8
It is undeniable that mining cryptocurrencies, such as bitcoin, ether or even ravencoin has been profitable until September 2022. However, after the merge of ETH (ether) from proof of work (PoW) to proof of stake (PoS) this fact has changed. Throughout this brief article I am going to discuss whether it is still profitable or not for people to mine.
Mining was profitable due to the price of a bunch of cryptocurrencies. For example, when Ether price was around 3,000 $ and above, other cryptos such as ravencoin was around 0.11 $ and bitcoin valued 40,000 $. In addition to that, the cost of electricity at that moment was so cheap so that people started to mine different tokens - it could be said that 2021 was the golden year for miners -
Nevertheless, energy supply skyrockets its price because of the invasion of Ukraine and the energy is completely necessary to mine, so now, we have to study carefully what it is involved to mine and see whether it is still profitable. Mining would need a powerful computer and graphic cards, furthermore internet Supply Company. If you wanted to check on your own the amount of money, you might earn by mining click on this to have a look on it. There is a website where you can have a glimpse on the profit of your mining rig. For instance, whattomine.
For all the reasons before mention, it could be thought that mining, right now, is a bad deal. At first hand, it is complete truth that starting mining from the beginning it?s not worth it because you will need to buy all the devices needed to mine, and it would take you years to have your investment returned. However, it exits alternatives because if you had solar panels at home and for that reason you have free electricity you might mine any cryptocurrency although your income would be lower than in the past. But, we all also know that crypto are so volatile, and maybe that token, which you are mining, would be able to triple its value in the upcoming months. Here it is my suggestion, in case you have the chance to mine without any extra cost, just mining and holding your tokens, I will advise you to stake that token within any exchange to have that amount of those tokens increased in two or three years. There are a list of exchange where you can stake your token:
To sum up, I would say that starting to mine from the beginning is an appalling idea meanwhile mining using alternative, clean and renewable energies, such as either solar panels or windmills, is still profitable at this moment. Please, do not hesitate to leave me a comment or review if you are interested in this topic for me to go deeply in it.
