At the current exchange rate, one kilogram of mined gold is equivalent to about $40,000. For each hash produced, miners also receive about 12,500 €. The question therefore arises as to whether Bitcoin Mining is a lucrative business for the user. Because unlike the golden raw material, everyone can join the digital mine. Due to Bitcoin Mining’s requirements, the answer to this question depends largely on how much users themselves want to invest.
Whether it will ultimately be a lucrative business depends on various factors. The expenses to be taken into account for Bitcoin code Mining have to be taken into account. These include, in particular, costs for the Bitcoin code and avoiding a scam of the electricity costs. Although the power consumption of the new Bitcoin Mining hardware appears to be comparatively low, it is not possible to calculate the costs for the new Bitcoin Mining hardware. However, it should be noted that the special mining devices must be switched on virtually around the clock. The profit can be set against the expenses. The reward for adding a hash in the blockchain was reduced from 25 bitcoins to 12.5 bitcoins in 2016. This so-called bitcoin halving takes place every time 210,000 new blocks are generated. 2012 was the first year in which the reward was halved from 50 Bitcoins per block to 25. Last year it was time for the next halving to 12.5 Bitcoins per blog.
While the reward from Bitcoins continues to decrease, the difficulty to get new Bitcoins through mining increases, which is why more computing power is needed. As a result, electricity costs increase immensely. The profit could therefore only compensate the costs incurred if the value per Bitcoin increases. As you can see from the share price performance, its value has actually increased since the halving in July 2016 from almost 600€ to over 1100€.
Since Bitcoin Mining is virtually unprofitable for the individual user, onlinebetrug networks have formed around the system to share their computing power. Such Bitcoin mining pools are designed to use the bundled power to generate a hash. Once successful, the revenue generated is shared fairly among the participants of onlinebetrug. The main advantage of such mergers is that they do not require too much capital expenditure, which means that Bitcoin Mining is also possible with small investments. Furthermore, Bitcoin Mining does not require any specialist know-how. However, anyone who wants to go into the digital mine alone should not do so without the necessary background knowledge. A further advantage lies in the fact that there is no need for self-management or a similar amount of work at all.
Due to the large number of providers, the only question that remains is which one the user should join. It is obvious that with large pools more users are also united. Consequently, the distribution is distributed among many members. In the case of smaller or medium-sized pools, the returns are lower. However, they need to be distributed less. Ultimately, this could be a greater opportunity to benefit from potential growth. However, it is not possible to make an accurate forecast, as development depends on many factors.