Is cryptomining still profitable?steemCreated with Sketch.

in cryptomining •  5 years ago 

Well, unless you're a giant mining farm, no and even if you are a mining farm (highly doubt it) no, not really.

Lets say you are trying to mine bitcoin just with your CPU power. Dont even bother, your daily reward (if you left your PC/Laptop turned on) Would be around 8/12 Satoshis. Thats really small, bitcoin faucets are even higher paying so dont bother.
Maybe you're trying to mine with a GPU, depends on your gpu power but you could earn 1/2$ per day. Depends, maybe you're happy with that. Then stop reading and start mining.

Now, imagine you see on the news a giant chinese mining farm, you think they make a truck load of money. So you go to your bank, take a loan of 1000000$ and buy a warehouse, you invest in loads of gpu's and have around 200000$ left.
Well now you are left with a dilemma, the giant mining farms have deals with electricity company's where in exchange for part of their profit they get smaller electrictity bills. So since you're stubborn you still try to continue. At the end of the month you got a income of around 70 000$ and you are happy. Then you get your electricity bill, 100 000k. Thats not good.

So, is cryptomining really profitable? READ THE ARTICLE YOU WOULD HAVE KNOWN

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