#Bitcoin Is Bitcoin Mining still Profitable? Published 1 month ago on January 15, 2019 By Nadja Eriksson Share Tweet The word bitcoin has been around a lot lately, and you have probably been wondering about it. You have probably also head about bitcoin mining. Heres a guide to bitcoin and bitcoin mining in2019 and of course the very important question, is bitcoin mining still worth it? Satoshi Nakamoto invented bitcoin as a peer-to-peer electronic cash system. The early days of bitcoin were exploited by the technically informed often garnering outrageous profits. Mining bitcoins was easier then and could be done by a single individual in her bedroom. Now the industry has exploded from a few individuals to a high-level venture; mining bitcoins requires specialized, expensive, machinery. Here are a few basic definitions. Block -A group of Bitcoin transactions. They are chosen from the mempool (the list of all currently pending transactions) and recorded by a miner into the ever-growing record of blocks known as “the blockchain.” Hash – to mine bitcoins miners have to solve a cryptographic puzzle. This needs computational power and miners are rewarded freshly-mined bitcoins. Hashrate – This is a measure of computational power. With an increase in hashrate, it would seem that more and more bitcoins can be mined, but the difficulty is set such that a block is found roughly every 10 minutes. Now let’s calculate the profit gained by an American solo miner. This explains that an average American would make$1348 a year provided bitcoin price is around $1150 and difficulty and hash rate remain constant. But this is not a likely scenario. Bitcoins difficulty and hashrate have been increasing since the early years. In conclusion, the average miner working solo would find it difficult to mine bitcoins unless he has easy access to cheap electricity. 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Continue Reading You may like Crypto News: Bitmain $500 million loss, Bitcoin Mining Scam, RippleNet Top 20 Bitcoin Mining Pools 2019 Alert: Unknown BTC Miners taking over the Bitcoin Mining Network Another Bitcoin Mining Giant Goes Down: Bitcoin Cash Fears of Centralization How to protect your cryptocurrency from hackers Bitcoin Mining Companies in huge trouble: The end for mining industry? 7 Comments 7 Comments Pingback: Is Bitcoin Mining still Profitable? – BTC News Paper Pingback: Is Bitcoin Mining still Profitable? - Bitcoin FYI Pingback: Is Bitcoin Mining still Profitable? - Coins On News Pingback: Is Bitcoin Mining still Profitable? – Sky New Pingback: Is Bitcoin Mining still Profitable? – Note For Day Pingback: News on Reg A+ Investoram.Org February 15, 2019 at 2:16 pm Giga Watt is not alone, however, with the downturn also affecting mining operations in China. China has long been the most popular country for bitcoin and cryptocurrency mining thanks to the low rates the Middle Kingdom charges for electricity. But even with a lower cost base, miners still require a certain price to be profitable and that floor has already been passed. Reply Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website #Bitcoin Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes Published 23 hours ago on February 22, 2019 By Nadja Eriksson These days saw the highest and rapid increase ever for Bitcoin futures on the Chicago Mercantile Exchange as the amount exceeded 18,000. Institutional investors are paying attention to this as the bitcoin future contracts get snapped up at an ever-increasing rate. Record of BTC Contract Size on CME: As per the stats of CME they were 18,338 on Wednesday, which is the highest figure ever recorded till now. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices. Upcoming contracts enable explorers to bet on the prices rather than to purchase the physical assets. So these figures might be a little misleading. When the new product which offers the physically settled contracts hit the market, they will be paying out in BTC which will drive tremendous momentum for crypto markets. Over the past year or so the expectation of a crypto Exchange Traded Fund (ETF) being launched has been telecasted and dominated the news. The year 2018, has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action. This year 2019, is expected to be different as many industry experts predict the launch of at least one institutional investment vehicle. As per the Block European exchange giant, Eurex is preparing to launch crypto and bitcoin futures so the list of institutional offerings is increasing rapidly. The cognate exchange is operated by Germany’s Deutsche Börse, which will be offering Bitcoin, Ethereum and XRP imminently according to the report. Exchange traded funds are the future: In addition to these future products, there is already one type of Exchange Traded Funds that are actually traded through an ETN (exchange-traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) crosses the technicalities of buying and storing Bitcoin but still allows investors to get into the action by buying shares that trade at around a thousandth of the price of BTC. GBTC has been highly popular with over $800 million which is already invested in the Bitcoin fund. Furthermore, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want. Continue Reading #Bitcoin Elon Musk: Cryptocurrency is the future, Paper Currency going to end. Published 3 days ago on February 20, 2019 By Nadja Eriksson Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency). In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance. When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting. He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency. Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking. A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts. Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process. Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away. Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins. Continue Reading #Bitcoin Tim Draper: Bitcoin Mass Adoption till 2021 Published 3 days ago on February 20, 2019 By Layla Harding Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin. By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added. Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin. Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency. Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin. 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