Is Bitcoin Mining Still Profitable?

[Wealthtrapper]

• As more miners compete for Bitcoin rewards, the process becomes more difficult.
• According to recent research, Bitcoin mining is a highly concentrated business, with 10% of bitcoin miners controlling 90% of mining capacity on Bitcoin's network.

 

[eldavis]

Personally I don't think Bitcoin mining is still as profitable as it once was, those who benefited from Bitcoin mining are those who actually started at the early stage or some years back. Bitcoin mining consumes power, which means you would have to spend more in settling bills when mining, Bitcoin mining could also damage your system if not done the right with the right equipment. Which means you would have to spend on buying equipments, another factor is that the earnings from mining are pretty slow.

 

[Skysaint]

Well as for me I would say that the idea is just not profitable. There are many risks associated with this that outweighs the little benefits you can get from it.
One is that it consumes too much power for someone who ho wants to mine Bitcoin personally. Secondly is that it can damage ones device as I have also tried mining cryptocurrency although it wasn't Bitcoin but at a time I found out that my fone do hang and I was curious about what was the cause, that is when a friend of mine told me in a random conversation that the act actually do damage ourr devices.
I think the best way is to invest in any mining program that is legit and earn your coin from them after a specific period of time rather than taking the risk to mine it yourself.