining will not easy because you need to have a high equipment and low electricity cost. But if that is altcoin, you can do that but the problem is you may difficult to sell at a high price and make a big profit.

Cloud mining is not work and mostly scams so you don't have to even try that. Instead trying to mining Bitcoin or altcoin, you can use the money to trade or just invest in Bitcoin.

So that will not worth mining Bitcoin especially for people with limit budget. They will pay a high electricity cost and expensive equipment without have a big chance to profit. So that will be your call.

[btcltcdigger]

Here's a tip which i was told around 7 years ago when i went into mining: The money you spend on a rig, invest in BTC and wait.
And it holds true to this day, if i put around $7-$8k usd into BTC 7 years ago, i would have 10x or 15xit on BTC alone.

[henry1111]

Here's a tip which i was told around 7 years ago when i went into mining: The money you spend on a rig, invest in BTC and wait.
And it holds true to this day, if i put around $7-$8k usd into BTC 7 years ago, i would have 10x or 15xit on BTC alone.

Hello,
And what about mining at that time? With same budget how many blocks were created at that time, time as in with hashrate and everything
so why was mining such a low key thing .
Still people are doing it why ?
I want to know all this things can you please tell me.

[un_rank]

...if i put around $7-$8k usd into BTC 7 years ago, i would have 10x or 15x it on BTC alone.

$7-$8k would have gotten you 1BTC 7 years ago. Do you think if you had invested that in mining you would have been able to get 1BTC in reward, if we factor in any subsequent cost of production was taking out of the profits? I do not have the numbers, but I cam curious if anyone can crunch them up.

- Jay -

[cxtreenal]

Mining the last blocks requires more complex and sophisticated equipment. Environmentally friendly equipment for Bitcoin mining provides additional security. Institutional mining reduces costs compared to individual mining. You are right that most of those involved in cloud mining are scammers. Individuals with mining processes may be on the losing list when considering the price of equipment and production costs.

[boyptc]

Cloud mining could have been an alternative but i’ve heard those who offer cloud mining services are mostly scams, so it’s better to stay off it.

Good, because this is exact.

Given the expensive cost of crypto mining now, would you say it’s still worth it or not ?

How much will it cost you to buy an asic and everything? Make an advanced calculation of the cost of operation including bills and maintenance of your miner/s.

IMHO, it's best to use that budget to buy Bitcoin and simply HODL. Less effort, less hassle, you all need to wait.

Due to recent crisis and situation the best thing is instead of investing into mining have bitcoin and hodl for some time can give better profit because electricity prices and few other problems having deep impact on small miners, and they have no enough chance to survive for long time and have profit.
Sometime back I was also thinking but after doing calculation and few other things I leave this idea and started investment in bitcoin which is now much better and profitable option for all.
But still if someone want to go ahead then surely he needs to work on then jump into this journey because without having any prior updates and all details things can go on wrong side which are always not good deal for anyone so for the better use of your hard-earned money just search and then start.

That's right, small miners can barely survive due to the changes not just in the difficulty of mining but also into the electricity prices might fluctuate as well.

But there are Bitcoin people that have been ideal of mining Bitcoin and that's what they want to do so, they'll still wanna do what they think is right and what have they dreamt of.

If they want to help the network and maintain it, they can also run a node if they want to.

[katanic97]

In mining you need to compete against big industrial giants who really mine a lot at very cheap electricity. Such competition is harsh and if you are not able to compete at such high levels of competition like cheap electricity, you can not make a good profit anymore.
Mining is not really profitable anymore for average Joes, it's just a hobby if you really like mining.

Huge electricity bills kept coming i had a friend who ran a business and, alongside his main job, had a space where he kept mining machines. That lasted for five years, and afterward, he pulled out everything he had and used that money to start a new business, which is still doing quite well today. Mining just wasn’t sustainable anymore, because, as you said, the electricity bills were massive. No matter how hard he tried to cut costs and be efficient, he just couldn’t make it work. So it's very hard to make it profitable almost impossible.