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I am new to crypto mining in general and I don't understand how Monero mining can be so profitable?

Since mining a block takes 2 minutes I can mine 720 blocks in 24 hours. At it's current price and payout that's $1,008,000. Deducting electricity costs in India that's $300,000 to $500,000 of profit.

Is this just how profitable it is or is there a caveat?

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  • massive massive caveats. you can't mine a block every 2 minutes unless you have more cpu power than all the other miners in the world combined.
    – adfaklsdjf
    Dec 12 '21 at 6:15
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Profit – a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. (source OED).

Typically the biggest operating expense with mining any cryptocurrency is the cost of electricity (though this varies significantly by region). Typically the biggest capital expense is the mining hardware (in the case of Monero, computers). How much you earn will be driven by how fast the computers you run can hash (the more hashes you produce the more you'll earn).

Do the math based on these (including other expenses) and you get to your profitability.

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