Do you think Bitcoin mining is profitable today?

[riberet19]

Imagine that you do not have the machinery amortized and that you have to invest capital in buying it and putting it to work to start making profits from Bitcoin mining, counting electricity expenses too, do you think it is profitable? How long do you think you would recover the investment and start to be profitable?

 

[Suba]

Several years ago I calculated the costs of mining Bitcoin, including basic equipment amortization of 20% per year, but the electricity costs were so expensive that it was impossible to force myself to mine Bitcoin. Moreover, the level of mining competition is already so high that it is also impossible for us to do solo mining, so we have to join a Bitcoin mining pool. Moreover, in 2024 there will be a Bitcoin halving so mining rewards will certainly decrease, but based on economic law low supply will lead to high demand so if electricity costs are cheap in your country then mining Bitcoin is still profitable.

 

[riberet19]

Several years ago I calculated the costs of mining Bitcoin, including basic equipment amortization of 20% per year, but the electricity costs were so expensive that it was impossible to force myself to mine Bitcoin. Moreover, the level of mining competition is already so high that it is also impossible for us to do solo mining, so we have to join a Bitcoin mining pool. Moreover, in 2024 there will be a Bitcoin halving so mining rewards will certainly decrease, but based on economic law low supply will lead to high demand so if electricity costs are cheap in your country then mining Bitcoin is still profitable.

Yes, one of the main problems is the cost of energy, in my country the price of energy is too high and I don't think Bitcoin mining is an option for me now, but I have always been excited to have my own mining equipment, but I think that Bitcoin today is only profitable for those who have amortized mining machinery and a low energy cost.

 

[Kirubel]

Imagine that you do not have the machinery amortized and that you have to invest capital in buying it and putting it to work to start making profits from Bitcoin mining, counting electricity expenses too, do you think it is profitable? How long do you think you would recover the investment and start to be profitable?

As we all know bitcoin is the most expensive coin in the crypto world and i think right now no one is trying to mine bitcoin even with a big mining farm, and that's because mining bitcoin needs a lots of effort, and after mining the transaction fee for bitcoin to transfer it to the wallet is very high, so its not that profitable for thus who have good mining setup, but trying to mine bitcoin at our setup is not somthing i recommend.

 

[neku]

Bitcoin mining is profitable in some countries with cold weather, so they do not have to spend much money on cooling. In tropical countries , bitcoin mining may not be profitable.

 

[magnus2022]

Presently, bitcoin mining is not profitable because the cost of buying mining tools is very high . Moreover, high consumption of electricity is making bitcoin mining very costly business. A lot of cryptocurrency mining companies are already in heavy losses.

 

[eLdavis]

No i don't think Bitcoin mining is that lucrative these days. The cost of buying the equipment needed for mining is one thing, the amount of energy you would be consuming is another issue. And i heard from someone what you mine not even enough to make up for the energy you spend.

 

[riberet19]

Well, if you are a miner who has been with amortized machines for a long time and has been in the world of Bitcoin mining for a long time, I think it is still profitable, but ultimately for small investors and those new to the world of crypto mining I don't think it is profitable, rather it could even suffer losses in the short and medium term.

 

[Emmarific]

It's crucial to conduct thorough research, stay informed about market trends, and be prepared for potential risks and uncertainties in the cryptocurrency space.

 

[Nomad]

With halving events coming and bitcoin still far lower than its previous all time high price, I do not think Bitcoin mining is profitable these days. However, if you have excess to cheaper electricity or free electricity like solar energy, it can be profitable.

 

[deucher]

I think now it is definitely not that profitable because I remember the time when bitcoin first reached the price of 60 thousand dollars then it was mega profitable and people could pay off their equipment in a few months