Is Bitcoin Mining Possible in 2020?
Bitcoin was introduced in 2009 but it got fame in 2015 when the Bitcoin prices reached around $20000. With increasing growth, many people got attracted to it and wanted to invest in digital assets.
There are two possible ways of getting the Bitcoins which are Mining and Trading. When you are trading it is not 100 % guaranteed that you will get profits only because the value is fluctuating every time, sometimes it’s sky-high sometimes it reaches the ground level.
There are many exchange units from where you can exchange your digital currency across the globe. There is also a Bitcoin banker where you become part of the community, where you can invest and gain profits with the help of proper knowledge.
Now bitcoin is available in almost every country and people started using it as the mode of payment and now it is very easy to cash in the digital currency also because now there are more than 7000 Bitcoin ATMs from which you can cash in your digital currencies.
Mining is much more complicated than trading but the difficult the task is the bigger the rewards are so if you are doing mining than the probability of getting profits is also very high. But the question is the mining is still profitable in the year 2020? Here are the answers.
If you want to trade the bitcoins you can visit onebitcoin-a-day.com.
Mining is a process where we can create Bitcoins with the help of complex algorithms, high-end PCs, and with the blockchain technology. Blockchain is a process with which we can secure digital transactions it’s an advanced way of coding.
The risk of cyber-attacks is minimized with the help of blockchain technology. In the year 2009 when Bitcoin has no prices, but many people see its potential and wanted to mine it.
Is it worth to mine Bitcoin today?
First of all, you should understand several things and should be aware of the things related to mining to start mining.
As there is a kind of war running between the biggest mining agencies that will mine more than others. For this, they required high ends PCs, high-end graphic cards, good internet speed, and the potential to pay high electricity bills. Because after 2015 the software market and the sub material market of computers have raised its prices by almost twice.
After having all these still, there is no guarantee of 100% success in mining, especially when the halving occurs. But still, if you have the essential equipment and you invested a lot with the specific knowledge about the mining then you must get the profits more than you invested in it.
Also Read: Best Wallets Selection For Cryptocurrency
What is Halving?
The halving occurs every four years. When the amount of cryptocurrency specifically Bitcoin cut to half which miner get in return. The trend is like there were 50 Bitcoins that were rewarded to Miners in 2012, then in 2016 it cut to half and they started giving 25 Bitcoins as a reward and in 2020 is cut short to 12.5 Bitcoins.
And for mining, you must have essential equipment like high-end PCs, high-speed internet, High-end graphic cards, an effective processor, and you should afford high electricity bills. This is the reason why many people step back from it and most of the mining happened in big facilities only.