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athena2007

Will mining still be profitable in the future

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Will mining be profitable in the future as it seems it is alot of hard work and cost at the moment ..  

Are any of you earning from mining and what methods setup apps ect  . rigs are you using ???

 

 

Edited by athena2007

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For mining to be profitable you need the following

1. Multiple rigs to mine with.

2. A separate room with cooling facilities to run the miners.

3. Very very cheap electricity.

4. Cheap mining pools.

5. Constant rise in the asset's price on market so you can dump mined coins.

It was profitable to mine bitcoin till 2013. Now the difficulty has risen so much that its no longer so. Altcoins are mineable and dumped on exchanges currently which is the basis of mining by enthusiasts.

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Mining BTC, ETH, LTC, is no longer profitable in my opinion because difficulty has risen and cost of electricity. However, some altcoins are maybe still profitable to mine as @UltraChief said.

PS: Solar energy is a good way to reduce energy cost in the long run, but it needs a decent investment to start.

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1 hour ago, MrNice23 said:

Mining BTC, ETH, LTC, is no longer profitable in my opinion because difficulty has risen and cost of electricity. However, some altcoins are maybe still profitable to mine as @UltraChief said.

PS: Solar energy is a good way to reduce energy cost in the long run, but it needs a decent investment to start.

Yeah, Mining can be profitable if you choose a good, profitable and promising altcoins to mine. Well i don't know is there any good altcoins to mine or not out there.

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2 hours ago, UltraChief said:

For mining to be profitable you need the following

1. Multiple rigs to mine with.

2. A separate room with cooling facilities to run the miners.

3. Very very cheap electricity.

4. Cheap mining pools.

5. Constant rise in the asset's price on market so you can dump mined coins.

It was profitable to mine bitcoin till 2013. Now the difficulty has risen so much that its no longer so. Altcoins are mineable and dumped on exchanges currently which is the basis of mining by enthusiasts.

I agree with you but how come big companies still make a lot of money out of mining?

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11 minutes ago, Noahbreezy said:

I agree with you but how come big companies still make a lot of money out of mining?

They do exactly what I said. Thats how people mine with a profitable outlook. It still depends on the price of the coin which has to rise so that it remains profitable.

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