Crypto Mining News, Opinion

Planning to Mine Bitcoin? Here’s your ‘Best Bet’

If you’re a newbie to Cryptocurrency, more specifically to Bitcoin, you might be interested in learning how to ‘mine‘ the said prominent token. Sadly, it’s not logical to mine Bitcoin without a warehouse of professional equipment. Alternatively, try to mine altcoins instead – it’s conceivable.

As numerous crypto enthusiasts start to get into Bitcoin thanks to the recent price hikes and mainstream media coverage, an increasing number of people are looking to learn about Bitcoin. This has directed several to ask how they can mine Bitcoin, but sadly, that ship sailed a long time ago, for the most part.

For all Bitcoin newbies. Yes, it’s far, far, far, and I mean really far too late for you to be able to mine Bitcoin without spending a crazy amount of money on hyper-specialized equipment.

Leave Bitcoin Mining for the Big Boys

Back in the early days of Bitcoin, you could mine it on a relatively powerful PC or laptop, and you could make quite a lot of Bitcoin through this method thanks to large block rewards. But, as time went by, the evolution of hyper-specialized Bitcoin mining devices has occurred.

We now exist in a world where warehouses are filled to the brim with ASIC mining rigs that churn out ‘trillions‘ of hashes per second. 

To put this into viewpoint, “a high-end gaming PC can probably do a couple of thousand per second .” You’re automatically on the back foot and at a significant deprivation. Trying to mine Bitcoin with your gaming PC or laptop will result in a massive power bill and tears when your hardware fails far too early.

Can you get your hands on an ASIC Rig and Mine?

If your goal is to get your feet wet on mining Bitcoin yourself and you don’t care about the cost, you can. It will cost you tens of thousands of dollars to get up and running, but you should be able to start making a bit of Bitcoin if you join a good pool. Even with 50 grand invested, you’ll still need to join forces with other miners in what is known as mining pools if you’re ever going to mine a block.

Going down this route will give you access to the mining realm, and it will help you realize your goal of becoming a Bitcoin miner. So, if you have the CASH and passion for mining Bitcoin, why not. Just make sure you can afford to pay your electricity bill.

Let’s make this “Long Story Short” – Mine Alts

In reality, the cost to buy ASIC mining rigs is relatively high. You don’t have a choice but you’ll have to fork out a load of cash off the bat. Then you would need to factor in power bills for running your rigs and think about the noise and heat they generate. How much does electricity cost in your location? Perhaps you can harness this heat and use it for something else, allowing you to make a second income through that method.

We’ve seen people using the heat to grow plants and even help farm crickets, so it’s not to say that no one can’t do it. But, our best advice if you want to mine is to focus on mining alts. 

You can still mine a lot of altcoins using your gaming PC or laptop and make a good deal of coin doing so – so look at that route if you’re dead set on becoming a miner!

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