Can I get rich bitcoin mining?

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Updated: April 30, 2014

Can I get rich bitcoin mining? Yes it is possible, but unlikely.
Bitcoin mining requires large investment and risk in order to be profitable. There are two main factors.
1. Cost of electricity
This can vary from country to country and state to state. The cheaper the more likley that you can make a profit mining bitcoin.
2. Efficiency of miners
You need the newiest bitcoin miners. Since bitcoin mining difficulty always increases manufatures continue to build more and more efficient miners. Your miners will become outdated in a few months in most cases. Securing the newiest miners often means taking funds and using them to “pre-order” miners. Someties delivery takes longer than expected or doesnt happen at all! That is one of the big risks of bitcoin mining.

Even if you can not mine bitcoin for profit it is a good idea to get one small miner and see how it works. Learn how to mine by setting up your own small mining operation.