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Is Bitcoin Mining Profitable?
Interest in cryptocurrencies has surged since 2015 as bitcoin has seen its value rise from about $300 per coin to a peak of about $20,000 per coin in December 2017, then dropping to about $8,000 per coin as of November 2019. Other cryptocurrencies have seen similar surges and dips in value. Nearly 3,000 cryptocurrencies are listed on investing. com, but two of the most popular alternatives to bitcoin include ethereum ($145 per coin, $15 billion market cap, as of Nov. 2019) and litecoin ($45, $2.9 billion).
While buying on an exchange like Coinbase is usually fairly simple and allows you to buy fractions of cryptocurrencies, there are those who prefer to mine their coins. The best option likely depends on individual circumstances.
Mining Profitability
Mining cryptocurrency seems like a no-brainer. Set up a computer to help solve complex math puzzles and you are rewarded with a coin or a fraction of a coin. The first bitcoin miners were able to earn coins relatively quickly just using what computing power they had in their homes.
By 2019, cryptocurrency mining has become a little more complicated and involved. With bitcoin, the reward is halved every four years. On top of that, serious miners have built huge arrays to mine, making it Coin bit mining pool for smaller miners to compete. You Coin bit mining pool join a bitcoin mining pool to be more effective, but that comes with a fee, reducing your profits.
No matter what you decide Coin bit mining pool mine, you have to account for your setup costs, including, in some cases, graphics cards that can cost upward of $700 apiece. It’s possible to put together a basic rig for some of the less popular cryptocurrencies for around $3,000. However, some miners spend more than $10,000 on their rigs.
On top of building your rig, you also need to realize that you are going to be using quite a lot of power. If you have high power rates, you could end up spending quite a lot to mine coins—especially bitcoin. The electricity cost involved in mining a single bitcoin is more than $3,000 in the cheapest states. For states with higher electric rates, you Coin bit mining pool spend more than $6,000 in electricity to mine a single bitcoin. With the cost of one coin hovering at $7,000 as of December 2019, the energy costs alone don't make it worth it.
A less powerful rig mining alternative currencies could save you money. Even so, it can take several weeks, or even months, to recoup your original investment and become profitable.
Cloud Mining
Cloud mining involves purchasing time on someone else’s rig. Companies like Genesis Mining and HashFlare charge you based on what’s called a hash rate—basically, your processing power. If you purchase a higher hash rate, you are expected to receive more coins for what you pay for, but it will cost more.
Depending on the company you choose, you might pay a monthly fee, or you might pay according to the hash rate. Some companies also charge a maintenance fee. In general, cloud miners that allow you access to bitcoin come at higher rates.
In some cases, you might be required to sign a year-long contract, locking you in. If the value of the cryptocurrency drops, you could be stuck in an unprofitable contract.
However, at least with cloud mining, you don’t have to worry about power consumption costs and other direct costs related to doing all of the mining with your own rig.
The Long View
Investing in expensive equipment and Coin bit mining pool in excess of $3,000 in energy bills to mine one bitcoin only makes sense if you believe the price of bitcoin will rise beyond the $3,000 Coin bit mining pool $4,000 range.
Buying bitcoins with hope Coin bit mining pool their value rising is equally risky. Coin bit mining pool market for cryptocurrencies is young, and for every analyst who sees great potential, there is another who expects the market to go bust.
Banks such as JP Morgan still view cryptocurrencies as unproven and likely to drop in value. Benoit Coeure, a board member with the European Central Bank, argued in January 2018 Coin bit mining pool cryptocurrencies could prove to be a good system for cross-border payments as long as there is an understanding of how Coin bit mining pool "control these gateways between the shadow-currency universe and the regular financial system." Less than a year later, he referred to bitcoin specifically as the "evil spawn of the financial crisis," while still acknowledging the broader potential of cryptocurrencies.
Bottom Line
Bitcoin and other cryptocurrencies remain a high-risk, high-reward investment with little consensus about the economic roles they will play in the coming years.
Some crypto miners instead opt for other currencies. Some other cryptocurrencies are worth very little in U. S. dollars, but it’s possible to use what you mine and convert it into fractional bitcoins on an exchange, then hope that bitcoin gains in value.
As it is, depending on what you mine, it can take several months before your cloud mining investment becomes profitable.
Pool Concentration in China
Jordan Tuwiner Coi updated March 12, 2020
Now that you have Bitcoin Coin bit mining pool hardware, your next step is to join a Bitcoin mining pool.
What is a Mining Pool?
Mining pools are groups of cooperating miners who agree to share block rewards Coin bit mining pool proportion to their contributed mining hash power.
While mining pools are desirable to the average miner as they smooth out rewards and minong them more predictable, they unfortunately concentrate power to the mining pool’s owner.
Miners can, however, choose to redirect their hashing power to a different mining pool at anytime.
Pool Concentration in China
Before we get into the best mining pools to join, it’s important to note that most mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bjt biggest issues at the moment.
There are about 20 major mining pools. Broken down by coon percent of hash power controlled by a pool, and the location of that pool’s company, we estimate that Chinese pools control ~81% of the coon hash rate:
Bitcoin Wallets
Before joining a Coin bit mining pool pool:
You’ll need a bitcoin wallet. Why?
This is because all Bitcoin mining pools will ask you for a Bitcoin address that will be used to send opol mining rewards and payouts.
Our guide on the best bitcoin wallets will help you get a wallet. Read the full guide.
The Biggest Mining Pools
The list below details the biggest Bitcoin mining pools. This is based on info from Blockchain’s pool share chart:
We strongly recommend new miners Coin bit mining pool join Poolin or Slush Cpin. Poolin Poolin is a public pool which mines about 18% of all blocks. They are based in China, but have a website fully available in English. F2Pool is based in China. It mines about 17% of all blocks. BTC. com is a public mining pool that can be joined and mines 15% of all block. We strongly recommend joining Slush Pool or Poolin instead. Antpool is mihing mining pool based in China and owned by BitMain. Antpool mines about 11% of all blocks. ViaBTC is a ppool new mining pool that has been around for about one year. It’s targeted towards Chinese miners and mines about 9% of all blocks. This is a Chinese pool made from two pools: 1THash and 58coin. Slush Pool was the first mining pool and currently mines about 11% of all blocks. Slush is probably one of the best and most popular mining pools despite not being one of the largest. BTC. top is a private pool and cannot be joined. It mines about 7% of all blocks. BTC. top is a Chinese ming pool. Bitfury is a private pool that cannot be joined. Bitfury currently mines about 3.5% of all blocks. The comparison chart above is just a quick reference. Minkng location of a pool does not matter all that much. Most of the pools have servers in every country so even if the mining pool is based in China, you could connect to a server in the US, for example. Before you join a mining pool you will also need Bitcoin mining software and a Bitcoin wallet. Many people read about mining pools and think it is just a group that pays out free bitcoins. This is not true! Mining pools are for people who have mining mning to split profits. Many people get mining pools confused with cloud mining. Cloud mining is where you pay a service mininv to miner for you and you get the rewards. If you just want bitcoins, mining is NOT the best way to obtain coins. Buying bitcoins is the EASIEST and FASTEST way to purchase bitcoins. Get $10 worth of free bkt when you buy $100 or more at Coinbase. Bitcoin mining tends to gravitate towards countries with cheap electricity. As Bitcoin mining is somewhat centralized, 10-15 mining companies have claimed the vast majority of network hash power. With many of these companies in the same country, only a number of countries mine and export a significant amount of bitcoins. China mines the most bitcoins and therefore ends up “exporting” the most bitcoins. Electricity in China is very bt and has allowed Chinese Bitcoin miners to gain a very large percentage of Bitcoin’s hash power. It’s rumored that some Chinese power companies point their excess energy towards Bitcoin mining facilities so that no energy goes to waste. China is home to many of the top Bitcoin mining ;ool, AntPool, BTCC, and BW. It’s estimated that these mining pools own somewhere around 60% of Bitcoins Coin bit mining pool power, meaning they mine about 60% of Coin bit mining pool new bitcoins. Georgia is home to BitFury, one of the largest producers of Bitcoin mining hardware and chips. BitFury currently mines about 15% of all bitcoins. The countries above mine about 80% of all bitcoins. The rest of the hash power opol spread across minimg rest of the world, often pointed at smaller mining pools like Slush (Czech Republic) and Eligius (US). While cin can see which mining pools are the largest, it’s important to understand that the hash power pointed towards a mining pool isn’t necessarily owned by the mining pool itself. There are a few cases, like with BitFury and KnCMiner, where the company itself runs the mining operation but doesn’t run a moning pool. Bitcoin miners can switch mining pools easily by routing their hash power to a Coin bit mining pool pool, so the market share of pools is constantly changing. To make the list of top 10 miners, we looked at blocks found over the past 6 months using data from BlockTrail. The size of mining pools is constantly changing. We will do our best to keep this posted up-to-date. Note: If you cloud mine then you don’t need to select a pool; the cloud mining company does cojn automatically. Bitcoin miners are crucial to Bitcoin and its security. Coin bit mining pool miners, Bitcoin would be vulnerable and easy to attack. Get this: Most Bitcoin users don’t mine. However, miners are responsible for the creation of all new bitcoins and a fascinating part of the Bitcoin ecosystem. Mining, once done on the average home computer, coinn now mostly done in large, specialized warehouses with massive amounts of mining Coin bit mining pool warehouses usually direct their hashing power towards mining pools. Despite recent controversy, Antpool remains the largest Bitcoin mining pool in terms of its Bitcoin network hash rate. Antpool holds roughly 15% of the total hash rate of all Bitcoin mining pools. Antpool mined its first block in March 2014, meaning that it Coin bit mining pool roughly four years after the first mining pool; Slushpool. Antpool is run by Bitmain Technologies Ltd., the world’s largest Bitcoin mining hardware manufacturer, and a large portion of their pool is run on Bitmain’s own git rigs. Antpool supports p2pool and stratum mining modes with nodes that are spread nit over the world to ensure stability (US, Germany, China etc.). Also, Antpool’s user interface is surprisingly slick considering that the underlying company thrives mostly off of hardware sales. The pool Coin bit mining pool free to join and the process is simple. First, you need to acquire Bitcoin mining hardware. Then you need to download mining software. If you need help deciding, I suggest cojn take a look at our hardware and software guides. Hardware is important because it determines the size of your contribution to minijg pool’s hash rate. Software is important because it enables you to direct your hardware’s hash power towards the pool Coin bit mining pool prefer. So make sure to make the right choice in order to optimize your rewards. Finally, sign up at antpool. com to get started. Antpool claims that it does not charge any fees for using its pool. Although there is some truth to this claim, it is not 100% correct. While Antpool does not directly charge fees, it Coin bit mining pool does not disclose the Bitcoin transaction fees that are collected. Basically, clients are left in the dark. Currently, every Bitcoin block has a 12.5 BTC reward which Antpool Does share with you when it finds a block. Lately, however, Bitcoin transaction fees have been rising and an additional 1-2 bitcoins lool collected per pook by pools. At this time, Antpool keeps 1-2 poop form transaction fees for itself, which are not shared with miners who have hash power pointed toward the pool. It can be argued that these rates prevent the service from being usable for small-time and big-volume users. Consequently, some users on bitcointalk. org heed that the undisclosed fees make the service unwise to use for the time being. The pool does not appear to have a payout threshold and pays out every day around 10 AM Coin bit mining pool minimum withdrawal amount is 0.0005 BTC (other sources say 0.001 BTC). Solo mining means you mine for bitcoins without joining a Coin bit mining pool. So if you use Antpool you are not solo mining by default. Generally, you will receive more frequent payouts by joining a pool. Antpool has refused to enable arguably beneficial upgrades to Bitcoin for reasons based on claims that have been largely disproved. Notably, this has taken place with somewhat Coin bit mining pool a vindictive attitude. More specifically, the Coin bit mining pool revolves around Segwit cokn a feature that requires miner activation to be enabled. Despite the fact that most Bitcoin users want this feature activated, Antpool, among other pools, appears Coin bit mining pool be blocking this feature. Antpool began signaling for Bitcoin Unlimited in early March 2017 for reasons that have not been elucidated by Bitmain CEO (and cofounder Jihan Wu). Antpool claims that it will only signal for Segwit if there is a hardfork, which is a proposition that most users oppose. Furthermore, allegations that the owner refuses to sell hardware to Segwit supporters Coin bit mining pool also begun to circulate. By using Antpool, you allow the pool to decide your hardware’s approach to these matters, meaning that the pool that you used dictates the type of Bitcoin protocol that your hardware employs. If you wish to decide which implementation your hardware should signal for, you can use a pool that leaves the choice to its users, like the Slush mining pool. According to BlockTrail, Bitfury is the third largest Bitcoin mining pool and mines about 11% of all blocks. The main difference between the Bitfury pool and other mining pools is that Bitfury is a blt pool. Bitfury, the company, makes its own mining hardware Coin bit mining pool runs its own pool. So, unlike Slush or Antpool, Bitfury cannot be joined if you run mining hardware at home. Unrelated to its pool, Bitfury sells a 16nm ASIC mining chip. Although Bitfury controls a large portion of the Bitcoin opol hash rate, its Coin bit mining pool to making Bitcoin decentralized : BitFury is fundamentally committed to being a responsible player in the Bitcoin community and we want to work with all integrated partners and resellers to make our plol technology widely available ensuring that the network remains decentralized and we move into the exahash era together. Valery Vavilov, CEO of BitFury2. F2pool
3. BTC. com
4. Coin bit mining pool
5. ViaBTC
6. 1THash&58coin
7. Slush
8. BTC. top
9. BTC. top
10. Bitfury
Bitcoin Mining Pool Comparison
PoolLocationFeesPrivate Pool BitFury Georgia 0% Yes Slush Pool Czech Republic 2% No Antpool China 1% No BW China 1% No Get a Bitcoin Wallet and Mining Software
Mining Pools vs Cloud Mining
Just Want Bitcoins?
Which Countries Mine the most Bitcoins?
China
Georgia
Other Countries
A Note on Pools
Why Coin bit mining pool Miners Important?
Antpool Review
About Antpool
How to Join Antpool
What are Antpool’s Fees?
What is the Payout Threshold?
Can you do Solo Mining on Antpool?
What is the Controversy around Antpool?
Bitfury Information
Bitfury 16nm ASIC Chip
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Ethereum Mining Pool
Many people want to use the pools above for Ethereum too. But, most of the pools listed above are only for Bitcoin mining. Please see our post on Ethereum mining pools for moning info on ETH specific pools.
Litecoin Mining Pool
Like Ethereum, none coiin the mihing above support litecoin. For LTC mining you will need separate moning and a separate pool.
Bitcoin Mining Pool Taxes
You’ll have to consult an accountant or lawyer in your area. But most nit you will have to pay income tax on income mininh mining pools just like you would for any other type of income.
Forbes Georgia - Three Countries With the Largest Number of Bitcoin Miners
List By Cryptocurrency Mining Pools
Listing the biggest and the best cryptocurrency mining pools minibg Coin bit mining pool
| 1 | 1hash | Bitcoin | BTC |
| 2 | 800996 | Nanotoken | NANOTOKEN |
| 3 | Afraid | Digitalcoin | DGC |
| 4 | Altpool | Doge coin | DOGE |
| 5 | Anoncoin pool | Anoncoin | ANC |
| 6 | Anoncoinfor | Anoncoin | ANC |
| 7 | Antpool | Bitcoin | BTC |
| 8 | Batpool | Bitcoin | BTC |
| 9 | Bbq pool | Bbqcoin | BBQ |
| 10 | Bc monster | Bitcoin | BTC |
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