In 2009, Satoshi Nakamoto released the Bitcoin whitepaper, which outlined how a decentralized peer-to-peer electronic cash system could work. In the decade since, Bitcoin has become the most well-known and well-capitalized cryptocurrency, with a market cap of over $100 billion. While Bitcoin’s price has been on a rollercoaster ride, it is still up over 1,000% from its 2017 lows.
For many people, buying Bitcoin is not an option because of its high price. However, there is another way to get your hands on some Bitcoin – mining it.
In the early days of Bitcoin, anyone with a decent computer could mine Bitcoin for free. However, as more and more people started mining Bitcoin, the difficulty of mining increased exponentially. This meant that people needed to invest in more and more powerful computers to be able to mine Bitcoin profitably.
Today, mining Bitcoin is only profitable if you have access to cheap electricity and expensive ASIC miners. Even then, it is only profitable if you are part of a mining pool because solo mining is rarely profitable.
So, can you still mine Bitcoin for free? The answer is yes and no. If you have access to cheap electricity and expensive ASIC miners, then you can still mine Bitcoin for free.
However, if you don’t have access to those things, then mining Bitcoin is not going to be profitable for you.