Here in the 21 st century everyone wants to become a millionaire but only way of becoming a millionaire fast is by mining cryptocurrency. Since 2015 bitcoin become the most successful and valuable cryptocurrency that time
1 BTC = 20 k $ .
but mining increase day by day by which value fall to 8 k $
Cryptocurrency mining, or cryptomining, is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. Also known as cryptocoin mining, altcoin mining, or Bitcoin mining (for the most popular form of cryptocurrency, Bitcoin), cryptocurrency mining has increased both as a topic and activity as cryptocurrency usage itself has grown exponentially in the last few years.
Each time a cryptocurrency transaction is made, a cryptocurrency miner is responsible for ensuring the authenticity of information and updating the blockchain with the transaction. The mining process itself involves competing with other crypto miners to solve complicated mathematical problems with cryptographic hash functions that are associated with a block containing the transaction data.
The first cryptocurrency miner to crack the code is rewarded by being able to authorize the transaction, and in return for the service provided, cryptominers earn small amounts of cryptocurrency of their own. In order to be competitive with other cryptominers, though, a cryptocurrency miner needs a computer with specialized hardware.
The only question arises is mining BTC is profitable or not?
Mining cryptocurrency seems like a no-brainer. Set up a computer to help solve complex math puzzles and you are rewarded with a coin or a fraction of a coin. The first bitcoin miners were able to earn coins relatively quickly just using what computing power they had in their homes.
By 2019, cryptocurrency mining has become a little more complicated and involved. With bitcoin, the reward is halved every four years. On top of that, serious miners have built huge arrays to mine, making it harder for smaller miners to compete. You can join a bitcoin mining pool to be more effective, but that comes with a fee, reducing your profits.
Some crypto miners instead opt for other currencies. Some other cryptocurrencies are worth very little in U.S. dollars, but it’s possible to use what you mine and convert it into fractional bitcoins on an exchange, then hope that bitcoin gains in value.
No matter what you decide to mine, you have to account for your setup costs, including, in some cases, graphics cards that can cost upwards of $700 apiece. It’s possible to put together a basic rig for some of the less popular cryptocurrencies for around $3,000. However, some miners spend more than $10,000 on their rigs.
On top of building your rig, you also need to realize that you are going to be using quite a lot of power. If you have high power rates, you could end up spending quite a lot to mine coins—especially bitcoin. According to Marketwatch, the electricity cost involved in mining a single bitcoin is more than $3,000 in the cheapest states. For states with higher electric rates, you could spend more than $6,000 in electricity to mine a single bitcoin. With the cost of one coin between $3,000 and $4,000, as of January 2019, the energy costs alone don't make it worth it.
A less powerful rig mining alternative currencies could save you money. Even so, it can take several weeks, or even months, to recoup your original investment and become profitable.
