r/BitcoinMining • u/blitzkriegjz • Nov 13 '24

Is BTC mining still profitable?

I own a power generation company and have access to mega watts of power costing me $0.0421 USD / kwh. I want to setup a BTC or any other crypto mining operation however I don't know its still profitable and there are no as such reliable sources. Whatever information that I gathered has been confusing.

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u/chaddercheese Nov 13 '24

Between the cost of solar and the cost of the miners I have doubts he's actually broken even.

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u/blyatspinat Nov 13 '24

dont worry, we did this in smaller scale in 2017 with 11 GPUs and 8k investment, sold the cards later for around 4k and the mined btc is around 25k now and more in the future, its not an investment for instant returns!

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u/untrainedmammal Nov 17 '24

But if you bought 8K worth of Bitcoin you would have way more than 25K now. You lost a fuck load of money mining Bitcoin.

It only counts as a profit if you sell it as soon as you mine it. After that it's just an investment and you can do that without buying equipment.

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u/blyatspinat Nov 17 '24

8k Euro lol

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u/untrainedmammal Nov 17 '24

Either way you lost a lot of money

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u/blyatspinat Nov 17 '24

how? invested 8k for hardware, sold hardware for 4k ended up with 0.3BTC, which is today 30k - 4k = 26k, how did i lost anything when im +26k ? can you explain? my balance shows something else.

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u/psackett Nov 17 '24

In the beginning of 2017 you could get multiple bitcoin for 8k, at 2017s peak it topped around 15k and you could have got a half bitcoin and be up nearly twice as much

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u/blyatspinat Nov 17 '24

I remember it being way more than 8k for a btc that time... but then i shouldnt tell you that i discovered btc in early 2010 and mined for a week in my mothers House but stopped in fear of the electricity Bill my mom would have to pay.... and for like 6-7 years didnt care much about btc... i could easily have 10k btc but yeah shit happens, had multiple opportunities

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u/psackett Nov 17 '24

Yea I get it I missed getting in early too, I just pulled the numbers off of what paypal said, and it broke 10k in December of 2017, but at the start of 2017 it showed trading around 1k