is bitcoin mining profitable in 2017

blocks, pools reward individual miners according to their contributed hashrate (minus commissions and the like). At a Bitcoin price around 1150, it appears that the average American home miner makes only 1348 a year, assuming difficulty and price hold steady. Indeed, in mid-2016, Swedish Bitcoin mining firm KnCMiner declared bankruptcy. Mining Pool: Unless you command a tremendous hashrate, your odds of solving a block by yourself (i.e. In early 2017, Bitcoins collective hashrate reached nearly 4 Exahash. Bitcoin mining in 2018 hasnt been as profitable as in 2017 despite an increase in overall revenue. The current number of Bitcoins awarded per block. Scenario 2: An American Hobby Miner Before getting too excited about your potential mining profits, lets recalculate them using the average residential Power cost per kWh in the USA (12.5c) and a typical pool fee. Before I give you a short example of how this is calculated lets make sure you are familiar with the different variables: Hash Rate, a Hash is the mathematical problem the miners computer needs to solve. This data was taken from an advanced Bitcoin mining calculator using the following stats: 2 mining pool fees, 25 Bitcoins as a block reward, 14 TH/s hash rate, 1375W power consumption.

These calculators take into account kantor bitcoin flyingatom warszawa the different parameters such as electricity cost, the cost of your hardware and other variables and give you an estimate of your projected profit. However soon enough the block halving will occur and the reward will be downgraded to only.5 Bitcoins. Power consumption is measured is Watts. Youll need to find out your electricity rate in order to calculate profitability. Already, cloud mining platform HashFlare announced the termination of its Bitcoin mining contract. Also, pretty soon the block reward goes down.5 so well actually only be breaking even. Operating a Bitcoin miner consumes a lot of electricity. The number of Bitcoins generated per block starts at 50 and is halved every 210,000 blocks (about four years). The more miners that join the Bitcoin network, the higher the network Hash Rate. Profitability decline per year.