Last updated on November 24th, 2017 at 08:12 am
Before wij commence, if you’re fresh to Bitcoin mining and don’t know what it is observe this brief and plain explanation:
“Is Bitcoin Mining Profitable te 2017?“
The brief reaction would be “It depends on how much you’re willing to spend”. Each person asking himself this will get a slightly different response since Bitcoin Mining profitability depends on many different factors. Te order to find out Bitcoin mining profitability for different factors “mining profitability calculators” were invented.
Thesis calculators take into account the different parameters such spil violet wand cost, the cost of your hardware and other variables and give you an estimate of your projected profit. Before I give you a brief example of how this is calculated let’s make sure you are familiar with the different variables:
Bitcoin Mining terms you should get to know
Hash Rate – A Hash is the mathematical problem the miner’s pc needs to solve. The Hash Rate is the rate at which thesis problems are being solved. The more miners that join the Bitcoin network, the higher the network Hash Rate is.
The Hash Rate can also refer to your miner’s voorstelling. Today Bitcoin miners (those super powerful computers talked about te the movie) come with different Hash Rates. Miners’ spectacle is measured te MH/s (Mega hash vanaf 2nd), GH/s (Giga hash vanaf 2nd), TH/s (Terra hash vanaf 2nd) and even PH/s (Peta hash vanaf 2nd).
Bitcoins vanaf Block – Each time a mathematical problem is solved, a onveranderlijk amount of Bitcoins are created. The number of Bitcoins generated vanaf block starts at 50 and is halved every 210,000 blocks (about four years). The current number of Bitcoins awarded vanaf block is 12.Five. The last block halving occurred on July 2016 and the next one will be ter 2020.
Bitcoin Difficulty – Since the Bitcoin network is designed to produce a onveranderlijk amount of Bitcoins every Ten minutes, the difficulty of solving the mathematical problems has to increase te order to adjust to the network’s Hash Rate increase. Basically this means that the more miners that join, the tighter it gets to actually mine Bitcoins.
Electro-therapy Rate – Operating a Bitcoin miner consumes a loterijlot of tens unit. You’ll need to find out your electrical play rate te order to calculate profitability. This can usually be found on your monthly electro-therapy bill.
Power consumption – Each miner consumes a different amount of energy. Make sure to find out the precies power consumption of your miner before calculating profitability. This can be found lightly with a quick search on the Internet or through this list. Power consumption is measured ter Watts.
Pool fees – Ter order to mine you’ll need to join a mining pool. A mining pool is a group of miners that join together ter order to mine more effectively. The podium that brings them together is called a mining pool and it deducts some sort of a toverfee ter order to maintain its operations. Once the pool manages to mine Bitcoins the profits are divided inbetween the pool members depending on how much work each miner has done (i.e. their miner’s hash rate).
Time Framework – When calculating if Bitcoin mining is profitable you’ll have to define a time framework to relate to. Since the more time you mine, the more Bitcoins you’ll earn.
Profitability decline vanaf year – This is very likely the most significant and elusive variable of them all. The idea is that since no one can actually predict the rate of miners joining the network no one can also predict how difficult it will be to mine te 6 weeks, 6 months or 6 years from now. This is one of the two reasons no one will everzwijn be able to reaction you once and for all “is Bitcoin mining profitable ?”. The 2nd reason is the conversion rate. Ter the case below, you can insert an annual profitability decline factor that will help you estimate the growing difficulty.
Conversion rate – Since no one knows what the BTC/USD exchange rate will be ter the future it’s hard to predict if Bitcoin mining will be profitable. If you’re into mining te order to accumulate Bitcoins only then this doesn’t need to bother you. But if you are programma to convert thesis Bitcoins ter the future to any other currency this factor will have a major influence of course.
Get a mining rekenmachine
Te order to calculate all of thesis parameters and get an response to our question wij will use a mining profitability rekenmachine. here’s a elementary mining rekenmachine from 99Bitcoins:
However, now let’s take a look at a more ingewikkeld example where wij include more factors:
Today one of the most advanced miners out there is the Antminer S9. It’s what is known spil an ASIC mining equipment. It has a mining rate of 14 TH/s. If wij use the ordinary Bitcoin mining zakjapanner (shown above) you will see that at today’s difficulty you will earn around 0.11 Bitcoins a month.
But of course this doesn’t take into account the hardware cost, violet wand cost, pool fees, etc. Let’s attempt to calculate all of thesis together.
This gegevens wasgoed taken from an advanced Bitcoin mining rekenmachine using the following stats: 2% mining pool fees, 12.Five Bitcoins spil a block prize, 14 TH/s hash rate, 1375W power consumption and $0.12 vanaf KW. Date of calculation – August 2017
So after 12 months wij should be making around $Four,032. However wij toevluchthaven’t deducted the hardware cost yet, so it’s more like $ Two,032. However this is true for Bitcoin’s current exchange rate (around $Four,000). If you calculate this with the exchange rate of 1 month ago you’ll only be cracking even.
This result can switch depending on your own electrical play cost, the switch ter mining difficulty and most importantly the switch te the price of Bitcoin.
So you’re very likely not going to get rich by mining Bitcoins at huis unless you buy some mighty duty equipment and have very low tens unit costs. Here’s a list of the most efficient Bitcoin mining hardware out there today. There’s not a loterijlot of diversity to pick from since huis mining is a dying kunst.
So even tho’ huis mining is an expensive business there are still other option that may be relevant for you to get into the mining spel at a lower cost.
How to mine Bitcoins with cloud mining
There a fresh concept called “cloud mining“. This means that you do not buy a physical mining equipment but rather rent computing power from a different company and get paid according to how much power you own. At very first this sounds like a truly good idea, since you don’t have all of the hassle of buying expensive equipment, storing it, cooling it, etc.
However, when you do the math it seems that none of thesis cloud mining sites are profitable te the long run. Those that do seems profitable are usually scams that don’t even own any mining equipment, they are just elaborate Ponzi schemes.
If you do want to take a look at cloud mining I suggest using Genesis Mining – the only cloud mining company that has bot around long enough to prove it’s not a scam. But make sure to do the math before putting your money into any of thesis plans.
Mining Altcoins spil an alternative to Bitcoin
One more option you can consider is mining Altcoins instead of Bitcions. Today there are hundreds of Altcoins available on the market and some of them are still real effortless to mine. The problem is that because there are so many Altcoins it’s hard to tell which ones are worth investing your time te. Some good examples for Altcoins are Litecoin, Dogecoin and Peercoin.
I n order to understand which Altcoins are profitable you can find webstek indexes such spil CoinChoose that give you a accomplish Altcoin breakdown. On CoinChoose you can see the difficulty for each Altocoin, where can you exchange them and what are the chances to profit Bitcoins by mining each specific Altcoin.
So is Bitcoin Mining Profitable ?
My guess is that te the long run you could make a profit from Bitcoin mining but only if you invest a considerable amount of money te a good mining equipment (e.g. Antminer s9). If you don’t have the time or the money – stay away from mining and just invest ter buying Bitcoins for the long run.
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199 Comments on “Is Bitcoin Mining Profitable ter 2018?”
even at overheen $16,000 vanaf B.C. is it profitable?
At huis if you bought the best available hard/ware software what can you expect to make?
Difficulty tends to budge along with price. So the more profitable it becomes, the more mining competition moves ter. You can calculate the current profitability via this webpagina:
You won’t need to switch the Bitcoin Difficulty, Block Prize and Bitcoin to Dollar (USD) fields but the other ones vereiste be finished based on your situation.
Guys check out the profitability of the BTC contracts on Hashflare, with the enormous rise of btc the comebacks are very high!
Hashflare had to do maintenance due to the enhancing traffic on Hashflare, a loterijlot of people are buying thesis contracts now so get ter before they’re sold out.
Hasflare webstek: **affiliate verbinding eliminated**
Hashflare is absolutly profitible right now! at the time of this writing you will get roi after Two months, and then the surplus of the Ten months is zuivere profitability, but you cant how everzwijn know how much the difficulty will increase, but since you still have Ten months of profitible mining I say go for it! **affiliate verbinding eliminated**
Funny I rented Three.Five TH/s from Hashflare a year ago for 624.00 USD. At the time the contracts were for two years. The balance spil of 12/8/17 is .43105134 BTC or $6828 USD for a total so far of 1000% profit with 9 months left on the contract. Just telling it wasgoed pretty d**n profitable for mij 🤑🤑🤑
The price of one bitcoin when you invested ter Hashflare wasgoed inbetween $600 and $700. So, you could have purchased one bitcoin with your investment then and you would have one bitcoin now. Instead, your investment returned only .43105134 BTC. Doesn’t this mean that it would be more than twice spil profitable to just buy the coin and hold?
I wanna commence mining, is it worth now?
Te most cases, no. The article does a pretty good job of explaining why. Still, you will learn a lotsbestemming by mining even if you don’t earn a lotsbestemming.
Good tips! Joining a top mining pool will help you earn even swifter. MinerGate is an established smart-mining multipool that permits you to mine all of the top cryptocurrencies, including XMR. Join now to begin earning: **affiliate verbinding eliminated**
what do you guys think about hashflare.
Hashflare I’d frisking awesome
I am using hashflare and it is much more profitable that genesis mining, you can lightly subscribe with below verbinding having many advantages overheen others, best of luck!
**affiliate listig eliminated**
Very first of all, you should check out our article on cloud mining:
I don’t know Hashflare specifically, just heard that recently they switched their terms te a way which many of their clients were unhappy with. Spil the cloudmining space is absolutely rife with scams, my view is that it’s safer to avoid it entirely and just buy and hold bitcoins instead.
**affiliate listig eliminated**
Mine bitcoin here for superb comebacks and a excellent price. If you use this listig you receive a toeslag! 350% comes back vanaf year!
Fine article! I do have a question that I am attempting to figure out myself but I do terrible Calculus! Presently I run about 45 TH/s of BTC mining. I am investing 100% of what I mine back into more mining equipment. What I am attempting to figure out is when will wij reach “peak bitcoin”? That is to say when will it no longer be advantageous to waterput 100% of my profits into mining due to diminishing comebacks of difficulty?
Basically how big should I build my equipment and zekering to collect my profits?
Well, difficulty is almost always rising. I’m not sure about the maths but what I’d do te your position is to wait for all your investment into equipment to be paid back. Once you’ve paid yourself back, you can’t lose and everything is profit.
From that point, just determine on a percentage to take each month spil profit. Keep reinvesting the surplus into fresh equipment (have you checked out DragonMint ASICs yet? 30% more efficient than the S9!) until you reach the boundaries of your available space and management capabilities.
Hi Steven do you mean to say dragon mint or dragon mine?
Undoubtedly DragonMINT. It’s a fresh type of miner manufactured by the HalongMining company. Wij hope that it will be released soon and wij can review it!
Where can I buy DragonMint ASIC?
From their official webpagina, but you’ll need to order a ondergrens of Five:
Do you have any skill of the Ebit E9 Plus 9T 14nm Asic Miner from Yunhui. They optie it’s better than the S9?
Sorry but I’ve never heard of it. I looked it up and witnessed mixed reports…, I can’t give you any clarity on this device unluckily.
What I do feel comfy recommending spil better than an S9, based on the involvement of Core dev btcdrak and the recommendation of Adam Back, is the DragonMint miner. That should be available soon and it looks very promising.