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Daily Profit Bitcoin – What is Bitcoin Mining? Is Bitcoin Mining Profitable or Valuable in 2023?
Bitcoin mining started as a well-paying hobby for early adopters who had the opportunity to earn 50 BTC every 10 minutes mining from their bedrooms.
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Successfully mining just one Bitcoin block, and holding onto it since 2010 will mean you will have $450,000 worth of Bitcoins in your wallet in 2020.
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If you are motivated to learn, and you want to earn a semi-passive income from Bitcoin, here are some basics to help you before you decide if it is even possible for you to profit from Bitcoin mining.
Miners are rewarded with 6.25 bitcoins. After the halving in 2024, this number will drop to 3.125 bitcoins. The reward (plus transaction fees) will be paid to the miner who solves the puzzle first.
This process repeats approximately every 10 minutes for each mining machine on the network. The difficulty of the puzzle (network difficulty) adjusts every 2016 blocks (~ 14 days) to ensure that an average machine will solve the puzzle in a period of 10 minutes.
Mining hardware is specialized computers, built for the sole purpose of mining Bitcoins. The more powerful your hardware – and the more energy efficient – the more profitable it is for mining bitcoins.
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In other words, the more miners (and therefore computing power) mining Bitcoin and hoping for a reward, the harder it is to solve the puzzle. It is a computational arms race, where the person or organization with the most computing power (hashrate) will be able to mine the most Bitcoin.
The more computing power a machine has, the more solutions (and thus, block rewards) a miner is likely to find.
In 2009, hashrate was initially measured in hashes per second (H/s) – due to the exponential growth of mining, H/s was soon commonly prefixed with the following SI units:
To try to put this into perspective, let’s see how much revenue 1 TH of Bitcoin mining power can generate. As the global hashrate generally increases, the revenue per TH for each miner generally decreases, – and the revenue chart for 1 TH/s looks like this:
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However, when you consider how many TH/s there are in the entire Bitcoin network, you get a real sense of the scale of the industry:
Despite the media exaggerating the effect, it is a fact that the primary cost of mining is the energy used. Revenue from mining must exceed those costs, plus the original investment in mining hardware, to be profitable.
As of February 2022, a single Bitcoin mining machine (commonly known as an ASIC), such as the Whatsminer M20S, generates approximately $12 in Bitcoin revenue per day, depending on the price of Bitcoin. If you compare this to the revenue from mining various cryptocurrencies, such as Ethereum, which are mined with graphics cards, you can see that the revenue from mining Bitcoin is mined with the same GPUs. About twice what you can buy for an ASIC. . Thirteen AMD RX graphics cards cost the same as one Whatsminer M20s.
This graph shows you daily bitcoin mining revenue. It does not take into account the daily electricity costs to run the mining machine. Your basic costs will be the difference between mining profitably or losing money. GPU mining for Ethereum is more efficient than Bitcoin mining with an ASIC machine
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You can think of it as if miners were a decentralized PayPal. Let all transactions be recorded properly and earn some money for running the system.
Bitcoin miners pay miners a block reward as well as fees for securely recording their Bitcoin transactions on the blockchain.
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A fixed number of new bitcoins are awarded approximately every ten minutes to the person with the fastest mining machine to discover a new block.
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Originally, in 2009, Satoshi Nakamoto set the mining reward at 50 BTC, as well as encoding future reductions in the reward.
Bitcoin code is predetermined to halve this payment approximately every four years. It was reduced to 25 BTC in late 2012, and again to 12.5 BTC in mid-2016.
Another source of income for Bitcoin miners is the transaction fees that Bitcoiners have to pay when they transfer BTC to each other.
This is the beauty of Bitcoin. All transactions are recorded in an immutable blockchain that is replicated across all mining machines.
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Bitcoin does not rely on a central bank to keep records, the miners themselves keep the records, and they also have to keep a portion of the transaction fees.
Of course, while profits from Bitcoin mining are not guaranteed, paying taxes on your mining rewards is. Every miner needs to know the relevant tax laws for bitcoin mining in their region, so it is very important to use crypto tax software that helps you track everything and ensure that you pay taxes. Earning a lot of money even after creating an account.
First of all, there are many variables in Bitcoin mining. This is why buying Bitcoin on an exchange can be an easy way to make a profit. However, if done efficiently it is possible to make more profit bitcoin mining than just buying and ‘hodling’ (a term used to describe the act of not selling your bitcoins).
One of the most important variables for miners is the price of Bitcoin. If you, like most people, pay for your mining hardware, and your electricity, in dollars, you will need to earn enough bitcoins from mining to cover your running costs; and return your original investment in the machine.
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The price of Bitcoin, naturally, affects all miners. However, there are three factors that separate profitable miners from the rest: cheap electricity, low-cost and efficient hardware and a good mining pool.
So far in this article I have used the Whatsminer M20S as an example of the type of machine you will need to mine Bitcoin. There are many hardware manufacturers to choose from these days.
The price of hardware varies from manufacturer to manufacturer and mostly depends on how low the machine’s energy consumption is compared to the amount of computing power it produces. The more computing power you have, the more bitcoins you will have. The lower the energy consumption the lower your monthly costs.
Profitability is determined by the cost per TH machine, how many watts per TH machine it uses, and your maintenance costs.
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The longevity is determined by the production quality of the machine. There is no point in buying cheaper or seemingly more efficient machines if they break down after a few months of operation.
If hosting costs are low enough, it often makes sense to prioritize ‘per TH’ pricing over ‘watts per TH’, as your lower operational costs (OpEx) will compensate for the loss in efficiency of your machine – and Conversely if your maintenance costs are high.
Currently the manufacturer with the lowest failure rate is MicroBT, which makes the Whatsminer M20S and other Whatsminer models.
A useful way to think about hardware is how much BTC would have to drop to stop the machines from being profitable. You want your machine to be useful for many years so that you can earn more bitcoins from mining than you would from buying the cryptocurrency yourself.
The Cost Of Mining Bitcoin In 198 Different Countries
The table below shows that most modern machines can remain profitable at a Bitcoin price between $5000 and $6000. Some machines can manage to drop below $5k, if they are powered by electricity that costs less than $0.05 kWh.
Unfortunately, most of the old machines are no longer profitable even in China. Bitmain S9 has been operational since 2016 and interestingly they are still being used in Venezuela and Iran where electricity is so cheap that it outweighs the risk of confiscation. Ultimately, improved access to solar and wind power in North America could lead to more reliable sources of less than 2 cent electricity.
For the individual miner, the only hope of competing with operations with access to such cheap electricity is to move their machines to those fields. But many farms do not offer this as a service.
Electricity prices vary from country to country. Many countries also charge low prices for industrial electricity to encourage economic growth. This means that a mining farm in Russia will pay half of the electricity you would in the USA. I will do it myself at home. In places like Germany, as you can see from the chart, it’s a different story…
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In practical terms. Running the Whatsminer M20S for a month will cost about $110 per month if your electricity is $0.045 kWh in China, Russia or Kazakhstan. You can see from the table below that you will
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