Cryptocurrencies continue to be popular among high-tech fans. There are several ways to acquire them. One is to buy them, another is to trade them on an stock market. One can also focus on mining them. This way is devoid of the risk of loss that investments carry. However, many people may ask, is mining cryptocurrencies still profitable? The answer is – yes. You just need to have the right equipment.
Cryptocurrencies – still profitable?
Bitcoin remains the most popular and largest cryptocurrency. It has been more than 10 years since its launch, and during this time its value has risen very strongly. People who invested in BTC in the early days have seen huge profits over time.
So it is no surprise that cryptocurrencies have attracted interest. Today, however, there is much talk of a cryptocurrency winter. 2022 was a time of decline for many digital assets. However, the falls are a wake-up call for several investors, especially as the market situation often repeats itself and, sooner or later, rises come.
What’s more, new projects continue to emerge. Memecoins, or cryptocurrencies with motifs known from popular memes on the web, have been particularly popular recently. Particularly well-known are those with the motif of a dog of the Shiba Inu breed, the so-called doge. But that is not all, as the creators of the designs are inventive and also take popular cartoons as wallpaper.
These new projects are often so popular with the community that many of them quickly gain value, providing investors with high returns.
However, Bitcoin itself also provides a lot of excitement for traders. For them, a fall in the price signifies an opportunity and provides a signal to start investing. They then wait for the next increase in value and thus make a profit.
What about mining cryptocurrencies, on the other hand? There has been a lot of talk about it becoming less profitable through rising electricity prices. However, much depends on the equipment used for the process. Devices such as the Asic Pro cryptocurrency miner are specialized for only one task, unlike graphics cards or computer processors. As a result, they provide higher performance, leading to lower costs and increased mining efficiency.
Buying or mining?
Cryptocurrencies can essentially be acquired in two main ways: they can either be bought or mined. The first method is available for any virtual currency. It involves using one cryptocurrency, such as Bitcoin, to convert into another. This can be done on a cryptocurrency exchange or at a brokerage house. It is also possible to pay for your chosen tokens in fiat currency, usually dollars or euros.
How do I buy cryptocurrency on an exchange? All you need to do is create an account with the chosen service. Often exchanges require verification, i.e. proof of identity. However, this is not always required. Some platforms allow you to exchange anonymously. These are decentralized exchanges – DEX.
The case is similar to bitomats. Here, too, you do not need to provide your details to make a cryptocurrency purchase. These devices are similar to ATMs, but there are relatively few of them in the UK at present. However, they allow you to carry out a transaction anonymously.
Another option is to purchase cryptocurrencies in a stationary exchange office or online. Importantly, however, in this case, it is often necessary to open an account and verify identity. It is also sometimes the case that buying virtual assets involves a high commission, which reduces the profitability of such an operation.
And what is cryptocurrency mining? It has nothing to do with the classic „mining” of something. The process takes place entirely in the electronic world. Special equipment is needed for this, such as an Asic Pro cryptocurrency miner, a graphics card or a computer processor.
Using the computing power of the computer or miner, the user mines the cryptocurrency, and so they record transactions on the blockchain, that is, they validate new blocks of transactions, for which they are rewarded with units of cryptocurrency. A block is where new transactions made on a given network are recorded.
In practice, to mine a new block, a cryptographic problem must be solved. In the case of Bitcoin, this is based on the double hash function SHA-256. Thus, one has to find a string of characters, the so-called hash, which satisfies the relevant conditions. The output includes transactions and the hash of the previous block.
The miner who finds the solution reports it to the network, which verifies its correctness. If it is correct, the user is rewarded with a certain amount of cryptocurrency. The block, in turn, is dug up.
So is it better to buy or mine cryptocurrency? It all depends on what a person’s goal is. If he wants to acquire a certain amount of virtual currency and, for example, use it for a long-term investment, he can wait for a price that is attractive for a bit and make a purchase. Then all that is left is to wait for the value to rise.
However, if someone wants a steady passive income, he or she might consider mining. The amount that can be earned in this way depends, among other things, on the price of the cryptocurrency. It is also influenced by the current price of electricity. Here, however, the problem can easily be solved by using the right class of cryptocurrency mining equipment.
In other words, the efficiency of the equipment, i.e. the ratio of computing power to the amount of energy consumed, should be at a high level. In this way, you can ensure a profit for yourself without additional effort.
Dig up your Bitcoin with Asic Pro
Mining cryptocurrency can be done using your computer’s graphics card or processor, but better results are achieved by using specially designed hardware. Representative of this category is the Asic Pro, a small miner that looks like a memory stick and plugs into your computer’s USB port. It is one of the best-designed ASICs for Bitcoin mining in the form of a convenient USB device.
What is it all about? The chip – an ASIC – is a microchip that has been developed solely for mining virtual tokens. Compared to previous technologies, this miner provides a 100-fold increase in power and lower energy consumption. It is a more convenient and efficient solution than previous GPUs or CPUs.
Operating the miner is very simple. All you have to do is go through a short setup. After connecting the device to the computer, the user is redirected to a special website where he or she registers. He then downloads the software to operate the miner. On this site, he will also be able to monitor his wallet status and mining progress. Importantly, the miner will connect to the network itself, so there is no need to know programming to mine cryptocurrency.
A good investment?
Mining cryptocurrencies with productive and energy-efficient devices provide additional passive income. So you can bolster your household budget this way, as a miner such as the Asic Pro will not generate high costs. What’s more, mined Bitcoins can be sold immediately or treated as a long-term investment, waiting for the value of BTC to rise and ensuring a profit in the future. Above all, hardware that is specifically made for mining cryptocurrencies will provide better results than graphics cards or processors.
Is mining Bitcoins worthwhile in this day and age? Many people believe that the time for this has passed. However, with the right ASIC technology, mining cryptocurrencies can still be a good idea. When it comes to the Asic Pro, reviews from customers indicate that the hardware is easy to use.
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