Is mining BTC worth it?

in #btc10 months ago

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We are so close to the next halving better not start mining BTC right now... even if you are profitable with low electricity costs, you might not be for long when the networks cuts block rewards in half
By then a bunch of ASICs will be on sale
But if you have GPUs better mine other things in my opinion...
I used to mine Eth before the merge. Now im just waiting for some miner capitulation event on small cap coins to start the rigs again. Right now, network difficulty is too high and coin prices too low to even bother.
You would need to join a mining pool of course. My point is mining is super competitive. The mining difficulty is extremely high. So only those running the most efficient ASICS with the cheapest electricity are profitable. It’s cheaper to buy spot Bitcoin. If you do it for fun then go ahead mine but you are more than likely spending more than just buying it.
One can make a paralell comparing mining BTC with mining gold. Back then it was easier, nuggets could be found in common rivers. Now only multibilion dollar companies can affort the costs of open pit or underground excavation. Same can be said with BTC, it was easier at the beginning, everyone could do it at home, but soon it will more and more become an institutional thing, with investors and shareholders expecting results....
Personally i'm not sure how many more halvings it can be economicallly fiable for common individuals to do it.

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