If you have heard of cryptocurrency, we are sure you have also heard the term Bitcoin. If you are wondering what is the best coin to mine, you are in the right place!
We are going to share why Bitcoin is still the best coin to mine and more about mining itself.
When Bitcoin mining first began it was a simpler process because it only required people to solve complex puzzles and then the person would receive Bitcoin in exchange. The only thing a person needed was a computing prowess to mine Bitcoin.
Nowadays it is a bit more complicated because of how many coins have been mined to date. Although it is more complicated it is still the most popular and the longest existing cryptocurrency, it’s the OG of crypto if you will.
In total, only 21 million Bitcoins will be mined because this is the original amount of Bitcoins made. Some people that mine like to create a pie chart to stay on top of how far along the mining has come.
Is It Profitable?
The big question most people have is if it still is profitable since so many coins have already been mined. The short answer is – yes. While you will have an initial investment that you can’t go around to get set up to mine some Bitcoin, you can make money mining.
It might cost a couple of thousand dollars to have your full setup but once you are up and running you can have a nice passive income every month.
One of the costs that is the most concern is electricity. Mining does require a lot of power. If you live in an area such as Hawaii that has high electricity charges per Watt then it might make it more difficult to make a profit after you pay your electric bill.
As long as the worth of each Bitcoin is higher than your electric bill then it will make sense. Marketwatch estimates that the bitcoin network consumes the equivalent amount of 2 million homes in the United States combined.
Those that have been mining since the beginning have made it more difficult for the newbies to enter the world of mining. This is why some beginners are joining the mining pool of Bitcoin. If you go this route you have to keep in mind that you will then have to pay a fee.
The fee typically is low enough to justify paying it because there is still a profit to be made.
What Do You Think of the Best Coin to Mine?
Now that you know about the best coin to mine – what are your thoughts? Are you ready to invest in some top of the line equipment and begin mining some Bitcoins before they are all mined?
Did you enjoy this post and find it helpful? Please check back often to never miss our latest!