Those in the know will agree that dedicated hardware and a long-term plan are the basics. Today's everyday PCs can't compete as miners like back in the early days due to the vastly increased difficulty and hashrate. There's also no telling what may happen with the market as it may shift one way or the other rather sporadically. The cost of BTC mining hardware has decreased substantially due to the BTC rate, and suppliers of ASIC hardware make discounts of over 40%. If you buy equipment for mining during drawdowns, then when the rate starts to grow, such purchases will become extremely profitable, firstly, because the miner will begin to receive higher profitability.
It is relatively easy to start mining today. 5 years ago you needed to be a technical specialist with comprehensive knowledge in blockchain to get some result. Today there are ASICs — equipment created specifically for mining, and operating systems like Hive OS that help miners manage and optimize multiple machines on multiple farms efficiently.
You can join a mining pool — a group of crypto miners who combine their mining resources into a single network to increase their computational power. Check out the pools’ fees in order to maximize your profits.
Apart from dedicated equipment, in 2022 you can get high-quality firmware like Hiveon ASIC, which can help you get extra hashrate, protect your equipment from viruses and DNS attacks, and give you additional benefits.
The next Bitcoin halving is going to happen on March 11th, 2024, so there’s enough time before the amount of reward is halved again.
There are many factors to consider in mining, and the cost of electricity in your area is the most obvious one, as mining devices consume a lot of energy. But can you get equipment suitable for mining BTC (after all, not all ASICs are suitable for this, and it is extremely difficult to get efficient video cards now)? If so, how quickly will it pay off? What hashrate can you achieve with it? How much electricity does it consume? Bitcoin mining is profitable, but you need to consider your particular situation and exercise due diligence. Yes, Hive OS, Hiveon ASIC and other similar products can simplify the mining process and help you earn more. But still, they are not a panacea, so approach mining wisely — assess your potential carefully and make a detailed plan.