If you are looking for an investment that holds a lot of potentials, look no further than Bitcoin. In recent years, a lot of hype surrounded this cryptocurrency, and with a reason – it brought a lot of money to a lot of people. You can also be the one who earned from crypto, but only if you invest at the right time. Due to the volatility of BTC and similar cryptocurrencies, you need to be wise when to buy and when to sell. For example, ten years ago, BTC was not worth much, only to skyrocket to $20,000 in 2017.
Investments aside, you can, with the right conditions, earn money from mining this cryptocurrency. If you do it properly, mining can be much more profitable than merely buying and selling it. The trend these days is that many cryptos are gaining traction. Because of this, we believe the biggest of them all, Bitcoin, is going to be a powerhouse in the future – even more so than it is today.
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The BTC became so massive that governments across the world are planning to make regulation regarding it and introduce it to the monetary system. This is already happening, as you’ll find more than 10,000 ATMs all over the world, able to work with crypto and blockchain technology.
Online buying is already possible with BTC, and the trend will spread on other branches of trading. Some brands such as Aston Martin, Prada, and Ranger Rover already accept BTC as a currency, as if it was a fiat one. So, if you are prepared to be a part of the revolution, you must be wondering, can it be done, or is it the time of BTC already passing by? Below you have our three reasons Bitcoin mining is profitable and worth it in 2024. Check them out, and get to work.
1. Efficient Hardware
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In the first few years of Bitcoin’s inception, it was much easier to mine it, compared to what we have today. Even much weaker computers were able to create blocks of codes back when blockchain technology was young. But, as with everything else these days, it evolved, and evolution always makes things complicated – just look at what Elon Musk is doing right now.
With more popularity, more people got interested in cryptocurrencies, and the software behind it got more complicated, which also made it safer. Because of this, you today need much stronger hardware to complete the mining process successfully. If you want to do it right, and with the profit, you need to have a powerful machine behind you.
In recent years there has been an explosion of uniquely designed parts intended for the sole purpose of mining BTC. What you need to earn money are the state of art processor and graphic card able to create blocks of code with a pace that leads to the building of tokens that you later convert in this cryptocurrency.
Because of high strength, much energy is needed to power these modern computers, so in order to earn from mining, you need to be energy cost-effective. To be profitable in mining BTC, you need to be able to calculate the amount of energy you’ll need carefully, and the price of hardware, to be able to stay afloat financially.
2. Electricity
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When we were talking about the energy above, we haven’t been talking about your energy that’s going to be put in mining as you aren’t going to a mine to shovel coal. We were talking about electric power. The cost of this commodity isn’t the same in all parts of the world. The value set by the government in your home state would dictate profitability. The one government not favoring the BTC is South Korean. There, the price of one BTC is $25,000, which makes it almost impossible to earn anything by mining. This is above its market value, which is somewhat unfavorable.
Other countries that have high rates of electric power are Denmark, Germany, Bahrain, and Belgium, among others. Avoid mining if you reside in any of these places, as it won’t bring you any good. Instead, move into those countries with cheap electric energy if you are already living in one, good for you. With a more reasonable electric bill, you are one step closer to making a profit from mining BTC.
The cheap electric power is the main reason why people in some countries are profiting from mining Bitcoin. If you want to change your position, geographically, go to one of the following states: Saudi Arabia, Serbia, Venezuela, or Paraguay. Remember, cheap electric power is one of the reasons why mining BTC is still worth it. This is not time to quit BTC, as new players are emerging in the market, according to cryptoknowmics.com.
3. Choose a Proper Mining Pool
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Moving on for the electric power and hardware that needs that same energy, we get to the third thing that can make your BTC mining adventure profitable. We are talking about a reliable and robust network, which is an essential part of the entire endeavor.
The technology behind Bitcoin is massive and full, thus making it impossible for any individual to earn a whole coding block on its own. The best way to make mining successful is to find people you can trust and take on this task together with them. With more hardware tied together, and with expenses split, there are better chances of reaping the rewards.
source:rs.cointelegraph.com
People all around the world understand this, and that power comes from unity. Because of this, you can find pools of people working together on the same goal. Almost 20% of all codes are tied to one collection of users called F2Pool, making it the biggest one of its kind in the world. While it is the biggest, it is not the only one. You can find different pools with different amount of people tied to them.
It is entirely up to you to pursue the one you want. While the mining process would be more straightforward this way, it would cost you in the long run. To be a part of any pool would cost you up to 3% of your earnings—a small price to pay for success. If you are serious about mining BTC, you’ll equip yourself with a machine in the tier of Whatsminer M20S, and mine enough coins for the worth of $6.
