Is bitcoin mining profitable in india reddit. Mining software allows you to connect your miner to the Bitcoin network. You’ll need to connect your ASIC to your mining pool. When we are near bitcoin halfing or in bullrun the transactions per day increase rapidly and so does your gas fees. Same as next time. USB ASIC on SHA256 is pretty much not profitable on almost all SHA256 coins including bitcoin. Which Bitcoin miner Is most profitable? It seems that Bitcoin mining machines from BitWats are poised to be the most profitable mining rigs. Any Suggestions in Setup of Bitcoin mining room ? r/cryptomining r/CryptoMiningSetups r/CryptoMiningTalk r tldr; Bitcoin mining is the process of earning bitcoins in exchange for running the verification process to validate Bitcoin transactions. plus for me as a 3. 18 kWh. You will never make a profit. Any miner that’s not profitable now, either has a long term plan and it’s worth turning the machines off for a bit, or they had a very limited understanding of bitcoin in the first place. In no way am I saying that I know everything, I am always learning, but here is my attempt to answer the question on mining vs buying. The combination of rising energy prices and falling cryptocurrency prices has made it much more difficult to turn a profit mining Bitcoin (BTC). Same as last time. Plug your wallet into your pool’s website and after about 20 minutes, you should see a hashrate to know you are connected and mining. Think about mining the same way you think about buying the coins themselves. The block reward gets reduced by 50% every 210,000 blocks solved, which is approximately every 4 years. This sub (r/cashapp) is for discussions regarding Cash App. During bull Business, Economics, and Finance. So if miners were profit able 8 months ago should be now. Members Online cryptonicman An ASIC/mining hardware are computers designed for Bitcoin Mining. Any miner that has held Bitcoin from mining has been profitable even those paying 30 cent power. Successful 51% attack on the network could pull the price down, if everyone was buying instead of mining then we would have very weak network and surely I wouldn't hodl my wealth So I'm being asked by someone almost every day about the details and legal issues regarding crypto mining in India. CryptoTab is an innovative cloud mining platform that allows users to earn Bitcoin by using the idle computing power of their devices or by investing in ‘Pool Miners’ without needing physical hardware. Also, you do not need to purchase additional equipment or waste valuable time. So no, not “instead of”. A mining machine costs $2,000-$20,000, making it difficult for anyone but professional miners to mine. Mar 6, 2024 · Therefore, consider the cost of electricity and maintenance as well when purchasing the mining machine for more profitable outputs. the whole idea was to let you think how much AISCs do you need to mine 1 bitcoin the profitability chart varies according to the difficulty adjustment increase or decrease there is no specific amount on how much asics do you need to mine bitcoin. Tickets for the NiceHashX Bitcoin Conference are going fast — claim yours now before they sell Start mining in less than 60 seconds and earn money with your PC The official bitcoin mining forum / subreddit / chat room / place to be! If it wasn’t profitable I wouldn’t be mining anymore and if that happened I would 3 days ago · 2. (So other 88k . Once all of the above is setup, you are good to go. Log In / Sign Up; Advertise on Reddit Miners get two types of rewards for their work: newly mined bitcoin and transaction fees for facilitating transactions. Therefore excluding hardware costs, any mining during times when you would normally heat your home can be considered profit. The latest version of the Bitcoin mining calculator makes it simple and easy to quickly calculate Bitcoin mining profits by adjusting the mining hashrate values or by selecting one of the Bitcoin mining hardware devices from the ASIC Bitcoin miners list. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. You earn the cryptocurrency that you mine. Profit; Hour 0. 1Th per 24 hours = 400 sat, and if I tune that miner down I can get almost exactly 1Th/s per whole day (only 60W consumption). Cost of mining rig + electricity > profit from transaction fees and newly mined bitcoin. Mining can be fun and interesting and educational, but a newbie should not expect to make a profit. But these hardwares are not cheap. I would like to invest in bitcoin for a longer period of time. Mining rate depends on number of transactions per day. Bitcoin mining is a free market in itself where the most profitable miners find the cheapest energy sources. 7 Years No mention of difficulty adjustment either. The official bitcoin mining forum / subreddit / chat room / place to be! I am looking for suggestions to start Bitcoin mining while its is halved in less than 20 days ? Is Bitcoin mining Profitable in India with ASIC miners with average electricity rate ? ( I know that GPU/CPU mining is just waste of time). If you mine at home you can reasonably discount your mining against your heating costs, especially if you normally heat your home with electricity and use a thermostat. *Do not respond to strangers direct messaging you, as over 99% of these people are Scammers. with these hardware you will have enough hashrate to get some bitcoins. Difficulty is measured in the hash rate, which measures the rate of solving the problem. The factors above will determine the time in which you generate your ROI. bitcoin mining hardware: not profitable. For Bitcoin enthusiasts, this promotes the financial inclusion, innovation and democratization the coin espouses. Hello Guys! I am a little bit new to bitcoin mining. Crypto As long as you're bullish on bitcoin, it's reasonable to be bullish on mining. With the rise of digital currencies like Bitcoin and Ethereum, more and more people are getting involved in mining activities to earn profits and support the blockchain network. . Falling S9 sales mean the global hash rate is going to go down, and so mining difficulty is going to go down Bitcoin price? Nobody knows. 12 over a full day at prevailing BTC rates. Just upgraded my Rig, and specifically went for a CPU that was good for Monero mining (5900x). 290w on the wall, 16 cents / kw and I’m getting 14 KH/s, stock settings in BIOS. May 21, 2024 · Bitcoin mining is still profitable if you have a capable system, join a mining pool, and can pay off your fixed expenses in a reasonable amount of time. If you want to make USD from mining bitcoin it’s not for you. They operate because they can profit from it. Typically, the first group is located in Europe or the United States and uses commodity mining devices such as the Ant Miner S9, probably the most common device ever used, and consumes electricity at an average price of 0. Mining in India has been on a steady decline since the beginning of the bear market. Ethermine Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. It is multi-rig SHA256 coin in that ASIC get 80% to 90% of blocks, CPU mi Bitcoin mining difficulty is going up a lot and only getting harder and harder to be profitable. This was the plan all along. How profitable it is really depends on when you sell. We currently run a 1100+/- TH/s, we run used ASIC S9s as well (128 of them), I have been tasked with operating/maintaining them and have been scoping around trying to learn more. Check out r/bitcoinmarkets. Its a nice gateway into the world of mining. If this May 31, 2024 · Introduction Cryptocurrency mining, including Bitcoin mining, has been gaining significant popularity in India in recent years, with crypto mining being legal in India. 15. Banks will work with you and you have less legal headaches. That tool is a gift to us small guy-miners. Bitmain Antminer S21 Feb 23, 2022 · Is mining cryptocurrencies currently profitable? Yes, mining is profitable in early 2022. I’m talking out my ass. Bitcoin miners are currently mining around $20 million worth of Bitcoin per day. It is too late for casual bitcoin mining. Crypto The official bitcoin mining forum / subreddit / chat room / place to be! Members Online Two Dormant Bitcoin Wallets With 49,000% Profit Suddenly Awake After 10. 92K subscribers in the BitcoinMining community. Nov 1, 2019 · For our calculations, we have assumed two main kinds of miners, retail and professional, with access to different efficiency devices, equipment and electricity prices. Calculate Bitcoin (BTC) mining profitability in realtime based on hashrate, power consumption and electricity cost. Start slowly, don't invest more than you want to lose, and talk to other investors & miners as you go to learn as much as you can. 15kw/day at the wall all in mining Zephyr and gives about 17k hashes/sec RandomX wise Say you could run 8 of those You could make $9/day ($3. Just made like 15 $ with months of mining,was only for fun because I already have some solar panel and some pc but if you have to pay energy there's no point in my country (maybe if you live in a country with low energy price) to do that,you'll pay so more the electricity bill that what you get (offcourse in the actual price of monero). 10/kwh for electricity, it would take nearly 12 months to recoup my original investment in a single ASIC miner and that doesn't even include adjusting for difficulty increases, which pushes it out further to 18-22 months (breakeven). Which are the best Bitcoin Mining hardwares of 2024? Here are a few Bitcoin Mining hardwares that are the top choice of Bitcoin Miners as evaluated by our experts: 1. Hi folks, any crypto/BTC Miners here? Was wondering if profitable ba to do it here in the Philippines? Willing to throw 1m naman to have the proper equipment and stuff. Members Online Mining difficulty is at all time highs and crypto markets are on a downtrend. Don’t know enough about mining pools to know if you would be profitable joining one. Jul 14, 2021 · The COVID-19 pandemic and resulting lockdowns have changed the way the world works in many ways, including accelerating a digital revolution that has, among other things, shone the light on cryptocurrencies, such as Bitcoin and Ethereum. I also bought small miner (futurebit apollo btc) which can make only ±3. Gpu mining is still profitable and getting better over time, depending on what coin you want to mine and the electricity cost in your region. 34 Dude, google “Bitcoin ASICs”. Save the edited text so your wallet and worker name is in place and double click the application and it should start mining. NiceHash is a Bitcoin centered platform, providing a complete ecosystem of mining and BTC payment services with the goal to accelerate Bitcoin adoption worldwide. com May 6, 2024 · Key Takeaways. It's definitely profitable, but that's if you're careful. The year 2023, BTC witnessed a recovery after a I had to mine for 5000 days to get any bitcoin. But it is not dead. Business, Economics, and Finance. I'm new to mining relatively, my work in the oilfield has a 4 generators running 4 hash hut units off our wells natural gas ( free power). On the one hand, it seems profitable, with a minimum cost of investment. It is essential for […] I've been looking into the history of mining profitability using a chart I couldn't find a time where you could make more than $5 a day using regular laptops. Over the years /r/btc became community of historians & torchbearers, preservers of Satoshi's Bitcoin for future generations. This means investing in powerful ASIC devices and consuming vast amounts of energy. My guess is you would need 100 mining rigs to make a profit of $33,000 a year. Future profit for a new S9 depends on the Bitcoin price and the mining difficulty. Those rigs would cost you close to $100,000. Consumes a large amount of When r/Bitcoin moderators began censoring content and banning users they disagreed with, r/btc became a community for free and open crypto discussion. Bitcoin Beginners is a subreddit for new users to ask Bitcoin related questions. Follow them for a bit. All I know is that you would be competing your computing power against large mining farms. Aug 6, 2023 · Is Bitcoin mining profitable? Aside from the choice of hardware, an individual miner’s profit and revenue depend strongly on market conditions and the presence of other miners. 5 Th/s but consume only 200W. This may change in the future but for the present time, this is still very much profitable. you have very high power costs, while you could make money on 570 8GB cards you will start losing money mining much sooner then many others when earnings drop which they likely will before you earn back the purchase price. You can typically lower it significantly (not sure how much but certainly more than 10%), resulting in significantly lower temps (longer lifespan and lower sound level) and only slightly lower hashrates. As such, it is more resistant to wild inflation and corrupt banks. Bitcoin is a global decentralized digital currency which can be used like the Indian Rupees for paying towards Goods and Services and can be used as a medium of exchange with no central party like banks serving as the middleman for the payment transactions. I don’t know. Expand user menu Open settings menu. Your mining pool will tell you what to put into the software so that you can connect to the pool. g. 1 AMD Ryzen rig (the most efficient in my research in terms of kilowatt-in-profit-out between CPU/GPU/ASIC/various algorithms) pulls about 3. While you may get discounts, your profit won't be exponential. Step 3: Get a bitcoin Mining energy is ultimately expended as heat. This happened long before the creation of Bitcoin Cash. Usually the hardware is priced in USD. So speaking from personal experience, Its easier to get capital investment when you are building a computer services company then a "Mining" company. 50w on the wall for a laptop for extra 1. In order to be profitable in 3 years I will be forced to buy new hardware and scrap the old one. 4kW LiFePo4 battery. 07 per kilowatt-hour (kWh) is poised to net an estimated $14. Anyone can profit from mining, but it will come down to the individual running it and their initial capital investment. If you're converting from Bitcoin to USD, you could argue the opposite is true (one Bitcoin gets you two Antminers today with some change left over). Mar 15, 2024 · In the following table, you can examine different scenarios that include different Bitcoin prices and electricity costs so you can conclude for yourself whether Bitcoin mining is profitable for you. This increases miners earning. Indeed, the break-even price for operating an S19 miner is expected to exceed $50,000 after the halving event. 5kWp with 1. I've been looking to start BTC mining, but the numbers just don't seem to work. Mining. Even with a cost of $0. Above you can see current approximate profitability for 6x AMD RX 6800XT with electricity price of $0. Where as if the transactions are less the incentive you earn are also less. It’s always easy to say investing in it is a good idea when the commodity is constantly on rise, but there is always going to be an inherent risk. 1h for gaming, 23 for mining and torrents. So only if BTC goes bananas I will be profitable? So mining is almost the same if not worse than hodling? Sep 8, 2022 · Bitcoin mining requires heavy investments and isn’t profitable anymore,” said Abhinash. Antminer S9 would be losing money for example. Having recently started mining myself, I would encourage you to lower the power limit of your GPU before mining as well as the other overclocking. Understand that some machines may never ROI unless they have no issues over the course of the next 3-4 years which is currently the predicted ROI timeline for I see inconsistency and inaccuracy in responses and it is killing me. More than it will ever mine. The cons of bitcoin mining are that it's expensive, takes up a lot of energy Your always making a profit. A more beginner-friendly approach is to consider cloud mining. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You are not mining bitcoin, you are selling processing power. If you have Bitcoin in a wallet whose private keys are maintained by you, there is absolutely zero evidence to suggest that it is in any manner unsafe. You get a guaranteed return vs speculative. Which currency to mine depends on the equipment you have. Jan 15, 2021 · The Bitcoin hash rate has increased by more than 41% in the past year, reaching its highest ever value in January 2021—leaving smaller Bitcoin miners at a disadvantage. I have small instalation of 0. Most people get into bitcoin when its value is super high and bloated due to media hype, and that's completely understandable. Mostly it was around a dollar or even less. I'm mining with solar and it is fun project but not very profitable. Since the recent mining boom, I wanted to checkout the Bitcoin mining scene. And I did the math and saw that they are not profitable either. Study the movements of bitcoin. Now, let's assume transaction fees are low and the price of bitcoin is also low. It has randomSpike on top of SHA256 to restrict big ASICs. get a medal detector and start walking around, you all got big ass gold nuggets just sitting on the ground in some places there. Answer. Otherwise, it couldn’t be profitable. In most cases these are sold in bitcoin only. Miners like Compass are being accused of failing to pay electricity bills. I don't know of any legitimate company that will rent you a miner. I am looking for suggestions to start Bitcoin mining while its is halved in less than 20 days ? Is Bitcoin mining Profitable in India with ASIC miners with average electricity rate ? ( I know that GPU/CPU mining is just waste of time). A mining device capable of 200 terahash per second (TH/s) with electricity expenses at $0. 14 US India has banned/applied high duty on imported machinery for mining and that makes it almost impossible to profit off in India. The lower the electricity price, the better the profits. Where or How do I exactly build those mining rigs? Discussion of mining the cryptocurrency Ethereum. hiveos or nicehash) and for profit side, eth (which is the most profitable coin to mine) looks like approximately 2022 will be the end of it to mine The incentive for Bitcoin miners to secure the Bitcoin network comes from block rewards and transaction fees. Mar 27, 2024 · Overall, Bitcoin mining can be profitable, but a significant amount of hashing power is needed. Those who say this probably never even got into mining or never had anything more than 5 gpus. If price goes down and it's no longer profitable, miners leave the network which lowers the hash rate. The Mt Gox attack was not on Bitcoin. 000006 $0. Mods are active, so please make sure to read the rules before posting. 000000 0. Becoming a miner, be it alone or as part of a group, helps ensure the longevity of the Bitcoin blockchain. See full list on forbes. Any comments from you folks? ps. The pros of bitcoin mining are the potential earnings. I think a fair number of folks here who are paying consumer electrical rates have never done the math (taking into account periodic increased difficulty, pool fees, electricity inflation, etc) and are in for a series of unfortunate events. They are going to verify blocks a lot faster than you. As long as Bitcoin is being deposited to your account it’s profitable. And On June 21, when bitcoin was trading close to $20,000, major mining company Bitfarm sold $82 million worth of bitcoin to bolster its balance sheet. I am more or less an investor who is looking for a profitable investment. For the purposes of this examination, we are going to use the estimated profitability potential of the Bitmain Antminer S19j Pro+, the top-ranking Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. 3k/yr) at the moment mining Zephyr. So over time the incentive for Bitcoin miners to secure the Bitcoin network transitions from block rewards to transaction fees. The bottom line is bitcoin mining is subsidized by fiat loans, companies can absolutely make a profit in fiat terms by taking out loans to buy miners, but by spending bitcoin on miners directly the depreciation of the hardware will make it so you never, ever make a return in bitcoin. 5 years in the crypto space my mentality changed too' I am mining and never stoping my asics even during the bear market because Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Any Suggestions in Setup of Bitcoin mining room ? r/cryptomining r/CryptoMiningSetups r/CryptoMiningTalk r You would need 1500 Th/s (15 miners at 100 Th/s each) just to gross $33,000 but that’s not including the price of energy. Who cares what the price is in fiat. Ask questions or receive news about about mining, hardware, software, profitability, and other related items. The right approach is to only sell enough to pay your electricity bill and hold the remaining until you get a good price. Miners can profit if the price of bitcoins exceeds the cost to mine. ?) Given the fact that as today I should earn 2k/mo x 3years = 72k a negative 16k in profit after 3 years of mining. What is the cheapest recommended miner I can get started with while being profitable? 47K subscribers in the cryptomining community. 7 KH/s This is highy unprofitable. Step 2: Get mining software. Out of three, the one with the lowest price, at $5,000, reportedly has 360 TH/s at 550W power consumption. However, any expectations of digital riches Due to efficiency concerns, many miners are upgrading to the latest mining rigs in anticipation of the upcoming Bitcoin halving. That's $600 million per month. Unfortunately, my electric rate quite high at $0. Right now (15 March 2021), there are no laws against it, you can transfer, trade, hold, mine crypto without any restrictions. We're in one of those periods now. The concept of bitcoin is very appealing for me and i think this is the future. Is Bitcoin Mining Profitable In The Philippines: TakeAway. Unless you have extremely cheap energy you’re better off just buying Bitcoin. there are lots of mining pools that you could join depending on what coin and what platform you're choosing (e. A community focused towards discussion of Bitcoin in India. We would like to show you a description here but the site won’t allow us. Also about how to deal with cashing it out. Reddit; QUESTIONS? Customer Support Is Bitcoin Mining Still Profitable? The profitability of Bitcoin mining depends on various factors, including mining equipment efficiency, electricity costs, and Bitcoin price. CryptoTab – Innovative Cloud Mining Platform with Flexible Mining Options. Mt Gox is just an exchange where people store Bitcoin in wallets to trade. May 4, 2021 · Any serious bitcoin mining farm now consists of ASICs. You will never make anything close to a profit mining with a laptop, and you might never generate even 0. * Members Online So mining even when less profitable than buying coins directly can have bigger gains in long term but this must be seen in a big picture, not on a single case basis. Bitcoin is a global decentralized digital… NiceHash is a Bitcoin centered platform, providing a complete ecosystem of mining and BTC payment services with the goal to accelerate Bitcoin adoption worldwide. The profitability of Bitcoin mining comes down to hardware acquisition and running costs; most modern miners are currently net positive in terms of daily yields. 117K subscribers in the BitcoinIndia community. And profitability also depends on your current electricity rate and other factors as well. The bottom line here is to rent a mining rig that'll allow you to mine any coin. And also look at this comparison of how profitable certain machines are. You can try Cheetahcoin (CHTA), which is new type of SHA256. ASIC miners are high end expensive equipment. As of 2024, Bitcoin mining can still be profitable for those with access to low-cost electricity and efficient mining equipment. I created a similar spreadsheet to the above (after I discovered this site) and my numbers jive. Bitcoin mining is still profitable in 2024. is bitcoin mining profitable in the Philippines? Yes, it’s still possible in today’s world. Bitcoin has never been hacked. It offers peer-to-peer money transfer, bitcoin and stock exchange, bitcoin on-chain and lightning wallet, personalised debit card, savings account, short term lending and other services. No. Jan 30, 2023 · Bitcoin mining is still profitable, and mining crypto might be worth it — but equipment and energy costs are expensive. 01 BTC in a decade with a laptop. Bitcoin is highly volatile. It'd be 100% profit Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. Yes. Apr 20, 2023 · Summary: Is bitcoin mining profitable? Bitcoin mining can be profitable if you invest in the right tools and join a bitcoin mining pool, but there are a lot of variables and a high profit isn’t at all guaranteed. Of course, the profit margin depends on the electricity price you are paying. It's a gamble Lmao dont listen to people saying gpu mining is dead. 000006 0. Join our community of over 1,700,000 Screenwriters! From beginners to professionals, we come together to teach, learn, and share everything about screenwriting for film and television. Active Mining. So, Bitcoin's price doesn't automatically change the price of a mining rig. May 18, 2023 · Pros of Bitcoin Mining: Cons of Bitcoin Mining: Contributes to Bitcoin’s growth and stability. I believe that this method removes almost all risks. I also have an idle space in Tagaytay to have it operate there. Jul 1, 2022 · Bitcoin’s bear market has put intense stress on mining profitability. Bitcoin and Kaspa Mining Profitability Swell as Miners Eye Lucrative Returns Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. xzqa euxxv qlhtaj tadvad sfd thls eznqgz jiggeql ukjlh lxre