Bitcoin mining profitability depends on many factors. Whether it is India or any other country, the mining profitability is estimated through different factors, such as –
Bitcoin Difficulty –
As Bitcoin network, a block is added in every 10 minutes. To confirm a transaction on the network, miners need to solve complex mathematical problems and adjust the hash rate of the network. This simply means that more miners on the network, harder will be Bitcoin mining
Cost of Electricity –
It requires plenty of electricity to operate a Bitcoin miner. To calculate profitability, first you need to find out the cost of electricity per unit. Usually, you can find it on monthly electricity bill.
Time Frame –
At the time of calculating Bitcoin mining profitability, you need to define the time that it is related to. The more time you do mining, the more you will earn the Bitcoins.
Pool Fees –
You can also join a mining pool if you have a keen interest in Bitcoin mining. Here, you need to find out the fee structure that how much fees is going to deduct in operations. Apart from this, you should also know that depending on each miner’s effort, profits will be divided in the pool members.
Additionally, to calculate the Bitcoin mining profitability, you also need to consider the conversion rate or you can make use of the mining calculators.