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Earning bitcoin is like earning goldits value increases everyday. Its currently having the highest Return on Investment among all trade able commodities. Nothing in this world can give you such an huge return.
Now the question is how to earn Bitcoins? Bitcoin is a form of digital currency, created and held electronically. So to earn bitcoinyou have either create it or held it, in technical terms you have to trade bitcoins or you have to mine it. Bitcoins are easily available for tradeyou can buy or sell any amount of bitcoins from India. There are several International exchanges which can be trusted and you can trade with them. Mining Bitcoins Yes, you can create your own bitcoins and as much as you want and this can be done using you hardware or cloud services.
In the initials days of Bitcoin miningit was easily mined using the CPU. I am not going into the details is bitcoin mining profitable anymore one word how this works in the backgroundyou can refer to this Bitcoin mining if you want to know the science behind it. But due to huge number of minersdifficulty of blockchain and high hash rates of ASIC its nearly impossible to mine Bitcoin for profitability. If you have is bitcoin mining profitable anymore one word electricity then you can get some sort of profit.
You can calculate the profitability using Cryptocurrency Mining vs. This concept is going rounds for last few years, there are certain mining companies who are offering cloud services. All you need to do is sign up at their websites and buy hashrates. You can mine BitcoinsMoneroEthereumDash etc and you can calculate your profitability using Cryptocurrency Mining vs. But in this cloud mining sectormaximum companies are running scam like TeraBox - Cheapest Bitcoin Miningso you have choose very carefully.
You can trust the below websites completely. Now the most important thing storing the bitcoins. There are really security concerns about storing the bitcoins. Major exchanges have been hackedbitcoins worth millions were stolen. You can also earn Bitcoins in small amounts Satoshis from websites like Moon Bitcoin. A particular thing becomes illegal only when the thing is prohibited under a particular law.
All the developed nations are pushing towards legalizing Bitcoinsso will India. You will also need to purchase a Is bitcoin mining profitable anymore one word power supply along with it.
This cost in number of Bitcoins is bitcoin mining profitable anymore one word be around 1. Now let us calculate the profitability of mining Bitcoins with an Antminer S9. Assuming the difficulty level to be same and electricity to be free, it will take around 6. Let us now factor the electricity costs. The lowest electricity tariff in India, which I guess is in Jharkhand, is around Rs.
With the power rating of W, in one month we will be using around kWh which amounts to Rs or 0. When more miners keep getting added to the network, the mining difficulty increases as the number of blocks to be solved in a specific interval of time remains constant. The number of bitcoins generated in 19th month will be 0. The number of bitcoins mined in 19 months will be 1. But as time progresses the profitability is bound to decrease due to the very nature of Bitcoin.
How do the miners solve these advanced mathematical problems? With the use of powerful hardware. You can no longer mine Bitcoins using your normal PC, that runs on a normal C.
That are designed for the sole purpose of Bitcoin mining. So Despite being profitable, I tend to stay away from mining because, the initial investment is high. And it requires a large quantity of continuous electric supply This is a large part of the investment.
And it is a very competitive is bitcoin mining profitable anymore one word. Given the current bleak scenario, the average home miner will struggle to recoup the cost of mining hardware and electricity. Profitability is highly unlikely given the current circumstances. The situation may improve in future once ASIC mining hardware innovation reaches the point of diminishing returns.
That, coupled with cheap, hopefully sustainable power solutions may once again make Bitcoin mining profitable to small individual miners around the world. This would also greatly improve the decentralisation of the Bitcoin network, hardening it against legislative risk. CoinWarz  offers a good mining profitability calculator, which automatically fills in the current BTC price, difficulty and block reward info.
Enter specs and cost, as well as other information such as power cost and pool fees to find your profitability. Do not expect gold, at best the number you get would be a few hundred dollars for a year and the warmth of your mini rig during the cold winters. Some regions of China have very low power costs, further most mining hardware being manufactured in China make it the mecca for hobbyist miners who make a pretty decent profit of a thousand dollars a year.
Footnotes  Cryptocurrency Mining vs. Bitcoin Mining Profitability 5. Besides I also mine bitcoin. Answered Jul 7, Bitcoin mining is mainly being done in China. There are reasons why it is happening so much in China and not in India. Please see some basic requirements:. Based on above requirements, one can see if it is profitable to carry Bitcoin Mining in India or not. Yes Pool bitcoin mining options are there.
It only makes sense to mine it, if you have lots of super powerful computers and is bitcoin mining profitable anymore one word electricity. However, you still can invest in bitcoin. Its rate contionues to grow. Here is an article about 7 Reasons to Invest in Bitcoin in If you want to mine, there are a lot of alternative coins, that are possible to mine even on one computer.
Before mining, you should make a small research to calculate if mining on your computer is profitable, to choose best cryptocurrency. There are services, that will help you to do it.
Is bitcoin mining profitable anymore one word example, What to mine. Recommended All Kostas TsakaloglouHave a blog about cryptocurrency: Is Bitcoin mining profitable in India? In or ? Bitcoin mining will be profitable, if the demand grows so it's price will be higher than the operating costs and the cost of the hardware. I don't know when this will happen.
For now, the cost of mining is high because of the energy needed. If you have a place near a waterfall, to get almost free energy, it is already profitable. I am not saying after reading just couple of blogs.
This comes from my own research. Is bitcoin mining profitable anymore one word there are several factors you need to consider. Your profit depends on that.
If you are smart enough, this is like calculated risk. I would recommend to be with cloud mining as buying your own hardware will make you out of date before you earn profit. Please be aware that most of the cloud mining are scams. So far, I could trust only 2 of them: Hashflare This one is my personal favorite due to good offers: I have written a blog if you are interested in more details.
I share all the useful information which will help you to take the decision. All you wanted to know about bitcoin mining Thanks3. The beginners first step would be to select a wallet. If you want to earn then there is bitcoin mining which is not at all profitable now and then there is bitcoin cloud mining which payout for real. Heres a video that can help you. An easy way to get started is with your computer.
Install the software and log in with your account. It's very easy to use. But you can mine bitcoin too if you like you can mine over 10 different coins with the same miner. If you are not sure just set it to Smart Mining and it will automatically mine the most profitable coin for you.
The next step is to buy a graphics card. That will cost you money if you don't already is bitcoin mining profitable anymore one word one but will allow you to mine much faster.
That is currently the most efficient way to mine bitcoin, but requires significant upfront investment. Bitcoin mining these days is only worthwhile with ASIC hardware.