7 Reasons You Should Get Into Crypto Mining
As most people reach a certain age, they tend to dive deeper into the world of stocks and trading. While there’s nothing wrong with taking up a hobby in finance, today, there’s a new approach to digital currency with similar methods: crypto. The crypto world has shaken traditional banking and financial institutions worldwide with an emphasis on decentralized platforms, blockchain technology, and computational hashrates. Here are seven reasons you should get into crypto mining to help you start your journey.
Potential Lucrative Rewards
The biggest selling point for getting into crypto mining that draws in new users each day is its potential profitability. More importantly, each cryptocurrency has its own market value, with prices changing monthly—and sometimes daily. Price fluctuations are an important consideration in crypto mining. Likewise, when trading stocks and bonds, there’s potential to reap considerable rewards for each crypto token you sell. Some cryptocurrencies, like Bitcoin, are worth tens of thousands of dollars per token. Others may be worth only a few dollars or pennies, but over time, these too have the potential to exponentially increase, leading to great profits for patient sellers. Whichever crypto you choose to invest in, consider the financial implications of buying and selling these tokens to reap the greatest return on investment for all the time, energy, and money you’ve spent in creating your perfect mining rig.
This leads to the next point: hardware. The plethora of technological devices used to mine crypto is outstanding. Currently, there are two main types of crypto miners available: ASIC miners and GPU/CPU miners.
ASIC miners are limited in the cryptocurrency they mine. They can only mine one cryptocurrency at a time, so they’re worth using for larger cryptos, like Bitcoin or Ethereum. Still, their immense processing power allows for fast, efficient mining capability without much additional work involved.
GPU/CPU miners are a bit different. These miners run on basic laptop or desktop configurations. However, that doesn’t mean they’re any less efficient at mining crypto. In fact, with multiple mining software available, you can customize your GPU/CPU miner any way you want that fits your budget and purpose.
Mining Pools and Cost-Saving Strategies
Crypto mining takes a lot of energy to reap rewards sufficiently. Some cryptocurrencies only require a few minutes of mining to ensure rewards, but these are often of lower value and limitless supply. Big-name cryptos, like Bitcoin or Ethereum, have limited supply and take longer to reward. Overall, this requires a lot of electrical input necessary to achieve your desired results. You may face a large energy bill each month, depending on your mining rig and how long you spend mining each day. Of course, that doesn’t mean that solo mining is the only option. In fact, you can join a mining pool to divvy up the mining responsibility. While this implies you share rewards with your fellow miners, you pay considerably less for energy costs than in solo ventures. You can also rent a data center for mining activity based on a contractual payment. This ensures a flat rate for an annual rental agreement but also avoids further energy or maintenance costs.
Greener Approaches to Crypto Mining
Even still, you can create a sustainable crypto-mining enterprise from your base of operations. Sustainability is one of the seven reasons you should get into crypto mining. The high emphasis on technology and electrical power are the main drivers behind this sustainable push. As other industries take hold of electrification—automakers, Internet broadband, and smart devices—the crypto world has also become a new means renewable energy incentivization. For example, if you’re planning on solo-mining from home, consider the financial limitations of conventional energy consumption versus something like solar panels. Solar energy provides limitless energy, and installing solar panels costs less in the long term than traditional energy usage. Doing so may also qualify you for a Federal and local tax break, depending on where you live.
Join an Enthusiastic Community
Crypto mining has become a subculture in itself. There are many people around the globe embracing the shift from conventional fiat currency to digital currency. Cryptocurrency found support amongst many people from all backgrounds—financial enthusiasts, tech enthusiasts, those wanting to decentralize banking and commerce, and those interested in commodities trading. Therefore, you can find a popular bustling subculture of like-minded people online. There are tons of forums and subreddit pages dedicated to crypto mining to help you get started, filled with tips, advice, questions, and help when needed.
With the number of cryptocurrencies out today, it’s no surprise that you’re going to find a crypto, or many cryptocurrencies, worth your time and attention. As previously mentioned, some cryptocurrencies have the highest value—such as Bitcoin and Ethereum—but also have the most dedicated miners. These cryptos also have a limited supply, so competition is fierce. That shouldn’t stop you from mining other cryptocurrencies, though. Some, like Dogecoin, have spurred as satirical jokes but evolved into full-fledged cryptocurrencies with dedicated miners and even media attention. It is in your best interest to diversify your crypto portfolio to see which cryptocurrencies are worth the most time, energy, and attention for the best return on investment. Even if you’re doing this as a hobby, there are countless cryptocurrencies out there for you to mine. You may even turn a profit if you sell at the right time.
Lastly, crypto mining opens the door for a new hobby. Whether you’re interested in tech, finance, or both, crypto mining is a great way to enhance your capabilities. It’s a good educational opportunity to learn more about trading, blockchain technology, and computation. Crypto mining isn’t for everyone, but if you’re interested in getting started, then try to find help groups online or read some informational guides on crypto technology to make sure you’re ready to go.
With all that said, there’s only one place to go for the best crypto miner hardware—BT-Miners. We have a wide selection of crypto miners perfect for beginners and advanced crypto enthusiasts alike. Whether you’re just getting started or want to improve your current mining rig, give us a call. We’re here to help you find the right mining rig for your operations. With financing options available, you’ll fulfill your crypto-mining dreams with the best miners on the market—all at low monthly costs.