Quote from: joniboini on Today at 11:42:17 AM

Quote from: Patrol69 on Today at 05:03:22 AM

If you calculate the electricity bill for the amount of electricity that is consumed to mine a bitcoin, it can be seen that there is no profit in mining bitcoins.

It really depends on the cost itself. Some miners can have their own power source that doesn't rely on the national power grid, for example. I heard some miners use hydropower to run their farms. While that is rare, the fact that those mining farms keep operating means either they earn decent profit or they believe they can sell BTC for a profit later. CMIIW.

Quote from: Patrol69 on Today at 05:03:22 AM

If you calculate the electricity bill for the amount of electricity that is consumed to mine a bitcoin, it can be seen that there is Many countries have already tried to do Bitcoin mining but because of the huge electricity bills they have turned away from Bitcoin mining.

What do you mean by "many countries"? A nationally controlled mining farm? Is there data related to this information? As far as I know, most people refer to their pools name or something similar. Some news even reported that top miners are still making millions last year, albeit significantly lower compared to when BTC was at its high.

I think he is referring people from different countries, bitcoin mining isn't no more profitable for individual miners who spend 10K or 20K to build their grids because I witnessed many tried in 2018 and eventually failed later so they sold their devices and able to save atleast half from their capital.

Mining profits depends on electricity rate in your country, what is the actual climate where the grid is going to be located and how long you can hold the mined coina to get maximum potential profits.