Before choosing a mining equipment, it is important to consider the true profitability of your venture capital.
One of the most important factors determining the overall profitability of mining investment is the market value of Bitcoin. Keep in mind that Bitcoin is unstable and any decline in market value will have a serious impact on your mining profitability. In 2011, you could mine 100 BTC using your home CPU.
Today, if you want to mine BTC, you need to be prepared to make large-scale investments in Bitcoin mining hardware.
One of the most important factors to consider when investing in Bitcoin mining hardware is your electricity cost. The workload verification calculation requires a lot of processing power to be used for the calculation. This results in high power consumption of the mining equipment. These costs can quickly eat into your profits.
Low cost and even renewable energy should be an important part of your mining strategy. Large mining facilities are built in remote areas of the world and can provide cheap electricity and natural cold air.
Mining equipment generates a large amount of heat during operation and ventilation must be considered when determining the overall cost of electricity.
Bitcoin mining hardware costs
If you are considering entering the mining industry, you'd better be prepared to invest a lot of money. ASIC (Application Specific Integrated Chip) mining equipment will give you the best results. The best ASIC rigs can reach more than $ 5,000.
ASIC miners are more efficient
GPU (graphics processing unit) mining equipment is much cheaper, but as a result, they cannot be compared to ASIC equipment. That said, you can still get good returns with the GPU, you just need to join a mining pool.
A mining pool like Minergate combines the computing power of each user on their platform. This is a platform for the large mining industry. Based on their contributions, grouping rewards are distributed among all parties participating in the pool.
Unlike ASIC platforms, GPU platforms can mine multiple cryptocurrencies because they are not specifically pre-programmed for any hash. This gives you the flexibility to change your coins based on their profitability.
GPU GeForce card
The BTC block reward system aims to halve every 210,000 blocks. Currently, the reward is $ 12.5.
Initially, a miner can earn 50 BTC per block. So far, 17,055,038 BTC have been mined. At the current rate, you can expect the last BTC to be mined on May 28, 2020.