How to Make Money With Bitcoin Mining
How to make money with bitcoin mining? No, you don’t have to grab a pick-axe and set off to a cave. Bitcoin mining is one of the surest ways to obtain bitcoin using hardware.
In essence, bitcoin mining involves powerful computer equipment used to solve complex mathematical problems and obtaining bitcoin as a reward for that.
If you’re curious about one of the first ways ever to earn bitcoin, read on to find out what it takes!
When Did Bitcoin Mining Become Complicated?
When bitcoin was first launched in January 2009, mining was easy and could earn miners thousands of BTC.
With time, cryptocurrencies shot to the moon, becoming the next best thing since sliced bread in the financial scene, and the competition grew tougher. A lot tougher. It’s difficult to estimate how many miners there are.
Is bitcoin mining profitable still? With powerful bitcoin miner hardware and relevant practical advice, you’ll be able to give yourself a fighting chance for a future as a miner.
Bitcoin Miner Hardware
Bitcoin miner hardware is an investment in itself. To be able to mine coins in today’s crypto-scene, you need the best equipment, which equals putting in a considerable amount of money.
Another major expense is the cost of energy. It’s only logical that the more powerful equipment you use, the more energy it consumes.
Before deciding on which bitcoin miner hardware to buy, you should become familiar with the term hash rate, or the number of mathematical problems that the miner will be able to solve per second. Make sure to always consider the hash rate when searching for the miner hardware.
If you’re not able to invest in expensive hardware, cue mining clouds – read more about mining clouds below – that allow you to rent mining equipment.
How Many Bitcoins Can You Mine in a Day?
Currently, there are 18,628,668.75 bitcoins in existence. This number changes ca. every 10 minutes when new blocks are mined.
How much bitcoin can I mine per day? At the time of writing, each new block adds 6.25 bitcoins into circulation, and in total, there are 2,371,331.3 bitcoins left to be mined.
Bitcoin Mining Pools
To make money with bitcoin mining more efficiently, we suggest joining a bitcoin mining pool, or a group of miners who collaborate to combine their computing power to be able to solve mathematical problems faster – and share rewards.
Basically, the miners in bitcoin mining pools agree to share block rewards in proportion to their contributed mining hash power.
Bitcoin mining pools are recommended for the average miner as the collaborative power gives them a good chance to make bitcoin mining profitable.
Bitcoin Mining Clouds
Joining a mining cloud is another alternative to using a mining pool.
They are similar, however, bitcoin mining clouds involve companies that allow you to rent mining hardware they operate and maintain – for a fixed fee and in exchange for a share of the money you’ll make mining bitcoin.
Basically, it means that you can mine bitcoins online without expensive mining equipment.
We never get tired of saying that if it sounds too lucrative and too easy, it most probably isn’t. Be careful – a lot of mining cloud companies are mere scams. Thus, do thorough research before joining one.
Food For Thought
How to make money with bitcoin mining? How about giving short-term or long-term investing in bitcoin a try?
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