Is Bitcoin mining still Profitable in 2019?
This is not a simple question, and it depends on how much money you are willing to spend. Bitcoin Mining profitability depends on several aspects.
there are a number of mining-profitability-calculators like Bitcoin Profitability Calculator and Cryptocurrency Mining vs. Bitcoin Mining Profitability.
You should use these calculators which take into account different parameters. Here are the most important ones:
Bitcoin Mining terms you should know
this is the rate at which a miner’s computer has to solve a mathematical problem. The more miners that join the Bitcoin network, the higher the network Hash Rate is. Nowadays Bitcoin miners use very powerful computers to complete the task of solving the mathematical problem.
Bitcoins per Block
each time a mathematical problem is solved, Bitcoins are created (The current number of Bitcoins per block is 12.5). This number of Bitcoins generated per block starts at 50 and is halved every 210,000 blocks. The last block halving occurred on July 2016 and the next one will be in 2020.
Bitcoin network is designed to produce a constant number of Bitcoins every 10 minutes. the more miners join the network the more difficult becomes the mathematical problem. This is in order to adjust to the network’s Hash Rate.
Bitcoin miners consumes a lot of electricity. If you are mining Bitcoins you must compare your Bitcoin earning to your electricity bills, in order to calculate the profitability.
different miners consume different amounts of energy. You should check the exact power consumption of your miner before calculating profitability.
In order to mine you’ll need to join a mining pool – a group of miners that join together to mine more efficiently. The mining pool will charge you a fee, and earnings are shared between members depending on the work each miner has done – the miner’s hash rate.
Profitability decline per year
No one can predict how difficult it will be to mine in the future since no one can predict the rate of miners joining the network tomorrow or next year. also, no one can predict the Bitcoin conversion of BTC/USD.
Trezor or Ledger. Click here to read our Guide to Bitcoin and Altcoins wallets 2019.