Is bitcoin mining still profitable?

A

AlvinUAW1

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Hy BHW family,

I am a ordinary worker of a company in UAE. My company provides accommodation+ internet that mean if i start mining in my room so it will 0 cost for me. Now i am planing to buy what's miner M50S for mining. I need some feedback/suggestions from experts before doing it. Thanks
 
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It's not profitable for the vast majority of people. You need a big investment and the profit margins are very slim
 
Look for bitcoin profitabilty calculator as your guide .You need to get hashrate of the ASIC miner ,wattage of the miner and your local cost per Kilowatt Hour
 
Bitcoin halving is imminent so less so even less do I'd imagine.
 
M50S hashrate is 128T and calculator says my monthly income will be 1500 AED . And because of 0 electricity cost and internet cost my all money will be save. How it's no profitable please guide?
 

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Bitcoin mining is not as profitable as it may seem. I recently bought 2 Avalon Nano 3's and based on the calculator, I'll actually be losing $10 a year. When you factor in electricity cost. It's a miner built for home using 4TH/140 watts each.
But being a Bitcoin advocate for many years. I enjoy participating in the blockchain. And who knows, maybe your little bitty bitcoins may grow.
 
AlvinUAW1 said:
Hy BHW family,

I am a ordinary worker of a company in UAE. My company provides accommodation+ internet that mean if i start mining in my room so it will 0 cost for me. Now i am planing to buy what's miner M50S for mining. I need some feedback/suggestions from experts before doing it. Thanks
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ITs something really depends, The market now is high it might go low, wont really be able when to prefict when it goes up and down
 
AlvinUAW1 said:
Hy BHW family,

I am a ordinary worker of a company in UAE. My company provides accommodation+ internet that mean if i start mining in my room so it will 0 cost for me. Now i am planing to buy what's miner M50S for mining. I need some feedback/suggestions from experts before doing it. Thanks
Click to expand...
Brother, I would advise you to do thorough research first, and then you can easily start this work. This way, you won't face any losses.
 
AlvinUAW1 said:
Hy BHW family,

I am a ordinary worker of a company in UAE. My company provides accommodation+ internet that mean if i start mining in my room so it will 0 cost for me. Now i am planing to buy what's miner M50S for mining. I need some feedback/suggestions from experts before doing it. Thanks
Click to expand...
No. You can't compete with the economy of scale that big mining operations have. The halving is going to cut margins by half. Mining is just not feasible for small miners from a profitability standpoint
 
AlvinUAW1 said:
M50S hashrate is 128T and calculator says my monthly income will be 1500 AED . And because of 0 electricity cost and internet cost my all money will be save. How it's no profitable please guide?
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You're looking at a best-case scenario with that 1500AED. But let's be real, crypto is a rollercoaster. Bitcoin is going to crash hard during the next bear market, wiping out 80% of its value.

Also, don't forget about the increasing network difficulty. Your 128T will be less and less effective over time. And let's not even talk about the cost of the ASIC itself. You're basically betting on a coin flip here
 
TheSplinter said:
It's not profitable for the vast majority of people. You need a big investment and the profit margins are very slim
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Then why are people doing it ? Are their tricks that current miners only know ?
 
Seo Captain said:
Then why are people doing it ? Are their tricks that current miners only know ?
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From what I notice, it seems like you have to stay up to date with the miners and you probably have to make a decent investment in a good miner in order to profit off of Bitcoin. I use a site called.
https://www.asicminervalue.com/
The newer the miner the better, but not always.
 
AlvinUAW1 said:
Hy BHW family,

I am a ordinary worker of a company in UAE. My company provides accommodation+ internet that mean if i start mining in my room so it will 0 cost for me. Now i am planing to buy what's miner M50S for mining. I need some feedback/suggestions from experts before doing it. Thanks
Click to expand...
It’s profitable if you pay very little for electricity or have zero costs. I had a mining farm in my country, and the electricity cost was ridiculously low.
 
The profitability of Bitcoin mining is relatively low compared to its peak in late 2021. You need a significant amount of hash power and relatively low electricity costs to make a substantial profit.
 
if you're renting, move into a shared house that has electricity included. You could probably get away with it for a while until they notice the bills and kick you out. If you're not currently renting it's not worth it.
 
Seo Captain said:
Then why are people doing it ? Are their tricks that current miners only know ?
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Why do people still mine Bitcoin? Because they're either delusional or they're in on the scam. The big mining companies are basically gambling with other people's money. They're hoping for a miracle, but the reality is that most of them are operating at a loss. The only ones who are really winning are the ASIC manufacturers like Bitmain. They're laughing all the way to the bank.
 
Crytononame said:
Why do people still mine Bitcoin? Because they're either delusional or they're in on the scam. The big mining companies are basically gambling with other people's money. They're hoping for a miracle, but the reality is that most of them are operating at a loss. The only ones who are really winning are the ASIC manufacturers like Bitmain. They're laughing all the way to the bank.
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As a bitcoin advocate for many years. I enjoy participating in the blockchain and some of the reward that come with it. And plus. Bitcoin is a gateway to other cryptos. So you just end up learning more, on top of discovering the cryptocurrency's that are actually anonymous, unlike what the Mass thinks.
 
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