A BASIC APPROACH ON HOW TO MAKE MONEY MINING BITCOIN IN 2018
By now you have probably been bombarded with “opportunities” to get rich with Bitcoin. Ads are everywhere, telling you to quit your job and start mining. Unfortunately, it’s not such a simple matter and there is a big reality check waiting for those who believe the hype. However, this doesn’t mean you can’t make money. The money is there, but it’s not nearly as quick as some people make it out to be. Plus, it requires an investment from you before you can start mining. In this article based on: how to make money mining Bitcoin, we will do our best to provide some clarity on what you need to do and whether it’s worth your time.
UNDERSTANDING THE CONCEPT OF MINING BITCOIN AND HOW TO MAKE MONEY
When you mine for Bitcoins, your computer is actually just solving highly complex mathematical equations, and the more powerful your computer, the quicker it is able to solve those equations. After the equations have been solved, a new Bitcoin is created and you get paid. Unfortunately, it sounds a lot easier than it actually is. For example, only 21 million Bitcoins are allowed to be made before mining shuts down. At this point in time, more than 12 million have been created. So if you want to start mining, you better do it quickly – and, you better have a powerful enough mining rig that can solve the equations as they increase in difficulty.
But it’s not just the ceiling you have to worry about because the more people start mining, the more difficult it becomes to make money. Why? Because the creator of Bitcoin designed the system to follow a consistent production of Bitcoins, and this means only so many can be created at one time. With more people joining, it automatically increases the waiting time and decreases profit possibility.
HOW TO MAKE MONEY MINING BITCOIN WITHOUT SPENDING A FORTUNE ON A MINING RIG
Of course, you can speed things up a little bit by investing in supercomputers made specifically for Bitcoin mining. However, one of these can set you back at least $2,500 and it will probably still take at least two years to mine one Bitcoin if you are lucky. If you are still wondering about how-to make money mining Bitcoin, get yourself a computer that can handle the mining. Then, try to join a mining pool. The latter is a group of miners working together to solve the equations quicker.
Yes, it is very realistic to assume you can make money through mining Bitcoin. But it’s not a get-rich-quick scheme, and you will have to put in the money and effort to see any returns.
See our List of the Best Bitcoin Miner’s We’ve Found in 2018.