Why everyone keeps on saying mining not profitable

randomstrings

Supreme Member

Feb 3, 2021

1,325

853

• Nov 25, 2021

• #1

I read many forums and groups, and no matter how good hardware specs you post, you get that one reply that mining aint profitable. Although they are on groups and forums of mining sw or app or hw.

One of my known started mining in 2017 when btc boomed past 10k usd, and as per last checked 3 years later he has 1btc and for me its worth the wait.

My assumption that all discourgers wants to keep competition away.

Let the noobs try their luck, we have failed inany project and no one says not gonna work to that.

 

Lukmat

Elite Member

Executive VIP

Jr. VIP

Jan 22, 2008

5,797

8,171

• Nov 25, 2021

• #2

Because they don't have RTX and they are crying when seeing RTX price? xD
Mining is profitable, but not BTC, rather ETH and ETH forks

 

thesyndicate

Elite Member

Jr. VIP

Oct 8, 2008

2,949

901

• Nov 25, 2021

• #3

You can hardly mine BTC and there is so much BS like you can mine Dogecoin with profit you can not. But yeah you can mine.

 

Starblazer

Elite Member

Jr. VIP

Feb 28, 2019

7,455

7,915

• Nov 25, 2021

• #4

If you have free electricity, you can mine for good profits. That's what Chinese farms have done in the past. You can try it if you're so confident about it. But keep in mind to have a stop loss.

 

Salamouna

Elite Member

Jr. VIP

Aug 28, 2014

11,860

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• Nov 25, 2021

• #5

But I've seen most of the people that say that never tried mining
I'm mining since 2017 too

 

alurosu

Elite Member

Jun 16, 2020

2,188

1,658

• Nov 25, 2021

• #6

Because it's not.

https://whattomine.com/
Keep in mind rewards change from week to week. You might not get your investment back as soon as you think.

Most chains are moving to proof of stake and they will no longer mine with graphics cards.

 

solidguy_82

Banned - Multiple Rules Violations

Jul 14, 2016

2,899

1,126

• Nov 25, 2021

• #7

If your electricity is cheap then you should try. Mining is profitable but if you use comparatively cheaper hardware and if it is cheap electricity.
If you burn out your money in expensive hardware it can take you even 2 years to cover that money with mining

 

MKSKS

Banned for failing to resolve dispute.

Jul 11, 2013

6,098

4,464

• Nov 25, 2021

• #8

Mining is profitable if you have good hardware and free/cheap electricity.

 

breakcode

Elite Member

Dec 1, 2012

1,853

1,033

• Nov 25, 2021

• #9

Because people can't wait and want to get back the money they invested immediately.

 

alurosu

Elite Member

Jun 16, 2020

2,188

1,658

• Nov 25, 2021

• #10

breakcode said:

Because people can't wait and want to get back the money they invested immediately.

Click to expand...

You clearly didn't do the math

 

breakcode

Elite Member

Dec 1, 2012

1,853

1,033

• Nov 25, 2021

• #11

alurosu said:

You clearly didn't do the math

Click to expand...

Are you telling me that with mining you get back the money invested the next day?

 

roydan

Elite Member

Dec 17, 2013

5,618

14,555

• Nov 25, 2021

• #12

randomstrings said:

and as per last checked 3 years later he has 1btc and for me its worth the wait

Click to expand...

You need to calculate how many satoshis they got per day, what was their value, and how much they paid for electricity each day. Most of the time it will be cheaper to just buy BTC.

 

vinothmech

Elite Member

Jr. VIP

Jan 12, 2013

1,581

293

• Nov 25, 2021

• #13

Its a biggest lie I am mining for last 5 years
Started with 1060 card Now I upgraded all mine to 3070's and making money for living
Crypto mining changed my life
Now I am trading crypto. And lately started play to Earn crypto games
Crypto is the future and good way to earn money these days if you are Smart !!!