Hello everyone! Since mining isn’t that popular anymore I’m curious is BTC mining still profitable?
I’ve really many equipment since I was mining ETH back in 2021 but when it changed from PoW to PoS I’m not sure about its profitability..I mean only 3% APR and much more money to invest now. So, do you recommend to stick to BTC mining or switch to staking? I saw crazy APRs like 150% but not sure about it
Yes, if you want to mine Bitcoin go ahead because it is still profitable. But first, you need to understand that apart from being capital intensive it is very competitive these days. While mining can be very profitable if you have the available resources and capital to utilize a mining pool you should also know the cost of the equipment you need to set up your workforce.
You need ASIC Miner, Antiminers or Whatsminers, your own transformer to supply you maximum electricity in your mining rig, a cooling system, A hardware wallet, and a strong internet connection using Star Link. When you calculate the cost of all these things you may spend up to one BTC or more to get them.