Hey everyone. I’ve been digging into Bitcoin mining lately and came across a post mentioning that mining difficulty hit an all-time high. Thought I’d reach out to you all here. Is it still worth it to mine BTC with current electricity costs and earnings? Or should I just try my luck with another coin?
Kinda seems like you're asking two different things here. Depends on who you talk to. If they can get cheap power and ride out losses for a bit, they'll keep mining BTC. If they can't, then it's pretty logical to stop or use their rigs differently.
Honestly, it’s becoming the norm to see new ATH in mining difficulty. It’s been climbing consistently, which is a good sign for growth. As for profit, it’s all about your electric rates. If you’ve got low costs, you can still make a profit and if BTC prices soar, even better. Other coins might be an option, but I doubt many are that profitable right now.
You can check out this site for updated info on mining difficulty. Yup, it’s at its peak right now at 33.74 T. Difficulty will keep climbing unless miners start quitting. For me, higher electricity costs make BTC mining a no-go now. There are calculators out there to figure out your personal profitability.
There have been ongoing discussions about difficulty trends here. We're hitting new highs and might set another in about two weeks. I’ve seen this cycle before back in late 2018, we hit a peak then dropped for a while. We're reaching that saturation point again now. Could see a reverse by late 2022 or early 2023.
Deciding whether to mine BTC now really boils down to your passion for it. Lots of miners will bail for easier coins, but if they do, what's next? Jumping around isn’t a sustainable strategy. Maybe take a break from mining if it’s too tough, but don’t give up on BTC.
In September, Bitcoin mining difficulty went up by 3.45%. Right now, individual miners can really only profit if electricity is free. Otherwise, it’s mainly for the love of it. Using calculators can help you see if mining makes sense with your gear.