MultiversX Tracker is Live!

What is the advantage of mining Bitcoin?

Bitcoin Reddit

More / Bitcoin Reddit 131 Views

What is the advantage of mining Bitcoin?

I am conducting a study on Bitcoin mining, and by extrapolating some information, based on the graphs I created using information about the Bitcoin Blockchain provided by NASDAQ, I realized that even if the price followed the Bitcoin Rainbow Chart and with the network hashrate increasing proportionally to what has been increasing in recent years, the profits of 1 TH/s in mining will decrease significantly over time, reaching the point of being irrelevant in less than 10 years, where the cost of electricity will likely be higher than the gains for that kWh consumed by the miner to provide that 1 TH/s of power to the network. Therefore, it is not worth mining in the long run. Is this correct? What is the advantage of mining in the long run? Would it be to earn transaction fees, hoping that Bitcoin will grow to a point where the fees compensate for mining? Look those graphs:

Quantity of Bitcoin and Quantity of Bitcoin Mined per Day

Network Hashrate and Difficulty

Price and Its Prediction with Rainbow Chart and Mining Reward and Its Prediction with Rainbow Chart

Based on what I have seen in these graphs, I believe that if a person has the money to invest in mining equipment, so it is better for them to take that money and buy Bitcoin, because if the price follows the Rainbow Chart, they will have more profit with that money than by mining itself (I didn't even consider the mining pool fees in all of this).

submitted by /u/herrPortilho
[link] [comments]

Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments