The BTC mining community uses 57 quintillion hashes per second combined mining rate to produce new bitcoins. It is a huge computational power and hundreds of thousands rigs operating all across the globe. Many experts believe that crypto currencies has never been harder before! With such a massive competition, is it worth it to get into mining right now?
Any business enterprise is risky. You should consider a crypto currency mining operation a business endeavor with all its caveats. By no means, you can guarantee yourself a profit immediately. However, if you can sustain some losses in the long run, you will be massively rewarded. The math here is simple:
So, the math checks out. Why literally everyone is still not on the bandwagon? Why wouldn’t every miner be a millionaire by now? There are several important risks to consider.
BTC numbers are hard to grasp. 57 quintillion is a number beyond practical use for the overwhelming majority of people. However, bitcoin is not the only Crypto Currencies out there. You can also mine Ethereum or Litecoin. The good thing is that you can use the equipment and sometimes similar software to mine them. Prices or both ETH and LTC are lower compared to BTC, but it is less challenging to mine them as well. On the other hand, you can try your luck mining crypto currencies that did not receive the same amount of attention as the big three.
Mining can be a good side gig or a source of passive income for those who already secured some financial stability. It is hard to recommend mining to people who do not have enough resources to run a mining operation and paying their bills simultaneously. If you can, it is a good time to consider joining the mining community!