Bitcoin mining was once nothing more than a lucrative hobby for nerdy cryptocurrency mining enthusiasts. The only bitcoin mining hardware required, in the beginning, was a simple computer. Things have changed a lot in less than 10 years. Bitcoin miners soon discovered that the GPU is far more effective. Eventually, an ASIC was invented specifically for efficiently mining Bitcoins. And some argue the only way to mine Bitcoin is with ASICs.
Can you still make money mining Bitcoin?
Yes, you can!
You can join something called a Bitcoin mining pool. This is a network of miners that all work together to solve a common problem.
All of you would use your hashing power to verify a block. Once the block is verified, the block reward is distributed evenly based on how much each person contributed. This is the best way for individual miners to generate a profit, as it greatly increases your odds of solving Bitcoin’s ever more complicated algorithm.
The future of Bitcoin is impossible to predict, and there’s plenty of altcoins you can mine without having to invest in millions of Rands worth of space, hardware, and electricity.
Other Mining Hardware factors to consider:
The rate your mining hardware achieves under ideal mining conditions. The more Hash Rate your mining rig can produce the higher your mining rewards will be.
This power draw is the amount of electricity a card consumes while mining, which is measured at the outlet.
You can determine the rating for efficiency by dividing the hashrate by the power consumption. Newer graphics cards are usually more efficient. This rating is of prime importance—given that electricity is a fixed, ongoing cost. In other words, the more efficient your card, the more profitable it will be once you’ve received the ROI.
There are many who tell us that they can mine cheaper with their own rigs according to their calculations. However, it always turned out that they forgot one or two things. We’ve done our homework, and we believe that you can mine more with our bitcoin mining hardware, our miners and configuration.