Friday, December 27, 2019

Bitcoin Mining Profitability: Is Bitcoin Dead?

If you're looking into cryptocurrency right now, one of the biggest questions facing you is probably whether or not Bitcoin is dead. In fact, many people question whether mining Bitcoin is even profitable right now. So let's take a look at the numbers and see what we can find out.

First, let's take a basic look at how Bitcoin is created. It's called "mining," but in reality it's a type of reward created when a computer or groups of computers solve a mathematical cryptographic (security) problem or algorithm. The difficulty of this mathematical formula is ever-increasing as more Bitcoin are mined, or created. This means it gets harder and harder as time goes on to create new Bitcoin.

Fast forward ten years after its creation, and Bitcoin mining is starting to become seriously difficult. It takes more and more computing power to mine a single Bitcoin every day. Large computers linked together in one location, also known as mining farms, operate on a budget which has to take into account the electricity used by not only the machines themselves, but also by the air conditioning units needed to keep the computers cooled off (hard work generates a lot of heat!). At current electricity prices, it's estimated that Bitcoin needs a market value of around $7500 in order for Bitcoin mining to be profitable. As of the writing of this article, the price of Bitcoin is bouncing around $6500. Based on this, we would assume that Bitcoin mining is not currently profitable.

However, Bitcoin is not the only cryptocurrency that you can mine. Many people don't realize this. Mining an alternative cryptocurrency (altcoin, as they are called), can still be profitable because their mathematical problems have not reached the same level of difficulty yet. That is why I'm sharing this with you today.

While Bitcoin has the greatest dollar value and is most likely to lead the pack of cryptocurrencies for a long time, Monero is a extremely privacy-conscious coin that is easier to mine with a good return on investment (investment being electricity). Everyone reading this, whether on a desktop, laptop, or smartphone, can mine Monero starting today, and cash out in Bitcoin - the granddaddy coin with the potential for the greatest increase in the value you create.

How is this possible, you might ask. It's simple. I mentioned mining farms earlier, where computers are linked to generate more computing power to solve the mathematical equations to create a cryptocurrency coin. However, you can also create a mining pool by combining the distributed processing power of many computers through a network, such as the internet, to a centralized server processing the resulting data. 

Okay, so if you're still with me (and I hope you are) you'll be interesting in checking out the CryptoTab Browser. It's built on the same code as Google Chrome, but features the ability to help mine Monery while you surf the web. No special sites to visit. No links to click. Just use the browser on your desktop, laptop, and smartphone to generate Monero, which is then cashed out when you're ready, in Bitcoin.

It really doesn't get much easier than this. There is no special equipment needed. It can be done anywhere in the world. There is really no learning curve. All you do is sign up, download the browser, and surf the internet like you do every day!
Click on one of the banners here to check out the CryptoTab Browser in greater detail and get started earning Bitcoin today!

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