I know you’ve thought about mining bitcoin. So, why should someone even go ahead and try it? The reasons are many:
- Passive Income: Once you have set up the mining rigs, the system runs round the clock, earning sats.
- Familiarity with Bitcoin: Mining gives you a hands-on experience with the most important cryptocurrency in the world. It exposes you to every aspect of the bitcoin world and keeps you updated on the latest trends and developments.
- Helping with Blockchain Maintenance: Bitcoin mining is a critical element for maintaining the integrity and security of the blockchain network. By mining Bitcoin, you are contributing to making the network more secure.
- Increased Accessibility: With tech advancements, the barriers to mining entry have been significantly reduced with the availability of affordable and easy-to-operate mining devices. Bear in mind though, the profitability of Bitcoin mining can vary depending on factors such as electricity costs in your area, the type of mining hardware you use, and the current price of Bitcoin. It is crucial to thoroughly research and understand what you’re getting into before you start investing in significant mining equipment.
- Supporting Decentralization: Bitcoin is a decentralized digital currency by design, meaning there’s no central authority that controls it. Participating in Bitcoin mining further supports this decentralization because the more individual miners there are worldwide, the less control any single entity or person has over the network.
- Getting to grips with the technology: Mining Bitcoin at home gives you practical experience with cryptocurrency mining technologies, including learning about different types of mining hardware and software, understanding how blockchain technology works, and enhancing your problem-solving skills as you optimize your mining setup to maximize profitability.
- Possibility of future appreciation: Bitcoin’s value has been known to rise, and those who hold onto the cryptocurrency could potentially profit from selling when the price is high.
While bitcoin home mining does have potential benefits, it’s important to note that it also has technical challenges and financial risks. It involves significant investment in hardware and electricity costs, and profitability is never guaranteed.
The first options are what one would call idealistic mining, meaning not really for profit. It’s meant to run a machine to help with decentralization, like running your own node. The final options are closer to something profitable.
So, here are 4 ways you can start mining right now.
4. Turn Your Blockstream Jade Into a Miner
Blockstream did an April Fool’s joke that you could turn their Jade into a miner, and then went ahead and wrote the code to do just that.
You can read all about it here
and buy your own Jade here with the coupon code LOVEISBITCOIN for 10% off. https://loveisibitcoin.com/blockstream
3. Make a Nerdminer Yourself From Parts
Or get it preassembled. Frankly, it’s much more fun if you make it yourself and it’s more educational, but I understand that some people might not be as crafty as I am.
Thankfully GoBrrr.me has the options for anything you want, DIY or preassembled, coloured 3D printed cases, you name it. Find them all here and use the coupon code LOVEISBITCOIN for 5% off https://loveisbitcoin.com/nerdminer
We had lots of fun during our meetup by making people hold the nerdminer and telling them that they’re bitcoin miners now.
2. Buy Shares in a Mining Farm
Or shares in a specific ASIC. This company MEATEC specializes in sustainable energy sources for their mining farms, and they’ve opened up their platform so that anyone can invest. You can buy shares with as little as 1 dollar.
There are options to buy shares or to buy individual machines and you’ll earn the equivalent hashrate. You can choose to reinvest what you earn or cash it out, it’s your choice.
This option might not exactly be true mining, but if you want to give back to the bitcoin network and the technical aspects of mining intimidate you, this is the best solution for you.
Ever wanted to mine but it feels too hard and competitive? Infinity Hash is a new service from the Green Mining company MEATEC. You can buy shares as low as 1 USD and start earning BTC back. It’s all non-KYC and it’s the best way to get into mining without all the hassle. Use this link to get 10% off your initial share purchase. https://loveisbitcoin.com/infinityhash
1. Get An ASIC Machine and Start Mining Like the Pros
Out of the entire list, this is the only option that starts to make sense. The first options of nerdminers and Blockstream Jades are producing negligible hashrates, and while they’re wonderful for learning how it all works, they’ll never generate anything close to an income.
The mining shares option is fine and problem-free, but you’re putting a lot of trust into a third party, and it’s like the first thing we tell newbies in the space, don’t trust, verify.
But here in the top option, this is where it all starts to make sense. An S9 miner is still not profitable but it will produce actual satoshis when you plug it in and connect it to a miner. It will cost more than the electricity required to run it, but the sats earned will be non-KYC. If you have free electricity from a solar panel or something similar then it will be profitable.
Here’s an article on how to DIY that.
Or, you can always repurpose the S9 like I did and run it instead of a space heater during the winter. That will essentially cut down on your old space heater cost by earning you back some sats.
After the S9, you can go bigger.
There’s a solution by 21 Energy that works well, and you can even order a profitable miner in a form factor that’s easy to use at home, silent and safe.
21Energy is an EU store that offers refurbished ASICs and kits for home Bitcoin Heaters. Does your space heater earn you sats? No? Then get one here with the coupon code LOVEISBITCOIN for 5% off. https://loveisbitcoin.com/21energy
For the US, you can try Kaboom Racks, to buy or host a miner.
Kaboom Racks (US) is the place for all your mining needs. ASICs, parts, repairs, find them all here https://loveisbitcoin.com/kaboomracks
An excellent option for ASICs of any hashpower is D-Central, with cheap miners and an experienced repair centre. Buy here https://loveisbitcoin.com/dcentral
And you can find more places to buy from on our ASICs category https://loveisbitcoin.com/coupons/#asics
What do you think? Are you ready to become a miner, and if so, which path will you take? There are no wrong answers.
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