With the exponential growth of cryptocurrencies, it’s hard to predict the future in five years. However, there are some things we can count on, indeed. For one, the cryptocurrency markets will continue to grow even faster, with newer coins popping up on exchanges and others crashing into oblivion. If you’re thinking about mining cryptocurrencies, here are some factors to consider when weighing your options in 2022.
In 2013, Bitcoin was $20
If you had bought $100 worth of Bitcoin, your investment would be worth $4.5 million today. So, is it worth it to start mining crypto in 2022?
In 2025, Bitcoin could be $200,000
Cryptocurrency is digital money, which uses cryptography to secure transactions and control the creation of new units. Cryptocurrency is decentralized and not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are often mined, a process of verifying and adding transaction records to a public ledger. In return for their work, miners are rewarded with cryptocurrency. So, is it worth it to start mining crypto in 2022?
This is Why You Should Mine Now
In 2022, the reward for mining a block of Bitcoin was halved from 12.5 BTC to 6.25 BTC. This event, known as the halving, happens every four years and serves to reduce the inflation rate of Bitcoin. Despite the reduction in rewards, there are several reasons why it makes sense to start mining now. Even with the crypto winter, there is still a massive opportunity for mining Bitcoin in 2022.
Bitcoin mining is possible; whether it’s profitable depends on the upfront financial cost you put up during setup. Bitcoin mining is now only possible on an Industrial scale; Ethereum mining has become difficult over the years because of the same financial issue.
It is better to mine coins before they go mainstream and are discovered so you can benefit from price appreciation. A good coin to look at for mining is the Whive Protocol.
It is probably going to be more profitable to mine CPU-based coins such as $WHIVE. The Whive protocol allows you to mine with any device, including android phones using the Yespower algorithm.