Thinking of mining Bitcoins in 2020 , then this post is for you...!
Bitcoin is the first cryptocurrency ever build , and today it is the largest crypto currency with market capitalisation of more than $128bn.
You won't believe that in the world today there are about approximately 5,392 cryptocurrencies being traded with a total market capitalisation of $201bn (as of April 22, 2020) out of which bitcoin alone hold the $128bn market cap.
Now is Mining Bitcoin Profitable for the year 2020...?
Now we all know that bitcoin hits it's lowest price for 2020 back in march , but from after than the price of bitcoin has been on meteoric uptrend , with the leading cryptocurrency doubling in value in the period of five months only.
Not only this , but at the same time BITCOIN HASH rate has increased by more than 25% since march. it just reach its highest ever value.
Also the bitcoin halving event occured in the month of march , that simply means that the amount of bitcoin mined each day will be cut in half.
with all these factors coinciding with one another , it is really not easy to say whether or whether not bitcoin mining is still profitable here in 2020.
Factors on which bitcoin mining profitability depends
The best way to keep yourself on the top of difficulty curve and maximize the odds of achieving profitability is by acquiring the latest , most efficient mining hardware at a fair price.
so if someone is looking to invest in new mining hardwares for making profit , then the person needs to consider several factors like:
1)Price and Shipping cost.
2)import taxes.
3)electricity cost involved in acquiring and operating their new hardware.
According to a recent report by CyptoCompare's mining profitabilty calculator , 1TH/s of hash rate will generate about 0.00000742 BTC or you can say around $0.086 per day in profit at bitcoin's current price i.e about $11600.
also apart from this the miners need to deduct their electricity and maintenance cost as well.
it is definitely not a cool life for a bitcoin miner....Right?
So not going much deeper into hardware names and profits with so and so conditions i must come to concusion.
so at the end a bitcoin miner can expect to have generate about 20% profit per day over operating costs if using the current generation hardwares.
one can increase its profit by setting up the plant at the region with cheaper electricity plan , this can boost the profit way too fast.
So that's it for this ost , i hope you all have had learnt something informative from this post.
Thank you so much.
See you all with my next post soon...!
