Have you decided to enter the world of cryptocurrencies and want to understand how many Bitcoins you can earn in a day or what is the gain of bitcoin mining ? We have created a short guide explaining how this world works and how to mine bitcoins quickly.
How hard is it to mine Bitcoin nowadays?
A few weeks ago a reader wrote a comment asking how to extract a bitcoin a day, what and how many equipment he needed, what was the best equipment to mine bitcoins, what were the costs and how much would have reached break even (the recovery of the initial investment).
First of all it must be said that to date the Bitcoin mined are 80% of the total and there are another 4 million to be mined.
With the current difficulty, about 1750 bitcoins can be mined every day.
This fairly eloquent graph indicates the increasing difficulty in bitcoin mining.
… and then the decrease in difficulty after the reduction in value in 2018
How much does it cost to mine Bitcoin and other cryptocurrencies?
You often ask for it. How much do you earn with mining? Evaluating the cost to mine a bitcoin is quite complex, in fact it depends on the costs of the equipment: computers, video cards, hardware and electricity costs, which vary from country to country.
Considering the Italian energy difficulty and costs, today in Italy undermining this cryptocurrency means getting less than 0.00002 Bitcoins after about a week of work on a home computer with an excellent graphics card.
Because undermining Bitcoin in Italy on your computer is not worthwhile
As previously explained, undermining bitcoins on a home processor to get a few cents after a week in the face of huge electricity bills (Italy is one of the countries with the highest cost) and processor maintenance is totally unproductive and inconvenient.
So why do we continue to mine it?
Just take a quick trip on Google to find out that the main realities that mine Bitcoin are in states where electricity costs very little and where spending is always lower than earnings.
Precisely for this reason real mining farms were born, like ScryptCube where you can rent processors from a distance and pay a mining service without having to own equipment or have technical skills.
It happens a bit like for buying groups, if you can’t do it alone, you join forces with other people, the costs decrease in this way and in fact, the cost to mine a bitcoin (an ethereum, or other cryptocurrency) by turning to these companies are in any case lower than the price of the Italian market.
In some states, where taxation and energy costs are not at the levels of Italy, companies that deal with undermining for you have been born, ScryptCybe for Bitcoin mining located in northen europe.
Cloud Mining as an alternative solution to mine Bitcoin without Computer Hardware
Cloud Mining can be a good solution if you don’t have technical skills. The ROI (return to investment) usually without large swings of the selected cryptocurrency, with a bull market comes after about a year.
Is Cloud Mining a Ponzi masked scheme?
Browsing the internet, you often read articles from people who complain that cloud mining sites actually earn because they think about affiliate systems (if you subscribe your friends you will receive a little extra on your friend’s investment). Honestly this does not seem to us a Ponzi scheme, and the reasons are various:
- With serious Cloud Mining sites, without inviting anyone, you return the investment based on the value of BTC (if it increases it is part of the investment quickly)
- You are not obliged to invite anyone
- You can move the proceeds of the cryptocurrency mine to your personal wallet at any time.
What are the best Cloud Mining sites?
There are various companies that deal with mining for you bitcoin, ethereum and other cryptocurrencies.
We have created a guide on the best Cloud Mining sites found here .
How to Buy Bitcoins
Buying Bitcoins can also be a solution. We suggest Coinbase the most popular and practical site for buying Bitcoins.
It depends from energy cost, but you can turn to Cloud Mining Services like ScryptCube .
The cost to undermine a bitcoin is about $ 5,000 in countries where energy is cheaper. In other states it is not profitable. However, there is the possibility of Cloud Mining. Find out more.
Currently around 1800 bitcoins are mined per day. This figure varies depending on the difficulty and depending on the software used.
If you are not a programmer, you will find it difficult to undermine bitcoins. In fact, very expensive equipment is needed. However, there is the possibility of undermining Bitcoin through Cloud Mining services.
Updates December 2020
The estimated difficulty starting from December 2020 to mine a bitcoin is 14,948,593,420,946, an incalculable number that with bitcoin halving will continue to grow (this is the reason why we suggest Cloud Mining solutions). The collapse in value in march 2020 produced a sharp decrease in the difficulty compared to the 2019, however the recovery of the price up with the new “at the high” level in December 2020 (+ $ 24.000) produced a new increase in the difficulty. Bitcoins currently in circulation are 18,931.688 million out of a total of 21 million (bitcoinblockhalf sources). Also in April, the difficulty of other cryptocurrencies (See Ethereum) increased much less than in BTC.