Is Bitcoin and Ethereum Mining Still Actually PROFITABLE?!

cryptocurrency mining profits we're going to be focusing on Bitcoin as well as aetherium we're gonna be looking at the network hash rate and how that impacts the difficulty the current price is and kind of what you're gonna be mining for coins and then also what that translates into a u.s. devaluation is the current crypto prices and basically is crypto mining even profitable anymore real quick I just want to say thanks to an anonymous furry donor out there we're gonna be giving away some Bitcoin I have to do is drop your Bitcoin address down in the video comments below here on YouTube and also let us know if you like Bitcoin or etherium just that simple you cannot both you got to pick one side and we're also giving away a CVP 13 it's a $5,500 retail fpga mining card pretty cool stuff we have to hit on 1,000 subscribers for that giveaway to happen link to enter that giveaway on gleam in the video description below let's really intro a jump into today's crypto mining profitability 2020 video I feel like I needed something a little bit cooler there I like to to close that out like I was a big build up but I don't know maybe I'm just not a good closer recently things have tumbled pretty significantly okay but we have a nice little rebound today at 10% I'd like to see that go ten percent several more times but whatever we got Bitcoin trading about five thousand eight hundred dollars aetherium training in about one hundred and twenty five dollars so let's jump right into a theory of mining profitability what is this chart and what does it mean okay so over the last 24 hours we mined point o2 aetherium okay so that's measured here on f2 pool you know if this is a 9 RX 478 gigabyte GPU mining rig and I've talked about ASIC monitors on the theorem and this and that but you know we're just gonna focus on the the GPU money aspect of this today and that's just the data I have here for this analyzation okay so I'm getting point 25 gigahertz I can't you know contributed to the network per day this is on f2 pool they pay you out per share so what I really really really really like about mining on f2 pool here is that you can clearly see what your contribution is and then what you got paid okay so let's go back in time so if we take the middle of February 2020 and now if that's about a month ago at the time of shooting this video and with that we had the same mining rig here on f2 pool and we're reminding about the same or maybe even a little bit less of a theorem per day and then what's also really interesting if you're reminding anything else like where we talk about mining Bitcoin here today so I can click over to Bitcoin and see the revenue here so you can see with my hash rate per day say 64 Terr hash a second I was mining point oo one Bitcoin and what's also really interesting is it a log the difficulty here on bitcoins so mining Bitcoin in February 20 2015 tarah hash difficulty in March it was up to 17 Terra hash which is just crazy and we go back to say December 2019 we're at twelve point eight Terra hash difficulty quite a significant bub in network difficulty in just such a short time we would also like to thank f2 pool for sponsoring this video they got all kinds of mining pools on their main side they Bitcoin Bitcoin cash bitcoin is V litecoin aetherium grin 2931 Z cash nerve Ock B and some others they also have some other mining pools that aren't part of their main mining pool categories they're called labs from here you can see things like handshake ad a beam H DAC they're out pigeon Raven coin and some others in there so I get stuff they ask to have a good mobile app so with 9rx for 70s I'm only making two dollars and fifty cents which is is terrible like that's that's not even float in the electric bill on $0.10 per hour to what our electric rate but I think we can both safely say that I mean hopefully we'll see a $250 theorem and then not so far future I don't think that's a far cry I mean even just recently let's let's go past sixty days and we've been trading at over 250 for the most the majority of February and I know you know my whole market just crashed whatever whatever but say we do that now we're making five dollars a day still this ain't get-rich-quick money but it is double the profitability if you have some you know longevity in the game you'll mind holding the coin still with a couple grand and hardware making five bucks a day before your electric bill it's still not the most appetizing proposition let's look at the theorem hash rate first the price in USD why does this matter okay because when the price of the coin goes up it's more profitable to mine simple as that the theorem is number number two cryptocurrency by market cap okay massively massively profitable coin to mine as far as daily coins output every day we talked about that in the previous video pretty recently we talked about twenty two million dollars coins new or newly minted crypto every single day theory and being three million of that those current prices so the point is price of the theorem goes up and it allows for more and more miners on the network whether they're ASIC mining rigs or GPU mining rigs due to the eat hash money algorithm but what you'll always see is the hash rate will lag McKinley behind the price and normally with the trend of kurta prices over the last couple years it's crazy to say it's not been a good relationship so price is going up right here so notice this big increase and price right so we peak it like $300 and then a couple months later these farms that were basically concepted here conceptualized here now they reach production this is also influenced by a bigger and more powerful mining rig coming on but there's just a lot of data to crunch here so we can see price trends down and that hash rate trends down and there's also the issue with their difficulty basically that's gonna be corrected and now we can see the test rate is stabilized in this area but the price has massively fallen off but notice how the hash rate will decrease but it's not gonna decrease nearly as much as it did in dollars it's because these big farms they're not just gonna shut off they have millions of dollars invested here so I'll come back to theory of mining and round out just exactly what's going on with that and the general consensus on the outlook on profitability here but something that's like rapidly closing in now that we've been talking about for months now but 54 days until the Bitcoin block board having okay so long story short daily profitability will be cut in half if you make 10 bucks a day mining Bitcoin right now you will now make 5 because the amount of bitcoins might per day are literally cut in half period it's just as simple as that coronavirus you know we just do a quick timestamp here right now you know according to this map 227,000 confirmed cases unless just under ten thousand deaths in the US and this has had a significant impact on global markets and absolutely a massive impact on cryptocurrency this can be contributed for the massive drop here in prices over the last month and you can see you know we're trading it like 8000 and this is when things like we've got like before that we're trading closer to 10,000 then the news gets worse the markets start to get a little worse gets a little hairy gets a little scary boom drop off massive sell-off because people need dollars to survive why am i talking this because this massively impacts day-to-day mining profitability and don't think just because prices are low that you're gonna get a ton more coins okay that's a misconception that used to be like partially true but there are so many giant massive established mining farms you think these guys are just gonna turn off because there's a dip they're gonna mine this until it's unprofitable for a year and they don't have the reserves to keep their stuff afloat you don't just put millions of dollars into a mining farm Bitcoin goes down a couple thousand dollars and you say oh but guess that wasn't a good idea guys I guess we're not gonna make this mining farm that's not how it works at all and that is just one of the biggest misconceptions I see time and time again in cryptocurrency and it's the general general like view one thing that you can bank on being a board right now is toilet paper why I don't frickin know but apparently everybody needs toilet paper you can see that it's it's almost nearly sold out on Amazon one of the biggest distributors are freaking everything in the world but even more so than us but we do have a you know a couple bids over here we got a skin-friendly for just a one cent I don't know if you actually get that if you order it but whatever that's a decided I just thought that was fine touch on if we look at the Bitcoin hash right first the price it's gonna be similar to what we just talked about what's aetherium you know we can see where bitcoin went up you know pretty significantly here in price and that along with newer and more powerful hardware kind of coming out and releasing and scale at the same time continues to push up the hash rate but you'll notice one thing the hash rate always seems to go up and the price will go up and down and you know we're looking at one year chart right let's go two years if you notice this price right this is a relatively consistent price will say you know about $8,000 $7,000 the majority of you know Bitcoin in this last two years we can say has been around you know six to eight thousand dollars I mean look how long is it around six just you know in this period so that's two years this is the tail end of the previous bull run in April 2018 where it's coming crashing down right and just look at this the hash rate during the coming like right after the Bitcoin cryptocurrency freaking gold rush of 2017 is at 26 units right right there you know it even dipped down to 22 that day and we've got a lower priced Bitcoin than it was when we had a 26 unit hash rate chart where are we at now okay just recently we've been all around 100 okay four times as difficult to mine one Bitcoin yeah it's dipped with the recent fall off because some capitulation had to have taken place there a lot of people just falling off they can't float it they don't want to they're demoralized again capitulation here they get now what what is it still even at its freaking low it's almost at a hundred it's still four times as hard to mine a big coin that it you know if you round up here half the yeah if you round up from here it's half the price you're mining is four times harder to mine a Bitcoin that is worth half as much as it was previously and that's because crypto is more established there's bigger and more industrial mining farms there's more powerful mining gear and there's just generally more I want to say like more like a number of people interested but there's more hardware that's still mining still taking place here I think it's less decentralized than it was but you know again you have more industrial mining farm built out so what does this do with mining profitability even the 810 teeth master was which is an ax theorem a sick miner it was pooling like ten bucks just to cope like a couple weeks ago is gonna be making $3.57 and that's with a 12 let's let's go ahead and make that ten cents okay that's easier to build off of so you know almost four dollars a day if you pay ten cents per kilowatt-hour keep in mind most farms pay five cents or less very often less if they're a big farm at scale we have the s9 Pro which again was making over ten dollars really recently that's not gonna be pulling three dollars a day so you've got like a two thousand dollar mining rig making three dollars a day and guess what happens after the old big coin having right okay that's Changez that's a dollar fifty a day are you gonna spend two thousand dollars to make a dollar fifty a day to have this behemoth in your house that makes a lot of noise makes a lot of heat guess what guys we're going into summer depending where you are in the u.s. obviously you're gonna go you're going into summer going into springtime here it is a lot easier to deal with mining rays when it's cold as opposed to hot you can put a mining rig basically anywhere when it's cold you get that passive heat you get a little bit of a rebate basically on your electric bill when now you got a cool your house more if it's inside your house to get rid of that heat and yeah if you got a big industrial farm you know you're moving air cool yeah that's fine and that's what they're doing and that's why they're not worried about it but a lot of little guys that skimp along with underdeveloped under setup you know rigged locations mining farm locations mining Gardens right they can't float this stuff it'll melt you so and just keep in mind that is the latest and greatest and most profitable miner if we come down here and we look at the s 17 Pro it's barely breaking even okay at 53 tear hash a second that's before they having okay after the hab and this thing's gonna make seven cents at the current rate you know do I think bitcoin is gonna rebound yeah absolutely do I hope it does yeah absolutely am i biased yeah absolutely at the end of the day guys Bitcoin mining is absolutely profitable for mining farms and at the end of the day a theory of mining is absolutely profitable for mining farms but this these coins are so developed so so established in mining and so deep an ASIC mining hardware it specialized hardware and just just people easily knowing how to deploy this stuff and so much money in it is that you know it is just really cornered by the big guys with super cheap electric rates that when when these prices go down and the hash rates continue to go up the little guys they bleed out they can't handle it like I'm not gonna pay $2 a day in electric to mined $1 a $1 a day in coins it's stupid I would just rather buy $2 of coins one I do not think to have got no risk and hardware and then three I mean instead of losing a dollar I just I get whatever $2 of coin is worth at that time obviously I love freaking mining and I'm all for mining but there are times it just doesn't make sense or you're outgunned or you're outclassed or maybe we should be looking at different algorithms and different coins that you know would help just push decentralization and mining and hardware and and whatever that's a whole different video subject and category and at the other day you know do I think you should mine one it absolutely depends on your electric rate if you have a bang and electric rate shirt right up why not if it's free obviously and you know make it make it happen if you have a high electric rate it's probably just not gonna be it's not gonna make sense like again you can't be paying more on electric then it would be to just buy the coins yeah you know money coins it's kind of seamless there's no kyc until you sell potentially and whatever and you know it's not just about the KYC stuff it's more about like the middleman you take in the middleman I pay a fee here you pay a fee there but keep in mind you still pay a fee to mining pools you know when you mind it's not just completely felis ultimately guys mining is absolutely still profitable even with the massive dip that Corona has kind of led with this whole market but it's mainly profitable for mining farms and until we get some crazy prices or some crazy gear that's well distributed or you know at least a new algorithm that makes a little bit more accessible to the smaller guys you know mining at current currently is a industrial game for the big coins at least and I'm not saying I like that I don't to give you as a bad news if you're small-time you know home hobbyist miner but you know that's just the reality I never lie to you guys I'm not gonna start lying now obviously so anyway I I don't know this like a good or bad message to give it just kind of it is what it is I hope things rebound I hope that we were just kind of having a great time again mining claims is profitable for everybody you know we'll see but as always please make sure to subscribe to the Boskone youtube channel to catch me in the next video I'll keep updating you guys when things get better a little bit better scenario maybe some new graphics cards that can really bang out some hashes you know that's what we'll be until then just keep smash that thumbs up for me stick along for the ride and if the other day I had lost any faith in crypto I love crypto I think it's assuring the next financial era don't give up on crypto yourself even when the market gets tough but keep in mind also don't over leverage yourself make sure you have enough money to just operate in your data a stove and not put yourself or your family at risk okay because you're more important than crypto people are more important than crypto the only thing more important than crypto that dozers and dogs well they're the most important then yourself and then crypto and cars see on the next one