There’s a bloodbath in the cryptocurrency market right now, and it has raised a lot of eyebrows! Even after the crash, investors are pinning their hopes onto Bitcoin. Bitcoin started it all and will always be the one to set expectations for the rest to follow. Hence the curiosity leads some of them to buy Bitcoin on an exchange, while others pursue a dynamic path and look into Bitcoin mining. With Bitcoin mining, computing power is focused on solving intricate math problems to validate transactions and adding them to the blockchain ledger. Miners receive rewards for solving these puzzles. Many are drawn to Bitcoin mining by the allure of potentially hefty payouts. Miners currently collect 6.25 Bitcoin for each successfully validated block. Eng Taing, who runs 261 personal Bitcoin mining machines, noted in April 2022 on how he’s collecting $111,000 per month from his ‘side hustle’ mining setup as he runs his private equity firm. However, physical mining setups can quickly become expensive. As Bitcoin becomes more complex to mine, more advanced (and often costlier) equipment is needed to ensure sufficient computing power. Electricity prices are also a common challenge for prospective miners. In August 2021, the Digiconomist’s Bitcoin Energy Consumption Index found it would take about 53 days’ worth of power for an average American household to mine one Bitcoin. High costs have led many miners to look into alternatives like Bitco...
