- Mining or Buying Bitcoin
- What Influences Bitcoin Mining Profitability?
- Price Dictates the Best Time to Mine Bitcoin
- How Do I Get Started Mining Bitcoin?
- Bitcoin mining has evolved into a capital intensive endeavor and a competitive industry.
- Mining profitability depends on the hardware model, price of electricity, price of bitcoin, and the number of miners on the network.
- Household electricity costs are normally far too high to allow profitable mining.
- There are stark differences between mining bitcoin in a bull market versus mining in a bear market.
Whether a Bitcoin beginner or multi-cycle veteran, the prospect of earning the internet’s scarcest resource through mining it is certainly exciting. That being said, there are a number of considerations one must make before determining whether mining is right for them. This article analyzes the different factors associated with mining bitcoin profitably, and provides the first steps to get started.