Is Bitcoin Mining Profitable?

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A lot of individuals show interest in cryptocurrencies since 2015. This is mainly because during that year, the value of a single bitcoin is about 300 US Dollars. Way back in December 2017, its price exchange goes up to 20,000 US Dollars. What’s sad is that in November 2019, its value dropped down to 8,000 US Dollars per bitcoin.

Aside from Bitcoin, other digital money circulating in the world of cryptocurrencies have experienced dips and surges in terms of their value. Almost 3,000 forms of cryptocurrencies are available to mine. But there are only two cryptos that stand out as an alternative to Bitcoin, which are known as Litecoin, which has a price exchange ranging from 45 US Dollars to 2.9 billion US Dollars per coin, and Ethereum with a price exchange ranging from 145 US Dollars to 15 billion US Dollars per coin. For more information you can visit https://thebitcoincode.io/

The Profitability of Bitcoin Mining

You don’t need to be tech-savvy to mine any form of cryptocurrency, such as Bitcoin. All you need is to have a specialized computer that will allow you to solve complicated and hard math problems. In every correct solution you submit, you will be rewarded with one bitcoin or a fraction of it. The initial bitcoin miners were seen to earn more coins fast with the help of their computers and mathematical knowledge. Take note that they did this in the comfort of their home.

Way back in 2019, crypto mining becomes more involved and complicated. When it comes to Bitcoin, the reward that would be received by a miner will be divided into two every four years. Aside from that, serious and expert miners have created different cryptos to mine, which makes it hard for beginners to get involved in the competition. To earn more coins, you may consider joining a bitcoin mining pool. But take note that it charges you with a subscription fee, meaning a reduction to your profits.

A lot of crypto miners prefer mining other currencies. This is because some forms of cryptos have less US Dollar exchange. But you can use the cryptos you have mined and convert them into bitcoins when exchanging, hoping that your bitcoins will receive an increase in their value.

Despite the form of cryptocurrency you desire to mine, you are responsible to spend your real money to pay for the setup costs, which include the graphic cards, which cost is ranging from 700 US Dollars and more. Also, you can mine bitcoins and other cryptocurrencies by using a basic rig, which costs around 3,000 US Dollars. On the other hand, some Bitcoin miners prefer to spend over 10,000 US Dollars to get the best rigs.

Conclusion

Bitcoin and other forms of cryptocurrencies are at high-risk. Not only that, but their reward investments are also susceptible to possible risk. If you are planning to make money from Bitcoin, make sure that you are ready to spend a huge amount of money and you are willing to lose it.

Take note that spending more than 3,000 US Dollars in paying your electricity bills and investing in fancy tools and equipment to mine a single bitcoin will benefit you only if the bitcoin price exchange will increase beyond the 4,000 US Dollars range.

We know that buying bitcoins using your real money is quite risky. Take note that cryptocurrencies are still young. Not only that, its price is quite volatile. This means that it could increase and decrease in no time. Again, if you are going to take the journey of Bitcoin mining, make sure that you will invest only the amount of money you are willing to risk.