Is mining still profitable 2020?

Despite several countries cracking down on crypto mining and countries like China even banning it, there was a rise in the revenue generated by Bitcoin miners by 206 per cent in 2021 , finds a report by Block Research and GSR, published in January 2022.

Due to the high cost and rising difficulty of mining Bitcoin , most miners today use something called a mining pool. Participating in mining pools is considered by many to be the only way for smaller miners to make any profit today, and even then it can be difficult to recoup the costs of equipment and electricity.

It totally depends on your electricity cost to per kilowatt try to figure out that first if your GPUs are costing you more in electricity cost than you actually making in mining then it’s not profitable as if it does then think about other cost that you will have to pay to start mining after that costings in evaluation …

As the number of miners on the network (and the mining difficulty) increases, the income of each individual miner drops by a notch. This is exacerbated by the fact that crypto-whales have started dumping their wallets onto the market, causing a further drop in the value of Ether, and therefore, the income of miners .

With the price of Ethereum so high most people will find their mining earnings easily outpace the electricity cost. While mining Ethereum with a single GPU won’t make you rich, it can be a nice source of passive income .