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Category: Instruction


Today, is it profitable to mine bitcoins?

Hi, at current difficulty and post halving, is it really profitable to mine bitcoins (not cloud mining). Answers from users who are currently mining would be greatly appreciated.


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45 Answers

  • Alefe
  • 14:22 24.06.2016

Noppe

  • vicky
  • 15:15 24.06.2016

Yes

  • DarkMatters
  • 18:21 24.06.2016

If you are going to mine with your own mining equipment it comes down to 2 factors:

- Price of mining equipment (you can buy second-hand and save a lot of money)
- Electricity cost.

Bitcoin is not the only coin you can mine even with bitcoin mining equipment (SHA256 algo). There are also other algorithms that require different type of equipment. You can check all these variables out with the calculators on http://www.coinwarz.com to get a better idea if mining is profitable for you.

  • Kevin de Damagers
  • 20:36 24.06.2016

yes

  • sapnajit
  • 21:34 24.06.2016

Hashocean.com

  • TheNuzz
  • 04:57 25.06.2016

yes, use hashocean .)

  • juliet
  • 09:39 25.06.2016

yes it is. :)

  • subzerokuai
  • 13:37 25.06.2016

yes

  • Juliano Freitas da Silva
  • 16:23 25.06.2016

Today it was not anymore, due the energy cost and the return that we receive in mining. We know that the bitcoins released by turn is reducing time by time, due the algorithm operation: it started with 50 bitcoins/turn, reduced to 25/turn and soon it will be at 12.5/turn.

  • LAWRENCE
  • 21:29 25.06.2016

Yes

  • fer32p
  • 22:45 25.06.2016

never

  • lyfe019
  • 01:11 26.06.2016

Bitcoin mining is the process by which new Bitcoins are generated. When you perfom mining, your computer adds new Bitcoin transactions to the block chain (a public ledger where all Bitcoin transactions are stored) and searches for new blocks. A block is a file that has the most recent Bitcoin transactions recorded in it. When your computer discovers a new block, you receive a certain number of Bitcoins. Currently a block contains BTC 25. This number changes throughout time and gets smaller by the factor 0.5 every four years.

Since bitcoin mining has become a hardware intense and therefore expensive process, most individual miners join a so called mining pool. One of the mining pools you can conect to is BitMinter for example. By providing computing power to their pool you can earn Bitcoins from mining without the need to build your own big mining farm. There are entire communities around Bitcoin mining and besides the fact that you earn Bitcoins it's also fun. You meet new people online and get in-depth knowledge about Bitcoin as a protocol and technology.

  • 10:53 26.06.2016

try hashocean it is very trusted.

  • Zahidur Rahman
  • 11:08 26.06.2016

no

  • 15:26 26.06.2016

If you have to ask, the answer is no.
If you need to know "the whole truth", the answer is obviously "yes - for some people".

Now if you imply the question "HOW to mine bitcoins profitably" - well - that is another question. :-)

  • Elagularda Fonescu
  • 17:01 26.06.2016

If you can afford buying enough ASICs to mine at the rate sufficient to cover the cost of running them (electricity + the initial expenses), yeah, it will be profitable.

Today though, that's quite pricy.

For how long and how profitable would mining remain also depends on the BTC value and electricity costs.

Since mining generates a lot of heat, it will be at least more useful in colder areas, if not necessarily more rewarding.

Best place to mine in would be China as both electricity and electronics are pretty cheap over there.

  • Arnold10
  • 18:31 26.06.2016

no

  • Lifephoenix
  • 20:28 26.06.2016

Yes it is

  • bubbsandbubbs3
  • 20:47 26.06.2016

If you're considering mining bitcoins, don't do it solely for the profit. Bitcoin mining now is more of a hobby and while you are able to make money, due to expenses it is not guaranteed. I would recommend buying your own equipment and joining a pool to get started :)

  • Hesham Hassanien
  • 03:37 27.06.2016

okay

  • Yash Siroya
  • 09:47 27.06.2016

i guess you should just trade bitcoin.
buy today and sell after 2-4 days you can have a great profit.

  • Clinton Swartz
  • 14:19 27.06.2016

Yes

  • Harsh Jain
  • 07:25 28.06.2016

good

  • gogavardo
  • 21:56 28.06.2016

Yes it is.

  • Paula Beatty
  • 22:22 28.06.2016

Not really, you need to invest a couple hundred in equipment in order to get decent profits. And even then it is not that profitable.

  • zenech
  • 23:59 28.06.2016

INVEST your spare satoshis - Get Pixels - you never know. http://ztl.me/get

  • pikkuboss
  • 11:17 29.06.2016

Nope, market down.

  • SHAHZAD
  • 11:23 29.06.2016

Yes; it is beneficical because by earning bitcoin you can raise your income.

  • sanch
  • 12:27 29.06.2016

yes

  • saimanoj
  • 18:27 29.06.2016

yes but I think you will get profit up to maximum of 2 years because of the increasing difficulty of finding a new block in the ledger if you want to know about the ledger and how bit coins work visit www.bitcoin.org. Also there are many factors in mining at home it will be profitable if you join a mining pool as they provide a proof of guarantee that you will payed depending upon the power you share in the pool but the profits will be less as they will be shared.to know more about this visit http://raszl.com/blog/bitcoin-benefits-and-risks
http://www.investopedia.com/articles/forex/051115/bitcoin-mining-still-profitable.asp
my opinion it will be more profitable upto 2 years and after that profits will be very less.

  • tipper4bits
  • 22:18 29.06.2016
  • Correct

On one hand, bitcoin price is still somehow unpredictable meaning that if it goes down then there is no way mining it would still be profitable (given miners and electricity prices). On the other hand starting to mine it makes the network more secure and shows that more people are interested in it, hence giving it more value and making it potentially profitable. There is also the issue of power consumption, if you have cheap or (near to) free electricity then it's definitely a plus. Even post halving there is no telling what can happen ... bitmain has launched S9 https://www.bitmaintech.com/productDetail.htm?pid=0002016052907243375530DcJIoK0654 a miner that has a hashrate of 14TH/s, tree times the hashrate of the S7 (which was considered the most powerful miner), the reward halfens but the hashrate triples. The difficulty also depends on the number of miners, so the more miners there are, the more difficult it becomes to mine a block (and earn the reward) ... If you want to make profit, then the easiest way would probably be to buy and sell (if you are good at predicting/trading or simply lucky). Mining can be a fun activity, you earn your bitcoins, you secure the network, you add more value to btc, however you might have a big electricity bill and you might experience some noise. Needless to say that solo mining is not advisable as you are competing against pools with x hundred times your hashrate, you need to be very very very (I'm probably missing some verys) lucky to mine a block if you're solo ... the best way to mine seems to join a pool and get a steady revenue steam.
To sum up, if you beleive in bitcoin as a currency, want it to gain value and to bemore secure even if you don't make that much profit then buy one or more miners, join a pool and let the fun begin, otherwise start learning about trading, buy and sell and make profit (or not :)). Hope this helps.

  • vakano
  • 23:11 29.06.2016

All depend if you have cheap electricty you can buy a new miner like antminer s9 the return of the invest is like 18 moth but bitcoin is rise and all people say maybe next year can be like 1500 USD per bitcoin them if you collect the bitcoin for save is profitable.

  • jenggo
  • 05:52 30.06.2016

Mining bitcoin with your own hardware will be earn lower than before but You can expect of the increasing bitcoin price. When price per BTC become $1000 mining bitcoin after halving day is still profitable

  • mcdelavedova
  • 01:21 01.07.2016

The short answer would be “It depends on how much you’re willing to spend”. Each person asking himself this will get a slightly different answer since Bitcoin Mining profitability depends on many different factors. In order to find out Bitcoin mining profitability for different factors “mining profitability calculators” were invented.

  • exect3r
  • 05:00 01.07.2016

If you're using just your computer (CPU or GPU), it would take forever. However with an ASIC then there's a possibility.

  • angelmora1991
  • 08:42 01.07.2016

si

  • Heimdal
  • 10:38 01.07.2016

Yes. it depends on your actions

  • chek2fire
  • 19:22 01.07.2016

no

  • nabil
  • 20:08 01.07.2016

bitcoins are undermining win in home is not interesting

  • JXelt7
  • 06:58 03.07.2016

Yes, but it is extremely slow

  • Ludwigp
  • 17:07 03.07.2016

I dont think is profitable

  • 17:38 03.07.2016

Mine bitcoins no. Is profitable to mine altcoins such as XMR, BCN, etc.

Mining bitcoins needs a lot fo investment also a lot of electricity costs!! Altcoins always is gonna be profitable... You can ask me more questions on my facebook page. http://facebook.com/carlorell

Greetings.

Carl.

  • Mic
  • 18:00 03.07.2016

Yes, Bitcoin is profitable, but you need to have a couple thousand dollars if you want real returns.

  • BodoX10
  • 22:13 04.07.2016

Hi ! I like very much your question because many people ask me that nowdays.
It is NOT profitable anymore because almost 2 weeks ago was Halving Day (this means that the value shared by breaking a block has decreased by 50 % - 12.5 BTC) . After halving, the cost of the electricity has begun to be bigger than the mining revenue)
PS : Hashocen.com was a Ponzi system and now it doesn't exist anymore. I've lost 7 BTC there :(
I hope you understand my explanation . You should try ads4btc.com, but you must be patient :p

  • Benjamin R Long
  • 06:00 05.07.2016

You need an ASIC Miner rig, such as the KnC Neptune, Titan, or the Jupiter and use self generated power source such as self perpetuating hydraulic or solar to reduce power costs.


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