for the small business, is mining bitcoin profitable
DESCRIPTION
The next question that pops up is whether or not the small business should be mining Bitcoin? We will be discussing the same here.TRANSCRIPT
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For the small business, is mining Bitcoin profitable?
Ever since the world got to know about cryptocurrencies, there has been a lot of debate about its sustenance in the future. However, with time, we have seen a growing acceptance towards cryptocurrencies, and when we are talking about cryptos, we cannot miss Bitcoin. The pioneering digital currency that took the world by storm. If we talk about the earlier days, investing in Bitcoin was easy as it didn’t surmount to a lot of money. However, things changed, and Bitcoin became one of the highest rating cryptocurrency. At the time of writing, 1 bitcoin was at $ 37,391.80. So, if you had invested in Bitcoin, then you would be minting moolah. The next question that pops up is whether or not the small business should be mining Bitcoin? We will be discussing the same here.
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Is Bitcoin mining a cup of tea for small businesses?
If I really have to answer this question, then looking at the current scenario, investing in Bitcoin won’t be a feasible idea. However, there are other cryptocurrencies where small businesses can take their hands on. The kind of equipment and resources needed for Bitcoin mining will cost a big amount, and it would be too much for the small business. If you are ready to take up the charge and are willing to invest into cryptocurrencies, you can certainly do that, but again you must know the cost of equipment and resources is on a higher side. Well, there is a whole new world of investment waiting for you. Let’s elaborate, why you should consider investing in other cryptocurrencies.
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1. Do you want lesser rewards for mining? I'm sure the answer to this question would be no. But the fact that you should know here is that Bitcoin’s block rewards get reduced every four years. The reason for this is because it helps in maintaining the Bitcoin supply and lets it last longer. But it would certainly reduce the reward for the miner.
2. Difficult mine alone- The next point that we want to highlight here is that you cannot work alone when it comes to Bitcoin mining. In the beginning, Bitcoin miners used to mine alone, but now the scenario has changed, and today the miners have to be a part of a community of miners. This means that you will get a lesser reward
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3. Increased difficulty- The equations for Bitcoin mining has become very complex, and it will require more users to join the network. This means that companies involved in Bitcoin mining have to spend more on equipment that can be used for mining Bitcoin. And this is also going to increase the cost. It is because of this reason that mining of Bitcoin will be a difficult task for small businesses. However, they can certainly invest in other cryptocurrencies that require less investment. All this growth in cryptocurrency has paved the way for a new set of career opportunities. So if you also wish to become a cryptocurrency expert, this is the time to start your journey by enrolling with the Blockchain Council.
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