Bitcoin adoption is growing all over the world. More and more companies are betting on this asset and with that, the role of the Bitcoin miner grows
The number of users of the popular Blockchain wallet has steadily increased and has risen dramatically since November 2020. Company data shows an increase from 45 million to over 66 million wallets in the last 12 months.
Allied to this, in a report released to clients, the investment bank JPMorgan stated that bitcoin has become a rival to gold and can trade for up to US$146,000 in 2021 if it manages to establish itself as a safe asset. Other, more euphoric analysts talk about $200,000.
Another news that moved the sector was the confirmation of MasterCard to include cryptocurrencies in its payment network. Meanwhile, PayPal authorized users in the United States to buy, sell and hold these coins in their accounts.
That is, many will earn a good amount by investing in Bitcoins. To achieve this, you must buy it on a kind of Bitcoin stock exchange, known as exchanges.
How does Bitcoin mining work?
To be a Bitcoin miner it is necessary to have a computer with high processing capacity. Faced with the difficulty of mining Bitcoin, it is currently no longer possible to do so with your home computer.
Their role is to find a sequence that makes a block of Bitcoin transactions compatible with the previous block.
For that, the computer needs to perform thousands of calculations per second to find the perfect match, which is why they need to be extremely powerful.
Upon finding the matching string, the miner receives a Bitcoin reward for each block he mines. This bounty was created with the intention of paying people who lend computing power to keep Bitco's network down, known as the blockchain.
How much does a Bitcoin miner earn?
Data from cryptocurrency market monitoring platform Glassnode points out that Bitcoin miners liquidated over $1.3 billion from the end of December 2020 to the end of February 2021.
This makes the average profit quite large. Also according to Glassnode, a Bitcoin miner makes a total of $1 million per hour.
This vertiginous increase in miner earnings is due to increased activity on the BTC blockchain.
That is, people are trading more cryptocurrency and, consequently, demanding more work from miners who earn BTC with each block they check.
Becoming a Bitcoin miner is difficult. It takes advanced computers and the right algorithm to solve the mathematical issues involved in the process.
In this case, you must consider the cost to prepare computers with a high hash rate.
In addition, you must take into account the large amount of electricity that these devices consume. Also, don't forget that you will have to pay for their maintenance.
Beginners who do not know the subject so well sometimes think that there is a way to mine Bitcoin without investing in the equipment, that is, mine Bitcoin for free. However, this is basically impossible.
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