Is Crypto Mining Still Worth It: Best Way To Mine Crypto For Home Miners
When cryptocurrency mining first began in 2009 with Bitcoin, it was very profitable. Early adopters got the best out of mining. However, as more time went by, the question arose of whether cryptocurrency mining with mining rigs was still profitable for crypto enthusiasts today.
But first, let’s delve into what crypto mining is and how it works. Crypto mining means something different depending on whether the cryptocurrency you’re mining is built on a proof-of-work or a proof-of-stake mechanism.
Mining is more popular in proof-of-work consensus mechanisms. Cryptocurrency transactions are verified through mining. Mining here is done by computers that solve complex computational math problems. The first computer to solve the problem is rewarded with a token.
In proof-of-stake, your mining power depends on the number of coins you stake. The more you stake, the more coins you mine.
Here is why crypto mining with mining rigs on a proof-of-work mechanism isn’t profitable for most people:
- It’s Expensive: Traditionally, cryptocurrency mining requires expensive equipment that are just not affordable for the average crypto holder. If you do manage to get the equipment, there is also the high electricity cost to consider. This equipment consumes a lot of power, driving up your electricity bill. Some people try to reduce mining costs by forming or joining mining pools. In mining pools, individual miners pool their resources together to increase their chances of mining a block and then share the rewards afterwards. However, most mining pools charge fees.
- It’s Only Great For Early Adopters: Crypto mining is especially profitable for early adopters. The more people trying to mine a coin, the fewer rewards you can earn. For example, when Bitcoin was first mined in 2009, the reward for mining one block was 50BTC. By 2020, mining a block got you only about 6.25BTC.
- It's Bad For The Environment: Mining computers use a lot of energy in carrying out equations. In the US alone, bitcoin mining caused about 40 billion pounds of carbon emissions. On proof-of-work mechanisms, the more power your computer uses, the higher your chances of mining a block. This means coins like Bitcoin that run on proof-of-work mechanisms end up using a lot of energy and releasing toxic carbon emissions into an already toxic atmosphere.
With all these reasons, you might be discouraged from participating in crypto mining. It is true – cryptocurrency mining is often not profitable for home miners. However, that is not always the case.
There are other alternatives to crypto mining apart from mining rigs. For example, Wicrypt’s hotspot hubs act as miners for Wicrypt Network Tokens ($WNT). These devices mine WNT when people connect to your shared Wi-Fi via the hotspot hub.
Here’s why crypto mining is profitable with Wicrypt hotspot hubs:
- The Wicrypt Network runs on a proof-of-stake mechanism.
- Wicrypt is in its early stages, which means you can enjoy early adopter privileges. With over 52% APR, Wicrypt is extremely profitable.
- Mining with the hotspot hubs is less expensive. You only need to get a hotspot hub and stake about $100 worth of WNT to start mining.
Cryptocurrency mining is still profitable for home miners if you use Wicrypt hotspot hubs. The more people that connect to your hotspot hub, the more WNT you mine.
Apart from enjoying passive income, you can also provide internet access for your community for free or for a fee. It’s a win-win for everyone! You get to mine WNT easily and at low cost, and members of your community get access to fast internet.
About Wicrypt Network
Wicrypt is a decentralised mobile internet sharing and monetisation network, allowing anyone to get paid for sharing their Wi-Fi. Wicrypt is the first African company to build a peer-to-peer infrastructure for sharing mobile internet data without the need for third-party integration.
Wi-Fi can be shared via Wicrypt’s custom hotspot hubs or via mobile devices. Users who use the hotspot hubs can mine Wicrypt Network Tokens ($WNT) when users connect to their hotspot.