Cryptocurrency mining has in many respects become an industrialized business. But despite the concentration of hashing power, the increasing difficulty and diminishing returns, in some cases it can still be profitable to mint coins as an amateur miner, probably the most honest way to earn some digital cash. Here’s a guide on how to build a mining rig.
Also read: Iran to Allow Mining Hardware Imports, Cyprus Creates Fintech Hub
Is It Late to Get Started With Crypto Mining?
The reduced market capitalization of digital assets, in comparison to last year’s all-time highs, has inevitably affected the profitability of cryptocurrency mining. That’s a fact of life but still there’s a number of other factors that can influence the outcome of mining – electricity rates, regulations, hardware prices, and even climate, to name a few. Their weight in the equation may vary significantly in different locations, from one jurisdiction to another.
In times when major producers of highly specialized equipment like Bitmain and Bitfury are building ASIC chips and rigs for mining bitcoin with ever-increasing productivity and efficiency, some say crypto mining in homes, basements and garages is a dying hobby. Add to that reports about GPU manufacturers like Nvidia losing interest in the crypto segment of the market, miners in Iceland exploring better opportunities in other sectors and the future of amateur mining starts to look bleak.
But that’s not necessarily the case. There are a number of altcoins whose developers continue the struggle to maintain ASIC-resistance. There are many countries where the costs of mining are relatively low – in some parts of Russia, for example, electricity rates are below $0.04 USD per kilowatt. For many enthusiasts around the world
