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Does it pay off to mine Bitcoins nowadays?

Discussion in 'Crypto Currency & Mining' started by Jefrey, Sep 11, 2019.

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  1. Jefrey

    Associate

    Joined: Aug 26, 2019

    Posts: 1

    I have seen how much money and equipment people spend on bitcoin mining, does it always pays off?
     
  2. Mercenary Keyboard Warrior

    Sgarrista

    Joined: Aug 4, 2007

    Posts: 8,950

    Location: Wilds of suffolk

    Not really no
    You could possibly make some money in the alt coins but even thats pretty sketchy.

    Thats assuming you need to pay for the energy, thats the main issue for most, the fact the running costs aren't that far different from the gains from the coins.
     
  3. edscdk

    Soldato

    Joined: Jul 17, 2008

    Posts: 6,652

    maybe good for people in cold climates where they must pay to heat their home anyway - effectively all electric used generates heat (assuming they would use electric and not something cheaper to heat their home)
     
  4. Psycho Sonny

    Caporegime

    Joined: Jun 21, 2006

    Posts: 30,372

    the question is does it always pay off.

    the answer is no.

    simple as that. no if's or buts. it doesn't always pay off so it's a no.
     
  5. Th0nt

    Soldato

    Joined: Jul 21, 2005

    Posts: 6,249

    Location: N.Ireland

    Agreed Psycho. It only is attractive when the prices get silly and people think the money printing press is going to make them rich overnight. Most tokens are negative right now unless your on free electric. The days of short ROI are long long gone, I am more than happy for them to return again though.
     
  6. SlyReaper

    Soldato

    Joined: Apr 26, 2008

    Posts: 6,326

    Location: Bristol, Old Blighty

    Only if you somehow get free electricity. And even then, it'll take years to pay off the initial cost of equipment. You're better off just buying some and holding it for a few years.