Is bitcoin mining a good idea? What to learn about bitcoin mining.
Even if you have the funds to set up a mining rig, mining is a gamble.There’s no guarantee you’ll even earn back the money you spent setting up, whether you go it alone or join a pool.
If you see bitcoin mining as some fast track to untold riches, you’re probably going to be disappointed. You’re going up against huge, well-funded organisations with far more capital and computing power, and much shorter odds.
Consider this: BIT Mining Limited in Hong Kong has an energy capacity of 82.5 megawatts. Its theoretical hash rate is equivalent to 971 petahashes per second – that’s 971 quadrillion guesses per second. Solo miners are the David to Goliaths such as this.
If you’re not expecting a quick return, joining a pool might be a better way to go – with expectations of far, far lower but more frequent returns on your investment that could pay dividends over longer periods of time.
Finally, you’ll need a bitcoin wallet in which to store the private and personal keys that will be associated with your bitcoins, if you’re lucky enough to mine some successfully.
Free user accounts on crypto exchanges like Coinbase and Binance offer crypto wallets with no charge and are an easy way to get a bitcoin wallet. Your wallet will be assigned an address which you’ll need to share in order to receive your mined bitcoins. bitcoin mining a good idea