Bitcoin mining has long seen its golden days as an activity anyone could do to obtain large amounts of Bitcoin. As profits grow slimmer and slimmer, miners are left with the question, how long will this remain feasible? In this article we explore how the Bitcoin halving will impact mining activities and why it may not be too late to host mining operations of your own.
As you now, Bitcoin can be exchanged for Naira via exchanges such as the NairaEX exchange. These transfers pay most of the fees behind the creation of Bitcoin via mining. Bitcoin mining is a very intensive process and for normal PC hardware can be detrimental. However with ASIC technology developed just to mine Bitcoin, things are becoming a lot more efficient and cheaper. Currently mining costs 2351989 Naira for the network as a whole in ten minutes in terms of electricity costs. Before the halving the network gained 4233750 Naira in return for mining. It’s pretty clear the profit margins are more than enough to let the activity remain sustainable and lucrative. The halving may reduce profits but the money is still there to be made.
Getting Started
Bitcoin mining is simple to get started and could start you earning some USD on the side.
First create your bitcoin wallet, Online services such as Blockchain offer fast and secure wallet services including 2FA.
Secondly, you must download a miner to compute “hashes” to release your bitcoin reward. A list is available here.
Finally you must join a mining pool. There a variety of pools such as ghas.io and supernova that allow for the mining of coins. Essentially many users are working together to mine Bitcoin and the number of shares you accumulate is proportional to the Bitcoin reward you receive.
To conclude, Bitcoin mining may seem out of reach due to competition. But you too can start mining with your own computer. Rewards will be small but eventually upgrading can be a possibility as with leading Bitcoin exchanges such as NairaEX you can squeeze the most out of your bitcoin with the premium rates on offer !
