Is Bitcoin Mining Profitable or It Is Wasting of Time and Money?

Maybe you’ve already heard a lot about bitcoin mining.

But you are curious to know is bitcoin mining profitable or not.

Some people say it is so profitable and it’s already made so many people millionaires.

Well, it is true that it’s already made so many millionaires.

But it doesn’t mean that it can make the others millionaires too.

And, it doesn’t mean that you can make a fortune through it if you don’t know what bitcoin is and how bitcoin mining works.

Therefore, before I answer this question that whether bitcoin mining is profitable or not, first I am explaining what bitcoin mining is exactly.

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What Is Bitcoin?

Some people say that bitcoin will become the global currency and it will become the easiest way to make the payments worldwide.

Some others say that they have become millionaires through bitcoin mining from their homes.

Is it really that easy to do bitcoin mining from home and to become a millionaire?

If bitcoin is a digital (not physical) money, then how can you “mine” it from home?

Does it mean that you create or produce bitcoin?

Well, indeed bitcoin mining is not as easy as what most people claim.

If I explain what bitcoin mining is and how it has to be done, then it will be easy to guess whether it is profitable or not.

This is what you are here to find out.

You are here to find out whether bitcoin mining is profitable or not.

Most probably because you want to start a bitcoin mining business, and so you want to know whether it is profitable or not.

It is the right time to focus on this subject, because the bitcoin’s price has moved dramatically up.

It is possible that it keeps on going up, but it is also possible that it collapses at anytime.

The Bitcoin Increasing Price

Every year, banks spend billions to facilitate the money transfers and transactions.

Therefore, they have to charge fees when they wire or transfer money.

However, this is completely different in bitcoin.

Indeed, with bitcoin, the charges and profits are calculated and processed when each unit or block of bitcoin becomes produced.

Bitcoin miners make a lot less profit compared to the banks.

Above all, bitcoin mining is hard and needs expensive equipments, computers and lots of electricity.

What Is the Difference of Bitcoin and Regular Money?

The main difference is that governments are behind the regular money, but they have no control on bitcoin.

They print the money and give it to the central banks.

And, it is the centrals banks that manage and control the regular money and its value.

They can easily higher or lower the value of the regular money by changing the interest rate.

However, there is no bank or even a regulator organization behind bitcoin.

Bitcoin miners produce bitcoin with the computers and inject it to the bitcoin system.

There is no printed money in this case.

Therefore, bitcoin is accessible only through the computer and Internet.

Anybody can produce bitcoin from anywhere in the world.

Therefore, bitcoin has no owner, nor is there any bank that controls the bitcoin’s value and its distribution.

Bitcoin miners produce bitcoin and deposit it in their accounts.

They can transfer the produced bitcoin to anybody who also has a bitcoin depositing account.


What Is Bitcoin Exactly?

Bitcoin is a fully-digital currency.

By “fully-digital” I mean you don’t see any printed form of this currency.

The other currencies like US dollar or Euro, can be transferred electronically while there is the printed form for each unit that becomes transferred.

At the same time, there is a central bank behind them who is able to control the value of these currencies.

But, there is no printed form of Bitcoin, nor is there any bank who controls its value.

It is completely digital and can only be transferred electronically and through the Internet.

Therefore, you can’t withdraw any cash from your bitcoin account.

You can only save your bitcoins in your online account.

Of course you can buy and sell bitcoins against the other currencies like US dollar.

The good thing with bitcoin is that you don’t pay any fees when you send or receive bitcoin.

The Bitcoin’s Value

There is no bank behind bitcoin that wants to charge you for the services it offers.

It is strange, isn’t it?

As this currency is still so new, there is a very limited number of merchants who accept it.

It means you can’t buy anything you want with bitcoin.

They say a so-called mathematician, Satoshi Nakamoto, has invented bitcoin.

However, nobody knows who this person is really and whether he is a real person or not.

Most people say there is no such a person.

Therefore, nobody knows who’s the bitcoin inventor really.

By the way, bitcoin started working in 2009 officially.

The value of bitcoin goes up and down based on supply and demand.

Therefore, when those who produce and accumulate bitcoin, start selling it at the same time, the value collapses.

It means the bitcoin’s value depends on fear and greed.

Nowadays, the bitcoin miners greed in producing and accumulating of bitcoin to make more profit, has increased its value dramatically.

However, when something happens and fear takes the control, they will start selling their bitcoins, and so the price will collapse.

What Is Bitcoin Mining?

Bitcoin mining is the process of solving some special mathematics problems and getting rewarded with one bitcoin once each problem is solved.

The above sentence is almost all people like you and me can understand from bitcoin mining.

There are so many unanswered questions about this process:

  1. What kind of math problems have to be solved to produce bitcoin?
  2. What is the advantage of solving these math problems?
  3. Who creates these math problems?
  4. Where does the value of bitcoin come from?

And… so many other questions that have no answer.

Even those who have made millions through bitcoin mining, can’t answer the above questions.

A precious metal like gold, which is tangible, has a value that can be paid and bought by a currency like US dollar which is also backed by precious things like gold as well.

Therefore, when you pay US dollar to buy gold, indeed you are giving the paper form of gold to buy the real form of gold.

Everybody can understand this very easily.

But what about bitcoin?

There is nothing that you can understand about bitcoin.

It is all mystery and confusion.

How Can You Solve the Math Problems and Receive Bitcoin Rewards?

You can’t do it with pen and paper.

Computers can only do it.

Here is where the problem comes.

Bitcoin mining needs strong and fast computers.

The reason is that the more bitcoin becomes produced, the longer the process of bitcoin mining will become.

You could easily produce bitcoins with your desk computer when bitcoin was introduced to public in 2009.

But it is now far beyond the ability of a desk computer to do it.

Indeed, you need a big network of strong and fast computers that are specially designed for bitcoin mining, to produce a reasonable number of bitcoins every day.

You need a huge space for these computers.

They utilize a huge amount of electricity and produce a lot of heat.

Therefore, not only bitcoin mining is not free, but also it is too expensive now.

You have to be able to afford the equipments, as well as the space, electricity and the Internet connection.

The number of the bitcoins you can produce every day, depends on the number of the strong computers you use.

The higher number of the strong computers, the higher the number of the produced bitcoins, and so more profit.

However, as I mentioned above, it becomes longer and longer to produce bitcoin.

Therefore, the amount of the profit you make goes lower every day, unless you add more computers.

Now that you know what bitcoin and bitcoin mining is, I can tell you whether bitcoin mining is profitable or not.

Bitcoin Mining Equipments

Is Bitcoin Mining Profitable Now?

Bitcoin mining was so profitable when people started mining the bitcoin back in 2008 and a few years after.

Those who were on time enough, started mining and accumulating bitcoins.

Therefore, the bitcoin value went higher and higher and it became harder and more time and energy consuming to mine bitcoin.

This simply means that the bitcoin mining profit goes lower as the time goes on.

It also becomes more expensive to start a bitcoin mining business.

The only way of making profit through bitcoin is buying it from the bitcoin miners and holders.

It means you have to pay the currencies like US dollar or Euro to buy bitcoin.

Then you have to hold your bitcoin and wait for its value to go higher.

If so, you can sell your bitcoin and make some profit.

Now the question is whether it is the right time to buy bitcoin now that the bitcoin price is so high?

Will the Bitcoin Price Go Higher?

The answer is, it can go much higher than what it currently is.

Nobody knows how higher it will go.

But what I do know is that this market will collapse sooner than later.

I don’t know when and at what price, but I do know that the bitcoin market will crash finally.

Therefore, buying and holding bitcoin is all the matter of taking risks.

It is like buying and holding the other things like stocks, currencies and real estate properties.

But in case of bitcoin, the problem is, it looks riskier and less protected.

Therefore, it is only your excessive greed that can push you to buy bitcoin.

I will never do it, simply because there are much better and safer ways to invest and make profit.

Also I won’t invest my time and money on running a bitcoin mining center.

The reason is that it is a lot of work and needs a lot of time to maintain the system and keep it up and running.

Also, as I explained above, the profit of bitcoin mining goes lower and lower every day.

To maintain the same amount of profit, you have to make your computers network bigger.

Update – 6th February 2018:

The Bitcoin market that went as high as $19,343.04, finally collapsed and is now at $7,370.95:

The Bitcoin Market Crash

What Is the Advantage of Bitcoin?

There is always a question here:

Does bitcoin mining have any other advantages for people like you and me, other than making some profit for the bitcoin miners?

Definitely not.

Producing bitcoin and making profit through it, looks like the most ridiculous businesses one can ever have.

Who needs bitcoin?


We won’t have any problems without bitcoin.

Bitcoin hasn’t come to resolve any of our problems.

It seems it was created just to make some people rich for doing nothing.

If it has come to enable everybody to pay online and electronically, we are already doing it.

I mean we send and receive money electronically without having to have bitcoin.

So, bitcoin looks useless.

But the question is what is really the point of inventing and introducing of bitcoin?

Is Bitcoin a Scam?

There are so many who believe that bitcoin is scam, because of the reasons I explained above.

Nobody knows what bitcoin is exactly.

It is not something necessary and it is not clear why it has an increasing value.

There are only some people who are making money with it.

They produce something useless and sell it to people who believe bitcoin is going to be the world’s future currency.

Who takes the advantage of the bitcoin’s value crash?

Those who’ve been mining bitcoin and selling it to others, have already made a lot of profit.

They’ve already converted millions or even billions of their bitcoins to the regular currencies like USD.

Those who buy and hold bitcoin will lose a lot if the bitcoin market crashes.

That is why some people say that bitcoin looks like a Ponzi or Pyramid scheme.

In a Ponzi or Pyramid scheme, only those who are at the top, will make money.

The others only lose.

Even when the market crashes, only those who are at the lower levels will lose a lot.

Those who are at the top, have already made their profit.

There are some differences between bitcoin and Ponzi or Pyramid schemes.

Therefore, I can’t say bitcoin is a typical Ponzi scheme.

But I can say that it is the modern form of the traditional Ponzi scheme.

For some people, it is a new way of making money from something that is useless.

It is selling thin air to get real cash.

Therefore, it is a scam and it can’t be profitable for the public.

Bitcoin mining is risky for the majority and profitable only for a very low percentage who are strong bitcoin miners.

Bitcoin Mining Side Scams

While it seems bitcoin is a scam itself and bitcoin mining isn’t profitable for the public, there are some other scams who make the most of this opportunity.

Bitcoin mining is a great opportunity for some people to sell the bitcoin mining computers and equipments and make a lot of money.

The question is, if bitcoin mining is really profitable, then why don’t these people do it themselves to make profit, and they sell bitcoin mining equipments instead?

The answer is, there is more profit in selling bitcoin mining equipments than doing bitcoin mining.

You have to spend thousands of dollars to buy the bitcoin mining computers when you want to start a bitcoin mining business.

This is an instant profit for the sellers.

But it can take you a long time to recover the money you’ve spent to buy the bitcoin mining computers.

As it becomes harder and takes longer to produce bitcoin as the time goes on, you will have to buy more and more computers.

Is bitcoin mining profitable under such a condition?

I don’t think so.

Are You Really After Making Profit with Bitcoin Mining?

I know that you want to make profit through bitcoin mining.

However, as I explained above in details, it is not worth to start a bitcoin mining business now.

You have to spend a lot of time and money to run a bitcoin mining center which is strong enough to produce bitcoins reasonably.

There is no doubt that you won’t make any profit for such a long time.

The system has to work nonstop to recover the money you’ve spent to buy the equipments, rent or buy the space they need, and the electricity and internet they utilize.

If the bitcoin market crashes while you are still trying to recover the money you’ve spent, then the business will be a total loss.

Therefore, if you ask is bitcoin mining profitable or not, I have to answer not for you and not now.

It is profitable only for those who’ve started it such a long time ago.

Is There Any Other Options to Make Profit or Become Rich?

Now my question from you is that do you really have to do bitcoin mining if you are after making profit or getting rich?

If you’ve answered yes, then the good news is that there are much better, more profitable and less risky ways to make profit and get rich.

You don’t have to do it through an unknown way that looks like a scam while it is risky, expensive and has no clear future.

You can join our fully-automated high-ticket affiliate system.

It is much more profitable than bitcoin mining.

It is too hard and time-consuming to start making profit with bitcoin.

Still it is not clear whether you will make profit with bitcoin mining finally or not.

I’ve explained my reasons above.

However, our high-ticket affiliate system is so profitable.

It makes much more profit and it is much easier to become profitable with it.

Indeed, you will become profitable almost instantly and once we set up the business for you.

At the same time, our affiliate system is not too expensive to start.

It doesn’t need any physical space to set up any hardware or computer network.

You won’t have to pay a lot of money for the electricity.

So, our affiliate system is not risky at all.

You will join a fully-automated system which is already set up, active and up and running.

It is fully-automated, because you don’t even have to create any website or do any marketing and generate any sales.

They system does everything for you.

It may look too good to be true.

However, our system is designed like this.

All you have to do is joining the program and licensing the products.

You will hire the system and it makes money for you automatically.

Unlike bitcoin that not only can’t be profitable anymore, but also looks like a scam (I’ve already explained why), our affiliate system is fully legitimate and legal.

Update – 6th February 2018:

On December 2nd, we published an article on bitcoin mining and whether it was still profitable or not (the above article.)

At that time, the Bitcoin price was going up like crazy and was $8,075.02.

However, in the same article, we explained that the Bitcoin price could go much higher, but it would crash finally:

“Will the Bitcoin Price Go Higher?

Nobody knows how higher it will go.



Indeed, Bitcoin did exactly as what we predicted: It went as high as $19,343.04 but then it collapsed and now it is $7,370.95:
The Bitcoin Market Crash

While it was going up, some people were buying it like crazy. That’s why it was going up like crazy. But, once “fear” took the control, everybody started selling, and so, the price collapsed and is still going down.

Imagine those who bought it when it was $18-19,000…

If you had bought only 100 Bitcoins at for $18,500 which is $1,850,000 in total, now its value would be $737,095 which means a $1,112,905 loss:

$1,850,000 – $737,095 = $1,112,905

This is how those who want to get rich fast and even many of those who want to make a living, will lose their shirts.

This is NOT the right way of making a fortune or even making some money just for the purpose of having an extra or passive income.

Making money and building wealth and financial freedom has a different way.

If you are really serious about becoming rich and successful, you have to forget about the stupid ways of making money that are 100% based on luck and chance.

You have to follow the way that the real and successful people like Warren Buffett follow.

This is clearly explained in our Wealth Building Strategy:

It is also explained in our eBook in details. You can download it here.

Click Here to learn more about our Wealth Building Strategy.

Published by

LuckScout Team



  1. This is a relief my brother. This bitcoin thing is every where filling the space, and confusing the people. One cannot even place the use and importance of it.

    1. There are many news articles about Bitcoin in the financial news.

      If you go read about it you will see that there are real people putting a lot of money into these crypto currencies.

      There are people starting to get into speculating in them right now – TODAY! I spoke w/a person who was starting a hedge fund to invest in them which takes 12 months to setup. The guy could be a fool, but he is a 60 year old CME vet who trades derivatives now retail. This is definitely a person who knows what he is doing.

      At least what this tells me is that this is just getting started. So, sure it could very well be a bubble, but it is a mistake to not participate.

      Have you seen the price targets? $100k, $1m a coin! The reasoning if you are curious is because they are comparing it to the gold market cap which is what bit coin is being compared to. A digital gold store of value.

      Also, there are many ways to trade in crypto (not just buying bitcoin itself). Some people trade these coins by looking for coins that are trading for fractions of a cent and that correlate with a rise in price w/bit coin and then these coins go from a fraction of a cent to a few cents and you have made a very large return using a small sum of money (just $100 for instance).

      You said it yourself the bit coin block chain payment system costs nothing to transact in, and the banks spend billions a year on that. Why wouldn’t they try to adopt this technology? We live in a capitalistic society don’t we? It breeds competition which breeds innovation.

      People are using bit coin in Zimbabwe right now, after their financial system collapsed. Why? Because it is priced in USD and it can be traded using a cell phone! Anyway this is a proof of use, and there are many other countries (i.e., Venezuela) who may fall into this same scenario very soon. Once that happens the price will probably sky rocket.

      Putting in 1% of your investment capital is a smart thing to do. Understand the price targets people are selling portions of their position at and you have a very good looking asymmetric trade right now.

      There are other blockchain programs being developed now… Ripple, Ethereum, etc. that are specific to solve certain business payment issues. I see it as you are basically investing in the equity of these programs that companies in the future will use so they could still have a high real value.

      You can find people doing research on these companies too.

      Yes Satoshi Nakamoto could flood the market (because they have billions of dollars of coins)… or could not, and is truly wanting to make a change in the world.

      Look at what the NYSE CEO says:

      What were you saying when the internet became a thing?

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