▶ Coinbase Website: Coinbase.com
▶ CEX Website: cex.io
Over the past couple of months, the price of Bitcoin has skyrocketed leading Bitcoin investors to profit massively. Someone who is profiting even more than Bitcoin investors is Bitcoin miners as they make money even when Bitcoin is not moving or even going down. However, mining Bitcoin is no walk in the park, and it is extremely difficult. First of all, the process of mining itself is long and tedious, and Bitcoin is not guaranteed at the end of successfully mining a block. Aside from this, getting into bitcoin mining is quite expensive, so you’ll likely have to risk tens of thousands of dollars before seeing any potential return. On top of all of this, Bitcoin is quite volatile, so your Bitcoin mining operation could turn upside down very quickly. This video explains the various challenges in mining Bitcoin and why it’s so difficult to profitably mine Bitcoin.
Discord Community:
Timestamps:
0:00 – Bitcoin Mining Boom
0:43 – How Bitcoin Mining Works
3:23 – Building A Mining Rig
5:07 – Capital Requirements
6:22 – Bitcoin Volatility
7:51 – Mining Alternatives
8:45 – Reality Of Mining
Resources:
▶ Coinbase Website: Coinbase.com
▶ CEX Website: cex.io
Youtube version
