Is Mining the Best Way to Earn Bitcoins? The Answer can be Found Here

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bitcoin-miningAre you looking for the most efficient method to raise some money in Bitcoins? Firstly, we should make it clear that you cannot simply mine Bitcoins solo if you do not have money for the latest equipment that provides the fastest capacity. Moreover, you’d better find out a place where that provides cheap electricity so you can lower your costs and expenses. Therefore, it seems that the easiest way to earn something is to find the correct pool and begin mining with other people like yourself. Is this correct? Let’s think some more about it.

Pool for Solo

It’s hard to choose the correct pool if you’re going to make the deal on your own but we’ll try to help you a little. We have found a very interesting pool for those who wish to work alone. Here you are able to win a whole reward of block solving for yourself. This is CKPool, where you can mine by yourself but also with others at the same time. The scheme is completely different from other pools. Using other pools, the members get a stable but small share of the rewards. Winning 25 BTC, a pool gives to a miner a tiny part of that sum. CKPool works differently. Here you work with other people in the pool, so the possibility of solving the blockchain for this pool is quite high. The difference is that 25 BTC will be given to the person who makes the last calculation. It means there is a high risk you may not win at all but the potential profits are also high. In the case of success, you’ll receive the whole reward of 25 BTC (minus 0.5% as a fee to the pool) instead of a tiny share of the money. The problem is obviously it may take time to become lucky.  It’s up to you while we carry on.

Pools for Many

The next option is to find out just a good pool and start mining there. There are a lot of mining pools around the world so everyone can choose whichever they want. In this case, you won’t get the full amount of the reward but your profit will be a fixed amount. The share of Bitcoins, which you’ll get time after time, depends on the amount of miners who work together in this pool. The more miners in the pool, the less of a share you get. Though the more miners, the higher the frequency of these small payments. Therefore, you need to decide how many Bitcoins you want and how often. There must be a reasonable balance based on your electricity costs and the capacity of your equipment.

To receive a good income by mining in a pool, you need to have good equipment and low energy prices in your area. You should analyze the market of ASICs and compare the products currently offered . You can use this link as an aid to help compare the hardware’s capacity and understand whether it would be profitable for you to use them in your business or not.

Related: It’s Now Possible to Live Off Bitcoin

Future of Mining

However, we believe that there is another way to get Bitcoins. It’s not mining but seems to be more realistic. Today, Bitcoin mining has become a big business for huge companies with capital to invest. If you work in a pool you will unlikely earn enough to buy something expensive. Although there is a CKPool, it is very unlikely to win. It operates more like a casino than a business to invest in.

Even if you have a large sum of money, we wouldn’t recommend investing it in acquiring the latest ASICs and renting a big warehouse for your equipment and coolers in a low energy price area. There are good reasons not to do that.

We know that today the reward is 25 Bitcoins and the difficulty of mining has risen significantly since 2009. Now it’s an issue for companies as has been mentioned previously. The difficulty continues to grow therefore the consolidation of mining business seems to be a real possibility over the next few years. Moreover, you probably know that the reward halves each 210,000 blocks solved. You may check the time countdown here to see that there is less than a year left. At this time there will be 12.5 BTC as a reward for every block solved. How much will companies be able to afford to maintain their business with a potential profit that has been halved? Perhaps the future will be big companies with low costs and the latest equipment.

The history tends to repeat itself, so here we can see how the golden rush of Bitcoin is approaching its end.

Better than Mining

Well, in our opinion, if you believe in Bitcoin’s future and want to earn Bitcoins, the best option is to connect your business to Bitcoin. If you’re a freelancer, offer to pay your clients for your job in Bitcoins with a good discount (there’s no fee so you will probably not lose in this case). Make it attractive to them and you receive a part of your income in Bitcoins. If you are a businessman, start to accept Bitcoins on your website for your services and goods. Attract people by offering sales and discounts as payments in Bitcoins. Remember, if you do not pay a transaction fee to banks you may give this sum as a discount to your clients. If you are an investor and want to use your money to make additional profits, you should find a good Bitcoin exchange and start working there.

Consequently, the best way to earn Bitcoins is start working in the Bitcoin economy. It is not easy but we still encourage you to take this approach because the era of digital currency is almost upon us.

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