Types of mining

Almost everyone interested in bitcoin mining will probably prefer to mine bitcoin on their own and have all the bitcoin mined to themselves. They also most probably would like to mine with least effort as not everyone has the technical skills to programme and mine bitcoin, let alone understand how it works. It is however extremely impossible to get involved in mining on their own. Companies mine bitcoin in pools for a number of reasons which discourage individual mining.  

To start with, bitcoin mining equipment is very expensive. Mining is done with Antminers and you will need a lot of them to increase your chances of hitting a block since the mining difficulty keeps increasing as more miners join. To have a better understanding of mining difficulty subscribe tour newsletter and also ask questions on related topics which we will answer the best way we can. These Antminers need to be maintained and upgraded to the latest technology to stay competitive, as technology is constantly improving. This adds to the costs that will be carried by the investor. A high level of technical skills is needed to do the programming in order to mine bitcoins. It’s therefore easier for companies which mine in pools as they appoint the best professionals for the mining to be done properly.

These Antminers are very powerful machines that consume a lot of power and operate non-stop generating bitcoin. As a result, electricity costs will form a very significant portion of your expenses which means you need a cheaper source of electricity. Bitcoin mining will therefore not be profitable in countries where electricity is expensive. Furthermore, the mining equipment generates a lot of heat and they need to be cooled down. This adds to the already high power usage, which calls for the need for cheaper cooling mechanisms. All these factors effectively rule out some of the areas of the world as potential bitcoin mining sites.

This means that if you don’t have a lot of capital or technical skills for mining bitcoin or based in areas (countries) where conditions make bitcoin mining unprofitable, you may probably think you have no chance of getting into the lucrative bitcoin mining business. Don’t despair, there are options available to you. There are companies that allow individuals to join and they transcend any financial, ethnic, gender, age or geographical boundaries. You can go into pool mining or cloud mining. First you need to equip yourself with the necessary information which is why we are here to arm you. Just visit our page (https://www.dubeminer.com) and subscribe to our newsletter and also contact us if you have any questions.