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5 Benefits of mining for Bitcoin

mining

Most of us online consumers today may have already heard about Bitcoin, cryptocurrencies, and blockchain technology at one point or another.

Some of us may have grown our interest in these revolutionary digital assets and have invested our time doing research as well as our money on buying cryptocurrencies that we believe in.

However, there are still many of us who are still clueless about Bitcoin, the technology behind it, and its advantages.

Bitcoin, together with other cryptocurrencies, offer an innovative way for its users to transfer funds, complete payments, and hold these assets for future use. Unlike other forms of electronic money, transacting with Bitcoin is purely peer-to-peer and is almost impossible to be hacked.

The transactions are confirmed by the network through thousands and thousands of mining hardware scattered all around the world. All you need to have in order to start mining are high power GPUs, a steady source of electricity, and internet connection.

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Here below are five benefits of mining Bitcoin

1 – Earn Bitcoin as a reward.

Bitcoin transactions are compiled into groups called blocks and confirmed roughly every 10 minutes. Through a series of mathematical equations, mining computers will attempt to solve a block and the first one to successfully do it will receive the block reward currently set at 12.5 Bitcoins.

Miners will also receive all the transaction fees that are included in the block. As you can see, Bitcoin mining can be a good source of passive income if done properly.

2 – Avoid high fees and get your coins instantly.

In contrast to buying cryptocurrencies, mining Bitcoin involves smaller fees (if you decide to join a pool) and the transactions are usually faster. With Bitcoin mining, you can save from deposit and withdrawal fees, as well as from transfer and trading fees.

The rewards can also be sent to your wallet in almost real-time after your request has been made.

3 – You may either join a pool or try your luck.

To increase your chances of earning Bitcoin, you may consider joining a pool. A single pool combines the hash power of all miners involved in order to increase the chances of solving a block. Once the reward has been sent, the amount will be split according to the hash rate that you have contributed to the pool.

You also have the option to try your luck by mining Bitcoin all by yourself. Your chances of solving a block might be very slim, but the amount of rewards you may get will surely be worth the risk.

4 – Help strengthen the security of the network.

As more and more miners contribute hash power to the network, it becomes less vulnerable to 50% + 1 attacks. Cybercriminals would need to gain control over more than half of the Bitcoin mining equipment simultaneously in order to disrupt the Bitcoin network, which is almost close to zero in probability. The participation of miners greatly helps to the stability of the network.

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5 – Earn other cryptocurrencies from your hardware.

Depending on the quality of your hardware, electricity costs, and the current price of Bitcoin, Bitcoin mining can have different rates of profitability. Nonetheless, you may always switch to other currencies depending on what you see is the most profitable.

Here is a list of cryptocurrencies and their current prices to know which ones are the best to mine at any given point in time.

Conclusion

Are you a cryptocurrency investor? Do you mine any of the digital assets? What are your experiences?

Enstine Muki
 

Certified Cryptocurrency Expert, Problogger and Serial Entrepreneur

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