Can You Make Money Mining Bitcoin?

There is nothing fixed in bitcoin mining earning. It depends on the time and effort you are willing to put. Your profits will depend on several factors. You can make use of the bitcoin mining calculators to know the mining profitability. The calculators work considering factors like power costs, hardware component costs and its wear & tear to give you an estimate of the profit you can make.

When a block is completed, the miner is awarded a certain number of bitcoins as agreed up on by the other miners in the network. In addition, the miner gets a transaction fee that is paid by the users sending the transactions. The fee amount varies and comes as a remuneration for the miner to include the transaction into their block in the future. There are also several instances where the rewards are not covering the costs though this has been mitigated to some extent with improved technology. The bitcoin price continues to fall and many miners are giving up the work.

Nothing is predictable in bitcoin mining since the exchange rate keeps changing and you cannot guess what it will be next year. The profits again depend on your contribution and you cannot guess how many miners are involved in the network you are mining.

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