Is Cryptocurrency Mining Still Worth It?

[Inspector]

Cryptocurrency mining has evolved from a simple process to a highly competitive, resource-intensive industry. While it offers the potential for rewards, challenges like high energy costs, expensive hardware, and market volatility make it tougher than ever. 

Cloud mining has lowered barriers for some, but thorough research is crucial to avoid scams. With staking and other methods gaining popularity, is mining still a viable option? Let’s hear your thoughts!

[Mia Chloe]

I'm not too sure about other altcoins and crypto currencies aside bitcoin but for the case of bitcoin majority of the cloud mining services you find online are not as practical as they seem. Mining is literally expensive to manage and start up ranging from price of the wares down to their maintenance costs over a cumulative period of time. In addition to that the whole thing is far more expensive if electrical tariff is higher in your location.

Evaluating the effects of these things given you would find out that the chances of getting a cloud mining service that is legit is very thin. Mining is profitable but for those who generate a considerably high hash rate.

[Inspector]

I am just even just discouraged by the amount one need to setup, like the basic things one should. Things nowadays are just on the high side at my location. Except if there are other ways on mining cheap

[Baofeng]

I am just even just discouraged by the amount one need to setup, like the basic things one should. Things nowadays are just on the high side at my location. Except if there are other ways on mining cheap

You also have to take into consideration your location, as mining will depend on how cheap your electricity is.

And then there is competition against big mining firms, so it's very hard if you are just solo mining or doesn't have that big capacity to begin with. Let's put in this way, if cost outweigh profits, then you should not be doing it.

[Samuel Moore]

Cryptocurrency mining has definitely become more complex and costly. High equipment and electricity costs, along with market volatility, make it challenging for newcomers. Cloud mining lowers the entry barriers, but you need to be cautious of scams.
For those who don’t want to invest heavily in equipment, staking can be a good alternative. Overall, mining is still viable, but other methods are more convenient for most users.

[Findingnemo]

All cloud mining services are scams so no matter how much you research you will always end up losing money to them and this has been exposed for years.

I am just even just discouraged by the amount one need to setup, like the basic things one should. Things nowadays are just on the high side at my location. Except if there are other ways on mining cheap

Mining actually spiked the prices of GPU once but now it's not even possible to mine with GPU it's back to normal so if you really want to mine real coins then you need to invest on ASICs or just be an investor and the same goes to one who feel setting things seems complicated.

[Bobcrypto]

Cryptocurrency mining has definitely become more complex and costly. High equipment and electricity costs, along with market volatility, make it challenging for newcomers. Cloud mining lowers the entry barriers, but you need to be cautious of scams.
For those who don’t want to invest heavily in equipment, staking can be a good alternative. Overall, mining is still viable, but other methods are more convenient for most users.

I have heard that mining this days has become more difficult besides the complexity, equipment and electricity cost and market volatility.
mining a block required more time, and rewards can be hard to come by due to intense competition. As a matter of facts, due to the increasing numbers of miners, the mining difficulty is increasing, mining a block required more computational power, and more time is also needed to mine a bitcoin. however, i think that mining is still Worth doing despite some of these drawbacks.

[Agbe]

Crypto currency mining is still a viable option that is still a profitable venture but the problem that we are faced in when it comes to mining of crypto projects is that many crypto problems are just looking for a way to launch their coins into the market and so are more concerned about what they will benefit from customers because there's no way that you will mine a  project from the pre market stage until when listing is done and what you're getting is not worth it there are many scams crypto projects that are out there today just looking for a way to scam people but with a good research I think there are still good crypto projects that can be profitable when invested into it

[target]

I'm not too sure about other altcoins and crypto currencies aside bitcoin but for the case of bitcoin majority of the cloud mining services you find online are not as practical as they seem. Mining is literally expensive to manage and start up ranging from price of the wares down to their maintenance costs over a cumulative period of time. In addition to that the whole thing is far more expensive if electrical tariff is higher in your location.

Evaluating the effects of these things given you would find out that the chances of getting a cloud mining service that is legit is very thin. Mining is profitable but for those who generate a considerably high hash rate.

It's always the energy cost and the hardware resources that hinders one to start mining BTC but as far as I know there are altcoins that you could mine and still profitable especially if you could set up energy resources like the solar power.

There have been threads that are talking about this but they are doing lots of maintenance still. Whether it's worth it or not, I think it's still amount to how you see it. If you mine coins and keep them for long term, it should be worth it when you wait for price to skyrocket.

[philipma1957]

I mine 7 machines at a host

4 modded antminer t21
2 antminer          s21xp     
1 antminer              L7

the power cost is 1200 a month

the earnings are  3000 a month

net 1800 a month.

[MiningChick]

I'm still mining crypto. I have more than 30 ASIC machines cared for by my hosting provider. Mining is definitely viable but it depends on your setup. For me, ASIC miners are efficient when it comes to durability and profitability. GPUs are considered profitable too but it will take longer to earn than ASICs and the sad part about using GPUs is your electricity fee could be higher than your profits haha! But if you still consider using GPUs, make sure you have a low electricity fee or solar.

[fredolda]

Cryptocurrency mining is still viable, but it depends on several factors. High energy costs and expensive hardware make it challenging. Cloud mining can be an option, but scams are very common. Staking and other alternatives may offer better returns with less risk. Overall, mining is worth it if you have cheap electricity, efficient hardware, and a long term perspective

[BitMaxz]

Even with low power rates, there are a few ASIC units for altcoin that are far more efficient than BTC miners.
Like the one from HNT community using POC and some other low power miner.

I saw some of them still exist and can't easily be search on Google but I heard I few like those who mine using cheap device like ESP32 or can mine Defins coins with low power devices.

So, even though mining with altcoin is not for the long term, I believe it is still worth it depends on what device and what coin you mine.