Mining Bitcoin Costs

[Joshua Farrell]

Does Mining Bitcoin, cost more to mine than what you actually earn from mining? I know the reward from the mining pool is based on the effort from those involved to mine, and the average cost of electricity to mine it. Do you find it worth it, with your current electricity prices?

 

[Magnus2022]

The cost of electricity have eat up the profit from mining. In fact, presently the cost of mining bitcoin is far more than the reward you receive through mining. Secondly, the price of bitcoin is not encouraging.

 

[Suba]

In my country the cost of electricity is so high that it is not possible to mine Bitcoin. There is a halving so the rewards are decreasing and the level of difficulty is getting higher. Even though we join a mining pool, we cannot cover electricity costs, especially for Bitcoin mining results are also subject to income tax.

 

[Reedex]

I have used cryptotab to mine bitcoin on my phone and earned peanut which is why I stopped mining Bitcoin.

 

[riberet19]

The cost of the machinery is currently high and you need a few to be really profitable after amortizing them and paying the bills after you have to see the price of bitcoin so I understand with these prices the margins are very small, so it is unprofitable today for small investors.

 

[Yohanna]

The cost of mining bitcoin is very high due to high usage of the electricity.