From the past few months, interest in cryptocurrency has coursed as bitcoin and other popular cryptocurrencies have skyrocketed in value whichever is available in the market generally. At one point in the month December, the price of a single bitcoin was above $20,000 and the price escalation also left impact on the other cryptocurrencies.Buying on an exchange like the coinbase which is usually simple as there are people who prefer to mine their coins instead.
Is mining profitable?
The process of mining can also be known as a no-brainer. One just needs to set up a computer which would help him or her to solve complex math puzzles and after resolving the puzzles, the person will be rewarded with a coin. Earlier, the first bitcoin miners were able to earn coins relatively quickly by using the computing power they had in their homes. Nowadays, cryptocurrency mining is a little more complicated and involved as with the bitcoin, the reward is halved every four years. Even on the top of that the serious miners have built huge arrays to execute the mining process successfully.
Anyone can just simply join any of the bitcoin mining pools for more effectiveness but that comes with a fee which usually reduces the profits accordingly. There are also some crypto miners who opt for other currencies instead of making more money with the money which they have already invested.
Most profitable miners
The process cryptocurrency mining is basically surging across college campuses in the United States as the students take advantages of free electricity which are provided by their dorms. According to the latest reports, here is the list of most profitable miners who have reached the top spot in this field. These are….
- Equihash 40K who usually earns $139.27 per day.
- D9 DecredMaster and their per day income is $119.85.
- DragonMint B29 is also there on the list and they usually earn $119.85 per day.
- DCR1 earns $86.09 per day.
- Antminer B3 (780 Hz) earns $46.18 per day.
- A8+ CryptoMaster makes $38.14 in a day from this mining process.
Apart from these above miners, there are some cryptominers who worth very little in United States dollars. However, it is possible to use what they mine and convert that into fractional bitcoins on an exchange. No matter what the miner is deciding to mine on this process, they just have to account for your setup costs and also at the same time, they need to buy the right equipment which includes graphics cards in some cases and these cards can cost up to $700 per piece.
It is possible to put together a basic rig for some of the less popular cryptocurrencies though which can come around $3,000 and some miners spend more than $10,000 on the rigs which they will make. While trying to build the rig, the person requires to realize that they are going to be using quite a lot of power for the process. If people think bitcoin will rise in the future, then they might be better off buying fractions of coins.