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Bitcoin Cash Mining: Is It Actually Profitable?

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If you’re a supporter of Bitcoin Cash (BCH), there is an easy way to support its ecosystem and make a profit at the same time, and that is Bitcoin Cash mining.

As you probably know, mining is a complex process of solving difficult mathematical equations for the purpose of validating transactions. This is what makes mining the most important aspect of every crypto, while the miners themselves are invaluable members of that coin’s community. Not only do they make transactions possible, but they also increase the coin’s circulating supply.

Is Bitcoin Cash mining profitable?

One thing that should be clear to each and every would-be miner is that crypto mining today is not what it once was. When cryptos first appeared, mining was a fast and easy way to get to new coins. However, back then, cryptos were usually not that valuable. Of course, the times changed, and their value skyrocketed over the years.

However, this also affected the mining process, and today, mining requires a lot of resources, expensive equipment, and more often than not — joining the mining pool.

While it is still possible to make a profit through the mining process, every future miner should try and calculate how much they can earn, and if the profit can cover the expenses. The problem with mining is that it can be profitable, which is why a lot of large corporations, and even some governments, entered the mining industry.

Because of this, individual mining can often be quite difficult to achieve, and for some cryptos like Bitcoin, it may be next to impossible.

Is Bitcoin Cash mining more profitable than Bitcoin mining?

While BCH mining is quite similar to BTC mining, there are still some key differences that every miner should be aware of. For example, the limit of a BCH block is 8MB, while BTC block can only grow to be 1MB. While BCH blocks are bigger, this also means that they require more computing power to mine them. This also means that more power is required, which will make the bills that much larger. However, larger blocks also mean larger rewards for the miners after each block is successfully mined.

Now, since both of these coins are based on the same blockchain, the current mining reward is also the same — 12.5 coins. However, the biggest difference lies in the price of these two coins. At the time of writing, Bitcoin is valued at $6,651.20 per coin, while the price of Bitcoin Cash is only $537.84 per coin.

Due to such a dramatic difference, Bitcoin Cash mining can only work if the complexity of the block is lower than that of Bitcoin blocks.

In the end, a lot of miners have found that mining BCH is less profitable than mining BTC. Some have even experienced losses at some point. However, the interesting thing is that they continued mining, despite the current losses. This can only mean that their faith in BCH was high enough for them to continue, and a lot of them have decided to hold on to their coins and wait for the price to increase.

Conclusion

The conclusion here is that BCH mining can be profitable, but a lot of the profitability lies in the coin’s price. Considering that the market has been pretty bad throughout the year, calculating the coin’s current price is not exactly the best way to determine its profitability. There are many who believe that the new bull run is just around the corner, and when it actually arrives, Bitcoin Cash mining will once again become every miner’s main goal.

Check out the new Global Coin Report talk show as we address all the highlights in crypto and the financial markets. With guests from all over the cryptosphere bringing you news, editorial, and of course, money making opportunities.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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Blogs

7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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