How Profitable is it to Use GPUs in Mining Bitcoin?
There are several factors to be included while calculating the profitability of Bitcoin mining, there are mining calculators online where you can calculate how long will it take for you to mine one BTC, these calculators include factors such as electricity cost, hardware value, etc. Today, it is not very profitable to begin with GPU mining.
There are better chances of earning through BTC mining with ASIC, but they are harder to get and cost more money. Those are specific chips designed for Bitcoin mining. Also, with GPU there is greater chance of overheating and destroying the cards, and with today’s mining situation, that means you wouldn’t even earn back the money you invested in hardware. Simply, the time of easy money through Bitcoin mining has passed. Nowadays, only those with advanced technology are able to earn through solving mathematical problems that are behind transactions in Bitcoin network. The concept of mining decreases your chance of earning with the raise of people who mine Bitcoin. More people mining, less money you can earn.
Bitcoin has developed to become an entire industry of peer-to-peer transaction systems, and these types of home mining rigs are not enough anymore. There are others solutions. If you already invested in mining rig, you should try with mining some other cryptocurrency, popularly, altcoins. Their networks are smaller and there is still chance of earning through them. More acknowledged networks, such as Ethereum or Zcash, would also use your computational power.
Besides that, there is an option of cloud mining. What is cloud mining? It is a process of outsourcing mining to another place from all sort of different reasons. If the cost of electricity is too high, that might be the solution, but also from all other reasons it is completely legitimate method of earning through cryptocurrency. It is an often way for mining if you are not technical person, as well. So what do you do? You invest money into the remote data center that does everything instead of you. Of course, there are some negative aspects of these sorts of investments — there is a risk of fraud or mismanagement with your resources, still there are no heavy electronics, and nothing to sell once mining cease to be profitable, and sooner or later it will.
If you are still keen to invest into the Bitcoin, you can still do that exchanging to altcoin you mine for Bitcoin, or simply directly invest into the Bitcoin market.