It's a repeating trend that every time Bitcoin soars in worth, a great interest spikes among those who haven't yet delved into mining before. So it's no surprise that in the spring of 2021, when BTC reached 55,471 USD (as of May 4th), the question of whether it is worth starting now is trending like never before. The short answer is yes. It's still profitable, but it isn't as easy as it may have been years ago.
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. However, Bitcoin is still worth mining, and here is why.
The rate is growing, and the growth is stable. You can’t deny it. In fact, if you compare USD, EUR, and other rates of the world’s most popular currencies, together with gold and S&P, you’ll see that none of them is growing as fast as Bitcoin. Therefore, Bitcoin is the most profitable currency in the world. Not to mention the fact that BTC does not depend on any particular political situation and isn’t affected by the pandemic as proven in 2020.
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 2021 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.