The Bitcoin mining industry earns approximately $70 million a day. If in 2009 it was possible to mine BTC using a home computer, now this requires special equipment.
Mining is the process of creating new coins in a cryptocurrency and verifying new transactions on the blockchain. Blockchain is a decentralized database that is stored on computers connected to the Internet. Computers verify and document transactions with cryptocurrency and receive a reward for this in the form of new coins.
In addition to issuing new coins into circulation, mining maintains the security of the cryptocurrency. It validates and secures the blockchain, which allows cryptocurrencies to operate as a peer-to-peer decentralized network without any third-party control. And this creates an incentive for miners to contribute their computing power to the network.
Even 13 years ago, anyone with a personal computer could become a miner. But as the blockchain is constantly evolving, the computing power to support it is also growing. In June 2022, mining one BTC required 17 trillion times more computing power than mining the first blocks in January 2009. To mine bitcoins today, miners require special devices – ASICs.
Therefore, now bitcoin mining is unlikely to be profitable for amateurs. Almost all mining is now done by specialized companies or groups of people who pool their resources. Simply put, only the mining farm is now profitable.
A mining farm is an equipment that uses its computing power to mine cryptocurrency. To create a BTC mining farm, you need to buy ASICs and connect and configure them. Once properly configured, it will start mining cryptocurrency. The computing power of a mining farm is much higher than the total computing power of a set of the same number of individual computers. This is because mining farms are focused on a single task. The more powerful they are the more profit.
The average cost of a small mining farm in 2022 is about $40,000. It can be resold over time, however, given the global financial crisis – the equipment will only rise in price.
An alternative way to mine cryptocurrency is Cloud mining.
Cloud mining is a way to mine cryptocurrency using rented computing power. There is no need to install hardware and software by yourself.
Cloud miners become members of a mining pool where users buy a certain amount of hash power. Each participant receives a share of the profit in proportion to the amount of hashing power rented.
Cloud mining companies allow you to open an account and mine cryptocurrency remotely. You pay a price for this, but it’s still cheaper than buying and maintaining your own equipment. You also don’t have to pay for electricity.
For example, SunMining company is one of the market leaders using “green”, renewable energy for mining. Powerful and intuitive for every investor and novice miner, the company uses the latest equipment – AntMiner S19 Pro and WhatsMiner M30S, which allows you to increase profits.
To start mining Bitcoin (the most profitable cryptocurrency for mining), it is enough to register in a couple of clicks, choose one of the many packages (initial packages can be purchased without large investments), and watch cryptocurrency mining in your account. Round-the-clock payments, a convenient platform, and a team of professionals – this is what people come to cloud mining for.