Is It Worth Getting Into Bitcoin Mining Now
Is It Worth Getting Into Bitcoin Mining Now
Is Bitcoin Mining Worth It Now
Is It Worth Getting Into Bitcoin Mining Now, Bitcoin mining has been a very popular term and people have heard a lot about it. Most of people ask the same question that is “Is Bitcoin mining worth it now”. Most of us think that it is quite impossible or difficult to mine Bitcoin profitably. People have many questions regarding it, but answers may be complicated.
This can be a great financial ruin or a financial choice. The process has a great and complicated past and people may take ideas from the past few years’ record and happening in Bitcoin mining. It has been a beneficial venture for long time but at the same time various people did not get any Bitcoin mining rigs due to inept companies, fraud, scam and much more.
This is a very simple process that is associated with the procedure that is used to verify transactions and add them to block chain. This is the way that is used to release new BTC. The entire mining process may include compiling the transactions into public ledger. There are lots of miners who are into it.
Many people who have tried it, they barely reached a positive return on investments on their attempts. But some experienced miners have got profits. Some people have been lucky and they choose the right Bitcoin mining company. They made incredible profit form by betting on right company.
This business of Bitcoin mining has faced some shift b/w when GPUs were norm and the rise of ASIC BTC mining hardware. ASICs changed the scenario completely by increasing the mining BTC efficiency. It became the main cause of profit loss by mining with a computer. So we can say BTC mining was profitable before the ASICs.
Earlier people used to mine BTC with GPUs that was worth it. It was considered a good way till 2013. Some miners used to mine on part time basis and it was very simple process with GPUs that were bought by miners for gaming to mine while they were not using their traditional computer.
It was very helpful as it has eliminated the costs of equipment from ROI equations. Earlier effective mine BTC was a benefit of having a gaming computer. BTC mining at high intensity had the risk or potential to burn out GPUs, so part time miners used to mine when price or difficulty made it worthwhile.
Earlier it was very few BTC mining farms and average miners were not competing with data centers which are full of machines. They used to compete with one another. It means, the miner who used to live in the location with low Kilowatt-hour costs, he/she could mine enough BTCs to cover extra costs associated with power.
At that time, the mining community were not mining only for the factor of profitability. The large community portion was mining to support BTC network. They were in this process to get a Bitcoin that was truly anonymous and clean. It was all about GPU mining profitability.
GPU mining profitability was killed by BTC ASICs. Avalon was the first who produce, manufacture/develop and sell functional Bitcoin mining rigs publically. The reviews were in favour of BTC mining profitability in this way. The main question is all about the BTC mining profitability in 2017. The answer may be yes or No, it all depends on the circumstances. The ASICs created a scenario that has made it more risky and volatile to invest in BTC mining.
You can determine potential BTC mining profitability by using BTC mining calculator. You can calculate some important factors such as hash rate, difficulty factor, BTC reward, block rewards, USD exchange rate, BTC exchange rate, Pool fee, power, power cost, hardware and much more.
Miners may have the potential to make BTC mining profitable but it is something like gamble. It all depends on some factors. Your personal electricity cost is important and not as much as BTC mining ASCIs were facing fast efficiency leaps. Nowadays it has become mine BTC profitably by using affordable machines, a little efforts ad low power costs.
There are so many BTC miners who have burned by combo of increase in difficulty, price drop, speed of BTC ASICs evolve, delayed delivery of machinery and much more. Used 45 and 28 nm ASCIs on sale and some sites have a large pool of miners. So you can take idea about BTC mining profitability.
Some people who live in such areas where BTC mining is not worth, they may sell it for so many reasons. Some people may be tired of such ups and downs in mining or they may try to take break from their investments. Whatever are the reasons, but you should do in-depth research before investing in BTC.
You should check the machinery efficiency that is available. You should be aware of lots of things. You should know how to lower the voltage for various machines that are available. You should match the time that you need to mine to get enough BTCs to break even. You should calculate each and every factor and this calculation should include the potential increase in difficulty.
You should also look for the potential ways to use renewable energy. There are so many hydroelectric energy, wind, solar, residential, commercial sources that have become very cost effective.
The price of BTC also impact worth of BTC mining. BTC price and mining difficulty are related but don’t guarantee stability. As long as this link remains close, the changes in the value of BTC will affect those which are hardly profitable already. A miner can receive more BTCs for hashing power when difficulty and price decline.
The above factors state that BTC mining is worth in various cases. But still you need to do more research in order to find more facts about BTC mining. It all depends on you and conditions mentioned above. You have to work through calculations before investing in it or becoming a BTC miner.