Introduction
In the ever-busy world of business, profits and losses are key components experienced by those in it. However, from a very tender age until this minute, I have not come across anyone who chooses to make losses. Certainly, everyone loves to make profits through any means possible.
In a case where I happen to be the only one that sells a particular brand within a region or state, it is expected of me to make profits. But if there are other competitors that sell the same brand as me within the same region, the tendency of making profits is likely not to happen due to the competition.
I tried to apply a similar scenario to Bitcoin mining. We all know that several miners around the world compete to solve a difficult mathematical problem, which aids the creation of a block. After the successful creation of a block, the miner is rewarded with some Bitcoin. Sadly, I can't tell the exact number of miners globally, but I think their population is enough to make the reward process very tough.
Questions
1. With the large population of miners around the world, could every miner earn a reward at least once a month?
2. If it's impossible for every miner to earn at least once a month, does that mean that mining is not a profitable business?
Note: I am asking these questions based on a miner's perspective, considering the cost of power supply consumed and the fixing/replacement of faulty mining machines.
Mining is no different from any other business. You should try to spend as little money as possible in running costs and earn as much as possible in rewards. Possibility of finding a block depends on your size, bigger operations have more chances. Another option is to join a mining pool if you can't afford a huge farm.
But all in all, you should try to find the best location, with lowest electricity prices, reasonable employee wages and taxes. Some powerful, efficient and modern hardware will also be helpful. And finally, like in any other business venture, you'll need some luck.