For those interested in learning more about or investing in cryptocurrency, Bitcoin is a great place to start. Created ten years ago, Bitcoin was the first successful decentralised cryptocurrency and is still one of the leading cryptocurrencies today; despite many more being created. Investors that are new to the cryptocurrency industry oftentimes ask the question, “Is Bitcoin mining still viable?” The answer is yes.
Simply put, Bitcoin mining is the process of creating new bitcoins. Through mining, cryptocurrency investors can verify, store, and secure transactions made with Bitcoins. However, since Bitcoin cryptocurrency was created a decade ago, many people have switched from mining their own Bitcoins to buying them instead. Bitcoin mining only remains profitable for those countries that have a very low electricity cost. While buying and trading Bitcoin is profitable, a rumour has been circulating lately that this is the only way to make money using Bitcoin- and this is far from the truth. Many people believe that the only people who can still make money by mining Bitcoin are those who invest exorbitant amounts of money, but this is also false.
For the small fee of USD $25, you can start mining Bitcoin yourself through the Dragon Mine. In order to mine Bitcoin, all you need to do is obtain and properly record Bitcoin transactions in the blockchain. Bitcoin functions as a decentralised cryptocurrency system because there is no one person or entity that keeps track of all transactions. Instead, these transactions are made through the blockchain and recorded by Bitcoin miners, who are then rewarded in Bitcoin for their service. While it may be “easier” to buy and trade Bitcoin, the answer to the question, “Is Bitcoin mining still viable?” yes because mining is the foundation of the cryptocurrency. Millions of people are protecting their assets and getting rich through Bitcoin mining- and you can, too!