Bitcoin Mining – The New Gold Rush?

While it is easy to think that you can instantly get rich mining Bitcoin, the reality is much more complex.

Once you factor in the cost of the equipment, maintenance costs and the electricity, you are definitely eating up a large chunk of your profits.

That brought me to my next thought..how do miners make money? I know that they do get Bitcoins and fees as payment but does that still make it worth it in the long run? Upon further research I found out that there is something called “Cloud Mining”.

Cloud Mining takes the approach where a group of individual miners contribute to the generation of a block and then split the reward. The method of this seems easy enough, but again, it’s not without risks. It’s not certain how much money you will ACTUALLY make. It depends on a lot of factors happening at different times. You would definitely have to do your research to make sure that mining is worth your time and energy. Bitcoin.com has a lot of information on mining and offers a cloud mining service if your interested.  If you have some time and want to make some money, mining just might be for you.

Stephanie

 

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