Money Talk

Is mining still profitable in 2020?

Submitted by hannahshelby19, , Thread ID: 178682

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RE: Is mining still profitable in 2020?

#31
Studied Mining for about 2 years now (since the Bitcoin crash in early 2018). What my study shows is that mining isn't profitable anymore.
If you're looking for benefits to get a ROI on your mining machine (PC or Mining Rig) you have to mine all day/night for about at least a few years.
This period depends on what's the cost and mining efficiency of your machine. For a rig with 2 RX980 (which is still one of the best mining GPU) it'll take about 2 years to get profitable.

In fact, whatever crypto you're mining, they're all based on Bitcoin and Ethereum, which exchange rate is based on Bitcoin too. If Bitcoin crashes, every crypto is crashing.
This effect is caused by the fact that not every crypto exchange market is allowing Altcoin to FIAT conversion. When an Altcoin is on an exchange, you can change it to Ethereum (if it's ERC-20) or Bitcoin (if it's Bitcoin Based currency).
Some will let you change to Eth or Btc even if the crypto is based on ERC20 tokens.

Best cryptos for now are crypto with a real purpose like TRON (TRX) but these wont let people mine because it'll make the exchange rate goes down.

Hope it'll helps.

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