A Beginner’s Guide to Cryptocurrency Mining: Is It Still Profitable?

Crypto mining over the years have been a strong factor that has helped to attract lot of investors and enthusiast in the crypto space. In fact I can still remember vividly that my first step towards joining the crypto space was because of crypto mining when you are promised you can get free bitcoin at the end of the day.

Even though crypto mining have been an household name for years but many of us actually did not know what it really means. When it comes to cryptocurrency mining, it means when new crypto are created and added to the Blockchain using computer hardwares as it is.

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There are actually of course different types of mining. We have the proof of work, proof of stake and many more but recently over the years, proof of work has been the most consistent and common method that has been used to mine the crypto like bitcoin and Ethereum that we are actually familiar with nowadays.

Everyone will have love to get involved in the mining process but one of the things that actually discouraged people is how expensive the mining process and the equipment can really be actually. You will need lot of equipment like the CPUs, GPUs the ASICsw and then the mining rigs. These equipment are way too expensive to actually be able to sustain for so long.

The big question now is , can you still practice the crypto mining and is it still profitable? Well considering the fact of it. Crypto mining can really be costly just like I said, considering the hardware costs and the efficiency but that is not only that, it is also energy consuming. It makes use of a huge amount of energy as mining farms need to be sustained by huge amounts of electricity 24 hours.

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At the end of the day, considering the volatility in the crypto price been volatile, at the end of the day even after mining, the price might not be favourable for you if you want to sell which at the end of the day, this will summed up for you not to be profitable. In fact it can really result in significant losses at the end of the day.

So the big question is, Is mining worth it? Well i will say it depends on preferences. For some people, it is actually worth it but just know that if you want to engage in crypto mining, you must really be ready to spend a lot significantly.