Is Bitcoin still profitable?
Many experts will say that in order to profit from Bitcoin today, you need to have the best Bitcoin mining hardware. It’s these hardware that make Bitcoin mining profitable and enjoyable and online, you can look into several specialized hardware to engage in Bitcoin mining. Gone are the days when having a CPU is enough to extract Bitcoin. Specialized hardware called ASICs or Application Specific Integrated Circuits are also dubbed as Bitcoin mining machines and it is through these hardware ASICs that Bitcoin mining is performed. With that said, you have to be prepared to invest on equipment, storage, and cooling. It helps too, if you use a Bitcoin mining calculator to determine your profitability.
Several factors influence profitability. First, you have to look at the hash rate or the performance of your Bitcoin miner, then the Bitcoin reward per block. Other important factors include the cost of electricity, power consumption, mining difficulty, and the two unpredictable factors namely: the price of Bitcoin and the difficulty of Bitcoin mining through time.
If you’re into Bitcoin trading and want a simulator to teach you more Bitcoin and other cryptocurrencies, check out this Bitcoin trading game called Bitcoin Hero.