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?

Azerty12300
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29-09-2020, 09:34 AM
#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.

RE: Is mining still profitable in 2020?

ryancc3
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29-09-2020, 08:28 PM
#32
Yes mining is still profitable. I am mining with a 6x RX580 rig and a 3x RX 5700XT rig. I am making about 17$ USD a day with free electricity. It really depends how much you pay for electricity which decides if you're profitable or not. Check out https://whattomine.com/

RE: Is mining still profitable in 2020?

QueenWTF
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29-09-2020, 10:40 PM
#33
Its probably not profitable in a first world country but in a country where electricity is extremely cheap it could be profitable but not alot.

RE: Is mining still profitable in 2020?

yugzyugz
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30-09-2020, 07:19 AM
#34
power draw is your number one enemy in mining setups.

RE: Is mining still profitable in 2020?

Neonluke
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30-09-2020, 12:33 PM
#35
Not really. It has a lil profit but i dont really think its worth the hustle anymore.

RE: Is mining still profitable in 2020?

doolph
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02-10-2020, 11:42 PM
#36
mining is always profitable if you dont have to pay for electricity, if you does I dont think so

RE: Is mining still profitable in 2020?

WHUGLIT
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03-10-2020, 07:11 PM
#37
Mining BTC is getting harder every day plus the cost to entry is increasing.

RE: Is mining still profitable in 2020?

haroon123
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04-10-2020, 01:00 AM
#38
no mining isn't profitable anymore then the cyptography difficultly has increased due to that money generation is super slow so I don't think its worth it anymore

RE: Is mining still profitable in 2020?

kanu00048
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15-11-2020, 01:23 PM
#39
yupp mining is awesome as it gives profit always and u can earn money without doing anything

RE: Is mining still profitable in 2020?

chedders1
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16-11-2020, 06:33 AM
#40
it is. but u have to calculate how much your profits are after your electricity bill

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