Is Bitcoin Mining Worth It in 2020?

Source: CoinDesk

One of the most talked-about terms in 2018 and 2019 was Bitcoin. Everyone was informed about this cryptocurrency, were you also paying attention? If not, sit back & relax! Here, we will talk about bitcoin a bit more, and we will tell you all there is to know in 2020, and you will stay up to date! Also, we will help you determine and finally figure out if this is the right move to make sometimes soon, or if you should skip on mining!

Source: Nairametrics

How to know if bitcoin is for you?

Not everyone is a professional when it comes to crypto values or Bitcoin in particular. This is why you can have a simplified version and a lot of help with Dinksfinance.com and on their website.

There, they will help you download and run custom operating systems, and will help you out with:

Bitcoin Mining

All of your transactions are handled a lot easier.

Basics of Mining

With the help of basic software, you can do complex calculations on the layers of a digital lock.

Bitcoin Mining Work

Here, person transaction fees can be paid for their enforcements. New bitcoins are also being built every day!

Buy Bitcoin Gold with USD

Just by depositing 150 dollars, you can buy bitcoin gold straight if possible.

They also have amazing customer support + you will understand all there is to know, no matter if you are a beginner or a professional when it comes to Bitcoin!

Source: unsplash.com

So, is Bitcoin mining worth it?

So, if you are a beginner, this fun fact will interest you. Did you know how long it takes to mine just 1 Bitcoin? Ten minutes! So, how much time do you have, how much are you willing to spare, and how much money do you want to invest in your little mining machines?

Bitcoin mining today is dominated by thousands ASICs (which are specialized mining devices) that are all placed under one roof!

The Bitcoin hashrate didn’t reach its all-time potential since March of 2020. Luckily, this won’t last for too long and you can expect this hashrate to break old records sometimes by the end of the year.

The higher the hashrate – the harder the chances to make a profit. If the hashrate is high, you can expect a lot of miners.

Source: unsplash.com

What are the bitcoin mining costs?

You will spend most of your money on electricity as well as the equipment costs. If you are lucky enough to live somewhere where the electricity is super cheap – this is a major advantage, and you should give mining a chance!

Most mining is done in China since they have super cheap power.

The ASIC miner can cost you around $1,000 to $3,000. However, people who buy in bulks may get a discount, which makes the price even more affordable!

Also think about the pool fees, cooling fees, mining software fees, as well as the time cost of maintaining your rig.

Once you think about all of these factors it is time to reconsider and question yourself – is mining still worth it in 2020?

Source: pexels.com

Is it worth it?

Before and while it was the most-talked topic (back in January of 2018), Bitcoin was having its rough start.

Nowadays, there are Bitcoin calculators that can help you decide if mining Bitcoin is worth it, which makes the process and your money investments a lot safer and easier to do!

Usually, mining BTC is the most profitable opportunity.

However, once you look at the overall picture, you can expect that prices remain where they are now. However, they will progress as we move into 2021.

Source: CoinDesk

How to understand mining, and what to do about it?

The best way to look into it and to think of it is as a hobby. For some, it can be profitable. However, sometimes, the journey and the experience can be even more fun than the end goal itself!

You should enjoy setting up the mining rigs, learning about Bitcoin, as well as investing a smaller amount of money into your first attempts. Start slow and proceed gradually6.

Source: FX Empire

How to benefit?

According to some stats as well as the CEO of Bitmex, Arther Hayes, Bitcoin will be around $20,000 by December 2020, or by January 2021. Also, Bitcoin is headed to $100,000 in the near future. Some analysts also believe that it could be around $288,000 sometime by 2024!

What is the best way to profit or benefit from Bitcoin? Buy it in the near future, and store it somewhere safe.

You probably will not make a positive return of a thousand dollars in the next month or so, but it may take years for you to profit (so, be ready for it).

Source: MIT Technology Review

What should you watch out for?

Have you purchased your very own, first, Bitcoin? It doesn’t matter which one is it, all crypto values should be stored properly and safely. Why? Well, did you know that billion dollar’s worth of cryptocurrency is stolen every year?!

Make sure to invest proper time & care when hiding your Bitcoins. Some experts recommend that you get yourself an e-wallet, such as an Exodus wallet. This one as well as similar wallets can support over 100 crypto assets + they are super easy to use and navigate through and on your own!

Source: The Conversation

Summing it up: Top 3 reasons to proceed with Bitcoin

  1. Proceed if you have cheap electricity and you can store your machines at one facility with ease, and you have space to spare.
  2. Choose the right and reliable mining pool and that pays out every day.
  3. You can even mine directly to an exchange. However, investing in an e-wallet may seem like a safer way to do it.
Source: Planet Compliance

Ready for your new Bitcoins?

Are you ready to explore the world of mining? Although 2020 may not be the best year for Bitcoin, it seems like its bright future is ahead! If you don’t mind waiting around till 2021, give it a go! However, if you are someone who is quite impatient and you need profit today, rather sit this one out.

LEAVE A REPLY

Please enter your comment!
Please enter your name here