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Friday, 16 February 2018

Want to mine Bitcoin? Here are things you must know first and not ignore

Btc mining

Ever considered if you should mine a Bitcoin or rather buy? Well, the truth is that Bitcoin mining is not meant for everyone.

However, if you're considering to mine a Bitcoin, here are things you should put in mind and must not ignore.

Bitcoin Mining is not profitable for everyone

I guess you want to have more Bitcoin that's why you are considering to mine them. But if you figure out how much money you’ll need to spend on mining equipment and electricity you’ll reach the fact that unless you have a huge amount of money to spend on these – you probably won’t be profitable. So, before you consider mining think of the cost.

Read Also: Summary: Crypto Watt LLC secured 53 acres for Bitcoin Mining, Set to Invest millions of USD

The Cost

Before you can mine Bitcoin, you must have the required tools for it. And mining rig is expensive. Sorry to say but you need to know. it’s impossible to mine using your personal computer or even an old mining rig and make a profit. And when I say an “old” mining rig – I mean a rig that wasn’t built in the last 6 months.

You can't mine alone

You can't mine alone. Mining is not something that one or two person alone can do. Even though you have a bad ass mining rig you still can’t mine all by yourself – the mining difficulty is too high. That’s why mining pools were invented – groups of miners who mine together and split the rewards. 

These are factors you must put in mind before considering if you should mine a Bitcoin or not. 


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