The days where anyone could make money mining Bitcoin with a desktop computer or GPU cards are unfortunately long gone. The total computing (or “HASHING”) power of the NETWORK has risen exponentially since the introduction of application-specific integrated circuits (ASICs), or machines designed specifically to solve Bitcoin’s mining proof-of-work algorithm and NOTHING else.

It is still possible for individual miners to make some money by purchasing their own ASIC-based equipment – however, most mining TAKES place in large factory-like environments with hundreds of machines, in places where energy is cheap (such as China and above the Arctic Circle). And once your machine is superseded by a newer model a few months after purchase, its ability to compete on the network (and thus its earning potential) is greatly diminished, along with its resale value.

You also need to consider energy costs where you LIVE. Bitcoin-mining ASIC machines run very hot and consume large amounts of electricity. You’ll need to subtract the costs of electricity and cooling from the profits you make.

The days where anyone could make money mining Bitcoin with a desktop computer or GPU cards are unfortunately long gone. The total computing (or “hashing”) power of the network has risen exponentially since the introduction of application-specific integrated circuits (ASICs), or machines designed specifically to solve Bitcoin’s mining proof-of-work algorithm and nothing else.

It is still possible for individual miners to make some money by purchasing their own ASIC-based equipment – however, most mining takes place in large factory-like environments with hundreds of machines, in places where energy is cheap (such as China and above the Arctic Circle). And once your machine is superseded by a newer model a few months after purchase, its ability to compete on the network (and thus its earning potential) is greatly diminished, along with its resale value.

You also need to consider energy costs where you live. Bitcoin-mining ASIC machines run very hot and consume large amounts of electricity. You’ll need to subtract the costs of electricity and cooling from the profits you make.