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Can Bitcoin Mining make you Rich?

How does Cryptocurrency Mining Work?

Cryptocurrency mining is the work that is done for earning cryptocurrency by solving cryptographic equations using computers. Miners have to validate data blocks and add transaction records to the public ledger known as the blockchain. 

People are attracted to mining due to the aspect of getting paid in Bitcoin. To some people, it might seem to be a cakewalk but it's not real. It is pretty much hectic work which is very costly.

For early adopters, it was just like a dream job. They could earn 50 Bitcoins from their bedroom in just a matter of a few Bitcoins.

Profit in mining

Mining cryptocurrency is a business with a high yield. Initially, you have to spend some money on setting up a high-end computer. Maintainance expenses are yours to handle. This might reduce your profits. 

Since 2019 mining has become more difficult. Old players in Bitcoin mining have a high-tech setup that makes it very difficult for small miners to compete. The substitute for costly mining is cloud mining.

What is cloud mining?

Cloud mining is a method of mining in which you use someone else's computer for your convenience. Companies offer their resources and charge on the basis of hash rate which is your processing power.

You don't have to worry about maintenance costs and power consumption costs as they are handled by the company. It can take months for you to make a profit from your investment in cloud mining.

Can Bitcoin mining be done on laptop?

Technically it is possible to mine bitcoin on the laptop. But it is not possible for you to make a profit. Big organizations use high-tech specification machines to do mining. It is impossible for you to compete with them.

Can Bitcoin mining make you rich?

In short, yes is the answer. 2000 Bitcoins are mined every day. This is a huge number. Currently, the price of Bitcoin is above $50,000.

If we take the current price of Bitcoin into account Bitcoin mining makes $100,000,000 every day. That is a huge amount.

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