Johann Wilfred
Bitcoin mining has become a topic of interest as it is a common source of income for many people around the world. 19.5 million Bitcoins have been successfully mined as of September 2024. The latest BTC halving event occurred in the same year. Halving events are significant for Bitcoin mining because the mining rewards halve every time it occurs.
This reduces the incentive to mine more Bitcoin. But since BTC recently broke the $100,000 price level, some crypto investors still try to mine as the underlying reward for mining is BTC itself—which, due to its expensive price, remains a lucrative compensation for miners. Bitcoin continues to lead the crypto market in market cap.
Various factors have contributed to the rise of this alternative asset. Trump’s recent election and rollbacks of previous SEC attitudes have loosened stringent regulation of the market.
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For new miners looking to start their own operation from the comfort of their home, here’s an easy guide on how to do it. Listed below are three ways to go about it, each with its own set of pros and cons.
- Set up a mining operation at your home
Crypto mining requires really good hardware. The processing power required to mine a single Bitcoin is intense. High-performance ASIC gear is often the best bet for mining your own BTC. The Bitmain Antminer series offers a great lineup of mining hardware and is one of the most used brands in the space.
Mining hardware is expensive. So, it is important to consider the risk-to-reward ratio before purchasing. Bitcoin miners commonly have to invest a lot of money, time, and effort before they break even. It is not to be considered as a source of passive income as there is substantial maintenance of hardware involved.
A few popular mining models are listed below:
- Whatsminer M60S
- Antminer S19j Pro
- Canaan Avalon A1566
- Bitmain Antminer T19
- Antminer S21 Pro
For this option, having relevant experience in dealing with heavy hardware such as these ASIC machines can be a huge help.
- Opt for a mining pool instead.
For many crypto miners who don’t have the best hardware necessary to successfully mine BTC or are looking for guidance, mining pools are a good alternative. They allow miners to pool their resources and then split the rewards from their efforts. A group of miners will have a higher success rate due to using more energy-intensive hardware at once. A few popular mining pools are listed below:
- Foundry USA Pool
- Antpool
- Luxorpool
- F2Pool
- Binance Pool
- Via.BTC
Mining pools remain the most suitable option for people who want to mine BTC but don’t have the best hardware or relevant expertise.
- Try out cloud mining
There’s a third option for people who don’t want to buy hardware mining equipment but still want to earn the rewards gained from this enterprise. Cloud mining allows individuals to earn rewards from mining by selecting a provider who runs the equipment for them in exchange for a fee.
The person does not get involved in running the mining operation. He just pays for the enterprise in expectation of a return from the mining operation. However, this space is filled with providers who promise unrealistic returns or scam unsuspecting buyers.
