Under some conditions and to some extent, yes, but generally speaking no. Traditional home mining rigs are out of the question when it comes to Bitcoin. To mine one Bitcoin from home would take an incredibly long period of time. If you live somewhere where the electricity is ridiculously cheap, there is some possibility for profit but standard GPU mining is not an option anymore. There have been several new developments and ASIC got designed solely for mining. These are very expensive and not simple to maintain, so if someone is interested in mining Bitcoin they should be technically educated. If they are not technically educated, other options should be considered.

The best option when it comes to Bitcoin mining is a relatively new concept called cloud mining. Basically, cloud mining is based on entire farms of computers that are located in remote locations where electricity is cheap or even free. You essentially invest in other people’s mining processes and get some profit in return. It looks very simple, but there are downsides, especially considered the legitimacy of some of the cloud mining platforms. If a cloud mining platform is legitimate, you can’t always be sure that it will be profitable. Still, there are some upsides as well: there are no high electricity bills, there is no ageing equipment that has to be renewed, and in the end, there is no extra heat or noise around your home.

It must be taken into account that Bitcoin is not the only profitable cryptocurrency on the market. All of the alternative cryptocurrencies can be traditionally mined. The first option should be Ethereum, which is well established and provides a fair network to its miners. On the other hand, there is Litecoin, which has a similar structure to Bitcoin. The essential aspects in relation to the other cryptocurrencies are that they are growing, legitimate and that they provide a real and valuable service.

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Posted by Min Park

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