One of the most common ways to make money on Bitcoin is its mining. This option is suitable for those who are interested in mining, who have the opportunity to install special software (asic) at home, who have access to a “free outlet”, and most importantly, those who have time to do it.
What you should learn about mining
Before you will start learning about mining, you should clearly understand how the anonymity works in the system. Many newcomers mistakenly decide that it is complete and they can be sure about their safety. This is not true, because the data about users can be tracked during transactions and purchases.
In this case, the use of the bitcoin tumbler makes a lot of sense. Such software helps to mix your coins during the transaction and makes tracking almost impossible. Think about your safety in advance, even before you have serious amounts in your purse.
Farms on BTC production cards are no longer used due to low hashrate. For Bitcoins, you can buy asic – specialized mining equipment. In addition, it is not enough just to buy special hardware software, it needs to be serviced and paid for electricity. The aforementioned appliance consumes 1.32 kW per hour. For a month, it will consume about 950 kWh – this will influence the bill on the electricity a lot. On average, such production will return the costs during a year. To accurately calculate the time that you need to return investments, you can use the mining calculators, but these calculations are very approximate. The payback period directly depends on the profitability, and also such factors:
- Network complexity changes
- Appearance on the market of new, more productive ASICs
- The course rate of the extracted cryptocurrency
- Reliability of your equipment
- Bills for electricity.