Is Bitcoin mining still profitable?

in #cryptocurrency6 years ago

Mining Bitcoins
Since the price drop of bitcoin currently @9,819,39 dollars the mining profitability has dropped a lot. However it is still profitable but only if you invest in a good/expensive mining hardware. If you don’t have the time or the money –stay away from mining bitcoins and just invest in buying Bitcoins for the long run. If you have the money to buy a Antminer S9 i would get one and start mining. If the price of bitcoin goes up then you going to make a lot of profit from the Antminer S9
Antminer:https://antminers-bitmain.com/

Mining Altcoins
The second option you have to still make a good profit from mining cryptocurrency is by mining Altcoins. Today there are more than 100 different altcoins on the market and some are really easy to mine so you don't need expensive hardware to mine those coins. The only problem is that you need to choose a good coin to mine so you can make good money of it. A couple of good altcoins to mine are DogeCoin, Litecoin and Peercoins. Those coins will give you a good amount of profit. If you want to know which coin is the most profitable one to mine go to https://whattomine.com/ and check what is the best coin to mine for your hardware

Cloudmining
Cloudmining is a good option for people to begin with. With cloudmining you don't need to setup any hardware to mine at home. Which will save you a lot of money on electricity bills. Good cloudmining website's are Hashflare and Genesismining. With hashflare you don't need a lot of money to start with and you can use the money that you make from it to buy more hashpower. The only disadvantage is that the contracts on hasflare only last for 1 year. Genesismining contract last for 2 years and they don't take a daily maintenance fee. So if you want to start small with mining i would advice you to take a look at cloud mining.
Link to Hashflare: https://hashflare.io/
Link to Genesis Mining: https://www.genesis-mining.com/

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