Does It Make Sense To Buy Bitcoin Mining Equipment?

The Bitcoin mining industry earns approximately $70 million a day. If in 2009 it was possible to mine BTC using a home computer, this requires special equipment.

Mining is the process of creating new coins in a cryptocurrency and verifying new transactions on the blockchain. Blockchain is a decentralized database that is stored on computers connected to the Internet. Computers verify and document cryptocurrency transactions and receive a reward for this in the form of new coins.

In addition to releasing new coins into circulation, mining maintains the security of the cryptocurrency. It validates and secures the blockchain, which allows cryptocurrencies to function as a peer-to-peer decentralized network without third-party control. And this creates an incentive for miners to contribute their computing power to the network.

Even 13 years ago, anyone with a personal computer could become a miner. But as the blockchain continues to evolve, so does the computing power to support it. In June 2022, mining one BTC required 17 trillion times more computing power than mining the first blocks in January 2009. To mine bitcoins today, miners require special devices – ASICs.

Therefore, it is unlikely that bitcoin mining will be profitable for amateurs. Almost all mining is now done by specialized companies or groups of people who pool their resources. Simply put, now only the mining farm is profitable.

A mining farm is a piece of equipment that uses its computing power to mine cryptocurrency. To create a BTC mining farm, you need to purchase ASICs and connect and configure them. Once properly configured, it will start mining cryptocurrency. The computing power of a mining farm is much higher than the total computing power of a set of the same number of individual computers. This is because mining is focused on a single task. The more powerful they are, the more profit.

The average cost of a small mining farm in 2022 is around $40,000. However, it can be resold over time, given the global financial crisis – the equipment will only increase in price.

An alternative way to mine cryptocurrency is Cloud mining.

Cloud mining is a way of mining cryptocurrency using rented computing power. There is no need to install hardware and software yourself.

Cloud miners become members of a mining pool where users buy a certain amount of hash power. Each participant receives a share of the profit in proportion to the amount of hash power rented.

Cloud mining companies allow you to open an account and mine cryptocurrency remotely. You pay a price for this, but it’s still cheaper than buying and maintaining your own equipment. You also don’t have to pay for electricity.

For example, the SunMining company is one of the market leaders using “green”, renewable energy for mining. Powerful and intuitive for every investor and novice miner, the company uses the latest equipment – ​​AntMiner S19 Pro and WhatsMiner M30S, which allows you to increase your profits.

To start mining Bitcoin (the most profitable cryptocurrency for mining), it is enough to register with a couple of clicks, choose one of the many packages (initial packages can be purchased without large investments), and see cryptocurrency mining in your account. 24/7 payments, a convenient platform and a team of professionals – this is what people come to cloud mining for.