This is 2019, and many people who did not catch up on the early cryptocurrency deals are now asking about the profitability of bitcoin mining. Bitcoin mining is still very profitable in this current year. Several factors determine the profitability of bitcoin. They include the cost of electricity, the presence of a computational system and the energy imputed into the process in hashes per second. The following points determine the profitability in bitcoin mining, in 2019.
Getting a Bitcoin Miner:
The best way to maximize profits through bitcoin mining is to get yourself a bitcoin miner. The evolution of mining machines over the years has kept many people in the business of mining and making substantial profits from their transactions. The current generation of miners has the best bitcoin mining hardware that the world has seen yet –the field-programmable gate array (FPGA). Since mining is competitive, and the reward goes to the first person to solve the mathematical computation, machines of high computational power are developed for the process. Hence, laying hands on one of the best mining hardware will help you, as a miner, to earn reputable profits with time.
Consider being a part of a mining pool:
Before 2013, bitcoin mining was done on personal computers. However, the introduction of bitcoin mining software and application-specific integrated circuit chips have raised the cost and the reward for those mining operations have become reduced from what they used to be. Serious miners have built huge arrays to mine bitcoins and competition becomes quite difficult for smaller miners. However, with bitcoin mining pools, you can become effective in your mining. Joining a mining pool comes at a fee, though.
The consideration of costs:
On every standard, profit is determined by the subtraction of all incurred cost (during a project) from the balance, after. Therefore, to determine the profitability of mining bitcoin, you may have to calculate all the costs incurred, including the cost of electricity, the bandwidth of internet data used, and the cost of procuring equipment such as mining hardware. For many large-scale miners, profits are still made after all costs have been deducted. Thus, we can say that bitcoin mining is still profitable. Moreover, the profitability of the mining process depends on your availability to execute mining transactions.
Cloud mining is another option where you can purchase time on someone else’s mining rig. The charges are based on hash rates, which means you are buying based on a miner’s processing power. Purchasing a higher hash rate increases the amount of reward coin to be earned. This may be a good option if you are unable to purchase mining hardware, yet.
As it is, your investment may yield good profit in a short while or can span over months, depending on how much you invest. Cloud mining eliminates the worry of power consumption cost and other direct costs.
In conclusion, bitcoin mining is still profitable in 2019. The profit, however, is relative, depending on the costs incurred during mining and the type of mining you invest in.