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.
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.
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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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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
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