Hello there!
Wanted to ask about opinion regarding mining of bitcoin. Do you think its already too late for mining of bitcoin? Will one personal computer be able to mine anything at all?
You’re a bit late to start mining bitcoins with a personal computer.
Just a bit. Like 4 years.
That is, of course, if your PC is not a super computer like the ones used in places like NASA and the nuclear plants.
You can always try mining alts, but unless you have a top shelf GPU it would prove to be a huge waste of time and money (electricity bill).
One thing you can do is to start mining smaller alts, add them to an exchange and start trading them in an effort to work your way up from there. Scalping is your friend in that case.
@bradley79 is correct. It’s no longer profitable to mine BTC especially now that BTC is so low. It’s better to mine alts and then trade it. Another problem with mining BTC is that if you decide to buy a miner, the hardware is very specific. AFAIK It can only mine BTC and Bcash because they use the same algo. Whereas if you use mining rigs using Nvidia or AMD GPUs it can mine many different alt coins. Also, if and when you decide to stop mining, you will only be able to sell your hardware to other BTC miners. With hardware for the other alts, you can also sell the GPUs to people who are just going to use it for their personal computers.
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Just do a quick search on YT for bitcoin farm
https://www.youtube.com/results?search_query=bitcoin+farm
Take a look at the farms in the results and the answer should be quite obvious.
If you are so set on mining - the answer is in alts. If you have anywhere between 8 and 20k$ you can build a rig or buy one and start mining alts. When you’re building a rig to start mining you should factor in the cost of electricity, initial investment, the crypto currency price variations/volatility and the constantly rising dificulty per block.
So, yeah. Do the math. (There are mining calculators that can do it for you)
Then decide if it’s worth the investment.
I’m also interested in mining bitcoin or other alt coins but with the current prices of the different coins, I feel like it’s no longer profitable.
Another issue with starting a mining operation these days is the simple fact that high-end GPUs are hard to come by.
Scalpers and big mining operations are hoarding all the good ones, and whatever one might be able to find - it’s usually quite overpriced compared to the MSRP (manufacturer’s suggested retail price).