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.