Do you wonder if the Bitcoin mining business is still profitable in 2019? In this text, I’ll first cover why it’s not, followed by why it is such a great opportunity.
Why 2019 is hard for miners
- Price– it’s down. With the current market price of ~$3600 for one Bitcoin, it’s hard to invest in mining equipment, pay the taxes, pay the electricity cost and still make a profit. It’s not impossible, but it’s not easy either.
And that’s about it. It’s only the current price of Bitcoin, while there are many advantages:
Why 2019 may turn out great for Bitcoin miners
The mining difficulty is down– 2018 was hard for Bitcoin miners, and many had to give up. Luckily for us, Bitcoin adapts to this kind of action- with fewer miners the difficulty goes down, rewarding you with more coins for the same amount of work.
The mining hardware prices are down
At the beginning of 2018, the mining equipment was extremely expensive, sometimes also hard to find. Now many have panicked- cutting the hardware price in half and making it easy to find. For example- it was almost impossible to find a GTX 1060, and you had to pay $400 for it. Now you can find it anywhere, and pay as low as $200!
The next reward halving is set to happen in 2020
Since there is a finite amount of Bitcoin, it is programmed to cut the miner’s reward every few years. Basically, as time goes by, less and less new Bitcoin will enter the market- a few years ago it was 3600 per day, after that, it was 1800 per day(as is now and will be every day until May 2020). Every time this happened in the past, it made the Bitcoin price go up. And it makes sense- the less it gets released, the more valuable it should become. This is a strong point, making sense and being backed up by the analysis of the past. If you start mining now and hold your coins until the halving starts affecting the price- your unprofitable business may turn out profitable.
Bitcoin mining is easier than ever before.
It’s 2019, and the Bitcoin mining business is around 10 years old. And beginnings are always hard for innovation- it required technical knowledge and there were not much documentation and websites to learn from. Now it’s easy. It takes minutes to install the bitcoin mining apps for Windows, Linux, and Mac. They have a solid graphical user interface and are very easy to use.
Wallets and ways to buy and sell Bitcoin are many and available on many devices and operating systems.
Should you start Bitcoin Mining Business in 2019?
It’s not for everyone, and it’s not guaranteed. Bitcoin and altcoins are still relatively new assets when compared with gold and real estate. They are also much riskier.
But Bitcoin and altcoins also have much larger profit potential. We’re talking about hundreds if not thousands of percentage returns.
Nothing unusual here- it’s risky, but you can reduce some of the risks by playing smart. Still, it can potentially bring you a massive reward.
So what should you do?
Don’t invest anything you can’t afford to lose. And be patient- becoming an overnight millionaire is rarely possible, yet more possible than with any other asset so far.