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

in #bitcoin3 years ago

I only mine now because I have the equipment, but it is not very profitable. using a couple of GPU's on Nicehash and a few Futurebit USB LTC miners. Everything else is now Proof of Stake (NEO, ONT, QTUM, and PIVX, oh yeah and Steem). The GPU's have been keeping my room warm this winter so at least my heater is paying for itself.

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Profitability depends on the energy costs.
Norway's energy costs are well below the required minimum energy cost for profitability.

Oh I understand that, it’s completely factored into my figures. I am in a lucky area of the US that has a relatively low power cost, .065 per kWh. My heater is my miner and essentially pays for itself right now. That is how I look at it. Other than than, not very profitable at all. It’s a more efficient heater than what is in my apartment. It’s a balance.

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Just image if it was $0.04 kWh.