Do you wonder if Bitcoin mining is still profitable in 2019? In this text, I’ll first cover why it’s not, followed by why it is such a great opportunity.
Why 2019 is hard for miners
- Price– it’s down. With the current market price of ~$3600 for one Bitcoin, it’s hard to invest in mining equipment, pay the taxes, pay the electricity cost and still make a profit. It’s not impossible, but it’s not easy either.
And that’s about it. It’s only the current price of Bitcoin, while there are many advantages:
Why 2019 may turn out great for Bitcoin miners
- The mining difficulty is down– The 2018 was hard for Bitcoin miners, and many had to give up. Luckily for us, Bitcoin addapts to this kind of action- with less miners the difficulty goes down, rewarding you with more coins for the same amount of work.
- The mining hardware prices are down– At the beginning of 2018, the mining equipment was extremely expensive, sometimes also hard to find. Now many have panicked- cutting the hardware price in half and making it easy to find. For example- it was almost impossible to find a GTX 1060, and you had to pay $400 for it. Now you can find it anywhere, and pay as low as $200!
- The next reward halving is set to happen in 2020. Since there is a finite amount of Bitcoin, it is programmed to cut the miners reward every few years. Basically, as time goes by, less and less of new Bitcoin will enter the market- few years ago it was 3600 per day, after that it was 1800 per day(as is now and will be every day until May 2020). Every time this happened in the past, it made the Bitcoin price go up. And it makes sense- the less it gets released, the more valuable it should become. And this is a strong point, making sense and being backed up by the analysis of the past. And if you start mining now and hold your coins until the halving starts affecting the price- your unprofitable business may turn out profitable.
- The Bitcoin mining is easier than ever before. It’s 2019, and Bitcoin mining business is around 10 years old. And beginnings are always hard for innovation- it required technical knowledge and there were not many documentations and websites to learn from. Now it’s easy. It takes minutes to install the bitcoin mining apps for Windows, Linux and Mac. They have a solid graphical user interface and are very easy to use.
- Wallets and ways to buy and sell Bitcoin are many and available on many devices and operating systems.
Bitcoin Mining Business in 2019- conclusion
It’s not for everyone, and it’s not guaranteed. The Bitcoin and alt coins are still relatively new assets when compared with gold and real estate. They are also much riskier.
But Bitcoin and alt coins also have a much larger profit potential. We’re talking about hundreds if not thousands of percentage returns.
Nothing unusual here- it’s risky, but you can reduce some of the risk by playing smart. Still, it can potentially bring you a massive reward.
So what should you do?
Don’t invest anything you can’t afford to loose. And be patient- becoming an overnight millionaire is rarely possible, yet more possible than with any other asset so far.