Can You Still Mine Bitcoin and Other Crypto From Home
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Bitcoin was the world’s first globally accessible cryptocurrency to popularize mining
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When you mine a cryptocurrency, you need to be mindful of the liabilities that will cut into your profits: namely, bitcoin’s market price, the cost of electricity, maintenance fees and the cost of your mining equipment
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If you are mining bitcoin using one of Nvidia’s newer graphics cards, like the RTX 3080, you’ll generate $139 a month in bitcoin, according to Nicehash. As of January 2022, the RTX 3080 costs about $1,400.
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If you are using a purpose-built AntMiner S19 Pro, Nicehash claims that you’ll turn a projected daily profit of $17.79
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However, a single S19 Pro miner will cost you about $10,000, and it’s only good for mining bitcoin.
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There are some truisms: after a certain point, it is generally more efficient to mine bitcoin rather than Ethereum with computer chips
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As opposed to using graphics cards, as Ethereum strongly favors graphics processing unit (GPU) miners
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Though this won’t be the case for long, as Ethereum is phasing out miners ahead of its migration to a "proof-of-stake" blockchain system.
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Finally, if you don’t have the computing power at home, you can look into cloud mining and weigh the pros and cons of outsourcing your hardware needs.