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RE: Prices are down, but is BTC mining still profitable? Depends.

in #bitcoin3 years ago

Bye bye mining, hello masternodes! I think bitcoin is a bit old fashioned in this case. As far as I heared, bitcoin is not profitable at all anywhere in the world, even in parts of the world where the power costs are low. But what do I know, I dont mine myself!

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With up-to-date equipment, mining currently breaks-even at roughly $0.08.
Cryptonoroas, which is in Norway, has energy costs at $0.04 kWh.

Do they sell mining contracts?

... mining currently breaks-even at roughly $0.08.

$0.08 ???

Which coin you refer here? BTC?
Even with Free power BTC cost is MUCH MUCH MUCH higher

no it isn't...
Are you referring to the cost of Machines as well?
Then I kinda of see your point. But there no cost forsay to mine btc. As long as you have cheap/free electricity then it always profitable to mine. Key note:I not vouching for this cloud mining service just stating facts

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Electricity cost...

How about the tax payed over the KwH?

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masternodes are not a consensus protocol.
Also bitcoin mining is always profitable

And masternodes are largely a lose-lose asset.

Are you sure? Many companies terminated mining contracts of their customers, GIGA WATT went bankrupt, Genesis, I am sure there are a couple of them left that are profitable, but ALWAYS PROFITABLE, thats not true. Why do you lie about that :P ?

yes it always profitable. Gigiwatt failed due to one raising money from eth which fell in value majorly. Two it had to pay for legal due to ICO and being based in US. Third they bought during the high and new devices. Bitmain was known to ripoff people but no one listened. Fourth, they picked the wrong area. In countries such as Canada,Iran,part of Russia, Georgia and Kazakhstan electricity is so cheap it still profitable. New mining as such are getting built while old ones are going. Building mining in a bull run was a mistake alot of people warned about.
Plus mining difficulty ensures mining is near the profit limit. Also you forgot bitcoin miners can merge mine as well so more money.
Mining is always profitable you just have to be smart about it.
Like any profitable industry don't waste money.
Mining contracts are always iffy and not fair to customers. The contract assume bull run and as such during it seem like a good idea. But when less profit time than welp due to fees being set. Genesis already made it money. It paid for it devices and got money for news one thanks to the contract and noobs who bought a bad deal.

Cryptonoras has been launched during recent times. This sets its pricing optimally for users based on the current bear market conditions.

Also, its presence in Norway ensures energy costs are even lower than the countries you mentioned above.