Is it mining cryptocurrency still profitable 2017?
As I was looking to see if mining is something worth doing in 2017
Many people say that is not worth because of the hash increase that is happening quite often
I saw so many old videos on YouTube where they say mining is not profitable
Is just a lie to keep people out of mining in my opinion
Just think about it
How much was the price of ethereum 1year ago
See in this picture it was $2-$3 for 1 ethereum 1year ago today
Basically the left side is the price of today and the price in the right side is the increase in one year time
Now think that the price has got up to more than $400
So now think about mining and holding long term
But honestly looking at the price of cryptocurrency now is just unbelievable how huge the market cap is and is only getting bigger
I want to start mining too but I will think about the future not what will happen today
Hope this gives a good idea of why is profitable to mine
Please upvote if you find this interesting
However if you have to invest $1000 in mining machinery and pay electricity bills until you get your cash Bach and wait for profit
There might be a option where you can buy the cryptocurrency you want to mine directly and hold long term
$1000 in cryptocurrency a year ago would be many thousands today depending on your choice
But I still believe in mining being quite profitable
The main problem is that even if you buy the most effecient miner and the ROI is about 10 months, there is a chance that there will be more effecient miners that will ruin your mining profitability and you will pay more in electricity bills than you get in cryptocurrencies - then the mining is not profitable - you can buy a new miner but you should not use your old one. It would be better to buy the coin itself than just mine it.
Yes true, but it will always continue like this
So what do you do?
You have to get in somehow if you believe in mining
Yes, the size of transistors are limited. That is true. But who knows. Maybe there will be some alternative ways to make GPUs or increase the effectivity of theirs work. I think there is always a way to do them better.
I am sure something new will emerge from the shadows and become the new gold age
You cant say mining is profitable if you mine and hold. You may as well buy and hold. To make mining profitable youhave to be able to mine and sell and make a profit. And unless you live somewhere with very cheap electricity, you will not make much at all.
Very true
I will definitely have a good thinking about it