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is it worth it to mine bitcoin

is it worth it to mine bitcoin

is it worth it to mine bitcoin插图

Best answer


Given that you can trade one for over $9,000, Bitcoin mining is stilltheoretically worth it. However, in practice, the algorithm鈥檚 complexity is growing in leaps and bounds. The odds of actually getting some for your investment are marginal unless you join one of the big pools (F2Pool, Poolin, BTC.com, etc.).

People also ask


  • Can you really make money mining bitcoin?

  • The short answer is yes. The long answer鈥?it鈥檚 complicated. Bitcoin mining began as a well paid hobby for early adopters who had the chance to earn 50 BTC every 10 minutes, mining from their bedrooms. Successfully mining just one Bitcoin block, and holding onto it since 2010 would mean you have $450,000 worth of bitcoin in your wallet in 2020.

  • Is bitcoin mining profitable or worth it in 2021?

  • Is Bitcoin Mining Profitable or Worth it in 2021? Malcolm Cannon Jordan Tuwiner Last updated March 2, 2021. The short answer is yes. The long answer鈥?it鈥檚 complicated. Bitcoin mining began as a well paid hobby for early adopters who had the chance to earn 50 BTC every 10 minutes, mining from their bedrooms.

  • What are the advantages of bitcoin mining?

  • If you live somewhere with cheap electricity this puts you at an advantage. In fact, this is why Bitcoin mining is common in China, which has cheap hydroelectric power, as well as in Venezuela, with its cheap, state-subsidized electricity.

  • Should you buy Bitcoin on an exchange or mine it?

  • This is why buying bitcoin on an exchange can be a simpler way to make a profit. However, when done efficiently it is possible to end up with more bitcoin from mining than from simply hodling. One of the most important variables for miners is the price of Bitcoin itself.

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