If we talk about earning money through bitcoin, then there are many bitcoin earning methods, and if many people write a lot of books on the ways of earning through bitcoin, then the concept of making money through bitcoin will never finish. There are a lot of methods you can get cash by understanding bitcoin. There are ways such as trading (short-term trading through Bitcoin Evolution), investing (long term), accepting payment, bitcoin affiliate programs, mining, and many more ways. Still, the most popular method of earning through bitcoin is mining because some people say you will get sufficient bitcoin as a reward. So, in this article, we will talk about bitcoin mining and why you should go with the mining process of bitcoin.
Why do people recommend mining to earn huge bitcoins?
When we talk about earning money through bitcoin, many people recommend bitcoin mining; why? The simple answer is, “why do we buy bitcoin at $48,060 (price at the time of writing this article)? If we will receive 6.25 BTC as a reward for mining, that means you will get 6.25 bitcoins worth 3,00,375 US dollars, which is a considerable amount without investing and trading a bit of money in bitcoin.
- If you go with other earning methods through the bitcoin, then there are many reasons to choose to mine instead of other earning methods, so let’s take a simple look at those reasons why people want to make through mining:
- If you trade your money or invest money, it is hazardous, which means you can lose thousands of dollars in trading, so it is safe to go with mining.
- Bitcoin investing is a long-term process that means you have to wait for years and decades, and some people have no patience, so they cannot wait for years to double their money. So, for them, mining is the better option.
- In bitcoin trading, you have to invest, you have to check the ups and downs of the bitcoin, again and again, that causes headaches, and people do not want headaches and fear.
- Some people think buying bitcoin from the exchanges is not safe.
- Why should I spend money on bitcoin if I can earn through the bitcoin rewards by mining? This is another reason people choose mining instead of investing and choosing other methods.
Why should you not go with mining?
There are the following reasons why you should not go with the bitcoin mining given below:
1. Electricity Cost:
Mining requires computational power which means it will cause a high electricity bill. You need to connect your computer with electricity 24/7 days, and after that, we are not sure you could mine the bitcoins or not.
2. Special hardware and Software:
If you want to mine bitcoin, it requires special software and hardware. You cannot use a regular computer for bitcoin mining, and it will not work because it requires heavy software and hardware, and if you use standard, it will destroy your computer. Special software and hardware are very costly because it starts from the $1000, $2,000 and $2,500 high for an ordinary person. So, if you think there is no investment and you can easily earn bitcoins through mining, you are wrong. You need computer hardware like supercomputers.
3. Maintenance cost:
The maintenance cost of computers is very high. Computers use high electricity 24/7 days, and they can be heated, and you have to maintain it otherwise your laptop can be damaged or destroyed. You need to cool it down, and you need cooling equipment that will cost you very high. You have to take care, and it is a complicated process.
4. Big size of bitcoin network:
There are many people on the blockchain that are mining, and due to the big size of the network, there is too much competition, and if you are mining the bitcoin or creating a block and if someone else has created the block and transactions you are validating and broadcasted then you have to create a new block from scratch that is too irritating.
If you want to mine bitcoin, you must have the proper knowledge of mathematics and programming because to validate a transaction and create a block, you have to solve complex mathematical equations that are not the case of everyone or an ordinary person.
So mining is a very difficult process, and it is better to invest or trade in bitcoin rather than mining blocks and bitcoins.