Bitcoin Mining

Bitcoin Mining 
bitcoin mining smaller

The Bitcoin and the Cryptocurrency mining industry in general, is now over 10 years old and as you may expect, is now a huge concern.

Initially, miners were individuals, maybe part timers, just earning a few dollars for each coin, often on their home computers. Some still do this, especially when they choose to mine the lesser known and not so valuable coins.

Nowadays however, Mining for Bitcoin and to a degree, Ethereum and Litecoin, is big business and thought to be only profitable for large specialist operations, in purpose built data centers. These are full of state of the art, dedicated high end CPU systems, costing millions of dollars to build and install.

Bitcoin Mining consumes huge amounts of electricity, gives off a great deal of heat and for a digital currency system that was meant to radicalise and bring fairness to the financial world, it is conversely, not at all eco-friendly in it's production technique.

Therefore, as you can imagine, just for the cost of the electricity bill alone, Bitcoin mining operations are not really viable for most individuals, or even new companies coming on the scene. In addition, Bitcoin mining gets harder every 4 years, as the number of available coins is intentionally halved, therefore making it literally as difficult as gold to discover. The next halving event is due in May 2020.

You can still mine on your laptop or desktop, or you can even get an app to do this on your phone. The other option is to join a consortium of miners which run cloud based operations. But don't expect to earn too much from these, especially if they are for mining Bitcoin. Best to do this for education and maybe a bit of fun, whilst earning a few dollars.


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