Topic: CRYPTO MINING>> does it work- HOW? (Read 137 times)

mining works by using your electric to power a device that does complex math to give a block a strong secure ID

the thing is the cost of mining differs depending on location. not everyone will/can profit at the same time

if you cant get cheap electric and a cheap device to mine. it wont be profitable
even if the market price moves up by 3x-15x to make it affordable to mine. the competition also moves up..

so those that can afford now at 1x.. will 2x 3x their devices and electric costs to beat the competition when the price moves up by 3x
however this upscaling of hash competition is a 6month-12 month thing

thus if you are a hobby miner in an area with high electric you only have small temporary opportunities to profit when prices move faster than the scaling up of competition

that said. there are times where lots of altcoins are speculating high at different times so people jump between altcoins to take different opportunities at different times

your best bet is to live in a low electric cost area to get best and most opportunities
if you live in an expensive electric region opportunities are reduced/die out, even if you were altcoin jumping daily

EG
mining in iceland costs $0.12 in electric per hour per device (3kwh at $0.04)
mining in hawaii costs $1.44 in electric per hour per device (3kwh at $0.48)
(reminder there are ~2m devices mining bitcoin thus its why bitcoins market is worth many thousands instead of cents/dollars)

if you are in a low electric cost region and have a cheap device that gives good hashpower you can join a pool and take a decimal amount of coin reward that equates to your share of your involvement

Mine Bitcoin with nuclear-powered online in Pennsylvania:

[email]Terawulf has announced roughly half of its nuclear-powered Nautilus Cryptomine has come online. The mining facility, a joint venture with Cumulus Coin, LLC., derives its energy wholly from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania.

The full operation will amount to 50 MW and 1.9 EH/s, with an option for Terawulf to add an additional 50 MW of bitcoin mining capacity, “which the Company plans to deploy in future phases,” according to a press release.

Read: sources
https://www.btctimes.com/news/terawulf-launches-nuclear-powered-bitcoin-mining-operation

If it doesn't work then people wouldn't be doing it, and the Bitcoin network wouldn't be running.


This is for you to find out. https://www.coinwarz.com/cryptocurrency

I have come across mining while reading about bitcoin and I wish to know if it actually works and to know also the best software to use. Couple with that, which other coin is still profitable to mine?