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In January 2018, I stepped out of the market too late and lost about 80% of my portfolio’s value in the process. Which doesn’t put me in the worst place, but it wasn’t fun either.
It is possible to get good profit if this stem is sold as organic fertilizer.
In the present age, people do many things to keep their body healthy and beautiful. So everyone prefers to eat nutritious food. People try to eat products that reduce the use of chemicals. In this case, if the crop is grown using organic fertilizer instead of chemical fertilizer during cultivation, this crop will be more acceptable to the people. Our topic today is related to such agricultural and organic fertilizers.
There are currently thousands of ways to make money online. But this time Meta is experimenting with some money making tools in particular.
This time Facebook users can easily earn big money. This is because Meta (formerly Facebook) has started testing a number of tools for selling digital assets and experiences on its virtual reality platform 'Horizon Worlds'. Note that 'Horizon Worlds' is an important part of creating a metaverse. This will open up a wide range of livelihood opportunities and users will be able to earn big money very easily, the company said.
How to Make Money at Home Using Mobile (Make Money at Home Using Mobile)
Nowadays, almost everyone upgrades their mobile every two to three years. In this case, because the old mobile phone is not useful then many people exchange it when buying a new handset or leave it in a drawer at home. If you already have an old mobile phone and plan to sell it as unnecessary, don't forget to do so. Because you can earn many times more money by selling old smartphones than you get by using it, even while sitting at home (Earn Money from Home). Wondering how to make money on old smartphones? So listen, there are some professions that give you the opportunity to earn money through mobile (Earn Money from Mobile). After all, you don't have to drop a single knot for this. Only with an old mobile and active internet connection is it possible to earn daily income! By the way, yes.
Want To Make Money From YouTube? How Easy it is to Earn 330-400 Dollar.
YouTube's popularity as a video streaming platform is no less than that of any other company. Ordinary people spend hours and hours watching videos on it for free. But now many have made this platform a means of earning. Many people are currently earning thousands of dollars from YouTube. All you have to do is have a monetized channel and meet certain conditions. There are many ways to earn money on YouTube - creating videos, creating shorts and paid membership of the channel. So if you want to choose YouTube for monetization, you have to choose one of the mentioned options. Let's find out in detail about these ways.
The surprises don't end there, however, with a report from The Washington Post revealing some more shocking facts. It states that hackers are not only able to steal, but are still able to use the stolen cryptocurrency. The Treasury Department tried to seize all the money the hackers made in this crypto attack, but it did not materialize. It is learned that hackers have already transacted Ethereum worth 4.5 million. The Treasury Department has identified the group that caused the shocking incident as the Lazarus Group.
Earlier, the North Korean group hacked Sony Pictures in 2014 for the first time. According to blockchain analytics firm Elliptic, the group of cybercriminals has so far smuggled 100 million in stolen cryptocurrencies. The good news is that although the hacking group has not been fully located, some important information about the ring has already reached the Treasury Department, which has enabled it to freeze 5.6 million in cryptocurrency transferred to hackers. This information has been published in a report of Binance International Crypto Exchange. Needless to say, US officials are working hard to catch the hacking group.
As the days go by, there is no need to say anything new about the increasing incidence of various types of hacking around the world. There is no denying, however, that the recent incident is the greatest example of the hackers' ingenuity! Most importantly, North Korean hackers have made it clear in this case how to fully understand the vulnerabilities of the crypto economy and how to exploit it. They've made good use of all the flaws available on crypto platforms, and thus managed to grab this huge amount of money without anyone noticing, while maintaining complete confidentiality. The hackers deserve a lot of praise for making such an impossibility possible, but not for long. It is expected that technologists and researchers will come up with more sophisticated technology in the coming days. In that case, when all the troubles are over, when we will see a hacking-free world, the answer is probably only a matter of time.
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Do you want to open a YouTube channel? Wondering how to open a YouTube channel? Let's find out the rules for opening YouTube channel from computer and mobile.
If the terms of YouTube are not changed after a few days, then there may be many creators on YouTube who have no power over the content.
Just like you can earn money from YouTube by uploading videos , there are ways to earn money from short videos on YouTube. Making money from YouTube shorts is a little different than the main monetization feature on YouTube. Let's find out what YouTube shorts are, how to make YouTube shorts and how to make money from YouTube shorts.
Transactions within these programs are publicly distributed and don't require a central authority for governance. As a result, the Ethereum network needs a global system of computers to compile and verify each batch of transactions (i.e., a block) within the platform's blockchain.
What is Pinterest Marketing?
If you want to set up a business right now, we must use social media. Because most people in the world are active in these social media. Pinterest is one of the most popular social media in the world. When Pinterest does not market your product, it is called Pinterest marketing.
Many businesses are benefiting from marketing on Pinterest. Pinterest is a platform of choice for all clients. If you work in Fiber Marketplace then if you work in any social media promotion. Then of course your clan will tell you if you know Pinterest Marketing. You must have a good idea about Pinterest. Learn more about Pinterest Marketing and why Pinterest Marketing is needed. If you don't want an electric marketing then you can't do digital marketing.
How Pinterest Does Marketing
Many people question how Pinterest does marketing . How to start marketing, my business will be more publicized. Many people want to know the rules of Pinterest marketing. Today I started a detailed discussion with you about this.
Rules for Pinterest Marketing:
1. To do Pinterest marketing, you must first open an account on Pinterest. Name the account after your business band.
2. After opening a Pinterest account, now the job is to promote your product photos and videos on Pinterest.
3. Of course you have to give a very nice and smooth headline of your product. So that the buyers want to buy the product just by looking at the headline of your product.
4. You can make product photos as well as product videos if you want. There are many buyers who love to watch videos and buy products by watching videos.
5. You need to set a different PIN for each product.
6. If you are doing Pinterest marketing for a website, you must provide a link to the website in a pin post. This will increase the visitors to your website.
7. You need more than luck to succeed in affiliate business. The posts should give very nice images and beautiful videos.
Here are seven tricks you can use to market Pinterest. Hopefully, the question of how to market Pinterest will no longer exist in your mind. The more pins you post, the faster your posts will run on Pinterest.
Why do Pinterest Marketing?
The question in the minds of many is, why do Pinterest marketing and what is the benefit of Pinterest marketing. I would tell them that if you are a digital marketer then you must learn marketing and do Pinterest marketing. Nowadays this marketing has become very popular and important. If you are a digital marketer then your client will definitely ask you about the experience of interesting marketing. If you have no previous experience in this case.
Then you will not receive that order. So Pinterest marketing is very important for every freelancer and digital expert. And if you work as an online business man. Even then, you need to pay more attention to the Pinterest platform. Most people abroad use Pinterest for online shopping. You can also increase your website visitors by posting PINs if you want. This will give very good traffic to your website. Whether you are a digital marketer or an online business person, marketing your Pinterest is more important in both cases.
What it Takes to Do Pinterest Marketing
To do Pinterest marketing you must first create a Pinterest account. In this case, if you have any problem to open an account from Bangladesh, you can open a Pinterest account using VPN if you want. After opening a Pinterest account you need to know how to post on Pinterest. You have to post Pinterest just like we post on Facebook. If we upload something on Facebook, it is called post. And when you post something on Pinterest, it's called PIN.
When posting in interest you will provide the link of your desired web site or e-commerce website. When a Pinterest user clicks on your paint, it enters your e-commerce website. Your e-commerce website must be decorated in a very beautiful way. So that your lines want to buy any product by looking at the post of your e-commerce website.
Increasing Website Visitors from Pinterest
If you have a website. If you want to increase the visitors to that website then you must do Pinterest marketing. The only way to get organic visitors to your website is through Pinterest Marketing. Also if you have a business website. In that case, if you want, you can take those who are interested in your product to your website. In this case you will have two benefits. Your website will have organic traffic with which you can sell your products. This is why Pinterest marketing tax is so important.
As the days go by, the demand for Pinterest marketing will increase. And every digital marketer must learn Pinterest marketing. I hope you have learned how to market Pinterest . And if you are also an online business man, then you need to pay more attention to this social media platform. Because 10 years from today, these social media will become very popular. So how do I end this episode of today's Pinterest marketing. When everyone is doing it, stay home and stay healthy and keep the family healthy.
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The heartbeat of a mobile phone is the battery. Much depends on the battery. If the battery of your mobile is very good. Then your mobile phone charges will be much higher.
What do I mean by blog ?? A blog site is a website where you can exchange your articles. You can also promote it. Simply put, the blog site is your gallery, where you can write poetry novel stories. If you are a writer, you must have a blog site.
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To open a blog site, you must first log in to Blogger.com. Then you need to create a Blogger account using your Google Account. After creating an account you will be taken to Blogger.com's dashboard. There are various rules and regulations written there, you can read them if you want. Then you need to click on the menu icon at the top left of the mobile or computer screen.
Video Editing: Simply put, what makes certain video clips interesting is called Video Editing.
Some fashion tips help make your Eid outfit a complete hit!
Traditional wear is always the best choice for Eid. An embroidered cotton or lawn shalwar suit or a light saree would be ideal in this summer. Also, since the weather is so hot, it’s better to wear less makeup and have your hair tied up, perhaps in a braid.
So, the current youth want to do something with which they can earn money peacefully at home in a very short time. So today you have come up with some of these methods, if you can use them, then you will easily find a way to earn money.
With cryptocurrency gaining traction in the digital economy, more people are looking for ways how to better manage their cryptocurrency funds. Among these include properly storing their cryptocurrencies and protecting their digital assets. This is where your cryptocurrency wallet comes to play. Simply put your digital wallet in the place you can keep your cryptocurrency, a medium to send or receive it, and source funds to purchase crypto apps and services. If you are thinking of taking the plunge into the world of cryptocurrency you might need to research what bitcoin wallets are and how you can use them to trade in cryptocurrencies.
NFT are all over the news right now. NFTs include digital assets like digital artwork, music, videos, collectibles, or in-game assets that are unique and irreplaceable and fast becoming sought after as collectibles. These digital assets have seen growth in trading through the use of cryptocurrencies such as bitcoin or Ethereum. Most users buy NFTs on dedicated marketplaces, similar to how they might buy cryptocurrencies. There are millions of Non-Fungible Tokens in the various NFT marketplaces and if one or two catch your eye and if the price is right, why not put in a bid or buy it? Do you want to know how to buy and NFT? If you do, there is a process that involves several steps, and here is how you can get started.
Why You Should Buy NFTs
The popularity of Non-Fungible Tokens is that they are digital assets that contain identifying information on their owners recorded in smart contracts. The specific information makes each NFT truly unique as it cannot be replaced by another token, easily verifiable, and can be easily be traced back to the original issuer- making them be considered as having originality certificates. If you own NFTs, the value of NFTs comes from their scarcity just like real-life fine art and also have the potential to appreciate over time. NFTs can also be programmed by their owners to help generate royalties for them as well. In a nutshell NFTs offer:
Scarcity: Their scarcity defines the value of the NFT and has the potential to appreciate in value over time.
Collectability: like baseball cards, art, and antiques NFTs are popular digital collectibles offering a unique niche for collectors.
Offer utility: Some types of NFTs provide utility, such as in-game items (avatars, weapons, trinkets), and even virtual real estate.
Investment: NFTs are the craze in the digital economy offering money-making opportunities when they get traded.
Though the NFT market is relatively new when it comes to ease of use, buying your first digital collectible isn’t hard —below is our step-by-step guide to buying your first NFT.
1. Set Up a Crypto wallet
For you to buy an NFT you will need to first purchase some cryptocurrency and link it to your funded cryptocurrency wallet. You can buy crypto currencies like Bitcoin, and Dogecoin Ethereum, from the Ethereum, blockchain. Essentially your digital wallet is the place you can keep your cryptocurrency, a place to send or receive it, and your funds to purchase crypto apps and services. Once you set up and funded your digital wallet then it becomes an easy process to buy an NFT. Later on, when you’ve collected some NFTs, they will be stored inside your metamask wallet or digital wallet. There are several digital wallets out there such as the coinbase wallet, the Ethereum network, and others.
2. Choose an NFT Marketplace
Once you have set up your digital wallet you will need to settle on an NFT marketplace to buy your NFTs from. There are several top NFT marketplaces such as OpenSea, Rarible, Mintable, Axie Marketplace, or NBA Top Shot Marketplace that sell NFTs. Most marketplaces offer to sell digital art, music, collectibles, virtual assets, in-game items, and more. Most marketplaces make t easy for users to create, sell and buy NFTs. Before embarking on purchases, you will however need to do your due diligence and educate yourself on how to avoid NFT scams.
3. Connect Your Digital Wallet to the Marketplace
Once you chose your NFT marketplace you will then need to link it to your cryptocurrency wallet to the marketplace on which you decide to make the NFT purchase. OpenSea is considered the largest peer-to-peer NFT marketplace out there, allowing users to interact with and exchange NFTs from numerous different marketplaces and blockchains. Once you’ve set up, and connected with a marketplace to buy, sell and trade NFTs.
4. Find an NFT You Like
In the catalog of items being offered for sale in the marketplace of your choice, choose the NFT that appeals to you. Remember for your NFT purchase to attract higher prices in the future you will need to choose ones that are popular, are going viral, and are rare. Another tip is to find collections early on and is preferably rare that would increase the chances that you could make a great return out of it.
5. Place a Bid
Once you decided on the NFT of your choice you can start your buying by placing a bid on the NFT or meeting the asking price of sellers. NFT sellers will provide potential buyers with details on the buying process including the selling price of the NFT, the auction time limit, and the cryptocurrencies they will accept from buyers. On the NFT’s page, click the Make Offer button and enter the amount of cryptocurrency that you would like to bid for it.
6. Complete the Transaction
If your offer for the NFT is the highest when the auction ends and your offer is greater than or equal to the reserve price, then the NFT marketplace will automatically complete the transaction. In some cases, the seller can opt to can accept your offer anytime, regardless of when the auction is scheduled to end.
The fact that an NFT can only have one owner at any given time, means that you have purchased the exclusive ownership of a particular digital asset. You can hold on to the NFT until it fetches a price that can gain you a profit or save it as part of your unique personal collection.
Buying an NFT Tips
The best way to decide on a marketplace is to consider the following:
Deciding the type of NFT you looking for: Not all NFTs are created equal some are highly sought while others are popular among niche markets. The purchase of your NFT will be determined based on what you seek to do with it. Is it for your personal needs as a collector or fan? Or do you want to make money over it when its price appreciates?
What fees are charged by the NFT marketplace: NFT markets come with commissions and ‘gas prices’ (amount of computing need to make transactions), they vary from marketplace to marketplace make sure that the marketplace you choose does not charge an exuberant amount of fees for transactions.
User-friendly marketplace: if you are a newbie to buying NFTs make sure that the procedures and user interface are easy to follow and are not complicated to ease your buying experience.
Secure marketplace: Scams can be prevalent in the digital economy make sure that the marketplace you chose to buy your NFT from ensures that your data is protected and the NFTs you buy is secure.
How do you know what NFT to buy?
Depending on the purpose of your purchase will determine what kind of NFT you would want to buy. If you are a collector or fan you can opt to buy memorabilia, sporting cards, digital artworks, and more that are aligned with your passion. If you are looking towards investing in NFTs look for NFTs that stand to fetch good prices in the future. The best bet is to go based on popularity, hype, going viral, rarity, and others to get good returns in investments.
Can you resell an NFT?
Yes, you can buy or resell an NFT on the secondary, just like anything item you would own. In fact, the big part of NFTs appeals is to create a unique marketplace where items can be exchanged with little fanfare. For you to resell your NFT you will need to make sure your NFT is in the crypto wallet paired with the marketplace in question and put it up for sale.
Why do people buy digital art NFT?
Trading in digital art like NFT is all the craze ownership fueling the new ear of the digital economy. Today NFTs have helped create a market for digital art where users can securely create an NFT, store them, buy them, sell them and collect them. In addition, NFT blockchains help NFT creators track all transactions after their initial sale allowing for perpetual royalty paybacks helping them get a steady flow of revenues. According to Chainalysis, in 2021, users sent at least $44.2 billion worth of crypto currency to two types of Ethereum smart contracts associated with NFT marketplaces and collections. Finding the right NFT project for your long-term investment portfolio is not easy and will require careful planning. How to make money with NFT can be easy, use these three simple rules to guide you through your NFT journey: find the NFT you like; do your own research; never spend more money than you can afford to lose.
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Mining is the process that Bitcoin and several other cryptocurrencies use to generate new coins and verify new transactions. It involves vast, decentralized networks of computers around the world that verify and secure blockchains – the virtual ledgers that document cryptocurrency transactions. In return for contributing their processing power, computers on the network are rewarded with new coins. It’s a virtuous circle: the miners maintain and secure the blockchain, the blockchain awards the coins, the coins provide an incentive for the miners to maintain the blockchain.
Most people think of crypto mining simply as a way of creating new coins. Crypto mining, however, also involves validating cryptocurrency transactions on a blockchain network and adding them to a distributed ledger. Most importantly, crypto mining prevents the double-spending of digital currency on a distributed network.
Like physical currencies, when one member spends cryptocurrency, the digital ledger must be updatedby debiting one account and crediting the other. However, the challenge of a digital currency is that digital platforms are easily manipulated. Bitcoin’s distributed ledger, therefore, only allows verified miners to update transactions on the digital ledger. This gives miners the extra responsibility of securing the network from double-spending.
Meanwhile, new coins are generated to reward miners for their work in securing the network. Since distributed ledgers lack a centralized authority, the mining process is crucial for validating transactions. Miners are, therefore, incentivized to secure the network by participating in the transaction validation process that increases their chances of winning newly minted coins.
In order to ensure that only verified crypto miners can mine and validate transactions, a proof-of-work (PoW) consensus protocol has been put into place. PoW also secures the network from any external attacks.
How does mining work?
There are three primary ways of obtaining bitcoin and other cryptocurrencies. You can buy them on an exchange like Coinbase, receive them as payment for goods or services, or virtually “mine” them. It’s the third category that we’re explaining here, using Bitcoin as our example.
You might have considered trying bitcoin mining yourself. A decade ago, anyone with a decent home computer could participate. But as the blockchain has grown, the computational power required to maintain it has increased. (By a lot: In October 2019, it required 12 trillion times more computing power to mine one bitcoin than it did when the first first blocks were mined in January 2009.) As a result, amateur bitcoin mining is unlikely to be profitable for hobbyists these days. Virtually all mining is now done by specialized companies or groups of people who band their resources together. But it’s still good to know how it works.
Specialized computers perform the calculations required to verify and record every new bitcoin transaction and ensure that the blockchain is secure. Verifying the blockchain requires a vast amount of computing power, which is voluntarily contributed by miners.
Bitcoin mining is a lot like running a big data center. Companies purchase the mining hardware and pay for the electricity required to keep it running (and cool). For this to be profitable, the value of the earned coins has to be higher than the cost to mine those coins.
What motivates miners? The network holds a lottery. Every computer on the network races to be the first to guess a 64-digit hexadecimal number known as a “hash.” The faster a computer can spit out guesses, the more likely the miner is to earn the reward.
The winner updates the blockchain ledger with all the newly verified transactions – thereby adding a newly verified “block” containing all of those transactions to the chain – and is granted a predetermined amount of newly minted bitcoin. (On average, this happens every ten minutes.) As of late 2020, the reward was 6.25 bitcoin – but it will be reduced by half in 2024, and every four years after. In fact, as the difficulty of mining increases, the reward will keep decreasing until there are no more bitcoin left to be mined.
There will only ever be 21 million bitcoin. The final block should theoretically be mined in 2140. From that point forward, miners will no longer rely on newly issued bitcoin as reward, but instead will rely on the fees they charge for making transactions.
Why is Mining Important?
Beyond releasing new coins into circulation, mining is central to Bitcoin’s (and many other cryptocurrencies’) security. It verifies and secures the blockchain, which allows cryptocurrencies to function as a peer-to-peer decentralized network without any need for oversight from a third party. And it creates the incentive for miners to contribute their computing power to the network.
The network recognizes the work conducted by Bitcoin miners in the form of providing rewards for generating new blocks. There are two types of rewards: new Bitcoin created with each block, and fees paid by users to transact on the network.
The block reward of newly minted Bitcoin, amounting to 6.25 BTC as of May 2020, is the majority of the miners’ revenue. This value is programmed to halve at fixed intervals of approximately four years so that eventually, no more Bitcoin is mined and only transaction fees will guarantee the security of the network.
By 2040, the block reward will have decreased to less than 0.2 BTC and only 80,000 Bitcoin out of 21 million will be left up for grabs. Only after 2140 will mining effectively end as the final BTC is slowly mined.
Even though the block reward decreases over time, past halvings have been amply compensated by increases in the Bitcoin price. While this is no guarantee of future results, Bitcoin miners enjoy a relative degree of certainty about their prospects. The community is very supportive of the current mining arrangement and has no plans to phase it out like Ethereum, another major mineable coin. With the right conditions, individual Bitcoin miners can be confident that the venture will turn a profit.
Although mining is a competitive business, starting is still relatively easy. In the early years of Bitcoin, hobbyists could simply boot up some software on their computer and get started right away. Those days are long gone, but setting up a dedicated Bitcoin miner is not as hard as it may seem at first.
If you are curious how you would go about mining Bitcoin, the first thing to note is that for mining BTC, your only option is to buy a Bitcoin mining machine, i.e., an Application-Specific Integrated Circuit device, commonly referred to as an ASIC.
These devices can only mine Bitcoin, but they are highly efficient in doing so. They are so efficient that their introduction around 2013 made all other types of calculating mining devices obsolete almost overnight.
If you are looking to mine with common CPUs, GPUs or more advanced FPGAs, you will need to look into other coins. Although these devices can mine Bitcoin, they do so at such a slow pace that it’s just a waste of time and electricity.
For reference, the best graphics card available just before the rise of ASICs, the AMD 7970, produced 800 million hashes per second. Now, an average ASIC produces 100 trillion hashes per second — a 125,000-fold difference.
The number of hashes produced in a second is commonly referred to as the “hash rate” and it is an important performance measurement for mining devices.
Two other factors should be considered when purchasing a Bitcoin mining device. One is the electricity consumption, measured in watts. Between two devices that produce the same number of hashes, the one that uses the least electricity will be more profitable.
The third measure is the unit cost for each device. It is pointless to have the most energy-efficient ASIC in the world if it takes 10 years to pay itself back through mining.
Bitcoin has a fairly vibrant ecosystem of ASIC manufacturers, which often differ on these three parameters. Some may produce more efficient but also more expensive ASICs, while others make lower-performing hardware that comes at a cheaper price. Before analyzing which device is best suited for your needs, it is important to understand the other factors influencing profits from Bitcoin mining.
Several shops sell ASICs to retail customers, while some manufacturers also allow direct purchases. Though they are more difficult to source than common graphics cards, it is still possible for anyone to buy an ASIC at an acceptable price. It is worth noting that buying mining equipment from shops or manufacturers shipping from foreign countries may result in hefty import dues.
Depending on the manufacturer or the shop, ASICs may be offered without a power supply unit, which will then need to be purchased separately. Some ASIC manufacturers sell their own units, but it is also possible to use PSUs built for servers or gaming computers, though they are likely to require special modifications.
ASICs need to be connected to the internet via an ethernet cable, and they can only be configured through a web browser by connecting to the local IP address, similar to a home router.
Before carrying on, it is necessary to set up an account with a mining pool of choice, which will then provide detailed information on how to connect to its servers. From the ASIC’s web panel, you need to insert the pool’s connection endpoints and account information. The miner will then begin working and generating Bitcoin.
Mining through an established pool is strongly advised, as you will be able to generate constant returns by pooling your hardware with others. While your device may not always find the correct hash to create a block, your mining contribution will still be rewarded.
In addition to the financial risk of not turning a profit, there are technical risks involved in managing high-power devices such as ASICs.
Proper ventilation is required to avoid the mining equipment burning out components due to overheating. The entirety of the miner’s electricity consumption is dissipated into its environment as heat, and one ASIC is likely to be the single-most powerful appliance in your home or office.
That also means you need to carefully consider the limits of your electrical grid when Bitcoin mining. Your home’s electricity network is rated up to a maximum level of power, and each socket has its own rating too. Exceeding those limits could easily result in either frequent outages or electrical fires. Consult an expert to determine whether your electrical setup is safe for mining.
Regular maintenance against dust and other environmental factors is also required to keep the mining devices healthy. While failures are relatively rare, ASICs can go out of commission earlier than expected without proper maintenance.
While single ASICs may fail, the largest threat to their profitability is the prospect that they may become obsolete. More efficient miners will eventually crowd out older devices.
Historic generations of miners like the Bitmain S9, released around 2016, lasted approximately four years before becoming unprofitable under any electricity price configuration (except zero). However, the speed of advances in computing technology is largely unpredictable.
Bitcoin mining is no exception to any other venture. There is potential for rewards as well as risks. Hopefully, this guide provided a decent starting point to further evaluate both.
Different methods of mining cryptocurrencies require different amounts of time. In the technology’s early days, for example, CPU mining was the go-to option for most miners. However, many find CPU mining to be too slow and impractical today because it takes months to accrue even a small amount of profit, given the high electrical and cooling costs and increased difficulty across the board.
GPU mining is another method of mining cryptocurrencies. It maximizes computational power by bringing together a set of GPUs under one mining rig. For GPU mining, a motherboard and cooling system is required for the rig.
Similarly, ASIC mining is yet another method of mining cryptocurrencies. Unlike GPU miners, ASIC miners are specifically designed to mine cryptocurrencies, so they produce more cryptocurrency units than GPUs. However, they are expensive, meaning that, as mining difficulty increases, they quickly become obsolete.
Given the ever-increasing costs of GPU and ASIC mining, cloud mining is becoming increasingly popular. Cloud mining allows individual miners to leverage the power of major corporations and dedicated crypto mining facilities.
Individual crypto miners can identify both free and paid cloud mining hosts online and rent a mining rig for a specific amount of time. This method is the most hands-free way to mine cryptocurrencies.
Mining pools allow miners to combine their computational resources in order to increase their chances of finding and mining blocks on a blockchain. If a mining pool succeeds, the reward is distributed across the mining pool, in proportion to the amount of resources that each miner contributed to the pool.
Most crypto mining applications come with a mining pool; however, crypto enthusiasts now also join together online to create their own mining pools. Because some pools earn more rewards than others, miners are free to change pools whenever they need to.
Miners consider official crypto mining pools more reliable since they receive frequent upgrades by their host companies, as well as regular technical support. The best place to find mining pools is CryptoCompare, where miners can compare different mining pools based on their reliability, profitability, and the coin that they want to mine.
Determining whether crypto mining is worthwhile depends on several factors. Whether a prospective miner chooses a CPU, GPU, ASIC miner, or cloud mining, the most important factors to consider are the mining rig’s hash rate, electric power consumption, and overall costs. Generally, crypto mining machines consume a considerable amount of electricity and emit significant heat.
For instance, the average ASIC miner will use about 72 terawatts of power to create a bitcoin in about ten minutes. These figures continue to change as technology advances and mining difficulty increases.
Even though the price of the machine matters, it is just as important to consider electricity consumption, electricity costs in the area, and cooling costs, especially with GPU and ASIC mining rigs.
It is also important to consider the level of difficulty for the cryptocurrency that an individual wants to mine, in order determine whether the operation would even be profitable.
The taxation of crypto mining remains an important consideration.
Crypto miners will generally face tax consequences (1) when they are rewarded with cryptocurrency for performing mining activities, and (2) when they sell or exchange the reward tokens. With respect to (1), the IRS has issued Notice 2014-21 which directly addresses the tax implications of crypto mining. Under the Notice, a miner will recognize gross income upon receipt of the reward tokens in an amount equal to the fair market value of the coins at the time of receipt. Additionally, if a taxpayer’s mining activities constitute a trade or business or the taxpayer undertakes such activities as an independent contractor, the reward tokens/virtual currency payments are deemed to be self-employment income and accordingly, subject to self-employment taxes. Similarly, if a taxpayer performs mining activities as an employee, payments made in cryptocurrency are treated as wages subject to federal income tax withholding of Social Security/Medicare and unemployment taxes.
For a more detailed analysis of crypto mining tax implications, see Taxation of Crypto Mining. For crypto tax planning resources, see Charitable Remainder Unit Trusts (“CRUTs”) and Cryptocurrencies, Taxation of Crypto Margin Trading, and Estate Planning and Cryptocurrency. And for the latest on IRS Voluntary Disclosures for previously unreported cryptocurrency gains, see The IRS’s Voluntary Disclosure Practice.
Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear.
Under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business and is subject to corporate income tax. In India and elsewhere, regulatory uncertainty persists, although Canada and the United States appear friendly to crypto mining.
However, apart from jurisdictions that have specifically banned cryptocurrency-related activities, very few countries prohibit crypto mining.
Our Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency.
For aspiring crypto miners, curiosity and a strong desire to learn are simply a must. The crypto mining space is constantly changing as new technologies emerge. The professional miners who receive the best rewards are constantly studying the space and optimizing their mining strategies to improve their performance.
On the other hand, climate change advocates have become increasingly concerned, as more and more fossil fuels are burned to fuel the mining process.
Such concerns have pushed cryptocurrency communities like Ethereum to consider switching from PoW frameworks to more sustainable frameworks, such as proof-of-stake frameworks.
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