Can crypto mining make money?

  • This topic has 6 replies, 1 voice, and was last updated 3 weeks ago by DT38.
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  • #194105 Reply
    ToTheMoon834

      Hey all, any crypto miners around who can give me the lowdown on how this whole thing works? I’m curious how tough it actually is  and the bottom line, if it’s really profitable. I’ve been watching the crypto scene for ages and have held onto ether for years, but now I’m thinking about branching out into mining rigs. Any thoughts?

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      • #194217 Reply
        Christian Harris
        Participant

          In 2024, crypto mining, especially for Bitcoin, has become more challenging and less profitable for new entrants due to several factors, particularly the recent Bitcoin halving in April 2024.

          The halving event, which slashed Bitcoin mining rewards from 6.25 to 3.125 BTC per block, has had a direct and significant impact on miners’ revenue, effectively cutting it in half.

          While this can eventually drive up Bitcoin’s price (due to decreased supply), the immediate impact on profitability has been significant, especially for miners with higher electricity and operational costs.

          With increased competition and lower rewards, solo miners and small-scale operations will likely need access to cheap or renewable energy and the latest ASIC mining hardware.

          The industry has consolidated over recent years, with extensive mining farms dominating due to economies of scale and better efficiency.

          Unless Bitcoin’s price rises significantly, many small miners may find it tough to break even, especially in regions with high electricity costs.

          For those still interested in mining, options beyond Bitcoin might be more accessible, such as mining altcoins or participating in staking or liquidity-providing mechanisms on other blockchains.

          These alternatives require lower upfront investments than Bitcoin mining, though they have different risks and lower potential returns.

          Let us know if you decide to go for it. It’s an interesting hussle.

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        • #194287 Reply
          Crypto Killer

            I would head to this forum my friend – https://bitcointalk.org/index.php?board=14.0. There’s so much info about bitcoin mining (be warned it’s no easy feat).

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            • #194372 Reply
              ToTheMoon834

                I’ll check it out, thanks.

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            • #194286 Reply
              ToTheMoon834

                Just my luck – right as I’m gearing up to dive in, it turns out it’s not such a good play after all!

                Sound Like I need to purchase more bitcoins though 😂

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              • #194457 Reply
                DT38

                  I’ve looked into crypto mining and honestly it seems like it’s too hard to make decent money from it. The initial setup costs for mining rigs are really high, and you need to stay on top of electricity costs. And then with increasing mining competition, it’s really tough to get a return without investing a lot of time and money. Adding to it all is that fluctuations in crypto prices which are pretty wild right now and making it even riskier. For me it just wasn’t worth it in the end.

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