Mining in 2022 – Pros & Cons

Hello everyone, as you all know about Bitcoin/Ethereum & other crypto currencies.
These crypto currency are now more than an asset. Value of which increases every single day & sometimes decreases also.

People trade, buy, sell and hold such cryptocurrencies while some use them as a mode of payment

Why people use crypto as mode of payment ?

It is because here we have no limit of send money from fraction to huge sums of money can be easily sends within seconds with a very minimal or you may say negligible taxation deducted on use of blockchain. To understand blockchain just take it as an engine on which all of crypto’s are operating.

How can we earn bitcoin ? Without buying it through fiat currencies or exchanging with any other trader ?

via GIPHY

MINING – Mining is the process which keeps the process of blockchain alive and secure. For which we get a reward as a part of our contributing to make the crypto network more strong and secure i.e. giving our mechanical power through out Personal Computer to make the network of blockchain working.

Sound’s fascinating isn’t it ? It is fascinating as you can let your computer run while you are free with your time your PC would generate some crypto currencies for you too.
Mining uses GPU Computing power which is the most important part to mine crypto currency through your computer.

Now let’s take you to main point Pros & Cons of mining in 2022 –

PROS

  • Earn while you sleep – You don’t have to give your time to mine, your pc will mine itself.
  • Earnings are high as compared to initial investment.
  • Your hardware will stay at home you don’t have to take your PC to anywhere.
  • Uses very minimal internet so, Internet limits and speed are not the matter of concern.
  • Hardware failure rate is very less.

CONS

  • Electricity bill – Not much of a concern but still your electricity bill will have a raise.
  • Heat – Lucky! if you live at a cold place, otherwise PC/Rig running at full load will make room hot.
  • Profitability – Income isn’t stable as long as market crashes or difficulty increases of blockchain.
  • Environment – Energy made out of natural resources are chunked up by crypto miners.
  • Regulations – Many countries still have no regulations over cryptocurrencies so it’s a little bit of risk for future.
  • GPU Prices – Due to mining, Demand of GPU’s by miners have massively increased which had a huge impact on price increase of GPU’s & its availability.
  • POS (Proof of Stake) – Ethereum mining is the most profitable and mostly used algorithm of mining, owner of ETH blockchain Vitalik Buterin has announced ETH2.0. Which is made to stop mining to save environment and its natural resources to generate electricity. The date of POS is still not confirmed let’s see what happens after that, but don’t panic there are plenty other algorithm only difference is that they are not as profitable as ETH.

If I miss any of a point or what are your views please comment down below .
Thanks.

Leave a Comment

Your email address will not be published.