The total amount of Bitcoins is 21 million, and over 18 million are currently in existence. That means that crypto fans have an opportunity to join the Bitcoin community and start the process of earning digital assets. There are still 120 years to join the Bitcoin family as the next 3 million Bitcoins will be progressively slower to mine. The reasons are the block reward halvings that reduce the supply of new Bitcoins by 50%.
In addition, mining is getting more and more complicated. The average amount of new Bitcoins mined per day is 1,800. Speaking about the speed of mining, new Bitcoins are mined every 10 minutes. How much time does a user need to spend to mine one Bitcoin? It does depend on how much mining power the miner has. A fascinating fact is that up to 200 thousand dollar millionaires made up from Bitcoin. Thought Bitcoin is not much similar to gold, but investors continue to contribute into the alternative money believing in its tremendous success and convincing others in Bitcoin’s high value.
Mining makes sense, but the question is what equipment to buy: new or used. The best miner on the market is currently Antminer T19, but at the same time the most expensive. Having limited budget, crypto fans may prefer used equipment, but it is a must to check its functionality by professionals.
However, then appears another question: if a used miner is really worth its money, why would the owners sell it? Being quite a risky matter, the better option is to make a choice on the new equipment. On the other hand, a great number of people have invested into cloud mining which does not require any special skills and knowledge of mining equipment and its features. That’s certainly a great advantage in one respect.
Cloud mining enables its users to start mining even with minimal funds and instantly make a profit. There is no doubt that cloud mining provides less income in comparison with mining on user’s own equipment, but it is more or less stable. In case it has its followers.
To get a clearer picture of the cost necessary for Bitcoin mining, let’s have a look at the revealed analysis by Elite Fixtures taken two years ago. The last one investigated electricity expenses in 115 countries. According to the research, the cost of mining the digital money was different all around the world starting from incredible $531 to tremendous $26,170. The minimal cost of expenses belonged to Venezuela. In 24 countries out of the researched, the cost for Bitcoin mining overreached $10,000.
In some countries, the situation was absurd; for instance, in South Korea the total expenses on Bitcoin mining topped $26,000 per coin. What does surprise is that the price used to be three times higher than the price for Bitcoin itself. This is a picture of the past. What are we having now? The rate is currently different, it is much higher and it gives more benefits to its believers and followers. Another point is that during these changing periods Bitcoin is still the leader and does not give any shades of hesitation in its failure.
To conclude, mining income depends on the equipment, its maintenance and the exchange rate. Numerous online calculators will help users calculate their expenses and potential incomes more correctly. With sharp jumps in price, even little profit can provide proper monthly earnings. Anyway, miners operate for the long-term results, and expect that Bitcoin either reaches the mainstream adoption or gets gigantic capitalization in the future. The virtual currency that goes around borders and does not have any control. Will it ever be stopped and should it? There is still no answer.