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Bitcoin Mining

November 29, 2021

It’s hard to find people who never heard of Bitcoin, but it’s even harder to find someone who can explain how it works. I’m not such a person, but I have a high-level grasp on this thing which I had to put to the test recently. The thing is, a relative of mine wanted to tap into bitcoin mining and see how it goes. Well, it turned out to be quite a venture. First, it’s pretty hard to figure out if bitcoin mining is profitable and if it’s a good investment. There are many variables at play, and most of them are unpredictable. Here is a few things I found interesting:

  • Mining is far more profitable than I expected.
  • Cost of electricity is important, but you can still mine with a good profit even if your electricity is rather expensive.
  • ASICs are noisy, you can turn on a vacuum cleaner to get a glimpse on an expected noise level from a single device.
  • You’re going to need a good ventilation and probably some cooling in order to mine bitcoin.
  • ASICs are pretty durable if you treat them well, 5+ year lifespans isn’t something unheard of.
  • ASICs are liquid, you can easily sell them even if you used them for quite some time.
  • ASICs are super easy to set up, just enter where you want to receive your coins, and you’re good to go.