Is it still profitable to mine Crypto in 2020?
Is it still profitable to mine Crypto in 2020?

By MadMaxx | Psycho Crypto | 17 Jan 2020


Mining has been the in thing since bitcoin.

And for good reason.

It's (theoretically) a way to get money for free.

I say theoretically because that money can and will be eaten up by electricity costs, hardware deterioration costs and the fact that you have to eat and live.

But nonetheless, it's a way to get free money, and also enhance the Blockchain of the crypto you're mining.

Originally, mining was created to be done on laptop PCs. Early miners in bitcoin were actually receiving almost 30 BTC for mining using their trashy CPUs and GPUs.(That's how whales came to be, but that's a story for another day)

Now, it's impossible to make any money mining Bitcoin with your computer GPU.

In fact, I went ahead and did a few calculations, and found that if you mined Bitcoin with a low end GPU(like the Radeon 8330 for instance), it would take you approximately 26.5 years to make 0.1BTC. Not very enticing.

So is mining for you in 2020?

Well, no.

Except you're willing to invest a lot of money upfront.

To start mining today, you'd need about $20000 to make $30 a day.

This takes electricity costs for the month, software charges and the mining machines into consideration.

And that calculation was done using bitcoin.

Of course, you can mine other cryptocurrencies,but you'd need somewhere around $3000 to start mining anything basically.

You could also go the cloud mining route. Usually, these are scams but I found one that paid me actual money without me investing anything. I wrote about it here. You can check it out, and even invest money in it to get even greater returns, or you could test it out for yourself,completely free of charge.

So is mining for you?

Well, except you have a lot of money to spend, and you're not expecting to be a millionaire overnight, it is definitely for you.

But for everyone else, just buy crypto or convert your existing ones to the one you want.

Thanks for reading!


MadMaxx
MadMaxx

Shitcoin flipper. Derivatives and options trader. Bitcoin and Ethereum futures and inverse swap contracts. Professional trader. Never financial advice.


Psycho Crypto
Psycho Crypto

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