Connect with us

Blogs

Bitcoin Cash Mining: Is It Actually Profitable?

Published

on

Bitcoin cash mining
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Altcoins

HODLing Stellar Is A Good Plan For 2019

Published

on

HODLing
READ LATER - DOWNLOAD THIS POST AS PDF

HODLing, or holding on to a certain asset or assets has always been an extremely useful investment strategy, even before cryptocurrencies were even imagined. Now, with the market being more uncertain than ever, many are wondering what is the right thing to do with the coins in their possession.

Of course, things change depending on the coin in question, but today, we are going to talk about why it is a good idea to hold on to your Stellar (XLM) in 2019.

Why You Should Hodl Stellar (XLM)

The crypto market is rich with hundreds, and even thousands of different projects at this point, and separating valuable ones from those that are destined to slowly fade away can be tricky. However, even the biggest skeptics believe that Stellar is a coin that is here to stay.

XLM was first launched in 2014, and for a long time now, it has been among the top 10 cryptos by market cap. It is an open-source, decentralized protocol that allows users to send fiat currencies by using cryptocurrency as a method of transport. In a lot of ways, it is very similar to XRP. However, the biggest difference is that Stellar aims to offer its services to regular people, while XRP is more interested in working with banks and financial institutions.

Nevertheless, sending money, especially when it comes to cross-border…

Continue Reading

Altcoins

Reasons To Invest In Electroneum In 2019

Published

on

Electroneum
READ LATER - DOWNLOAD THIS POST AS PDF

2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.

While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.

1) It is fast

Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.

Furthermore, there are also plans to create Electroneum Virtual Currency Exchange, which will allow the project to act as an exchange. However, the even…

Continue Reading

Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

Published

on

Bitcoin ETF
READ LATER - DOWNLOAD THIS POST AS PDF

The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

Continue Reading

Elite