Bitcoin mining has always been a very interesting topic for many people. There are many people who are already mining a lots of Bitcoin and the number of miners has increased a lot in the recent times. The main problem with Bitcoin mining is the high difficulty levels associated with Bitcoin. So, do you think that Bitcoin mining will continue in the year 2024?
Do you think that people will mine bitcoin in 2024?
- Thread starter Passiveearner
- Start date
I guess people will but there will be determination in other coins like Monero. I think currently it is most popular coin for mining. Do you know in US somebody turn old nuclear powerplant into Bitcoin mine? I guess they will not give up so easy from plans.
- Thread starter
- #3
Well, I was not aware of this fact. I have heard about many other stories like people planning to use volcanoes to mine cryptocurrencies. I think that new and innovative ideas could be used in the future to mine cryptocurrencies. They may also use solar power to mine cryptocurrencies as well in the future.
This already happend. I personaly know guy how started this. He knows how install solar panels since this is his regular job. He bought another computer and set everything. Current earnings are very small since computer is also weak, but I think he already paid out everything.
Even though the level of competition is getting tougher and the hash rate difficulty is getting higher and BTC mining rewards will be cut in half, in countries that implement cheap electricity rates Bitcoin mining will still be an idol, even though the total Bitcoin available has been mined in 2140 , as a way to make money.
People are still mining bitcoin otherwise the protocol would have stopped, but the thing is that only people with a lot of capital or who have amortized mining equipment, are going to want to mine bitcoin, as the network has become too expensive.
I believe that Bitcoin mining is still a viable option as the value of Bitcoin remains competitive, though not as high as it was before. However, I have decided to discontinue my venture with mining as it is a time-consuming and exhausting process that involves a lot of clicking and entering captchas.