Mining is hard work, in both real lives and in the online community. Cryptocurrencies are slowly but surely make their way into the market and becoming more mainstream with every year that passes by. The number of people that are investing in this business is rapidly increasing but most of them think of this as an easy and quick way of acquiring assets. In reality, it’s a bit more complicated than that. With different cryptocurrencies available on the market is can be very hard to pick one, so, it may be better to stick to the one that is the most popular: bitcoin. Let’s dive into the world of mining and see how much time you will need to invest in order to dig just one bitcoin.
How does mining work?
When mining occurs every bitcoin place that is doing the mining adds a new block to the so-called Blockchain; for every unit that is being created, the one who has made it will get a prize. In order for the new unit of the Blockchain to be created some work needs to be done; in essence, this process relies on the correct solution of the complex maths problems and it works on the principle first comes first served. From this, you can already guess that for this job you will need a machine that is quite powerful. Bear in mind that as every mining product this is a process with an expiration date, meaning that there is no infinite amount of bitcoins that can be dugout. New bitcoins will not be in-game in this century as some assume.
How fast can it go?
Some estimates are that there is a bitcoin dug out every ten minutes. New units have a specific, so-called, price that can be lowered since there are more and more miners. With the technology available it would be absurd to try to mine with your home computer no matter how strong you made it be. Computers use electrical power which has to be paid, so using a lot of machinery can lead to additional expenses that might not be covered with what you are digging. Since the whole process relies on doing mathematical problems that require computing power, more power means more speed; unfortunately, your PC cannot compare to the heavy machinery backed by some big companies so the odds are that you will take months and even years to dig a unit.
Due to this, many have decided to join forces and share the workload amongst themselves but also the profit. Even though this would mean lower income, they will be more frequent and in the end, they will add up. It has been estimated that by doing so you can get more than digging alone since this allows you to compete with some serious machines that are out there.
If you are wondering where to start this new job of yours, why not pick the best one available there. bitcoinfuture.app offers everything a new miner can ever want and need; easy to access platform and tracking your success in real-time.
Don’t forget to take into consideration that you will need to invest in your equipment and use a lot of electricity since the hardware will work all the time to provide the desired outcome. Cheaper the energy and better hash rate will grant you a better outcome. Also, when picking equipment, sometimes it is better to be counterintuitive, and choose cheap, replaceable parts rather than expensive ones; pick the ones that can sustain a lot of wear and tear, and if not most important warranty is always a plus. When picking hardware, it may be better to get GPU rather than ASICs since they are less expensive, available and use way less energy while working.
Should I try alternatives?
When hardware is hard to get by, and it keeps breaking and using additional resources you might think about other options, such as cloud mining. But, in order to reduce the cost of individual mining, you would perhaps like to reconsider this as an option since it can reduce the money usage and increase overall income.
In order to do this, you will need to become a part of an organization and this one can come along with some costs, since you cannot just become a part of mining community without making a tribute, most of them have some sort of a membership that has to be paid every month. So, take this into consideration when changing the way you earn your bitcoins. It can be a rocky road but don’t give up at the very start and give it some time to work it out. In order to make a viable comparison of the income when you did regular mining and this new source, give it a year or so. After this period of time, you can make a proper decision whether to continue with this type or get your assets together and go back to the hardware building.
This can also be a good transition if you want to build a more powerful machine, you can use a year to slowly mine and invest in improving your equipment. Its simple better equipment, more power, more income. Another positive side of this way of getting coins is that, even though it is not as profitable, it is not as risky, and you can start and stop anytime.
Mining is a hardworking and mindful process that has to be thought through before entering into it. It is always good to know who to accompany since the chances of you succeeding alone if you don’t possess a monstrosity of equipment is low and very slow. Good thing is that you can pick and choose how will you do it and give a test run with cloud mining before using hardware. It is always good to go with the pool and become a part of a bigger organization since it will be easier and more profitable in the end.