Is bitcoin mining profitable 2024 reddit. There are a few paths individuals can take to crypto mining. Ask questions or receive news about about mining, hardware, software, profitability, and other related items. So definitely less than bitcoin mining. See full list on buybitcoinworldwide. Ethermine We would like to show you a description here but the site won’t allow us. Aug 29, 2024 · Bitcoin mining software lets you use computer hardware to help administer the blockchain technology that runs bitcoin (BTC). Yes. Is it legit ir a scam article? Anyone? Mar 6, 2024 · Therefore, consider the cost of electricity and maintenance as well when purchasing the mining machine for more profitable outputs. 2024, BTC hit the level of $50,107 for the first time since Dec. Bitcoin mining is a free market in itself where the most profitable miners find the cheapest energy sources. Crypto is still down 66% or more from it's high point; it will recover again eventually, and mining will be profitable again. You start mining with them and you never pay for electricity, nor equipment, cooling or cabling. 5 per month, now it’s over £1. Jun 26, 2024 · Is Bitcoin Mining Profitable? Bitcoin mining can still be profitable in 2024. There are too many stubborn people in Mining and not enough people in the world for Mining to EVER be profitable Which mining pool is most profitable? Crypto. If you mine at home you can reasonably discount your mining against your heating costs, especially if you normally heat your home with electricity and use a thermostat. Mining Difficulty: As more miners join, it gets tougher for small-scale operations to compete. Unfortunately, my electric rate quite high at $0. So if some bitcoin miners stop mining bitcoin because it's no longer profitable for them, the mining difficulty will decrease and it will become more profitable to mine bitcoin. Hi, guys! I want to know if GPU mining is still profitable these days. NiceHash is a Bitcoin centered platform, providing a complete ecosystem of mining and BTC payment services with the goal to accelerate Bitcoin adoption worldwide. However, if the price falls, the hash rate may decrease Feb 21, 2024 · Offering one of the most profitable mining pools on this list, ECOS has created a cloud mining service that allows crypto enthusiasts to start mining without needing their own rig. Create a zil wallet, always be dual mining zil. Mining energy is ultimately expended as heat. Alt coins didn't hit their ATH yet either, and there's a lot more to come. I don't know of any legitimate company that will rent you a miner. Real estate does not have halvings or difficulty increases that reduces the cash flow and usually real estate appreciates in price, while ASICs usually last around 5 years or so before they break or become unprofitable. 56/month would take 8 years to pay off the Miner. Bitcoin mining's profitability is a function of the price of Bitcoin vs a set of inputs including electricity cost, capital cost, network hashrate, and halving schedule. You will never make a profit. Solo Mining: Joining a pool offers steadier returns, but with a cut of The process was both enjoyable and enlightening. May 21, 2024 · This guide doesn't cover home computer mining because even top-of-the-line GPUs in May 2024 cannot mine bitcoin fast enough to realistically become profitable, even in a pool. Mining. $5 a week is $260 a year and that’s with the assumption that Bitcoin doesn’t even go up in value. I found that the benchmark hash rate was significantly lower especially RandomX. Mining blocks is a sprint for who does the work the fastest. I have also read a couple of times that nicehash is a ripoff to me the miner. Discussion of mining the cryptocurrency Ethereum. com/pricing/?promocode=RPM use code RPM for 10% OFF! My favorite and best way to store Mining at a loss is never a financially good idea unless you value non-KYC Bitcoin enough to eat the loss. Halving Events: Rewards are halved every four years, affecting profitability. You earn the cryptocurrency that you mine. I work for a North American BTC mining company Mining can be fun and interesting and educational, but a newbie should not expect to make a profit. While UPS shipments are free, you’ll pay an additional $165 if you prefer DHL. I quit mining two years ago when ETH was at its peak. I just watched a video on YouTube (voskcoin) saying it’s profitable. Accurate Bitcoin mining calculator trusted by millions of cryptocurrency miners since 2013. I’m just wondering what people think about the future of GPU mining? Aug 6, 2023 · What is Bitcoin mining? Bitcoin mining explained. Most profitable mining software Have been using nicehash for about 2 weeks and I feel theres more to be made. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. Miners can profit if the price of bitcoins exceeds the cost to mine. Therefore excluding hardware costs, any mining during times when you would normally heat your home can be considered profit. tldr; Bitcoin mining is the process of earning bitcoins in exchange for running the verification process to validate Bitcoin transactions. Profit. If the time between those blocks averages out to more than ten minutes, then the mining difficulty will decrease and miners will become more profitable. Log In / Sign Up; Advertise on Reddit Night scoop up some 3060/70 if I can get em cheap enough. to boil it down very simply: the macroeconomic force on bitcoin mining is more and more miners compete to 1. The official bitcoin mining forum / subreddit / chat room / place to be! Members Online Two Dormant Bitcoin Wallets With 49,000% Profit Suddenly Awake After 10. As long as you're bullish on bitcoin, it's reasonable to be bullish on mining. increase their top line and 2. Dogecoin is only mineable with ASICs. The only way to do 1 is to improve hash rate efficiency, which obviously has a ceiling (latest equipment, heat management, etc. Tickets for the NiceHashX Bitcoin Conference are going fast — claim yours now before 30 Aug 2024. No. In order to be profitable in 3 years I will be forced to buy new hardware and scrap the old one. It’s not braindead easy like last bull run. Answer. Members Online Mining revenue forecast Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Anyone can profit from mining, but it will come down to the individual running it and their initial capital investment. Considering the power costs are deductible as expenses on my taxes and it's heating my house, I'm still mining (at least for the winter) even while not profitable, and I'm not the only one. One approach to achieving crypto mining profitability is to keep costs as low as Mining is going to be very profitable. decrease their bottom line per unit of electricity. Bitcoin mining is the process of creating valid blocks that add transaction records to Bitcoin’s public ledger, which is called a blockchain. We currently run a 1100+/- TH/s, we run used ASIC S9s as well (128 of them), I have been tasked with operating/maintaining them and have been scoping around trying to learn more. Can someone tell me or summarize what happened after that? I heard that CPU mining has also started. Members Online Mining difficulty is at all time highs and crypto markets are on a downtrend. The Wall Street bank noted that in August, bitcoin "This is really the right time to start investing in cryptocurrencies because Bitcoin is still the most popular cryptocurrency. 125 per x time so that will drive the price up because there's only 19 or so million instead of 21 but eventually btc will rise so much because Noone will be mining it it will end up profitable to mine it. One of the best Bitcoin mining rigs for entry-level miners is the Ebang Ebit E12. Not long ago, the most profitable coin on a 3090 would’ve earned was around £0. Also bitcoin mining in general is not going to be profitable for very long for anyone unless you have crazy cheap energy rates or are innovating with heat reuse tech, demand response, flared gas based mining,etc. For mining to really be profitable at the same level eth was before the merge, You either need 90% of miners to die off, OR a new coin to take up the $165BILLION DOLLAR market cap, OR a combination of the two. CPU/GPU mining will never yield you a single dogecoin. Is Bitcoin mining still profitable? best to use own GPU or are there good Cloud GPU providers that can still be profitable? When r/Bitcoin moderators began censoring content and banning users they disagreed with, r/btc became a community for free and open crypto discussion. 18 kWh. You'll need to undervolt/underclock it and probably keep it on a teepee position or on an active cooling pad. Turns out, it's about $0. But yes, worth it in my opinion IF you take the time to make sure thermals stay where they should. Over time, the ones that aren't profitable will stop and this the remainder will make a bit more again. comTangem Wallet https://tangem. Nov 1, 2019 · Using these data, we conclude that since June 2018 Bitcoin mining is no longer profitable for commodity miners without access to electricity prices below 0. Active Mining. Electricity rate just determines HOW profitable. Bitcoin mining takes a lot of money to set up (a lot of money for me at least), and since everyone else also has powerful PC’s bitcoin mining has become a tough place unless you invest a ton of money in it and you aren’t gonna make much back. More than it will ever mine. Rising energy costs and fluctuating cryptocurrency prices significantly impact profits. Then pick your primary coin to mine. Cointelegraph contacted several mining firms to Rising energy prices and falling cryptocurrency prices has made it difficult to turn a profit mining Bitcoin (BTC). Most bitcoin mining Due to efficiency concerns, many miners are upgrading to the latest mining rigs in anticipation of the upcoming Bitcoin halving. Learn if bitcoin mining is profitable. Since the recent mining boom, I wanted to checkout the Bitcoin mining scene. We would like to show you a description here but the site won’t allow us. But to answer you question, yes halving should affect mining, it reduces the mining reward and therefore increases the price. com Exchange and Crypto. By using bitcoin mining websites, such as Sohash, you can start mining in a few clicks without any expensive mining hardware and software. com Jan 1, 2024 · Leading Bitcoin (BTC) mining players have highlighted the need for efficiency to remain profitable and operational after the halving in 2024. ?) Given the fact that as today I should earn 2k/mo x 3years = 72k a negative 16k in profit after 3 years of mining. You have available a ton of free servers and free electricity. Unless you have extremely cheap energy you’re better off just buying Bitcoin. So only if BTC goes bananas I will be profitable? So mining is almost the same if not worse than hodling? Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. This is also a problem for bitcoin as the mining power is what secures the network. Sep 4, 2024 5:41 AM EDT. net) is saying my daily profit will be negative. However it’s bitcoin, and whatever you hodl grows in value. Bitcoin mining keeps the network decentralized and secure. If whats left is the Only coins left if Noone mines the idk 2m btc left. Algorithm: Utilizes the SHA-256 algorithm, making it a secure choice for mining Bitcoin and other profitable coins. Start slowly, don't invest more than you want to lose, and talk to other investors & miners as you go to learn as much as you can. Mostly it was around a dollar or even less. Don’t need another coin right now. No mention of difficulty adjustment either. While you may get discounts, your profit won't be exponential. 2. This phenomenon explains why many Western miners have dropped out of the circuit, further increasing the centralization of mining activity in China. As such, it is more resistant to wild inflation and corrupt banks. 5-2 years now, and it's already profitable again. Plug your wallet into your pool’s website and after about 20 minutes, you should see a hashrate to know you are connected and mining. CryptoTab – Innovative Cloud Mining Platform with Flexible Mining Options. But to make money mining cryptocurrency, miners have to be smart about how they approach the process. Ebang Ebit E12 – Entry-Level Bitcoin Mining Rig Retailing for $800 . com serves over 100 million customers today, with the world’s fastest growing crypto app, along with the Crypto. 2 released with enhanced performance and Rising energy prices and falling cryptocurrency prices has made it difficult to turn a profit mining Bitcoin (BTC). (So other 88k . 81/month. There is no other way to make money mining. Antminer S9 would be losing money for example. Updated in 2024, the newest version of the BTC mining calculator makes it simple and easy to quickly calculate mining profitability for your Bitcoin mining hardware. 8 years is a long time in bitcoin world. Seems worth it to me, especially since OP mentioned they might just do it for fun, even if it’s not profitable. Maximize Bitcoin mining profits and calculate ROI for new ASIC miners. It turned out to be one of the best decisions I've made! Looking ahead to today, I'm interested in mining BTC on my PC just for fun. I see inconsistency and inaccuracy in responses and it is killing me. 2021 with a You would need 1500 Th/s (15 miners at 100 Th/s each) just to gross $33,000 but that’s not including the price of energy. 14 $/kWh. Cardano is a decentralised public blockchain and cryptocurrency project and is fully open source. Nov 8, 2023 · Bitcoin mining has had an interesting journey over the past twelve years, going from home computer CPU mining from basic computers to massive, dedicated facilities set up in places like Iceland, Texas, and others, with tens of thousands of ASIC mining computers doing nothing but mining Bitcoin 24/7. I do, however, suspect, that much like bitcoin, there will come a time where coin mined at a significant loss will become a great reward. May 2, 2024 · In 2024, the profitability of crypto mining, especially Bitcoin mining, is increasingly challenging. Instead, simply buy and hold Bitcoin until your machines are profitable again (if ever), or look for a hosting site. Save the edited text so your wallet and worker name is in place and double click the application and it should start mining. This mining machine retails for just $800 and you can buy it directly from the manufacturer. Reply reply. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. In no way am I saying that I know everything, I am always learning, but here is my attempt to answer the question on mining vs buying. The higher asset prices rise, the more profitable mining becomes and the less efficient miners need to be to Jun 17, 2024 · 8. Those rigs would cost you close to $100,000. GPU mining was only "dead" for like what, 1. It also makes mining harder, i am looking forward to see how will they keep BTC secure with this high difficulty Aug 29, 2024 · 2. 25 btc per x time you will get 3. Crypto mining is dead, better use that money to buy BTC, ETH. Read on to determine if Bitcoin mining is right for you. com Visa Card — the world’s most widely available crypto card, the Crypto. The thing that confuses me is that currently this (https://kaspacalc. Low-cost Crypto Mining. Been busy with work so haven’t had the time to really get into crypto and plan out the first half of the year but I’m sitting on a lot of kaspa still, bitcoin is still bitcoin so I dca that thru out the year and I have heaps of nexa. The fact is that overall all miners are making half of what they did before. P. Technically yes, as unprofitable miners exit, the hash rate goes down incentivising others to enter, but if the barrier to entry is so high, it seems logical that the most of the increase in mining would come from existing operations scaling up. Efficiency : The high power consumption indicates the manufacturer's intent to create a powerful miner for mining a diverse range of coins. Here’s the reality. So be aware that every day your miners will slowly mine less and less bitcoin. What is the cheapest recommended miner I can get started with while being profitable? Mar 7, 2024 · With so many Bitcoin mining events and crypto conferences lined up in 2024, attending such events helps miners gain valuable insights from industry experts, expand their network, connect with potential investors, and showcase their expertise. Bitcoin's Price: Profits fluctuate with Bitcoin's value, making earnings unpredictable. The coin you mine raises it's price and you make decent profit without sacrificing any money in the process. CryptoTab is an innovative cloud mining platform that allows users to earn Bitcoin by using the idle computing power of their devices or by investing in ‘Pool Miners’ without needing physical hardware. I'm new to mining relatively, my work in the oilfield has a 4 generators running 4 hash hut units off our wells natural gas ( free power). Hi there, I’ve been doing some research as I’d like to get involved in Kaspa mining. Eventually, you sell all after 5 years of mining. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. 7 Years I don't know about profit, for me, it's the ability to trade freely and anonymously. . redpandamining. 1. But is Bitcoin mining still profitable in 2024? The bottom line is bitcoin mining is subsidized by fiat loans, companies can absolutely make a profit in fiat terms by taking out loans to buy miners, but by spending bitcoin on miners directly the depreciation of the hardware will make it so you never, ever make a return in bitcoin. so, once you are Mining ETH is profitable, pretty much regardless of your electricity rate. Edit: I don’t know a whole lot about mining, but I don’t think they would mine $5 a week with one typical gaming computer. Over the years /r/btc became community of historians & torchbearers, preservers of Satoshi's Bitcoin for future generations. Members Online Just bought a Razer Advanced laptop with 32gb of ram an 8 core i7 and a RTX 3080! We would like to show you a description here but the site won’t allow us. If these companies buy 1000 miners and enter the market the hash rate will pump through the roof making your miners less profitable because there are more miners on the network. Apr 11, 2024 · When the price of bitcoin goes up, mining becomes more profitable, encouraging miners to increase their operations and computing power. But you have to actually look up what coins to mine and what settings to use. Which are the best Bitcoin Mining hardwares of 2024? Here are a few Bitcoin Mining hardwares that are the top choice of Bitcoin Miners as evaluated by our experts: 1. My guess is you would need 100 mining rigs to make a profit of $33,000 a year. As a reward, you can earn newly created bitcoins. Things are starting to change though with the expectation of upcoming Bitcoin spot ETF approvals and the halving event in 2024. We examine the key factors to consider, including mining difficulty, hashing power, electricity consumption, hardware costs, and much more. This happened long before the creation of Bitcoin Cash. Miners connect specialist hardware to a desktop device, run Bitcoin mining software, and hope to be the first person to solve the mining reward. Expand user menu Open settings menu. " I cannot find one thing about this company. S. Difficulty is measured in the hash rate, which measures the rate of solving the problem. So in 2024 its thought that instead of mining 6. Mar 27, 2024 · In this guide, we explore the profitability of Bitcoin mining in 2024. What’s my return on investment assuming no change in bitcoin price or mining difficulty adjustment? $5,940/$61. I've been looking into the history of mining profitability using a chart I couldn't find a time where you could make more than $5 a day using regular laptops. NiceHash Miner 3. Crypto. com DeFi Wallet. While real estate and bitcoin mining have many similarities, they are fundamentally very different. Indeed, the break-even price for operating an S19 miner is expected to exceed $50,000 after the halving event. For example, while Bitcoin hit a new all-time high in early 2024, the high cost of electricity and advanced mining equipment reduces net gains. Are any of you still mining Bitcoin? Just wanted to know if its still worth it in 2024, With the high power and equipment costs? It is not as profitable in the longrun but I’d say it is also lower risk in the shortrun, assuming you don’t get scammed, because you can estimate the amount of bitcoin you’ll get and you pay a set amount at the start without any worries. A lot of you on Reddit are saying just to buy the coin. I love mining. If price goes down and it's no longer profitable, miners leave the network which lowers the hash rate. I think a fair number of folks here who are paying consumer electrical rates have never done the math (taking into account periodic increased difficulty, pool fees, electricity inflation, etc) and are in for a series of unfortunate events. I have a 3080 LHR SG 4-fans edition (Galax). Think about mining the same way you think about buying the coins themselves. I created a similar spreadsheet to the above (after I discovered this site) and my numbers jive. no to see what’s best. You can let your CPU run for 24h but it won't win a single race. com is the best place to buy, sell, and pay with crypto. But they won't reach the same mining rewards as they do today. Aug 30, 2022 · The Bitcoin mining business is similar to mining physical assets, like gold or silver. 03/kWh so only $15. I learned that mining on a laptop is not efficient and that it's better to buy BTC directly with cash, which I did. It I was having trouble with one of my 3900x rigs mining a less profitable coin so I watched the benchmarking process through hive shell. When it comes to Bitcoin (BTC) mining, the major questions on people’s minds are “how profitable is Bitcoin mining” and “how long would it take to mine one Bitcoin?” To answer these questions, we need to take an in-depth look at the current state of the Bitcoin mining industry — and how it has changed — over the last several years. Here is a list of the best crypto or Bitcoin mining events you do not want to miss in 2024. Before ETH you didn't had it either, and people were mining "shit coins" or whatever. Bitmain Antminer S21 Accurate Bitcoin mining calculator trusted by millions of cryptocurrency miners since 2013. Jan 5, 2024 · My Website https://www. 5 days ago · How Does Bitcoin Mining Work? BTC is still one of the best cryptos to mine in 2024 but it’s pretty costly to say the least. Once the benchmark process is over all the hash rates return to normal. Once all of the above is setup, you are good to go. Pools vs. That’s great, but I spent $5,940 on the Miner. Look up hashrate. It’s already quite profitable. ). Moreover, the company has an agreement with a prominent electricity supplier in its region, enabling the company to keep costs down, offering higher returns for That tool is a gift to us small guy-miners. 20 hours ago · Bitcoin mining profitability has reached its lowest point on record, according to a recent report by JPMorgan. hyrshviedluhuqothfjranhlsygqbruacdqfdoinbmqbenw