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Genesis mining best investment site to invest mining bitcoin and crypto
Each person asking himself this will get a slightly different answer since Bitcoin Mining profitability depends on many different factors. These calculators take into account the different parameters such as electricity cost, the cost of your hardware and other variables and give you an estimate of your projected profit. The Hash Rate is the rate at which these problems are being solved. The more miners that join the Bitcoin network, the higher the network Hash Rate is.
Today Bitcoin miners those super powerful computers talked about in the video come with different Hash Rates. Each time a mathematical problem is solved, a constant amount of Bitcoins are created. The current number of Bitcoins awarded per block is However, soon enough the block halving will occur and the reward will be downgraded to only Operating a Bitcoin miner consumes a lot of electricity.
This can usually be found on your monthly electricity bill. Each miner consumes a different amount of energy. Make sure to find out the exact power consumption of your miner before calculating profitability.
This can be found easily with a quick search on the Internet or through this list. Power consumption is measured is Watts. A mining pool is a group of miners that join together in order to mine more effectively.
The platform that brings them together is called a mining pool and it deducts some sort of a fee in order to maintain its operations.
Once the pool manages to mine Bitcoins the profits are divided between the pool members depending on how much work each miner has done i. This is probably the most important and elusive variable of them all.
The idea is that since no one can actually predict the rate of miners joining the network no one can also predict how difficult it will be to mine in 6 weeks, 6 months or 6 years from now. The second reason is the conversion rate. In the case below, you can insert an annual profitability decline factor that will help you estimate the growing difficulty. But if you are planning to convert these Bitcoins in the future to any other currency this factor will have a major impact of course.
In order to calculate all of these parameters and get an answer to our question, we will use a mining profitability calculator. Bitcoin Mining Calculator Coinwarz. This data was taken from coinwarz.
Bitcoin Mining Calculator from Coinwarz. Result Mining Calculator From Coinwarz. Charts Difficulty from Blockchain. The short answer, for most of the world, is no. One more option you can consider is mining Altcoins instead of Bitcoins. Today there are hundreds of Altcoins available on the market and some of them are still real easy to mine. In order to understand which Altcoins are profitable, you can find website indexes such as CoinMarketCap that give you a complete Altcoin breakdown.
On CoinMarketCap you can see the difficulty for each Altcoin, where can you exchange them and what are the chances to profit Bitcoins by mining each specific Altcoin. I am a content-detection robot. I found similar content that readers might be interested in: I am new and trying this cloud mining service: Bitcoin Per Block Each time a mathematical problem is solved, a constant amount of Bitcoins are created.
Electricity Rate Operating a Bitcoin miner consumes a lot of electricity. Power consumption Each miner consumes a different amount of energy. Profitability decline per year This is probably the most important and elusive variable of them all. Try Mining Altcoins as an alternative to Bitcoin One more option you can consider is mining Altcoins instead of Bitcoins. Authors get paid when people like you upvote their post.