Is Bitcoin mining still worth it?

[Euphykorie]

I keep hearing about Bitcoin mining, but I’m confused if it’s still worth it. Is mining something an individual beginner can do with normal equipment, or is it profitable now for big companies with lots of machines?

[348Judah]

Anybody can go into bitcoin mining, but you must understand the requirement to start one, a mining rig is where bitcoin is being mined and to set up a standard one is somewhat capital intensive, be it individual or as a corporation is the miner's choice, then the experience and technical skill needed is also what we should understand well before becoming a miner, mind you bitcoin mining uses Proof of Work and this is quite different from all other sources of mining other digital currencies in cryptocurrency.

Learn more on how to mine bitcoin using this link https://www.forbes.com/sites/digital-assets/article/how-to-mine-bitcoin/

[Oshosondy]

If you want to know more about bitcoin mining, you can read about ASICs which are the mining machines that can be used to mine bitcoin, unlike before when miners were using miners that were producing lower hash rates.

ASICs are very expensive.

Also you will need to be in an area that electricity is very cheap because ASICs are consuming huge amount of electricity. If you are interested in mining, you can also read about mining pools and differentiate it from solo mining.

ASICs also make noise, but you can buy noise reducers or built a place for it that will reduce the noise coming out.

You will see bitcoin mining profitability calculator online where you can make calculations to know if bitcoin mining will be profitable for you or not.

[Ruttoshi]

I keep hearing about Bitcoin mining, but I’m confused if it’s still worth it. Is mining something an individual beginner can do with normal equipment, or is it profitable now for big companies with lots of machines?

It's more profitable for big companies i.e it's better to join a mining pool than solo mining because of the high cost of electricity, it's easier to solve the puzzle faster by mining pool than solo miner. This is because a solo miner will need an ASIC machine with a high hash rate power in order for him to mine a block but with a mining pool and hash rates put together, there's a high chance of luck.

Mining is very expensive because to take care of all the expenses of electricity, overhead cost, maintenance of equipment and more is a lot of money. If you're in a country with expensive electricity that alone can make you run at loss. I will prefer to buy bitcoin with the money that I planned to set up a solo mining farm with.

[EluguHcman]

I keep hearing about Bitcoin mining, but I’m confused if it’s still worth it. Is mining something an individual beginner can do with normal equipment, or is it profitable now for big companies with lots of machines?

Mining is ever profitable as long there are rewards for every mined blocks. It only depends on individual mental and device sufficiencies to do the mining tasks efficiently.

Currently mining equipments has become much expensive to afford and mining workload has been also overloaded due to concerns about keeping the source of the networking system a reliable technology for users.

So mining pool has become a more proficient angle to be profitable as a miner currently. It is unlike before when you can use lower capacity equipments like the FGPA, CUP and the GPU devices and softwares to run the programs which were then profitable.

[alani123]

Mining for profit has become very tough now.

In the US large data centers are getting special deals from the private utility companies while in every other part of the world almost no such option even exists.
Electricity prices have generally grown a lot since the pandemic. So it's very hard to compete now.
Also mining machines have become larger and larger. If you don't invest on scale it's even harder to profit.

To mine for fun or to learn? Sure. But trying to mine bitcoin for profit becomes increasingly harder when you have to compete with datacenter-scale mining and as the difficulty rises.

[IIrik11]

i was reading a post about bitcoin mining on reddit this morning and a guy said this:



now, i don't know nothing about bitcoin mining,, therefore, i cannot say whether he is right or wrong

but just a few days ago,, i read in news that some lucky fella was able to mine a block with a solo miner

here's the news: https://decrypt.co/338396/solo-bitcoin-miner-gets-lucky-scores-347k-in-btc

don't know what solo miner he used and how much he paid in power whilst mining but i doubt it was $98k?

[Outhue]

i was reading a post about bitcoin mining on reddit this morning and a guy said this:



now, i don't know nothing about bitcoin mining,, therefore, i cannot say whether he is right or wrong

but just a few days ago,, i read in news that some lucky fella was able to mine a block with a solo miner

here's the news: https://decrypt.co/338396/solo-bitcoin-miner-gets-lucky-scores-347k-in-btc

don't know what solo miner he used and how much he paid in power whilst mining but i doubt it was $98k?

The higher the hashrate that your miner can provide the better your chances of hitting a block, and also luck plays a bigger role in solo mining, someone with 20TH might get lucky too but it can take decade or never, whereas someone with 300TH can get lucky faster compare to the 20TH.

Is hitting a block very important to you? Set up gigantic hashing power, if your electricity is cheap it will favour you but if it's not you will regret your decision down the line, this days it doesn't take too long for people to start selling their bitcoin miners they just pruchsed few months back, I am talking out of what I have seen happening with people who rushed into Bitcoin mining, thinking that they can cope.

[logfiles]

The bitter truth is that it is not as profitable as it was and when investing in mining Bitcoin, in order to realise good profits, holding the mined Bitcoins long term makes sense. But if you are going to mine and sell off immediately, it will look less profitable.

Also, other factors to consider are maintenance costs, power costs and the cost of mining gear.

Take it as a game of chance (or a lottery game). So when you decide to do solo mining with your individual set up, you could go for a decade or your entire life without mining any single BTC or you could be one of those lucky ones. Joining a mining pool ensures that at least you get paid out some BTC every time the pool you are enrolled in confirms a block.

If I am having some $30K or $50K for mining gear, I would just buy BTC when it has dipped in the bear market, pretend like I mined it and Hodl.

[Patikno]

I keep hearing about Bitcoin mining, but I’m confused if it’s still worth it. Is mining something an individual beginner can do with normal equipment, or is it profitable now for big companies with lots of machines?

It seems like you are a complete beginner, so let me explain it in a way that I think is right for you.

If you are currently mining Bitcoin using normal equipment (presumably you mean inexpensive mining equipment), then the answer is it is not worth it. Even if you try mining using a mining pool (combining the mining power of various devices or users in one pool), it is also not worth it, because you will only make a small profit or even a loss due to equipment maintenance and electricity costs (even in my country, that is taxable). I hope you get my point.

By the way, I don't quite understand your reference to "normal equipment", could you explain it more specifically, or perhaps mention the name/series of your device?

For references, you can see it here: WhatToMine.com & Nicehash.com Profitability Calculator

[r_victory]

It's worth it for those who "can". In my opinion, it's currently more difficult due to the need for more powerful and often more expensive equipment. Competition in this market is massive, and competing will require significant investment. In Brazil, for example, I think it's unfeasible due to the cost of equipment (prices tied to the dollar, costing 5x higher) and electricity. While we see some "solo" miners succeed occasionally, that's not the general case. If you happen to have the resources to pursue the activity, I don't see why you shouldn't. I haven't tried precisely because I don't have the resources.

[suzanne5223]

It's worth it for those who "can". In my opinion, it's currently more difficult due to the need for more powerful and often more expensive equipment. Competition in this market is massive, and competing will require significant investment. In Brazil, for example, I think it's unfeasible due to the cost of equipment (prices tied to the dollar, costing 5x higher) and electricity. While we see some "solo" miners succeed occasionally, that's not the general case. If you happen to have the resources to pursue the activity, I don't see why you shouldn't. I haven't tried precisely because I don't have the resources.

Aside from all the points you listed out. The question related to this topic is something I once asked myself long ago, and I later came to understand that Bitcoin mining is worth it if you have the capacity (the funds to get the current profitable miner, space, and electricity bill), since.

1 It is an investment that literally yields profit over time, and I see it like buying BTC when it is still cheap. It is not about the current daily profit mine the BTC, but the benefit that comes with it in the next cycle.
2 This is another way of doing our own path for the good cause of Bitcoin

[FP91G]

I keep hearing about Bitcoin mining, but I’m confused if it’s still worth it. Is mining something an individual beginner can do with normal equipment, or is it profitable now for big companies with lots of machines?

If you have cheap electricity and a safe place to install noisy ASICs, mining is profitable. You can't install ASICs in your apartment; your neighbors will be upset. Over 90% of your expenses are electricity.

[The Cryptovator]

If the mining isn't profitable, then who is mining Bitcoin currently? This isn't pretty simple; mining is still profitable, and that's the reason why people are still mining it. But it depends on a lot of circumstances: where you live and what the energy costs are. As others said, if you want to be a solo miner, then it doesn't make sure you would get a return on what you invested. But joining the mining pools will ensure getting rewards. But depending on your hash power and total maintenance cost, either it's profitable for you as a person or not. If you want to build a mining farm, then it's different questions.

If I had funds for setting up a mining firm, then I would invest in Bitcoin rather than mining. Because mining isn't allowed in my country, even if it were allowed, the energy cost would not be covered by the rewards. So it depends on your situation, and it will decide whether it's better for you or not.

[De Gramor]

If the OP thinks mining has a lot of expenses then he should definitely know that the rewards and it benefits are worth the hard work and expenses.
Getting ASICs  (Application Specific Integrated Circuits) might looks very expensive and even make a huge noise and un-comfortability to his or her neighborhood then I will suggest going for cloud mining which will just enables him to be at comfort or even trying out mining pool software. This are perfect suggestions but surely it will cost some funds.
Or what did you think about my suggestion.

[NotFuzzyWarm]

^^  >99% of the time cloud mining is a Ponzie scam. I am unaware of ANY legit ones. You *might* initially see some rewards (actually paid from new fools signing up) but sooner or later the company either disappears, changes their payout terms to make it unprofitable at all for you (Bitdeer does that), or otherwise screws you.

Hosting can work if you use a reputable company with good rates for the power used and can afford to buy the gear to run with them.

[philipma1957]

^^  >99% of the time cloud mining is a Ponzie scam. I am unaware of ANY legit ones. You *might* initially see some rewards (actually paid from new fools signing up) but sooner or later either the company either disappears, changes their payout terms to make it unprofitable at all for you (Bitdeer does that), or otherwise screws you.

Hosting can work if you use a reputable company with good rates for the power used and can afford to buy the gear to run with them.

yeah hosting is better.


I am buying from altairtech.io

and hosting with iowamining.io

https://www.youtube.com/@IowaMining

it has been working for the last 13 months

any USA based person that really wants to mine
can buy a unit from altairtech.io and have it shipped to iowamining.io

[FP91G]

Or what did you think about my suggestion.

I think if it were safe to trust your money to a cloud mining company, everyone would already be doing it.
I've looked into some cloud mining offers, and for my 4 cents and the absence of additional costs and taxes, cloud mining companies offer better terms. These companies probably use slave labor and don't pay taxes; otherwise, I have no explanation

[LOCKACO]

If you want to know more about bitcoin mining, you can read about ASICs which are the mining machines that can be used to mine bitcoin, unlike before when miners were using miners that were producing lower hash rates.

ASICs are very expensive.

Also you will need to be in an area that electricity is very cheap because ASICs are consuming huge amount of electricity. If you are interested in mining, you can also read about mining pools and differentiate it from solo mining.

ASICs also make noise, but you can buy noise reducers or built a place for it that will reduce the noise coming out.

You will see bitcoin mining profitability calculator online where you can make calculations to know if bitcoin mining will be profitable for you or not.

That's true, it's electricity consumption rate is on the high side so if you deem it fit to mine Bitcoin then an alternative for you would be a solar system with a powerful inverter, all this in place plus the cost of it all and the time it will take on the mining should tell wether or not you would want to mine Bitcoin.
Personally I won't advice any one to mine Bitcoin, instead use the capital for the mining set and electric charges add them up but a certain amount of Bitcoin and HoDl for a period of 3 to 5 years and take a great profit, then repurchase when it drop a bit before it's takeoff

[KiaKia]

Yes it is still worth it if you have cheap electricity and the money for Asic miner, I also believe that the latest miners are always more efficient than others, burning 3600 watts with 200TH is less efficient to burning same 3600watts with 360TH.

The consumption of power remain the same but you are printing more money, ROI will be faster with the later miner, choose your poison wisely, and don't forget that the buying price will also be higher.

Electricity says it all, even few outdated miners are still profitable for those running solar panels on their roof, like s21 for example, it takes $8 for electricity bill and just $3 for profit, but if you are the electricity producer you are making money from the sun energy.