Good morning, crypto fam. I was digging into BTC mining lately and stumbled upon this article:
https://www.coindesk.com/business/2022/10/10/bitcoin-mining-difficulty-surges-to-all-time-high-putting-additional-squeeze-on-miners/
I thought it’d be great to get some thoughts from the BTC mining crowd. So, with rising electricity prices and the current earnings in mining, do you guys think it's still worth it to mine BTC, or would you rather focus on another coin?
So your title and your real question are different. Well, to answer your question, it will depend on who you ask. If they have access to cheap electricity, can afford to mine at loss for a while, etc, then they'll keep mining BTC. If they don't then the most logical decision would be to stop mining or use their rig for another purpose.
Yes, new to the community - my bad if the question wasn't clear. Thank you for your input joni, much appreciated. I was just interested in hearing other peoples opinion on the subject, assuming most people here know what they're talking about.
It's pretty normal if we always see new ATH on difficulty since before until now it keeps increasing which means we are growing.
About the revenue or profit then it all depends on the Electricity rate if you have pretty cheap electricity then it would make you a profit plus if you hold it and believe that the price of bitcoin will skyrocket then you will make more profit.
You can also switch to other coins to mine but I don't see any coins profitable these days.
You can check in this site if you're want to see the updated mining difficulty [1] it's true the difficulty is on the peak with 33.74 T, everytime Bitcoin difficulty will increase as long as the miners doesn't quit mining.
Well I live in a country where electricity cost are quite higher, so it's not profitable for me to mine Bitcoin anymore. If you're curious how to calculate the mining profitability, you can use this site [2] where you can input yourself about the mining power, electric cost etc.
[1] https://ycharts.com/indicators/bitcoin_average_difficulty
[2] https://www.cryptocompare.com/mining/calculator/btc
there have been long running difficulty threads on the website i have done a lot of them.
we are at an all time high and are pushing a new one in about 12 days.
I predicted we would reverse the rising difficulty of oct 2018 we did drop and stay more or less stable or lower for around a year.
we are saturating difficulty again. maybe we do a reverse in dec 2022 or jan of 2023
but long term diff always rising. every once in a while balance get hash heavy
we are close to it right now.
To still decide mining bitcoin in the current situation will now depend on how much you love, and how dedicated you are to bitcoin. Many miners will quit and start mining another for ease, but if you follow suit, what happens when mining that coin becomes difficult as well, will you jump to another coin and keep jumping, ask yourself? You can decide to pause your mining activity now due to difficulty if it is becoming more than you can handle, but don't stop mining bitcoins, pause to continue.
Now in mining, which included major players, only in September, the difficulty of bitcoin mining increased by 3.45%, and now.individual miners can make a profit only in the absence of electricity charges, otherwise you will do it just for the sake of enthusiasm, you can just use a calculator and see how it will look for you, depending on the equipment that you possess. https://www.nicehash.com/profitability-calculator?lang=en