With the advances in cryptocurrencies and the science of bitcoin, the question many people ask today is “Is bitcoin mining profitable in the Philippines? YES! for most people in the Philippines bitcoin mining is still profitable. However, there is some consideration that we are going to go over today.
As bitcoin advances through the ages it has become harder to mine as the processing power and time have increased. Some people have also set up huge warehouses full of mining software which makes mining harder for the little guy.
On top of this the price of bitcoin halves every 4 years and the next halving event is just around the corner (May 2020) so what this means for miners is the price of bitcoin will be decreased as bitcoin grows through its teenage years.
With all these hurdles people are still making money with bitcoin. Is bitcoin mining profitable in the Philippines? Can you still make money on bitcoin? For most miners yes but there are 3 main areas you need to consider.
Is Bitcoin Mining Profitable In The Philippines?
Processing Power for Bitcoin mining In the Philippines
As we now know the days are gone when you could mine bitcoin using just a laptop. Now people are turning to mining units and sometimes even mining warehouses to start their mining investment. For the average miner, the hurdle they may initially face is a financial one, unless you have the funds available to buy a mining unit this could be a problem.
This is because for a decent size mining unit you will need to spend around $2000 (103K Pesos). You can purchase older units with less power for a much cheaper price however the time and energy the older unit use compared to newer more updated mining units might not be worth the investment.
As the price for mining units differs (From $2K To $10K +) it’s important to get the right unit for the job. Based on today’s prices if you were to purchase a standard unit it could take around 200-600 days to earn enough bitcoins back to cover your original investment which is based on today’s prices.
However, with a high-profile unit such as the Antminer S9 the hash power is much higher so with a suitable set up you can expect to generate a much quicker return than you ever could with an older or standard unit.
Electric & Utilities When mining
This would depend on the unit you choose as well as the cost of the electrical company you are with. Let’s take the example of the Antminer unit. Frobes.com investigated the price and cost of running the Antminer 24/7 for a whole year.
They concluded that the Antminer would generate 0.85 bitcoins at a cost of around 15,000-kilowatt hours. The price (Depending on the electric supply) could cost from $600 to $1800 to mine one bitcoin.
The prices above are from the US but here in the Philippines, the electric costs will differ. But this factor is one of the most important areas when looking to answer the question “is Bitcoin mining profitable in the Philippines?” It recommends you use a bitcoin mining calculation to find out how much you could make.
Time Vs Price
The time will affect the price of bitcoin and this will also affect your ROI and the potential growth of your investment. If you earn one bitcoin in a year and the prices are high you may decide to use this bitcoin to buy more units to generate more or pay any existing liabilities. The Length of time and the current value of bitcoin will all have an impact on whether or not bitcoin is profitable for you.
Solo Vs Team
There are several ways to mine bitcoin but two of the most common are solo & team. With solo the process is simple but with a team, the process is a little different. When you are mining as part of a group you share the load and the reward this is great as you can be rewarded more often than if you were working alone. But it is important to note 2 things that will affect your income.
1) You will share the reward with other miners in the group.
2) There are also group fees to consider.
So, what stops you from joining a group and then leaving when your unit generates bitcoin? When you are with a group it tends to be set up that nobody in the group knows whose unit generated the bitcoins so the reward you get could be from your processing power or someone else’s.
What do The Bitcoin Mining Experts say?
Buybitcoinworldwide suggests that there are many reasons why bitcoin mining is still profitable. They include – efficient hardware, cheap electricity, reliable mining pools, and the future forecast of the coin. But as we now know these compounds are always changing.
If you are searching for bitcoin mining Philippines Reddit you will likely come across many miners who discuss several challenges. The increased price of GPU for mining is one of the most talked-about subjects. Some even suggest that selling GPU could be more profitable than mining bitcoin in the Philippines.
Is Bitcoin Mining Profitable In The Philippines: TakeAway
is bitcoin mining profitable in the Philippines? Yes, it’s still possible in today’s world. This may change in the future but for the present time, this is still very much profitable. The factors above will determine the time in which you generate your ROI. The better the unit the quicker you can turn this investment into a profitable stream of income.
Different types of mining also affect your ROI. Sadly in the Philippines, there are many bitcoin and cryptocurrency scams and some “companies ” who say they are bitcoin mining but do not reward you for your processing power so be very careful and fully investigate this area before investing.
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