Factors to consider to know if mining is profitable.

[Digicoin 195]

Bitcoin mining profitability explained.

If you want to mine, then research and do this calculation to know if mining is profitable for you.

1. Difficulty Factor

12973235968800

2. Hash Rate (in mega, giga, tera or pico hash per seconds)

Hardware with 50 TH/s can cost around $19,000 to $20,000

 

3. Mining Reward for solo mining
(Not reccomemded)

12.5 bitcoin per one task

*  Mining Reward for pool mining
(Reccomemded)

0.002 per day

 

4. Pool Fees (Reccomemded)

0.3% (it varies)

 

5. Hardware Cost:

$19,000 - $20,000

 

6. Power used by Hardware

It depends. Ranging from 2,100 to 2790 watts.

 

7. Power (Electricity Cost)

It depends. Calculate it from number 6

 

In my country, after I calculate the electricity aspect, and if I am paying 3% mining pool fee. I will be able to mine 0.002 bitcoin. 

That will talk me 1 year and 7 months to mine 1 bitcoin. Mining is not that profitable again but with time and dedication, someone will benefit from it. This could take you more than four years before you earn back your starting capital, and after, you will continue to enjoy mining.
 I can not advice someone to mine because the people join in mining the harder the algorithm and the less the profit.

For solo mining, you may not even get a profit at all because pool mining are the one that will be getting the reward because it consist of plenty miners joined together.

 

Edited December 8, 2019 by Digicoin

[Akbor 1042]

This is very much needed to about the profit before doing mining. mainly some times mining become less profitable than the investment to do mining. so before joining all should calculate about his actual profit.

[Man 741]

Very important consideration. Indeed it should be an initial consideration before mining, because these things are very important to do.

[Cryptohidayat 36]

In some stages mining is profitable but if you buy coins rather to mine is a good idea. Now a days coins price are going up. So don't mine buy crypto on those money is more profitable 

[kadayakito 765]

I agree with you that these 7 factors affect the quality of mining and it is the factor that affects our profits, all of which are essential and important. I think the cost of hardware and electricity is the most important

[ETheHedgehog 3104]

Most people don't take into account all those aspects, they end up thinking mining is more profitable than it is and end up with a huge electricity bill that takes up almost all the profits

[Zisan95 71]

Mining is not profitable. Trading is profitable. Because, for mining cryptocurrency, you need to invest a lot of money. You have to build a super computer with higher configuration.For mining cryptocurrency, you need to invest a lot of money. You have to build a super computer with higher configuration. You also need a faster internet connection and graphics card.

[Zaxon55 10]

This is a very good topic .Thank you so much for posting about this beautiful topic.I have no idea of the details of this.I would be grateful if anyone told me about it, because i am a new user.

[magd 5231]

Thank you for this post. I have read these points and also searched for a sequel to those important things to consider. I hope I can start mining later on, especially etherium mining. It has a good reputation in the crypto market.

[bliznec 22268]

To mine cryptocurrency well, which makes a profit, you need more than one equipment for mining. Carry three, four ASIC devices, thereby increasing profits. 

[Rickso 768]

On 12/8/2019 at 1:28 AM, Digicoin said:

Bitcoin mining profitability explained.

If you want to mine, then research and do this calculation to know if mining is profitable for you.

1. Difficulty Factor

12973235968800

2. Hash Rate (in mega, giga, tera or pico hash per seconds)

Hardware with 50 TH/s can cost around $19,000 to $20,000

 

3. Mining Reward for solo mining
(Not reccomemded)

12.5 bitcoin per one task

*  Mining Reward for pool mining
(Reccomemded)

0.002 per day

 

4. Pool Fees (Reccomemded)

0.3% (it varies)

 

5. Hardware Cost:

$19,000 - $20,000

 

6. Power used by Hardware

It depends. Ranging from 2,100 to 2790 watts.

 

7. Power (Electricity Cost)

It depends. Calculate it from number 6

 

In my country, after I calculate the electricity aspect, and if I am paying 3% mining pool fee. I will be able to mine 0.002 bitcoin. 

That will talk me 1 year and 7 months to mine 1 bitcoin. Mining is not that profitable again but with time and dedication, someone will benefit from it. This could take you more than four years before you earn back your starting capital, and after, you will continue to enjoy mining.
 I can not advice someone to mine because the people join in mining the harder the algorithm and the less the profit.

For solo mining, you may not even get a profit at all because pool mining are the one that will be getting the reward because it consist of plenty miners joined together.

 

well you forgot to write the most important thing to keep in consideration.

how much money you pay for your electricity and how much yo spend for maintenance. those are the most important factors to see if mining is profitable or not 

[bitcoinb 1359]

With a topic like that, mining is reserved to rich people or cloud mining company.... I join a (personnal) screenshot just for those who have 5 minutes for thinking about it (click for zoom)

 

What about the luck factor ?

Edited March 11, 2020 by bitcoinb

[scorpiali 5626]

Good to know those static to calculate if we can make profit by mining or not but those is for who really have a device to mine by her self but not for me, any way Thanks brother

[jacker 1095]

Thank you, I don't consider many factors like you, but basically I also have elements like you have listed. Electricity and hardware costs are important, I note these two top issues. Solo exploits I do not recommend

[Fedor00 74]

This shows that mining is much harder than it looks at the beginning. Because people think all they have to do is buy some mining rigs and start mining but it's more complicated than that 

[nandenas 78]

in my experience - i can say elecrticity cost is one the most importart factor of calculating profit. videocard's cost/hash rate does not differ a lot