You might need think carefully about how much money you are willing to risk as bitcoin mining is a very risky business. Are you wanting to make lots of money mining bitcoin.
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This video goes over my 7 day 1 week bitcoin mining experiment.
How much money to start bitcoin mining. This video will show you how to start bitcoin mining fro! m home. Now more people than ever are considering bitcoin miningusing software to pluck the currency from thin air. Its a false promise.
Thats why it is reasonable to start mining only if you want to do it for fun or to add more security to bitcoin without caring about money issues. It looks on first blush to be money for nothing. With the cost of one coin between 3000 and 4000 as of january 2019 the energy costs alone dont make it worth it.
For example as of 2019 genesis offers a 2 year bitcoin mining contract for 50 which gets you 1 ths 1 tera hash per second or 1000000000000 hashes per second. You will learn 1 how bitcoin mining works 2 how to start mining bitcoins 3 what the best bitcoin mining software is 4 what the best bitcoin mining hardware is 5 where to find the best bitcoin mining pools and 6 how to optimize your bitcoin earnings. The miner who has found a solution to puzzle receives a reward of 125 bitcoins after succe! ssfully creating a hash.
For reference i! f google harnesses all of its servers for the sole purpose of mining bitcoin and abandons all other business operations it will account for a very small percent less than 0001 of the total mining power the bitcoin network currently has. I let my computer mine for bitcoin for a week straight to see how much money i could generate. According to marketwatch the electricity cost involved in mining a single bitcoin is more than 3000 in the cheapest states.
At the other end of the spectrum you could get a 5 year contract for 6125 with 25 ths. Its very easy and free to do if you have a gaming pc. Have you decided to start bitcoin mining in south africa.
For states with higher electric rates you could spend more than 6000 in electricity to mine a single bitcoin. This sounds like a lot but its unlikely that youd do much more than break even in 2 years on such a small plan.
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