Sirwin
Sirwin

Is it profitable to mine BTC at the current state of it?

By Justufak | Worldwide Crypto | 30 Oct 2022


The answer is a bit complicated.

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First of all, What is Bitcoin mining?

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Bitcoin (BTC) mining is the process of creating new bitcoins by solving extremely complicated math problems with the reward being given in BTC.

What do you need to Mine Bitcoin?

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You can mine Bitcoin on your computer (not recommended), or you can mine BTC on someone else's computer (Cloud Mining Services).

You can find free cloud mining services in this Article here: Best FREE cloud mining servicesor if you want to take the risk of mining you can always download open-source mining software.

What is Hashrate?

 

Hashrate is a measure of a miner’s computational power.

In other words, time is measured with "s" (second) distance is measured with "cm" (centimeters) for metric users, and "ft" (feet) for Imperial users, same goes for Bitcoin mining which is dependent on the number of computers and their power and is measured with "H" Hash.

The growth of Hashrates, which was formerly measured with H/s, got pre-fixed with the following SI units:

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The more/powerful computers mining BTC the more Hashrate there is, and the more Hashrate there is the more rewards you receive (BTC/other cryptocurrencies).

 

From the beginning of BTC, the profitability wasn't as such as it is today. For example, back then, the profits weren't as high as they are today, if you were to sell your mined BTC you wouldn't be able to sell it for a big profit-to-value percentage meaning that it wasn't even worth selling back then. Something that was worth doing though, was to just keep, for instance, early adopters of the coin who had the chance to just mine 300 BTC/h from their bedroom and then hold onto them until this day, they would have around 6,219,783$ (current BTC price: 20,732.61*300), excluding all the taxes. What I want to imply by stating this is that mine and then sell isn't profitable if you won't give it some time to grow, it's better to mine, hold, and sell.

How do you know whether you can profit from Bitcoin?

First of all, Bitcoin mining has a lot of variables. This is why buying bitcoin on an exchange can be a simpler way to make a profit (Here are some Non-KYC exchanges to buy BTC, and if you are looking forward to making it your full-time occupation then you will need some extra tools, here are some tools that you can use in your everyday trading).

The variables are:

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WARNING: Everything said in this or any of my other articles is for pure entertainment. Suggestions are based on my research do not invest without doing YOUR OWN research I am not a financial advisor.

 

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Justufak
Justufak

My name is Youssef. I love talking about crypto and teaching people how to get financially stable in their life.


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