#Bitcoin mining software reddit how to

Hardware cost is the single most costly investment you need to get started, so any hardware you already have will make your mining business profitable.Įlectricity pricing in your country is also very important and similar to having hardware already. If you already have some hardware that can be used for crypto mining(like CPUs, GPUs, or ASICs), then you can already start your crypto mining business. In a nutshell, you need to see which hardware you have or can buy and whether that hardware consumes more electricity than is profitable for you or not.

Luckily for you, I wrote a simple Bitcoin mining guide for beginners, which should get you started.

#Bitcoin mining software reddit how to

If you have done your research, and believe in crypto enough, you may wonder how to start your own Bitcoin mining business. Remember, mining is similar to investing, and you wouldn’t want to invest in something you don’t believe will grow with time. Of course, there’s always a possibility that crypto markets will crash again and never recover, but if you don’t believe in Bitcoin or some other cryptocurrency, then Bitcoin and crypto mining isn’t the best choice for your business. The last two Bitcoin halvings happened in 2017(when Bitcoin price went from $2.000 to $20.000), and in 2021(when Bitcoin price went from $4.000 to $67.000).Ģ025 makes the most sense for the next big crypto run, but it’s not impossible to happen before, as institutional investors have started investing more in recent years. No one knows the best date to wait for, but major bull runs in crypto markets happen approximately every 4 years(and are related to Bitcoin halving, where miner rewards decrease in half, thus increasing scarcity). Mining in 2022 is profitable and may become very profitable if you wait long enough.

It was very profitable if you waited until 2021. Mining in 2018-2020 was profitable if you waited long enough or had cheap electricity prices. Mining in 2017 and before was very profitable. There are times when mined earnings should be kept for better market tides, and there are times when you can withdraw as you mine. Will it be profitable tomorrow? No one knows, but on this date and for the last 12 years, Bitcoin and cryptocurrency mining is profitable. Whether you mine Bitcoin or some other crypto of choice, it is a profitable business. So, is cryptocurrency mining profitable in 2022?Ībsolutely. The point here is that you don’t have to sell your mined earnings and tokens immediately- as long as you can live without them, you should wait for the right time to sell your mined crypto earnings. And if they mined with the same hardware in 2021 as well, or mined a cryptocurrency that jumped more than Bitcoin, then they would end up with $200k to even a million dollars.

If someone earned $10.000 by the spring of 2020 in crypto, those earnings would become at least $100.000 in 2021. Yet, I did my best at explaining to my friends and readers that the situation can change, as long as they can wait. In other words, as long as you can survive the crypto winters, there’s a nice paycheck for you when the markets are trending. The bitcoin mining business is similar to investingįor the last 12+ years since the Bitcoin inception, miners always made a profit, as long as they waited long enough.Īnd that’s why I like saying that crypto mining is similar to crypto investing, which again is similar to regular investing. Some can bear it, while others have to leave the business if, for example, the price of electricity in their country is expensive. When crypto prices fall quite a lot, mining simply isn’t as profitable as with higher crypto prices. We had a down market, many people saw their crypto accounts wiped out, and many miners had to sell their equipment. When I wrote an article on the Bitcoin mining business in 2019, I had to provide the correct facts.Īnd the correct facts were that the Bitcoin mining business in 2019 wasn’t profitable. Three years have passed, and I decided to write an updated version of it.īut I’m glad that what I wrote back then proved true in 2021. The last time I was writing on this topic was in 2019, on this website you’re reading right now. 3 Should you start Bitcoin Mining Business in 2022? Is Bitcoin and Cryptocurrency mining business profitable in 2022?