Bitcoin mining in 29. jan 2018, is it still profitable?

in #bitcoin7 years ago

Bitcoin mining is an interesting way of trying to make a few bitcoins :D but it also serves a very important purpose - it keeps bitcoin blockchain secure.

What is mining?
Unlike regural currencies ($, €, £) bitcoin assets are not controlled by a goverment or bank and new Bitcoin cannot be printed and issued like paper money. Instead bitcoin tokens are introduced into the market with proccess known as mining.
Bitcoins are given to the miners who have solved the math problems to veryify Bitcoin transactions.
In my opinion if you have too much money then you should invest it in graphic cards and build your own mine. (You can mine other cryptocurrencies like Ethereum too, not only Bitcoin

Basics of cryptography
SHA-256 – the mining algorithm used by bitcoin – is a one-way cryptographic algorithm. When you pass a word through SHA-256 you will be given back an unrecognizable string of letters and numbers called a “HASH”.

For example, the SHA-256 of the word “BUTTERFLY” (source) is “8c62ace4f9ef8ccd08ca6fb992a8524bb7dbdc0530654bd254c9da07a660949a” (HASH). This seemingly random string of letters and numbers has three important properties:

Only the word “BUTTERFLY” will ever give that specific HASH.
The word “BUTTERFLY” will always give back that exact HASH.
There is no way of figuring out the word “BUTTERFLY” if you only know the HASH.

At first it's pretty hard to understand, for me too but after reading some articles you will figure it out;)
Used media: Wikipedia, www.finder.com, businessinsider.

Sort:  

Good post, request you to follow me and upvote please. I am also following and upvoting you.
Thank you

thanks

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.finder.com/bitcoin-mining

I am having good results from hashflare by reinvesting. Hopefully bitcoin price goes to the moon in February when Wall Street invests and lunar new year is over!

I’d say yes it is still profitable, but only if you can afford to fork out a lot of money on the initial hardware investment. The “difficulty” is far out of reach of the average PC to mine now. You also need to be somewhere with cheap electricity.

Tried mining Electroneum on a single GTX 1070 in the UK and was making about 1 pound profit a day, lol. :D

haha, poor you

This wonderful post has received a @luts 4.64% upvote from @mrswhale. Discord Channel: https://discord.gg/WVJW7AC Please vote with the link below if you support our project. https://goo.gl/1zYDKh

This post has received a 0.04 % upvote from @drotto thanks to: @banjo.