It is difficult to find an unambiguous answer to this simple question. There are factors that can significantly influence whether the mining of cryptocurrency will be profitable for you or not. Although Bitcoin’s price shows unprecedented growth, the installation fee and electricity costs can repeatedly exceed the potential revenue from production.
Factors affecting the profitability of Bitcoin mining are:
- The complexity of mining and compensation for blocks.
- Hashing speed.
- Operating costs.
Many beginners ask “Is mining Bitcoin worth it?” It might worth it if you are ready to face certain difficulties.
Mining difficulty is determined by the complexity of the algorithm, which you must solve during the creation of a new transaction block. As more and more enthusiasts (miners) join the network, the difficulty is rising, which makes Bitcoin mining extremely difficult.
The reward for the solved block currently is 12.5 Bitcoin. This reward reduces twice every 210,000 blocks. The next decrease in reward twice will occur in 2020.
The biggest “unknown factor” in calculating the profit from Bitcoin production is the annual decline in profitability. No one knows how many miners will join the network, so it’s almost impossible to calculate how much your income will decrease each year.
The only way to answer the question “Is it worth mining Bitcoin?” is to use the calculator to find out whether it is profitable for you personally to mine the cryptocurrency.
By the way, “Is Bitcoin mining worth it” is one of the hottest topics on Reddit .