If you are a proponent of Bitcoin Cash (BCH), there is an easy way to support your ecosystem and make a profit at the same time, and this is Bitcoin Cash mining.
As you probably know, mining is a complex process of solving difficult mathematical equations for the purpose of validating transactions. This is what makes mining the most important aspect of each crypt, while the miners themselves are invaluable members of the community of that coin. Not only do transactions make it possible, but they also increase the circulating supply of money.
Is Bitcoin cash mining profitable?
One thing that should be clear to all potential miners is that today encrypting the extraction is not what it used to be. When cryptos first appeared, mining was a quick and easy way to get new coins. However, in those days, the criptos were usually not that precious. Of course, times have changed and their value has skyrocketed over the years.
However, this also influenced the mining process, and today mining requires a lot of resources, expensive equipment and very often joining the mining pool.
While it is still possible to make a profit through the extraction process, every future miner should try to calculate how much he can earn and if the profit can cover the expenses. The problem with mining is that it can be profitable, which is why a lot of big companies, and even some governments, have entered the mining industry.
For this reason, individual extraction can often be quite difficult to obtain, and for some encrypted ones like Bitcoin, it could be almost impossible.
Is Bitcoin cashcoin more profitable than Bitcoin mining?
While BCH mining is quite similar to BTC mining, there are still some key differences that every miner should be aware of. For example, the limit of a BCH block is 8 MB, while the BTC block can only grow up to 1 MB. While the BCH blocks are larger, this also means that they require more computing power for mine. This also means that more power is needed, which will make the bills much larger. However, larger blocks also mean greater rewards for miners after each block has been successfully extracted.
Now, since both of these coins are based on the same blockchain, the current mining prize is the same – 12.5 coins. However, the biggest difference lies in the price of these two coins. At the time of writing, Bitcoin has a value of $ 6,651.20 per coin, while the price of Bitcoin Cash is only $ 537.84 per currency.
Due to such a dramatic difference, Bitcoin Cash mining can only work if the block complexity is less than Bitcoin blocks.
In the end, many miners found that BCH mining is less profitable than BTC mining. Some even suffered losses at some point. However, the interesting thing is that they continued to dig, despite the current losses. This can only mean that their trust in BCH was high enough to continue, and many of them decided to keep their coins and wait for the price to rise.
The conclusion here is that the extraction of BCH can be profitable, but much of the profitability lies in the price of the currency. Considering that the market has been rather negative throughout the year, the calculation of the current price of the currency is not exactly the best way to determine its profitability. There are many who believe that the new bull run is behind the corner and, when it arrives, the mining of Bitcoin Cash will once again become the main objective of every miner.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
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