The amount of overhead required for bitcoin mining will most likely cut into any profits one tries to earn by investing their time and energy in the process.
“The probability that an individual’s mining rig can solve the algorithm that results in a successful block is infinitesimal. It’s almost like winning the lottery. Instead a lot of people join mining pools. Mining pools can be profitable,” says Wade Guenther, partner at Wilshire Phoenix.
However, if you were to complete the puzzle solely on your own, as of March 2024, you would earn approximately $404,000 worth of bitcoin. The reality of an individual solving these puzzles, though, in today’s highly competitive mining environment is unlikely.
The puzzles will more likely be solved by a mining pool, and the profits will be split among all the miners in the pool. If an individual miner can keep their equipment and electricity costs low enough, then joining a mining pool could still be profitable for them.
–Didar Bekbauov, founder and CEO of bitcoin group mining company Xive
