{"id":3102,"date":"2018-11-25T08:37:36","date_gmt":"2018-11-25T08:37:36","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=3102"},"modified":"2020-07-14T17:23:06","modified_gmt":"2020-07-14T16:23:06","slug":"bitcoin-mining","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-mining\/","title":{"rendered":"Bitcoin Mining, Is It Profitable At All?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-mining\/#Bitcoin_mining_is_a_legit_job_but_initial_investments_and_cost_of_mining_are_very_big\" >Bitcoin mining is a legit job, but initial investments and cost of mining are very big.<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-mining\/#By_Guy_Avtalyon\" >By Guy Avtalyon<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-mining\/#Miners_position\" >Miners position<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-mining\/#Is_Bitcoin_mining_profitable_now\" >Is Bitcoin mining profitable now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-mining\/#Correlation_between_mining_and_Bitcoin_price\" >Correlation between mining and Bitcoin price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-mining\/#Trading_Bitcoin\" >Trading Bitcoin<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Bitcoin_mining_is_a_legit_job_but_initial_investments_and_cost_of_mining_are_very_big\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3105 size-full aligncenter\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/11\/bitcoin-mining-is-it-profitable-e1543134727515.jpg\" alt=\"Bitcoin mining, is it profitable\" width=\"700\" height=\"368\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/11\/bitcoin-mining-is-it-profitable-e1543134727515.jpg 700w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/11\/bitcoin-mining-is-it-profitable-e1543134727515-300x158.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/11\/bitcoin-mining-is-it-profitable-e1543134727515-370x195.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/11\/bitcoin-mining-is-it-profitable-e1543134727515-424x223.jpg 424w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/>Bitcoin mining is a legit job, but initial investments and cost of mining are very big.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><span class=\"ez-toc-section\" id=\"By_Guy_Avtalyon\"><\/span><a href=\"https:\/\/www.linkedin.com\/in\/guy-avtalyon-67941b54\/\">By Guy Avtalyon<\/a><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p><span style=\"font-weight: 400;\">Is Bitcoin mining profitable these days? When the price of gold drops, miners are losing. It is the same story in the world of cryptocurrencies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to CoinMarketCap data, the prices of Bitcoin have tumbled nearly 30% in the past week and hit a 14-month low of about $3,800. The total market value of cryptocurrencies has slumped to $148bil, which is less than one-fifth of its worth during the market\u2019s peak in January. Hong Kong-based cryptocurrency exchange OKEx forced an early settlement of Bitcoin cash futures contracts on its platform the day before. Widely thought is that it has triggered the sell-off.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Miners_position\"><\/span><b>Miners position<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The price drop has left miners in a weak position. They claim it has become unprofitable for them to run at least four models of bitcoin mining machines. According to the latest estimates of Beijing-based F2Pool, if they spend power at a rate of $0,06 per kWh it is clear that mining becomes unprofitable. F2Pool is one of the world\u2019s biggest bitcoin mining pools.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cryptocurrency mining has developed from a bedroom activity to mass-scale production. Later, it was undertaken by enterprises that use specialized equipment with application-specific integrated laps. <\/span><span style=\"font-weight: 400;\">The crypto miners combine their computing power in mining pools to increase their odds of winning new digital currency. They are counting various factors, the total amount of computing power in the network, and costs. Coasts are electricity and rental fees. That determines which coins to mine and where to house their devices. The cryptocurrency dropdowns have forced miners to remove at least four models of bitcoin mining machines. Some of them have become too expensive to operate under present market conditions, estimates F2Pool. These models are Antminer S7 and Antminer S9 from Bitmain Technologies as well as Canaan Creative\u2019s AvalonMiner 741.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_Bitcoin_mining_profitable_now\"><\/span><b>Is Bitcoin mining profitable now?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A group of Chinese cryptocurrency miners said they have already shut down 20,000 rigs, or about 10% of the total number of machines they operate. They declined to be named for fear of government reprisal.<\/p>\n<p>But their struggles are an opportunity for others.<\/p>\n<p>One miner bought about 50,000 used mining rigs that were put up for sale in the market over the past few days. He intends to send these used rigs to countries with lower electricity prices. He is thinking about Russia and Venezuela. In this way, he can turn a profit selling them there.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Correlation_between_mining_and_Bitcoin_price\"><\/span><b>Correlation between mining and Bitcoin price<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Mining Bitcoins takes time and resources. Let&#8217;s say, it\u2019s not an easy thing to do in the first place. It requires high-powered machinery to make Bitcoin mining profitable. If you lack the resources, you will lose the potential earning and have to pay a huge sum of money for your electric bills.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to CNBC, in March, the miner\u2019s profits have roughly halved compared to their earnings in December due to the surge of interest. So, we can say Bitcoin mining is no longer profitable today. Over the past days, Bitcoin\u2019s range had tightened up and seemed like another wild move will take place. We are not quite sure in which direction. From one side, the <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/what-is-trade\">market<\/a> is eager and deserves a correction back to the $5K+ area. But on the other hand, there is still a lot of panic selling, and Bitcoin looks like has to go lower.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are several profitability calculators that miners can use to analyze the cost\/profit equation of Bitcoin mining. Calculators vary as they have different levels of complexity and variables that can be inputted.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Trading_Bitcoin\"><\/span><strong>Trading Bitcoin<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin currently trades essentially at the break-even cost of mining it.<\/p>\n<p>To answer if Bitcoin mining is still profitable you have to figure out if you are willing to invest the necessary initial capital for the hardware. And you have to predict Bitcoin\u2019s value in the future as well as its mining difficulties. When both prices and mining difficulties fall, it usually means less miners, but more Bitcoin to mine. When the opposite happens, more miners are competing for fewer Bitcoins. Bitcoin is a real business, so you may accept mining bitcoin as a legit business. There are people working in this business, also have revenues, profits, earnings, plant, and equipment. It&#8217;s almost the same, there is no difference between mining bitcoin or coal. Except, mining bitcoin is all math. And there&#8217;s no scam.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin mining is a legit job, but initial investments and cost of mining are very big. By Guy Avtalyon Is Bitcoin mining profitable these days? When the price of gold drops, miners are losing. It is the same story in the world of cryptocurrencies. According to CoinMarketCap data, the prices of Bitcoin have tumbled nearly [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1018,1021],"tags":[565,645,646,647],"class_list":["post-3102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance-secrets","category-how-to-earn-online","tag-bitcoin-mining","tag-cryptocurrency-mining","tag-mining-bitcoin","tag-mining-pool"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Mining, Is It Profitable At All? - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Bitcoin represents real business. 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