During the past couple of years, we had the opportunity to see a serious spike in the world of cryptocurrencies. Not just when their popularity is concerned but also when talking about a variety of choices. Even though new cryptos are constantly appearing on the market and trends tend to change quite often, Bitcoin still reigns supreme.
That being said, however, even though the value of Bitcoin is still at the top, the question of obtaining it is a different story. Nowadays, people are wondering is it still worth mining Bitcoin with so many other alternatives out there.
Spoiler alert – the answer is yes. But to drive our point home, let’s explore some of the reasons why Bitcoin mining is still as relevant as it ever was.
Bitcoin was created and launched back in 2009 by Satoshi Nakamoto. And while the identity of the Bitcoin creators still remains a mystery, the cryptocurrency quickly gained traction. Bitcoin rose to prominence thanks to high-security blockchain technology. This technology offered the ability to create an open-source alternative to institutionalized currencies.
As such, Bitcoin quickly became extremely sought-after, due to its decentralized nature. Even though Bitcoin experienced some downtime, particularly during 2018 and 2019, the industry saw a huge spike in 2020.
Major factors driving Bitcoin’s growth
Nowadays, Bitcoin and other cryptocurrencies are stronger than ever. Needless to say, those who started mining Bitcoin early on and held onto their assets had numerous chances to reap opulent benefits. That being said, let’s see some of the major factors that are continuing to drive the growth of Bitcoin.
Increased awareness and acceptance
In the early days of Bitcoin, this cryptocurrency wasn’t well-known or accepted as it is today. However, as time went by, more and more people started to realize the true power of Bitcoin and other cryptocurrencies, in general. Needless to say, this propelled the growth of Bitcoin. More and more people started mining this cryptocurrency. Naturally, this encouraged others to join them and even start investing in Bitcoin. It is predicted that Bitcoin will only continue to rise in the foreseeable future. Since it seems like the entire world is migrating to the online realm, this really comes as no surprise.
Limited supply of Bitcoin
Allegedly, the number of Bitcoins that can be mined is limited. What this means is that one day we may see a world in which this cryptocurrency will no longer be available for mining. As scary as that may sound to some, it’s music to the ears of others. Simply put, if the value of this cryptocurrency is big as it is today, while everyone still has the opportunity to mine it, imagine how much it will grow once Bitcoin mining is no longer an option.
Processing power and profitability
When it comes to bitcoin mining, the only realistic expense you can expect is tied to obtaining the mining rig and the energy you consume in the process. Additionally, considering the fact that the cost of Bitcoin mining hasn’t really changed all that much in the last 10-or-so years, it’s safe to say that making such investments indefinitely worth your while.
Major industries that started accepting Bitcoin
As mentioned earlier, Bitcoin significantly rose in popularity. That’s why we nowadays have a chance to experience more and more major industries accepting this first-ever cryptocurrency. Aside from various financial institutions, Bitcoin is also making its way into the medical and healthcare industry. Additionally, the entertainment industry is also hopping on the trend of accepting Bitcoin. That’s why you can nowadays see more and more casinos accepting Bitcoin gambling, for instance. The travel and retail industries have also opened their doors to Bitcoin. Knowing all of this, it’s safe to say that we can only expect to see more and more industries accepting this cryptocurrency in the future.
How to mine Bitcoin
In the early days of Bitcoin, you simply needed to have a home computer that’s powerful enough to support Bitcoin mining. However, nowadays, Bitcoin miners will need to get their hands on an application-specific integrated circuit (ASIC), a specific piece of hardware designed particularly for Bitcoin mining. ASICs come in many different shapes and sizes, with varying cooling and maintenance requirements. Needless to say, the type (and size) you decide to go with will depend on the size of your operation. So, the more you choose to grow your operations, the more you will need to upgrade your ASICs. But the good news is that there are various tools available nowadays, that will help you accurately estimate the expected costs so that you can decide early on if Bitcoin mining is something you can comfortably invest in.
Therefore, after everything we’ve discussed so far, it’s easy to see why Bitcoin mining is still profitable in 2021. The slowly decreasing number of available Bitcoins that can be mined paired with the growing acceptance of this cryptocurrency make it nowadays even more popular than ever before. And thanks to the latest technology advancements, it’s now easier than ever to get your hands on the right Bitcoin mining gear, which will certainly pay itself off in the not-so-distant future. So, if you’re wondering whether Bitcoin mining is something you need to look more closely into, our answer is – yes. Besides, why miss out on an opportunity to invest in your financial future?