Is Mining Cryptocurrencies profitable?
Is Mining Cryptocurrencies profitable?

By jordanjnr | Crypto Digest | 6 Dec 2019


This post took a lot of research and time to out together. It'd be great if you could leave a tip by using the tip slider down below. Thanks.

Everyone wants to mine Crypto.

And for good reasons.

It's one of the best ways to get crypto without investing too much.

At least on paper it is.

Just as a spoiler,mining crypto can cost upwards of $10000 if you really want to go all out.

And mining bitcoin is one of the most expensive things you could ever want to do.

At the moment,you could get a decent bitcoin mining rig at around $3000,which makes a lot of sense as you'd be making somewhere in the neighborhood of $40-$50 a day.

But when you factor in electricity costs, it's just not that much worth it.

In states where electricity costs are relatively cheap,you could see yourself spending $3000 a month on electricity.

So that's $6000 already,and we haven't even started talking about software costs,and maintenance costs.

And you could say,"yeah,I'd just join a mining pool".

And that's a quick way out of paying your own electricity bills.

But while mining pools share their profits,they also share their fees.

And when you put 100 people who's individual machine eat up $3000 a month,you'd actually be paying more than what you might have been paying if you were on your own,regardless of the fact that you'd be making more profit.

Let's do a little math here,to further buttress my point.

Say you join a pool of 50 people. The profits might become $6000-$10000 a month,because of just how much hardware is in the place.

Obviously,10000/50 is a really nice amount per head.

It's $200 a month. 

Before fees of course.

Each member of the pool would have to contribute equal amounts to pay the bills of the pool.

So you may be left with about $150 at the end of the month.

You probably can't live on that.

You might say "OK, but I'd have made more money on my own".

But if you were making (50×30)$1500 and you were paying $3000 for electricity a month,you'd be running at a loss.

But couldn't I just buy cheap mining devices? I'd still make some money,right?

Yeah you would!

In fact,right now,I have a core i7 computer from 2015 doing a little mining for me.

I've made a little over $30 this year!(it's an experiment)

If you went out and bought your own cheap equipment,you'd make money,but it won't be able to do much for you.

Yes,you could reinvest your earnings,which is a smart thing to do,but you'd need a few months to break even,which for me, really isn't worth it unless you're really passionate about mining.

What about cloud mining,you say.

Cloud mining is a great idea.

Especially when you find ones that aren't scams.

Yes these legit cloud mining outfits exist.

And you'd actually be making profits after some time.

Without owning any equipment of your own.

I'm currently experimenting with one called mastercoin.pro.

They have a free plan,which seems scammy to me already,but there are trustpilot testimonies about people miraculously withdrawing their earnings ,even though they were on a free plan.

Only time would tell.

But for the purpose of this post,if you really want to mine,you should look into cloud mining services.

This post took a lot of research and time to out together. It'd be great if you could leave a tip by using the tip slider down below. Thanks.


jordanjnr
jordanjnr

Hello! I am a Blockchain enthusiast,bitcoin investor,CEO of BigTycoon group and I love crypto! Hit me up @TycoontechBlog on twitter!


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