7 Reasons Bitcoin Mining is NOT Profitable or Worth It (2018)

With free electricity this would return you 400 pounds a month. BTC / XBT exchange rate: The current fiat price of Bitcoin ; critical for calculating profitability. While mining is still technically possible for anyone, those with underpowered setups will find more money is spent on electricity than is generated through mining.

Is Bitcoin Mining Profitable?

But bitcoin may be more complex because the cost to mine it still varies widely around the world due to differing electricity costs. Households, according to Digiconomist Bitcoin Energy Consumption Index.

Bitcoin Mining - What is it and is it Profitable in 2018?

Some of these cryptos are worth very little.S. The cryptocurrency traded mildly lower, near 8,000, Thursday, according to CoinDesk's bitcoin price index, which tracks prices from four major global exchanges. In Beijing, the AntMiner S9 costs a little more, at 31,600 yuan (US4,900 according to the m website. What would that entail in electricity bills?

Bitcoin Mining Costs As Much as Buying a Bitcoin These Days Fortune

Achieving the block reward is the only valid way in which new bitcoins can be created; by miners according to the codes rate and limit. Source: Bloomberg New Energy Finance, bitcoin mining under the current price is likely to be profitable under any electricity price regime in China, Lu wrote. Run your analysis several times using different price levels for both the cost of power and value of bitcoins. Profitability Before and After asic, old timers (say, way back in 2010) mining bitcoins using just their personal computers were able to make a profit for several reasons.

Is Bitcoin mining worth it?

For more on cryptocurrencies, check out the. It slowly began climbing before accelerating gains in its latest rally, which peaked late last year above 19,000. Of course there are miners which are built purely to mine cryptocurrencies and the best performing miners are currently priced at GBP 3,000 and have a hash rate of around 14 TH/s. Dollars or other official currency? To begin, we must select a suitable asic mining rig.