How much money do Bitcoin miners make?

How much money do Bitcoin miners make?

The mining of bitcoins involves it’s own expenses and risks. And the more popular bitcoins become, the harder it is to mine them profitably. To start using your own mining platform, you buy hardware designed for the mining of bitcoin (or other virtual currency), configure it and let it run 24 hours a day, 7 days a week. out of 7, to solve bitcoin transactions. Ideally, this will result in a regular flow of payments without you having to get involved. Although it is fairly easy to set up and use a Bitcoin mining platform, making money on the process is a challenge. As more people start to mine bitcoins, the mining process continues to become increasingly difficult and will likely continue to do so for some time. This means that the hardware you bought last year to mine bitcoins will probably not live up to the task in a year and because Bitcoin mining platforms are not cheap – expect to pay at least $ 1,000 for hardware, or many times more for a premium platform – having to replace it all years or every two years significantly reduces the benefits you realize. In addition, most mining hardware consume huge quantities of electricity. You must therefore subtract this expense from the bitcoins you earn to determine your profits.

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