A lot of people are struggling with financial brokenness, an unpleasant state of severe financial instability or distress. According to Statistica, a significant percentage of the world’s population possesses less than 10,000 U.S. dollars.
Notably, lack of awareness at an opportune time is one of the main reasons so many people remain broke. Look at it this way, the value of Bitcoin in 2009 was only $0.0009. That means, $100 would have given you approximately 111,111.11 bitcoins at that time.
Fast Forward to 2024, and it has increased over 600 times, currently standing at just over $64,000. That means, if you had spent $100 in 2009 to acquire and hold the above number of bitcoins, today you’d be worth over 7 billion i.e. $(111,111.11 × 64,000) = $7,111,111,040.
We are once again witnessing a situation similar to the advent of Bitcoin in 2009—cryptocurrency mining. Many people have never heard of it, and those who have, either dismiss it as a scam or are simply disinterested. Now that you’re reading this post, I’ll tell you what cryptocurrency mining is, and how to set yourself on the right path to success with it.
What Is Cryptocurrency Mining?
The bitcoin ecosystem requires miners who mine the digital currency daily to:
- Control the supply of the digital currency by introducing new bitcoins into circulation.
- Maintain the bitcoin network’s integrity and security.
So, bitcoin mining is simply the process of creating new bitcoins by adding a new block to the blockchain.
What Is Blockchain?
It’s the technology that has made Bitcoin and other digital currencies possible.
Working as a decentralized digital ledger, it records transactions across many computers. This ensures that they are retrospectively unalterable. A ledger is something like a book where you record and track financial transactions.
Bitcoin mining is all about adding new blocks to the blockchain(the chain of existing blocks), resulting in the creation of new bitcoins, validation of transactions taking place within the network, and maintaining its integrity alongside security.
Now, adding new blocks to the blockchain is no mean feat. It’s a very complex process that entails solving very difficult cryptographic puzzles. This is normally done by special types of computers with integrated application-specific circuits.
Who Are Bitcoin Miners?
Bitcoin miners are individuals or entities who participate in Bitcoin mining, and they often receive an incentive for every new block they help add to the blockchain. As an incentive for their work, miners earn a reward in the form of new bitcoins. For every new block, a miner receives 6.25 bitcoins plus transaction fees.
A Quick Fan Fact: Did you know that about 900 bitcoins are mined daily?
Overcoming Brokenness and Making It Big With Bitcoin Mining
Imagine earning 6.25 bitcoins plus transaction fees as a result of performing a successful Bitcoin mining operation! Brokenness aside, you’d be almost $400,000 rich from that particular transaction! Yes, you read that right. That’s how lucrative the business of bitcoin mining is! But it’s not that easy, you need to have the appropriate mining software and hardware to make it in this industry.
What Do I Need To Become a Bitcoin Miner?
- A bitcoin mining computer plus software.
According to TokenTax, BFGMiner and CGMiner are some of the most popular software for mining bitcoins.
Top 3 Bitcoin Mining Computers Successful Bitcoin Miners Use
If you know the right hardware to invest in, you’ll have the upper hand, and Bitcoin mining will be an extremely profitable venture. That’s why many successful miners keep their hardware details top secret. However, I’ll reveal to you the three GPUs that a few successful miners we interviewed use, despite receiving stern warnings not to share this information.
After all, in the spirit of decentralization, transparency is key, and there shouldn’t be unnecessary secrets. Plus, we believe that when you win we win, and everybody benefits from shared success. Here are the GPUs:
1. Bitmain Antminer S19 Pro 110TH – SHA-256
| Price | $629. |
| Overall Rating | 4.4 stars out of 5, based on 16 reviews. |
| Hashrate | 110 terahashes per second (TH/s). |
| Power Consumption | Approximately 0.0009028 per kilowatt-hour(kWh). |
| Item Weight | 36 Pounds. |
| Item Dimensions | (L x W x H):14.57 x 7.68 x 11.42 inches. |
| Shipping | Worldwide. |
Buy or check out the Bitmain Antminer S19 Pro 110TH – SHA-256 bitcoin miner here.
2. ICERIVER KS0 Ultra 400Gh KAS Miner
| Price | $466. |
| Overall Rating | 4.2 stars out of 5, based on 23 reviews. |
| Hash Rate | 0.4 TH/s. |
| Power Consumption | Approximately 0.1 per kilowatt-hours (kWh). |
| Item Weight | 6.6 Pounds. |
| Item Dimension | (L x W x H): 9 x 9 x 6 inches. |
| Shipping | Worldwide |
Buy or check out the Icerive KS0 Ultra 400Gh KAS bitcoin miner here.
3. Bitmain Antminer S19j Pro+ 120T 3300W Asic Bitcoin Miner
| Price | $1668.61. |
| Overall Rating | 4 stars, based on 2 reviews. |
| Hashrate | 0.4 TH/s. |
| Power Consumption | Approximately 3.3 per kilowatt-hours (kWh). |
| Item Weight | Item Weight: 31.3 Pounds. |
| Item Dimensions | (L x W x H): 14.6 x 7.7 x 11.4 inches. |
| Shipping | Worldwide |
Buy or check out Bitmain Antminer S19j Pro+ 120T 3300W Asic Bitcoin Miner here.
Monthly Electricity Costs Associated With Digital Currency Mining As A Powerful Way To Overcome Brokenness
The answer depends on your local electricity rates and your mining frequency. The costs of electricity in kWh in countries with widespread bitcoin mining are as shown below:
| Country | Approximated Electricity Cost Range |
| U.S.A | $0.10 and $0.20 per kilowatt-hour (kWh). |
| Australia | $0.14 to $0.25 per kilowatt-hour (kWh). |
| China | $0.07 to $0.14 per kilowatt-hour (kWh). |
| Japan | $0.172 to 0.201 per kilowatt-hour (kWh) |
| South Africa | $0.106 to $0.133 per kilowatt-hour (kWh). |
| Nigeria | $0.039 to $0.052 per kilowatt-hour (kWh). |
| Kenya | $0.138 to $0.207per kilowatt-hour (kWh). |
| India | $0.06 to $0.10 per kilowatt-hour (kWh). |
| Canada | $0.074 to $0.148 per kilowatt-hour (kWh). |
| Russia | $0.03 to $0.06 per kilowatt-hour (kWh). |
| Germany | $0.324 to $0.432 per kilowatt-hour (kWh). |
| Kazakhstan | $0.022 to $$0.044 per kilowatt-hour (kWh). |
| Malaysia | $0.051 to $0.066 per kilowatt-hour (kWh). |
| Ireland | $0.27 to $0.38 per kilowatt-hour (kWh). |
| Singapore | $0.185 to $0.222 per kilowatt-hour (kWh). |
| Thailand | $0.09 to $0.15 per kilowatt-hour (kWh). |
Is Bitcoin Mining A Scam?
It’s important to make clear that mining bitcoins is not a scam per se. However, there are many dubious platforms that target investors by falsely purporting to mine cryptocurrencies. One such platform is geosynmining.com, operated by a firm known as “Geosyn Mining LLC.” Read my Geosyn Mining News blog post to see how the US Securities and Exchange Commission recently charged this company for defrauding investors of millions of dollars.
Final Thoughts On How To Keep Brokenness Aside With Crypto Mining
If done properly with the right strategy, cryptocurrency mining can be a great way to overcome financial brokenness. It can be a lucrative investment that rakes in thousands of dollars every month. In 2018, CNN published a story of a guy who mined Ethereum, making about $800 monthly despite facing many challenges. For example, he did not have decent mining hardware equivalent to the ones listed above. Instead, he relied on a cryptocurrency mining computer he assembled on his own. On top of that were regular power outages. If with all those challenges the guy could still make that much monthly, don’t you think he could make so much more if you invested in the right mining hardware and software?
If you want to overcome brokenness, the first step is to learn how to make it bigger. I’ve already shown you that. The next step is to get a decent bitcoin mining GPU, set it up with the appropriate software, and go to work. Watch out for my next blog post on how to mine bitcoin on Android.