Startup Pulse

Should You (Still) Mine Bitcoin in 2019?

Bitcoins – the biggest peer-2-peer network that changed the way we look at currency. In the last 2 years, Bitcoins have taken over the online market with a sweeping wave. There have been more investors in the sector than ever before.

One source of Bitcoin generation is mining. Bitcoin mining in South Africa has become one of the many pools of miners in the world. At the start of the Bitcoin revolution, there were very few who showed interest in mining for Bitcoins. But as the popularity and the market price of these went up, more and more coders decided to dedicate time to mining.

How Bitcoins work?

Unlike regular currency, this is not regulated and printed by any government. Since there is no one place where the Bitcoins can be produced, these are mined at various parts. The mining is done by using programs like MinePeon or EasyMiner or any other software. Use these platforms, a user can solve complicated mathematical algorithms. People are rewarded Bitcoins in return. If more people work for the reward, it will generate that many more Bitcoins. This will invariably increase their market value.

Here is why you should still mine in 2019:

1. Pool Mining

Since the mining of bitcoins has become more expensive, there has been a creation of mining pools. These are groups of miners who get together and find faster ways to fix the problem. For example, if you are Bitcoin mining in South Africa, you can connect with other miners in the area and breakdown a complex problem faster and split the rewards. This way you are ahead of the run and have better odds of earning profits.

2. Better Tech

Back when Bitcoin started you could mine on your own personal computers. Today the world has moved a long way and it’s time to leverage that. There are not GPUs available to help speed up the mining process. These are Graphic processing units that are added to the computer to break down more complex calculations. Now, these have reached a point of innovation where ASIC miners are in place. There “application-specific integrated circuit”, hardware invested purely to make speed up the mining process.

3. Better Costs of Bitcoin

All research has shown that the Bitcoin market is here to stay. In a few years, these could even replace conventional currency. Since they are safe, centralized and user depended, they are never going to run out of circulation. Thus mining Bitcoins even in 2019 seems like a sensible option.

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