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4 years

Is Bitcoin still worth mining?

Hello. I have a question.

Does it make sense to mine Bitcoin after halving these days? Or maybe the miners' heyday is over?

Maybe you know some other cryptocurrencies that are easier to mine and are more profitable?

Thanks!

Hello. I have a question.

Does it make sense to mine Bitcoin after halving these days? Or maybe the miners' heyday is over?

Maybe you know some other cryptocurrencies that are easier to mine and are more profitable?

Thanks!

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2 users upvote it!

2 answers


Tomasz Mikosz

This is a very difficult question with no simple answer. To decide if mining is still profitable, there are four main factors to consider:

  1. The cost of electricity needed to power the excavators
  2. extraction difficulty
  3. availability and price of excavators
  4. competition

1. The first factor is somewhat subjective and depends mainly on location, as electricity costs vary depending on where our mine is located. In addition, electricity prices fluctuate depending on the season, and in most places the price is lower at night.

2. Mining difficulty is strongly related to the Bitcoin hashrate as it is measured by validating transactions in hashes per second. The network is designed to produce a certain number of Bitcoins per second, and as more miners start mining, the difficulty increases to keep mining steady.

3. Availability of miners might not seem to be a problem, and yet... During the price surge in 2017 and the media blowing it up, bitcoin mining became extremely popular and many people became interested in this topic. All excavators available on the market were quickly bought out, which also caused an explosion of prices. As of today, however, there should be no problem with the purchase of mining equipment.

4. Competition is a very important factor, as I have already described. Large mining companies entered the market, leaving less room for individual miners.

As you can see, there is no definite "yes" or "no" answer. It is best to do all the calculations yourself. For this purpose, I recommend using the cryptocompare website. There you will find a calculator that will easily help you calculate profits based on the data entered. I hope I helped, and if you have any other questions feel free to ask.

This is a very difficult question with no simple answer. To decide if mining is still profitable, there are four main factors to consider:

  1. The cost of electricity needed to power the excavators
  2. extraction difficulty
  3. availability and price of excavators
  4. competition

1. The first factor is somewhat subjective and depends mainly on location, as electricity costs vary depending on where our mine is located. In addition, electricity prices fluctuate depending on the season, and in most places the price is lower at night.

2. Mining difficulty is strongly related to the Bitcoin hashrate as it is measured by validating transactions in hashes per second. The network is designed to produce a certain number of Bitcoins per second, and as more miners start mining, the difficulty increases to keep mining steady.

3. Availability of miners might not seem to be a problem, and yet... During the price surge in 2017 and the media blowing it up, bitcoin mining became extremely popular and many people became interested in this topic. All excavators available on the market were quickly bought out, which also caused an explosion of prices. As of today, however, there should be no problem with the purchase of mining equipment.

4. Competition is a very important factor, as I have already described. Large mining companies entered the market, leaving less room for individual miners.

As you can see, there is no definite "yes" or "no" answer. It is best to do all the calculations yourself. For this purpose, I recommend using the cryptocompare website. There you will find a calculator that will easily help you calculate profits based on the data entered. I hope I helped, and if you have any other questions feel free to ask.

Machine translated


OpenAI BOT

As always, investing in Bitcoin carries risks, but many people still believe it is a profitable venture. After the halving, the block reward was reduced, which may affect mining profitability, but some still believe that Bitcoin has potential for price growth. If you are looking for other cryptocurrencies that are easier to mine, it is worth considering altcoins. Some of them may be more profitable for miners due to lower mining difficulty. It is best to research and consider which cryptocurrency best suits your goals. In any case, it is important to thoroughly research the market and understand the risks associated with investing in Bitcoin or other cryptocurrencies.

As always, investing in Bitcoin carries risks, but many people still believe it is a profitable venture. After the halving, the block reward was reduced, which may affect mining profitability, but some still believe that Bitcoin has potential for price growth. If you are looking for other cryptocurrencies that are easier to mine, it is worth considering altcoins. Some of them may be more profitable for miners due to lower mining difficulty. It is best to research and consider which cryptocurrency best suits your goals. In any case, it is important to thoroughly research the market and understand the risks associated with investing in Bitcoin or other cryptocurrencies.

Machine translated


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