Bitcoin mining in 2024 remains a viable venture, but its profitability hinges on several dynamic factors. The recent halving event in April 2024 reduced the block reward from 6.25 BTC to 3.125 BTC, effectively cutting miners’ primary revenue source in half. Despite this, miners collectively earn approximately $20 million daily, translating to about $600 million monthly, indicating that mining can still be profitable under the right conditions .

To accurately assess potential earnings, miners utilize tools like a coin calculator. These calculators factor in variables such as hash rate, power consumption, electricity costs, and current Bitcoin prices to estimate profitability. For instance, with a hash rate of 390 TH/s and power consumption of 7,215 watts, a miner could expect a daily profit of approximately $12.14, assuming an electricity cost of $0.05 per kWh and a Bitcoin price around $103,180 .

However, the increasing network difficulty and hash rate, which reached 778 EH/s by the end of 2024, intensify competition among miners . This escalation necessitates more efficient hardware and access to low-cost electricity to maintain profitability. Miners operating in regions with higher energy costs or using outdated equipment may find it challenging to achieve positive returns.​

In conclusion, while Bitcoin mining can still be profitable in 2024, success largely depends on operational efficiency, access to affordable energy, and staying updated with technological advancements. Prospective miners should conduct thorough analyses using reliable coin calculators to make informed decisions and adapt to the evolving mining landscape.