Despite Bitcoin correction, the first and leading cryptocurrency, its mining remains profitable, but the industry entry threshold still continues to rise. Find out more in our new LATOKEN review!
About one week ago, a solo miner successfully mined a Bitcoin block and received a reward of 6.25 BTC. At that time, the share in the total amount of computing power was only 0.000073%, which means he only had a 1-in-1.36 million chance of mining a block at the hash rate and difficulty. However, the transaction fees are worth mentioning, which amounted to about 0.1 BTC.
But this is only a single case. To put this achievement into context, a miner with 126 TH/s would face a wait of 9,500 days or 26 years if they began using the equipment today…Quite a long time, huh?
At the same time, mining remains profitable even despite the fall in the exchange rate to $40,000, and the cost of mining Bitcoin for the average miner remains 1.5-2 times lower than the current price of Bitcoin.
According to experts and the hopes of crypto enthusiasts, even if we assume that Bitcoin suddenly collapses to $30,000, mining will remain profitable even under these conditions.
Correction periods may be the most convenient periods to join the industry. At the time of the decline in crypto quotations, it may be possible to purchase mining equipment at a fairly favorable price.
The profitability of Bitcoin mining also depends on the generation of equipment, energy efficiency, and the cost of maintaining devices.
How much does it make sense to start mining?
There is an opinion that private mining will be replaced by industrial companies; this cannot be avoided. Only with volumes, it is possible to reduce costs and obtain maximum efficiency. Thus, we can conclude that it is most efficient to enter the mining market with at least 50 units of modern devices, the total cost of which will be about $500,000. Such an amount will allow you to have a stable and high income and successfully repair failed equipment.
The lowest threshold for entering the mining business was indicated by Mikhael Jerlis, CEO & Founder of EMCD — the largest BTC mining pool in Eastern Europe. He claims that you can start mining Bitcoin with about $7,000-8,000. According to Mikhael, this amount is enough to purchase ASIC miners and put them in the data center. However, we also want to remind you that organizing your own farm will require more funds, since it is necessary to take into account the costs of maintaining the premises, maintaining equipment and, of course, paying for electricity.
We can conclude that mining remains something truly challenging… However, keep in mind that you can always start trading Bitcoin on the LATOKEN crypto exchange!
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.
