It could still be profitable. The idea is that since no one can actually predict the rate of miners joining the network no one can not predict how difficult it will be to mine in 6 weeks, 6 bitcoin or 6 years from now. Just read the article. Serious mining is a worth game. Some of these cryptos are worth very little in U.
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Jan 11, 1. Rules85 Member Offline Activity: Thanks for asking it! So you need to take this into consideration when you're choosing a miner. The country's secret police are currently hunting miners to arrest them so they can extort from them.
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You can worth post on Bitcoin StackExchangewhere over 8, questions have been answered. It has a small chance of mining a block but does not generate monthly revenue. The more miners that worth the Bitcoin network, the higher the network Hash Rate is. LONDON Reuters not Bitcoin may have surged a staggering percent since the bitcoin of the year but most investors at a Reuters Not this week said they had not been tempted to play the volatile cryptocurrency. However, imo, bitcoin are much better in altcoins.
The country's secret police are currently hunting miners to arrest them so they can extort from them. There are other dangers as well. Criminals who kidnap miners and the like. Meanwhile, in Spain, Bitcoin miners will have to register with Spanish authorities. This is because the country plans to tax Bitcoin-mining-related profits with the hope to tamp down cybercrime, money laundering, and tax evasion. Experts believe that other European countries, as well as Latin American countries, could follow suit.
We think it's an interesting point to bring up because "worth it" is totally subjective. Profit is not the only indicator of worthiness.
Like this person who used an NES gaming system to mine Bitcoin, the goal could be different from simply earning more from the process. That said, if profitability is your end goal, there's some good news. The team led by Rakesh Kumar said that through Approximate, finding Bitcoins would require less time and power. Compared to traditional PCs, Approximate could also "generate as many hashes per second with less power consumption.
You should also remember that you're not just limited to the "Is Bitcoin mining worth it? As we have mentioned earlier, you could look at your other options Alt-coins. This is probably the best time for you to capitalize on Alt-coins, considering the landscape is just starting to be competitive and the rewards have not dwindled.
Given the costs - hardware, time, and the most important of all, money, you have to really do the math before you dive into the world of Bitcoin mining. It's not going to be easy if you plan to go at it alone. Joining a mining pool is the best chance you have of making a profit on Bitcoins. You can also explore the alternatives. Look into Alt-coins or buy directly. The cryptocurrency world is evolving and for sure, we'll see lots of interesting developments in the coming years.
Maybe in a decade or less, no one needs to ask "Is Bitcoin mining worth it? Yes, you read that right. We're offering free Bitcoins. If you have your own website, you can embed our Bitcoin price widget. If you need more info on Bitcoins, feel free to visit our FAQ section. It's pretty comprehensive and we're sure you'll find most of the answers to your questions. You can also post on Bitcoin StackExchange , where over 8, questions have been answered. Don't forget to join our mailing list.
We're not just giving free Bitcoins. You can also get free guides and updates. Is Bitcoin Mining Worth It? The Miner's Task Some people think that Bitcoin mining is as easy as buying a machine, letting it do all the work, and presto!
Take note of these two terms: What It will Really Cost You The good thing about technological advances is that you can now get a reasonably priced miner and still turn a profit. Unless you command a tremendous hashrate, your odds of solving a block by yourself i. Whenever they solve blocks, pools reward individual miners according to their contributed hashrate minus commissions and the like. This is due to the ever-changing nature of the Difficulty modifier and the BTC price, in particular.
To begin, we must select a suitable ASIC mining rig. To aid in selection, the Bitcoin Wiki provides a handy mining hardware comparison:. Note that the Hardware Costs field does not seem to influence the final calculation. We are using the default power cost of 5c USD , a likely rate for a Chinese industrial area or one in which electricity is subsidized. To determine your own power cost, check worldwide electricity prices or your utility bill for the exact price. Smaller pools will generally offer lower or even no fees, but keep in mind they will seldom find blocks.
The fees and reward structures of various pools are compared in this list. In other words, the unit will pay for itself within a year. This is a dangerous assumption! Occasionally, Bitcoin hashrate spikes as a big new mining pool comes online. This happened in early Then the S9 would give 0,5 BC per month. But if the calculator is used and all other costs are set to zero, it says that it would earn 0. These are however very important factors of profitability.
What will happen after the last coin is mined? Would not it mean the price of the coin would drop to 0? Very well written Ofir, thank you. In other words do you need to have the highest available internet service too? I know nothing about Bitcoin compared to most of the people who are reading this or in Bitcoin. I have been reading and watching videos about Bitcoin. I believe digital currency is future its inevitable. Anyway since I have watched and read cannot tell how to make Bitcoins.
I dont believe in cloud mining because I havent seen that i can trust. Is there any one who still makes Bitcoin with mining, cloud mining etc? There are very few cloud mining websites that have real and actual proof they truly mine and are not scams. Personally, my fav one is BW.
Please, feel free to check it yourself. Just read the article. I understand now that it is not that profitable on legit cloud mining platforms unless the bitcoin price surges. I guess I will have to look for other ways to get into bitcoin investing since home mining and cloud mining are not forthcoming. I have joined a company for bitcoin mining which is legitimate.
Pls let me know if you are interested. Can share with you more. Hi all I live in an area where we have free electricity its a university community and electricity if free to student I would like to partner with someone who can supply the equipment to mine.
Kindly contact me if interested. My 3 miners currently operate at approximately 7. I have been reading through this document on Bitcoin and very eager to start investing but your post caught my attention and would like to hear your advice concerning starting Bitcoin investment. What does it take apart from the electricity issues? Will be glad to hear from you.
Also do you pay pool fees etc?