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Is Bitcoin mining profitable?


Bitcoin mining is all over the net at the time of writing this post. But is it even profitable? What do you even do? How much can you profit?

Let start off with the understanding that this is a business like any other. You have the cost of operating this business. The cost of the mining computer or computers. and the potential profits. And the more miners the less you earn.

The process of mining is collecting information about every transaction that is done in bitcoins all over the world. and verifying the blocks (a part of the ledger of transactions). If you google the potential profits you should make 0.00001406 bitcoins a week. At the time of writing this post, a bitcoin is worth $16,450, so that will be about $0.23 a week. I’m sure that just the electricity will cost more than that.

If a bitcoin will ever get to 100K you will make $1.40 a week, still not enough to cover costs. And you have to ask yourself what are the chances a bitcoin will even reach $100,000? Whenever you start a business you have to take into account the worst case scenario. What will happen if everything goes wrong? How will you pay your bills? And only if the worst case will allow you to keep your head above water you consider getting started. Of course, you will most likely do better, but you can’t risk your future in the hope that things will go well.

 

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