r0gue5atoshiNewbie
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#1May 19, 2021, 02:03 AM
Thinking about diving into mining now? Market's tanked and Bitcoin's at rock bottom, but miner prices are down too. Long-term profits possible or nah?
Is Mining Worth It in This Bear Market?
20 replies 439 views
What's your power cost? If it's around 6 cents per kWh or lower, I might think about it.
5wifttokenNewbie
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#3May 19, 2021, 08:41 AM
Totally agree. If you got the resources and cheap power, mining can still be a sweet spot for profit in any market. Grab those rigs at lower prices.
Quick question for you all. I know miners earn from transaction processing. Does transaction volume impact their profit, or is it all about Bitcoin price swings?
HumbleOracleFull Member
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#5May 19, 2021, 09:02 PM
Miner prices have taken a nosedive, but Bitcoin mining could still be a solid investment. Historically, investing in a bear market has paid off. Just weigh your risks.
In some places, mining can be a steal during a bear market. Cheaper ASICs on the market, and if power's under 7 cents, it can cost around $11k to mine a BTC.
SilentWhaleSenior Member
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#7May 21, 2021, 10:48 PM
Right now, mining feels like zero profit. Market's rough and low-budget miners won't see much. But larger companies might rake it in when prices bounce back.
Aren't you supposed to earn BTC for mining, not USDT? When you mine, the BTC amount stays steady but the price fluctuates, right? If rigs are cheaper now, it makes sense to buy.
re4l_y1eldMember
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#9May 22, 2021, 07:35 AM
Profit or loss is all about when you sell the coin. If you're stacking and not selling, you're just tying up cash. Miners usually hold until the next bull run.
If you're in Kuwait, mining might be great for you now, but if power costs are high where you live, just buy BTC instead. Unless you can afford to ride it out.
wallet_vaultFull Member
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#11May 22, 2021, 12:56 PM
Cool chart but kinda off. It says mining BTC costs 21k in the US. Power rates fluctuate from 2 cents to 45 cents. My rate is 14, and heat's a bonus.
its_ledgerMember
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#12May 22, 2021, 06:05 PM
Yeah but that data's old. Difficulty's way up since then. When you lump all those countries together, it’s misleading. Plus, did they consider cooling costs?
leo.rocketFull Member
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#13May 22, 2021, 07:53 PM
We've got 300 RX 580 cards, but mining's tough now. Any suggestions on what to mine? Also, anyone got good signals for trading?
pix3l_h4shNewbie
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#14May 23, 2021, 01:27 AM
In a bear market, costs like electricity hit hard. If you're in a place like Canada or Russia, you might be fine, but profits still dip overall.
Mining ain't what it used to be. Even in a bear market, mining rewards are down. New miners with fresh gear might find it worthwhile, though.
With commodities and fuel prices going up, mining's kinda on the back burner. The equipment’s pricey and electric costs are rising. Just take a look at power needs.
500,000 PS3s for one ASIC? Really? That's way off. A miner uses like 72 kWh. PS3s use way more power if they run a few hours.
It’s all about your electricity costs. If they’re high, steer clear of mining. ASICs use way more power than just a few GPUs. Only worth it if you're holding BTC.
hyperwalletHero Member
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#19May 24, 2021, 05:52 PM
Could be a good or bad time depending on BTC's moves. It’s all risk, but with power and maintenance costs, profits could be slim unless you’re thinking long term.
kevinwhaleNewbie
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#20May 25, 2021, 12:05 AM
Bear market makes it tricky for miners. If your costs are low, maybe keep at it, but if power's pricey, mining’s not the way to go.