A few years ago Bitcoin mining could be very profitable. The problem is that nobody expected this cryptocurrency to become that big, certainly not like it is today. And many people are wondering if bitcoin mining still is profitable in 2017.
The short answer is no, Bitcoin mining is not profitable in 2017. Yet there are many things we can do. Even if we don’t want to buy some fancy equipment.
In the beginning of Bitcoin, most people who joined were ICT professionals. Today everybody wants to make some money with the coins. The only problem is that we are talking about a huge industry right now. And we know the rules of a big industry. Small players just don’t fit in.
Couple of years ago we could make some easy money with our pc. But that belongs to the past. The only way to make bitcoin mining profitable in 2017, is when we buy very sophisticated hardware. Hardware that can easily go above $2000.
The next problem is electricity. It takes a whole lot of power to make the miner run. That we have to take from our “profit”. And by the time we get back our money for the fancy equipment we bought, there will be better equipment. Which can produce more hashes needed to solve the more complex algorithm.
Hashing is the work the hardware performs to solve the algorithm. Every time a block gets hashed, miners receive an amount of bitcoins.
Right now the amount of Bitcoins received for creating a block is 12.5. In a few years this will be 6.25. They will continue halving the rewards until all bitcoins have been created.
The hashrate can be compared to the power of the hardware. The more hash that can be created, the more coins that can be generated from using it.
While a relatively good pc can deliver around 150 H/s, mining hardware can go about 15 GH/s and more. Every time a block gets found, the hashrate goes up. If that would not be the case, miners would find faster and faster new blocks. To prevent this from happening, the rate goes up.
That means we anytime need to change our hardware. Combined with electricity costs… Makes bitcoin just not profitable. Unless we have free electricity.
To mine bitcoin, most people are using so called mining pools. That a group of people that are combining their hashpower together to solve a new block. When the block gets solved, everybody gets his share, according to the hashrate from every particular miner.
If we chose a good hardware, we could win our money back in one year. But we have to buy new hardware because the hashrate is not profitable anymore.
The only reason bitcoin can be profitable is by having free or very low cost electricity!
Can we still mine at home with a simple pc?
Yes sure we can. But we have to find alternatives for the bitcoin. Imagine that we have access to 5 relatively good pc’s. We can still mine Bytecoins or Monero.
For the moment they are the most profitable for people who would like to mine at home. We will not make a lot of money. In most cases it will only help to pay electricity costs. Or maybe 5 dollars a month. But more it will not be.
If we are using our pc during the day, why not let him mine while we are working on it? The computer is working anyway, so he is using electricity. With some mining activity we can get some money back, just by having the pc working.
It will not be much and we will certainly not get rich. But it can help pay the bills.
A good way to do this is by using Minergate.
This is a mining software that will start by itself. We don’t have to adjust any setting or whatever. From the moment we turn it on, it starts to mine. The website has a calculator system. According to your Hashrate it will calculate what coin is the most profitable to mine.
You will see that profits will be around 1 – 5$ a month. But if we are using the computer anyways, why not let it mean while we are working on it?
We have to imagine also that the coins can rise in value. There is a high chance they will by the way. So if we dig some Monero or Bytecoins and a few months later the value goes x 100…
Than we did a very good investment. We didn’t buy any equipment. We just used our computer to mine some coins. And we were working on the computer anyway. So we didn’t really lose any electricity for nothing.
This is only an assumption. There is a chance that the coins will not rise of course. But I wouldn’t count on that. With the rise of the Bitcoin, other coins will rise as well.
What about cloud mining?
Is it profitable to mine bitcoin in 2017 using cloud mining? That’s a hard question. It can help you make some dollars. But it’s not useful to use cloud mining for bitcoin.
There are only a few companies that actually pay their costumers. There might be others, but because you have a ton of websites that promise high rates with their cloud mining service. Most of the time they don’t pay at all.
That company really exists and do actually pay their costumers. The only thing we have to keep in mind is that mining bitcoin is not profitable. They offer a few other coins that are profitable.
We can chose between Bitcoin (not profitable) Etherium (not the best choice) and Monero. The best coin to mine for the moment is Monero. Because it will give the highest profit. Don’t expect profit to be high. You can say it will be around 20% of what you bring in.
When you order 500 H/s you will pay 416.50$. You can use this coupon code below to get 3% reduction to any order.
So we pay around 405$ to mine for 2 years Monero with a hashrate of 500 H/s. After two years we can have around 100$ profit. If the coin’s value rises, we could get more profit. But we have to stay realistic here.
Therefore cloud mining is not for a hobby miner. Nobody is going to invest 10.000$ to make 2.000$ profit in 2 years.
And what about Free Bitcoins?
We can see free bitcoins as the friendly women throwing bread to the birds in the park. We can get free bitcoins on different websites. Those websites are usually owned by big companies that mine bitcoins. What they do is give away some bitcoins for free, in order to display some ads on their website. They give some free bitcoins to the visitor, and they get paid by displaying ads on their website.
The funny thing is that using those kind of websites can be more profitable than mining bitcoins.
- FreeBitcoin : Every hour between 0.02$ and 200$ in free bitcoins
- FreeBitcoinNow : Maximum amount to get is $100 to 0.01$
- 77Bitcoin : 0.000005 to 0.005 BTC an hour
- FreeBitcoinWin : $0.01 to 100$
The fact that we can actually make more money with those websites than with mining is that we don’t need any electricity. We can do it every hour. And most profitable of all, we have the chance to build a network of friends. The more people who use this way of getting bitcoins for free. The more money we make. For free.
You can receive payments every week or every day. You can change the settings in your profile.
By building a nice network of friends that using those websites… And start building a network of themselves… You could easily make around 0.01 BTC a week to even 0.1 Free BTC a week.
The only problem is that they offer also a service to multiply your BTC by betting on higher or lower dices. That can be dangerous because you will mostly lose everything what you saved during this week.