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is bitcoin mining profitable

is bitcoin mining profitable

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Best answer


First of all, Bitcoin mining has a lot of variables. This is why buying bitcoin on an exchange can be a simpler way to make a profit. However, when done efficiently it is possible to end up with more bitcoin from mining than from simply hodling.

People also ask


  • Is bitcoin mining still worth it?

  • Bitcoin mining can still make sense and be profitable for some individuals. Equipment is more easily obtained, although competitive ASICs cost anywhere from a few hundred dollars up to about…

  • Is mining cryptocurrency still profitable?

  • Well, it鈥檚 complicated. It would help if you apprehended a lot of things as there are barriers to access, but mining cryptocurrency is still profitable. Bitcoin is becoming a trillion-dollar asset this year, and it鈥檚 continuing to see an upward trend.

  • How much does it cost to mine a single bitcoin?

  • According to Marketwatch, the electricity cost involved in mining a single bitcoin is more than $3,000 in the cheapest states. For states with higher electric rates, you could spend more than $6,000 in electricity to mine a single bitcoin. With the cost of one coin between $3,000 and $4,000, as of January 2019,…

  • What is bitcoin mining and how does it work?

  • Bitcoin mining is the process of earning bitcoins in exchange for running the verification process to validate Bitcoin transactions. These transactions provide security for the Bitcoin network, which in turn compensates miners by giving them bitcoins. Miners can profit if the price of bitcoins exceeds the cost to mine.

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