Friday, August 12, 2022
Tech News, Magazine & Review WordPress Theme 2017
  • Home
  • Cloud Mining
  • Crypto Coins
  • Crypto ICOs
  • Mining/Wallet Downloads
No Result
View All Result
The Crypto Mining Hub
No Result
View All Result
Home Mining Software

Is Bitcoin Mining Still Profitable in 2018?

CryptoGuru by CryptoGuru
May 21, 2021
Is Bitcoin Mining Still Profitable in 2018?
Share on FacebookShare on Twitter

If you’ve read about Bitcoin, you would have also read about Bitcoin mining. Bitcoin mining is nothing but the process of creating Bitcoins from your computer. In this article, let us read about the meaning of bitcoin mining and if it is still profitable today.

Bitcoin mining involves updation of the ledger of Bitcoin transactions, called the blockchain. A user requires extremely powerful computers to perform mining. As a part of the process, miners race against each other in order to guess a particular number.

Earlier, there were several cryptocurrency adverts on Google, however, the same have now been banned making it difficult for miners to understand what they need to do when.

The first miner to make a successful guess about the number ends up updating the ledger of transactions and is rewarded newly minted Bitcoins.

Currently, if you want to earn profits with Bitcoin mining, there are certain strategies that you need to deploy. In April 2018, several bitcoin miners were at the risk of facing a shakeout and chances of profitability were low.

It is suggested that you put your money on equipment, storage, and cooling. You cannot profitably mine with a PC and GPU at home. Profitability can be calculated with the help of a Bitcoin mining calculator.

What is the need for Bitcoin mining?

Bitcoin has emerged as an alternative to the banking system. This system allows for different operations with the transfer of funds from one account to another. Such a system does not need any central authority.

When users have a trustworthy central authority, money transactions are easy. For instance, when you tell a bank that you wish to transfer $100 from your account to another person’s account, the bank is the authority with the power to process the transaction.

The bank alone takes charge of updating the ledger and holds the balances of everyone in the system

So, what’s the process of establishing a decentralized ledger system? How can you give authority to someone to update the ledger without worrying about the incapability or their negligence?

Bitcoin answers all. It rules and has the required protocol to solve all these problems in a unique and interesting way.

bitcoin stack coins

How does Bitcoin mining work?

Bitcoin mining allows anyone to participate. All they need to do is update the ledger of the bitcoin transactions and guess a specific number. The guesswork is more or less done by the computer.

If you have an extremely powerful computer, you have the chance of making more guesses in every second, increasing and improving your chances of winning at the game.

Users that make a right guess earn bitcoins that are transferred into their account. They also get to move on to the next page and write bitcoin transactions on the blockchain.

In a nutshell, mining is the process of earning new bitcoins. It is called mining because you ‘mine’ new bitcoins from the system. However, in totality, mining is just a basic part of the process.

It is actually meant to be the maintenance of the ledger in a decentralized manner.

CryptoGuru

CryptoGuru

Next Post
How To Get Started With Bitcoin Gambling?

How To Get Started With Bitcoin Gambling?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Over 1,000 of Teck’s germ-killing copper patches put in on BC school campus

Over 1,000 of Teck’s germ-killing copper patches put in on BC school campus

September 11, 2021
CP rail shutdown ‘couldn’t come at a worse time for miners’: MAC

CP rail shutdown ‘couldn’t come at a worse time for miners’: MAC

March 21, 2022

Trending.

Up to date “Zombie Mode” for AMD Radeon RX 470/570 and RX 480/580 4GB GPUs for Ethereum Mining

Up to date “Zombie Mode” for AMD Radeon RX 470/570 and RX 480/580 4GB GPUs for Ethereum Mining

June 24, 2021
New GMiner 2.43 With Give attention to Ethash Mining Enhancements and Stability

New GMiner 2.43 With Give attention to Ethash Mining Enhancements and Stability

November 5, 2021
Monero CPU Mining Hardware Benchmarks & CPU Mining Guide

Monero CPU Mining Hardware Benchmarks & CPU Mining Guide

May 21, 2021
Z-Enemy 2.6.3 Beta Nvidia GPU Miner for KAWPOW Mining of Ravencoin (RVN)

Z-Enemy 2.6.3 Beta Nvidia GPU Miner for KAWPOW Mining of Ravencoin (RVN)

June 13, 2021
Asicverse CEO On Why Dropping Bitcoin Value Is Good For Miners

Asicverse CEO On Why Dropping Bitcoin Value Is Good For Miners

January 5, 2022
The Crypto Mining Hub

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Categories

  • Cloud Mining
  • Crypto Coins
  • Crypto ICOs
  • Mining Hardware
  • Mining Software
  • Uncategorized

Recent News

SolGold reshuffles C-suite because it ramps up Cascabel

SolGold reshuffles C-suite because it ramps up Cascabel

August 12, 2022
Indigenous Useful resource Community launches possession marketing campaign

Indigenous Useful resource Community launches possession marketing campaign

August 12, 2022
  • Contact Us
  • Privacy Policy

© 2021 Cryptomininghub.net- All rights reserved

No Result
View All Result
  • Home
  • Cloud Mining
  • Crypto Coins
  • Crypto ICOs
  • Mining/Wallet Downloads

© 2021 Cryptomininghub.net- All rights reserved

Go to mobile version