Why IS BitCoin mining still Profitable?
Why IS BitCoin Mining is still profitable?
Ive noticed a trend that today every article you read tells you that bitcoin or crypto mining is not profitable. I will explain here why that is not true. When you mine any crypto, you usually get paid in bitcoin. So that changes the argument right from the start. Technically if you are mining any digital currency you are actually mining bitcoin by default. BitCoin is the easiest currency to use for purchases or cash in for usable cash or money.
Mining Profit Calculators
While these can give you good information on your immediate day to day profitability, they miss one important factor. Digital currencies are just becoming popular and being used for transactions and gaining value. Profit calculators dont account for rising value in digital currencies. When the origional bitcoin minerrs began, they could mine a few bitcoins a day and at that time they were worth pennies. If they had asked the same question "is bitcoin mining still profitable" today profit calculators they would tell them no and they would not have the millions some of them have today.
Can i Mine on my PC?
The answer is YES! There are now websites like MinerGate that are configured to allow your pc to mine at its best possibility of success by evaluating your pc's hardware and using pre made scripts that are configured to work with whatever specific hardware your pc has installed. Another simular website is HoneyMiner wich gives new users 1000 Free satoshi's to join as an incentive. These websites and other mining software use either yout cpu (computer processor) or gpu (video card) or a combination of both.
If you mine any crypto and earn $1.00usd today and the price raises considerably over time then you will be very happy you took the time and resouirces to mine. Most people have a pc sitting around and can easily allow it to be mining for you.
MinerGate uses a smart miner that will mine the mose profitable currency at any given time, then they eschange the value of whatever it mines into bitcoin that you can withdraw to your own bitcoin wallet. Coinpot wich rund the MoonBitCoin bitcoin faucet, allows you to mine 6 different currencies from your user dashboard.
You can try cpu mining here on Satoshinet mining monero in our own browser miner to see how it works.
- CPU mining is available for anyone that has a computer
- Some cryptocurrencies can only be mined with a CPU
- CPU mining is a good way to get into cryptocurrency mining before making any purchases or buying more equipment.
- Using CPU as addition to GPU mining can lead to more profit when mining.
- Websites that allow browser mining will use your cpu
GPU Mining is much faster and more powerful than CPU mining. This is why good graphics cards are so expensive today. The majority of mining rigs created today have a few of them working together in what is known as a rig.
So Is BitCoin Mining Still Profitable?
As explained above the answer is definately yes, yes and YES. We only covered cpu and gpu mining here for beginners that just wanbt to get started. There are more advanced and expensive ways to get into the mining world but we will leave that for another article. Thank you for reading and we hope this helps you get some understanding of what we can do or what is possible if we put our minds to it. If you would like more information take a look at the BitCoin Mining Wiki.