what is bitcoin mining actually doing

what is bitcoin mining actually doing
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Bitcoin Mining can be semi-profitable, but that only depends on a few factors. As of now, we are still “mining” the remaining of the 21 Million BTC out for people to use.

That is part of it all. Anyway, the other part is securing the transactions of the users of BTC. We get paid a fee for securing it. So, mining in a sense can make you some money. But don’t expect anything major to come to you.

Here is some information I have acquired myself from tests:

I have done: Because I didn’t want to make my life hard, I used NiceHash to GPU mine. Yes, these are altcoins.

I know, but you do get paid in BTC. So I am ok with it. I have 2 GTX 1080s, and am currently making roughly $9 USD a day, you can buy Bitcoins online instantly using a Credit or Debit Card or PayPal.

This has changed a lot however, as when BTC was at 8K I was only making roughly $7-7.5 USD a day. A GTX 1080 for a good price new is $499, so by itself a 1080 pays for itself in about 110 days, EXCLUDING the price of electricity, which is out next factor.

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If you have a reasonable price for electricity you will be making more. A standard price for electricity is about $0.10 per kWh (kilowatt hour). You can find your price on your electric bill, sometimes labeled as Uses or Usage. A great price is anywhere from 0.00-0.05, a good price is 0.06-0.1, and anything 0.11-0.14 is ok, and anything higher is bad.

some tests:

from tests I have done and am happy to share with you, GPU mining can making about $13 a day if you invest roughly $2500 into a rig. ASICs are a cheaper, more efficient way, however, they are harder to get. Bitmain is a great place to get them, as the ones they make are on the top.

Another factor:

mining in a pool, which has the potential to make you more, but they usually charge a small fee (1-5% normally). Anyway, I hope this helped you! Happy mining!

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