3 Reasons Cryptocurrency Mining is Profitable and Worth It in 2024

Cryptocurrencies appeared on the big stage at the end of 2017 when, in a massive “crypto fever”, the value of one bitcoin jumped to just over $ 19,000. The first cryptocurrency bitcoin has existed since 2009, which in fact a huge number of people do not even know. Satoshi Nakamoto published a technical article on bitcoin on October 31, 2008, created the initial “genesis” block on June 3, 2009, and released the source code on June 8, 2009. This began the journey to create a market worth over $ 200 billion today.

There are three different ways to invest in cryptocurrencies. Most can be “mined” with graphics cards and other mining equipment, they can be bought at the exchange office, and ultimately, they can be bought through various bitcoin managers, funds and the like. Once mined or bought, they can be accumulated in the wallet or traded via different software, such as bitcointrader2.

We will not write too much about technology, but rather we will turn to values ​​and speculation. Cryptocurrencies are for the most part a speculative instrument and therefore it is very risky to invest in them, meaning that you need to be well informed that you are investing at the right time which is most important. However, it should be emphasized that such high returns of the investments were not recorded ever until the appearance of bitcoin. If you had invested $ 100 in bitcoin 8 years ago, you would have over $ 300 million today. As far as recent history is concerned, Bitcoin has proven to be a digital asset with the best performance and the highest growth in 2019. There is nothing else you could make money on like bitcoin. The price has jumped a staggering 280% since 2019 from the beginning of the year and is currently falling and it seems that the time is coming to reinvest. You definitely need to consult with someone before investing, and if you do decide, accept the risk and never invest money that you are not willing to lose.

With so many options of investing in different currencies, the question whether mining is still profitable remains to be answered. In this text, we will give you 3 reasons why cryptocurrency mining is still profitable and will be worth it in 2024.

1. The energy consumption costs are decreasing because of various types of mining options are being introduced

Source: Notebookcheck

What we have learned so far is that the cost of owning and using mining hardware can be very expensive. Serious Bitcoin miners use powerful computers that have the highest quality and best performance: in this way they give themselves an advantage over other miners because with more power and the ability to process data provided by greater processing power, it is possible to process multiple blocks at the same time, search for a block or “dig” in a much better and more efficient way.

This was a cause for some alternative ways of mining to be developed and introduced to the market. Without having to deal with the expenses of hardware and electricity, you can now choose tom mine via the cloud. Cloud-based mining allows and allows miners to mine for cryptocurrencies, even in cases where they do not have the hardware (computing power) sufficient to properly and efficiently mine. Instead of using their own computer, miners can pay another user to access his Cloud account and thus gain access to his computer. This is done via special websites who offer this service.

The services on these sites are usually charged on a monthly basis depending on how long the user wants the contract to last. After paying a certain amount (depending on which package they choose), the user has the right and option to subscribe to a certain number of MH / s (or megahash per second) or GH / s (gigahash per second). Hash is the ability to dig. The better and bigger the hash, the more efficient is the cryptocurrency digging.

A project with highly set goals appeared on the crypto market a year ago, and it is interesting to note that miners only use mobile phones. Reportedly, the app consumes minimal battery and internet traffic, and the phone doesn’t overheat at all. All you need to do is log in once a day to the app and then click on the green button with the lightning symbol so ‘mining’ can begin.

The new cryptocurrency you mine for is called “Pi”. It’s still not used for trade, so it has no value, but it’s value will depend on its usage in the future. So, who’s to say this is not a future bitcoin. Its mining requires minimal engagement, so what not try your luck.

2. The forecast show cryptocurrency value will grow

Source: StormGain

Its true cryptocurrencies are very unpredictable and their value goes up and down all the time, but most analytics claim that by the end of the year bitcoin value will climb up reaching 20,000 $. Some even say it will reach 100,000 $ in the near future. Others predict that by 2024, the value will rise to 288,000 $, due to instability of the world’s currencies.

Expectations are high.

3. Cryptocurrencies are still not in the control of any government

Source: FinTech Futures

All over the world, cryptocurrencies are officially called virtual currencies. Virtual currency is a digital display of value not issued and not guaranteed by the central bank or any public body, which is not necessarily linked to a legally established currency and does not have the legal status of currency or money, but is accepted by natural or legal persons as a medium of exchange, stored and can be traded electronically. This is its biggest value. In a time that promises a recession in the near future, the safest thing you can do is accumulate assets which are not controlled by any government, but still convertible.

One final advice. Whatever currency you choose to mine, study carefully its long-term development plans and potential changes to the algorithm, as well as the hardware offer that is best for mining it, to ensure the best result.