Is mining bitcoin worth it

Is mining bitcoin worth it
Is mining bitcoin worth it

Is mining bitcoin worth it?

The simple answer is yes, however it is complicated. Bitcoin as was said became a well paid hobby for those who started early, who had the opportunity to earn over 50 BTC each 10 minutes, mining from their bedroom. Successfully mining just a Bitcoin block, and holding unto it since 2010 would mean you would have had over $450,000 worth of bitcoin in your wallet in 2020.

Ten years ago all that was needed is a reasonable powerful computer, a stable internet connection and the foresight of Nostradamus. Now, thanks to industrial bitcoin mining operations, it’s not such a level playing field and for a lot of people it makes more sense to easily buy some bitcoin on an exchange like mybtc.ng (learn more).

Check out our article on: How many Bitcoins can you buy with 100 dollar

How much does it cost to mine 1 Bitcoin?

In a recent report, the crypto-focused research firm TradeBlock estimates the average cost to mine a single bitcoin (BTC) could jump to $12,525 after the halving, expected in May. That’s nearly double the average cost of $6,851 now.

Is mining bitcoin worth it
Is mining bitcoin worth it

How much does Bitcoin mining make?

When bitcoin was first mined in 2009, mining one block would earn you about 50 BTC.
In 2012, this was halved to 25 BTC.
In 2016, this was halved again to the current level of 12.5 BTC.

Does Bitcoin mining use a lot of electricity?

Mining is a very energy-intensive process; by one estimate, bitcoin requires 215 kilowatt-hours of energy for each transaction. According to Morgan Stanley data, the total energy consumption of the bitcoin network consumes as much electricity as 2 million U.S. ohms.

Is it hard to mine Bitcoin?

Bitcoin mining is now competitive than it used to be. Bitcoin  adjusts its mining difficulty every 2,016 blocks (approximately 14 days), based on the amount of computing power deployed to the network.

Conclusion :

Mining bitcoin is worth it, when its been mined in large quantities, however this would require more resource, more power (Electricity) just to mention a few.
Its not a quick way to make money from bitcoin as it is long term, but its definitely worth it, However if all you are interested in is just acquiring / investing in bitcoin, then you do not need to go through the mining process, they are a-lot of websites / platforms that you can simply acquire bitcoin & invest in them.

mybtc.ng is a platform that provides an easy solution to perform to buy, sell giftcards, and also cryptocurrencies. Mybtc.ng is one of Nigerian’s top Crypto exchange platform, the number 1 Guide to Digital Exchange in Nigeria. My BTC Nigeria guide people through the exchange process. They give you the best exchange rate, this platform provides you with the simplest solution to cryptocurrency and gift card exchange. Why throw your unused gift cards when you can retrieve it on My BTC Nigeria, Visit mybtc.ng now for an impressive exchange rate.

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