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What to choose Mining bitcoin or other cryptocurrencies?


What to choose Mining bitcoin or other cryptocurrencies?!!

mining crypto, mining bitcoin

More than a decade ago, mining bitcoin from home was incredibly easy. You can build a few gaming PCs yourself or sneakily into your school or office infrastructure and mine so many bitcoins that if you have diamond hands (never sold), sold, or made at the right time, you'll be rich.

Those crazy times are a distant memory now, although there is a million-in-a-million exception like the bitcoin miner who managed to mine blocks solo in January 2022. The Bitcoin network has grown so large that mining operations with entire warehouses filled with powerful, custom-built mining machines are now competing for global rewards. But there are ways that cryptocurrency mining can still be profitable for the average person – and not just from bitcoin. In this article, we will show you the tools you need to calculate your chances of making a profit and which coins are the best for you.

Mining bitcoin at home is still profitable?

Bitcoin was the first globally accessible cryptocurrency to popularize mining – the process of using computing power to generate a winning code (called a hash) before anyone else gets selected to add a new block to the blockchain. In return for their efforts, each successful miner is rewarded with a new cryptocurrency and transaction fees that they include in the new block. This type of blockchain verification system is known as "proof of work". When mining cryptocurrencies, you need to be aware of the obligations that will reduce your profits: namely, the market price of bitcoin, the cost of electricity, maintenance fees, the cost of your mining equipment, and how much it is likely to cost. Own against increasingly powerful miners. As more powerful machines come to market, your once-powerful machine may not be able to keep up.

If you mine bitcoin using one of Nvidia's newer graphics cards like the RTX 3080, you'll generate $139 per month in bitcoin, according to Nicehash. As of January 2022, the RTX 3080 costs around $1,400.
Nicehash claims that if you use a specially designed AntMiner S19 Pro, you will save $17.79 per day. However, a single S19 Pro miner will set you back around $10,000, which is only good for bitcoin mining. Electricity costs consume almost half of your income for Antminer 19 Pro.

Because Bitcoin price is so volatile, there is no guarantee that you will be able to get your money back in 10 months for an RTX 3080 graphics card or 25 months for an S19 Pro mining rig. At press time, the bitcoin price has dropped around 10% in the past week alone.
Network difficulty, which determines how difficult (computationally speaking) new bitcoin mining is, is also variable. After the crackdown on crypto mining in China in July 2021, the difficulty of the network dropped by 28%, making it much easier for the remaining miners to discover new blocks. This was short-lived, however, and has since nearly returned to previous levels.

Mining benefits from scale and home miners and often generate less profit per miner than a professional mining company. To cover their costs, professional mining companies often commute with cheap electricity between jurisdictions, bargaining with local power grids, generating the electricity themselves, and trashing old mining equipment at a frightening speed.

2) What coins should I mine at home?

Still, there are plenty of other options for the weekend DIYer to do cryptocurrency mining at home. Unfortunately, there are so many options and variables that it's hard to make accurate comparisons.

There are a few facts: After a certain point, mining bitcoin with computer chips rather than using graphics cards is generally more efficient than Ethereum because Ethereum greatly favors GPU miners (GPUs). While that won't be the case for long, Ethereum is gradually deactivating miners before moving to a "proof-of-stake" blockchain system.
The supply of mining equipment also remains a major challenge. During the 2021 bull run, the GPU market went wild, making it nearly impossible to buy the best graphics cards at market value. To make matters even more confusing, some networks like Chia rely on hard drives rather than graphics cards or computer chips, leading some to point their finger at Chia mining for disk shortages. Difficult times of 2021.

However, some profitability calculators like CoinWarz are self-explanatory by showing the rate of profitability. assuming your hashing power (the amount of computing power you use to mine a cryptocurrency) is constant. for a $1,000 budget. CoinWarz ranks the following coins on the list of the most profitable:

  1. Ethereum
  2. Peercoin
  3. Bitcoin Cash
  4. Bitcoin
  5. Ethereum Classic.

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