Is it still worth mining Bitcoin in 2018?

The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The first participant who solves the puzzle gets to place the next block on the block chain and claim the rewards.  The rewards incentivize mining and include both the transaction fees (paid to the miner in the form of Bitcoin) as well as the newly released Bitcoin.

Bitcoin mining is decentralized, but the thing with everyone that has an internet connection can mine is for a long time history.

From what i’ve seen so far, mining bitcoin without a proper setup is close to impossible. People use special equipment nowadays to mine Bitcoin, for example Bitmain Antminer S9 13.5 T which some say is the fastest miner out there, FOR NOW :). Not to mention the mining pools, which are dominated by China(estimated 81%) of course, surprisingly followed by Iceland(estimated 5%) and Japan(estimated 3%), having Czech Republic, Georgia and India as competitors.

Antpool, BTC.com, Bitclub.Network and Slush are some good pools to join. (just a personal opinion, you can do your own research)

One more negative factor would be the high electricity costs, which in some countries is so high that the profit from mining would be very little.

Are miners important?

Yes, bitcoin miners are crucial to bitcoin and it’s security. Without miners, bitcoin would be vulnerable and easy to attack. Miners are responsible for the creation of all new bitcoins and a fascinating part of the Bitcoin ecosystem.

Bitcoin Cloud Mining Services – For those not interested in operating the actual hardware then they can purchase Bitcoin cloud mining contracts. However, i must warn you that there has been a big amount of Bitcoin cloud mining scams, so be careful.

ASIC Bitcoin Mining Hardware – Application-specific integrated circuit chips (ASICs) are bitcoin mining hardware created solely to solve Bitcoin blocks. They have only minimal requirements for other normal computer applications. Consequently, ASIC Bitcoin mining systems can solve Bitcoin blocks much quicker and use less electricity or power than older bitcoin mining hardware like CPUs, GPUs or FPGAs.

As Bitcoin mining increases in popularity and the Bitcoin price rises so does the value of ASIC Bitcoin mining hardware. As more Bitcoin mining hardware is deployed to secure the Bitcoin network the Bitcoin difficulty rises. This makes it impossible to profitably compete without a Bitcoin ASIC system.

That said, only big comapanies that have warehouses full of rigs dedicated to bitcoin mining are making a profit right now. For you to have profit, you would need to make a big investment in Asics and you would have to wait a long time to hit Roi so i would not recommend it.

However, if you really want to invest in mining Bitcoin, you should get an Antminer S9(13.5 Th/s) or lower capacity ones like Avalon6(3.5 Th/s) or Antminer S7(4.73 Th/s) and join a Mining Pool or you can create your own Mining Pool, investment of course increases.