Bitcoin Mining Still Profitable for Some; Hardcore BTCers Keep the Faith

tumblr_lf8gztgZYF1qfy0bho1_r1_500

Is mining Bitcoin still profitable at current prices? By some calculations, no. Energy costs per kWh vary widely state-by-state, from $.07 in North Dakota to $.17 in New York, and hobbyists mining at home may find the numbers discouraging. Yesterday afternoon, Bitcoin was trading at $2.23 when Betabeat checked in with Alex Spitzer, a developer for the New York-based recommendation engine Hunch, who has been mining for about a year and a half in Massachusetts, where the price is $.14 per kWh. He estimated that he mines about .35 BTC a day–so if the price stayed the same, it would take him more than 1,000 days to be profitable. If he didn’t have free power at a buddy’s office, that is. Read More