Assets, Bitcoin

How Much Money Can You Make With a Bitcoin Miner?

Cryptocurrency mining is a process by which new coins are introduced into the existing circulating supply, as well as a process used to secure the network the coin operates on. Miners are rewarded for their efforts with a portion of the newly minted coin.

Bitcoin miners are rewarded with BTC for every block mined. The current block reward is 12.

5 BTC and will halve every 210,000 blocks mined or about every 4 years. The total number of BTC that can ever be mined is 21 million. .

Currently, miners receive about $900 worth of BTC for every block mined which means they are making about $7 million per day in revenue. However, this number will halve to $450 worth of BTC per block in 2020 and continue to halve until all 21 million have been mined.

It costs about $531 to mine one Bitcoin Block as of July 2019. The electricity cost associated with mining one Bitcoin block is about $493.

In total, it cost $1,024 to mine one Bitcoin block.

NOTE: WARNING: Mining for Bitcoin can be a lucrative opportunity, but it also carries certain risks. It is important to remember that Bitcoin miners require high-powered hardware, large amounts of electricity, and significant computing power in order to be profitable. As with any investment, it is important to make sure that you understand the risks before you invest. Additionally, the value of Bitcoin is extremely volatile and could result in significant losses if not managed properly.

At present, miners earn most of their income via the block reward. When all 21 million bitcoins are mined, there will never be a block reward again.

Miners will then earn their income solely from transaction fees.

Right now, miners earn 12.5 BTC for each new block they mine, but that will halve in 2020 when the next “halving” occurs. After that, they’ll earn 6.25 BTC per block.

In 2024, they’ll earn 3.125 BTC per block, and so forth until the final bitcoin is mined sometime around the year 2140.

Today, each bitcoin transaction requires enough energy to power nine homes in the US for one day. By 2140, when the last bitcoin has been mined, cryptocurrency mining will require more electricity than what’s used by the entire country today!

The bottom line is that cryptocurrency mining is a very energy-intensive process and it’s not particularly profitable right now unless you have access to cheap electricity and can invest in expensive ASIC miners.

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