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Today I decided to bring a very interesting post because mining is simply a passive income practice that many people are adopting this technology to generate money passively and today we will talk about the risks involved and if it is really profitable to mine this cryptocurrency and I also want to see if we have another option, such as ETH or some DeFi cryptocurrency.
Simply many people have in mind to mine some kind of cryptocurrency this year to invest their money and it is something very well thought out because we can get great benefits in return when we mine this type of cryptocurrency on a large scale, if you want to get started in mining with little budget I recommend buying a graphics card (GPU) and start mining Ethereum (ETH) because it is simply a good idea for beginners and people with low budget.
Currently I want to start mining with a used GPU to start with, then I will start mining with some other GPUs and slowly build up my mining RIG. By the winds blowing I am very close to do it, but I will give a piece of advice to those who want to mine cryptocurrencies, if you want to start in the mining world you have to set a long term goal to see good fruits in this.
Honestly it is a very difficult question to answer because we simply have many cryptocurrencies to choose from and best suit our needs, in my opinion I always say that the Bitcoin (BTC) is not a good idea to invest, but I think in this article I can not say the same, actually I have nothing against the bitcoin guys, on the contrary, the Bitcoin has always been a helping hand in financial crises and a good tool for good investors.
Why do I think Bitcoin (BTC) mining is profitable? Simply because I talked to a friend who is an expert in mining and I told me that the "hashes" can be multiplied at least by 2, that is, if you have a mining equipment you can double its capabilities, which is equal to a much higher APR and that delighted me when I heard about this topic that caught my attention.
I want to end this post by saying that simply mining Bitcoin (BTC) and any other cryptocurrency in 2022 is profitable, but always taking into account the energy consumption and always keep in mind a second investment, that is, if we start mining Bitcoin (BTC) in 2022 let's allocate that money to another investment guys, because from my point of view we can lose money mining and just keeping those Bitcoin (BTC) in our wallet, on the contrary if we invest in another asset we can manage the expenses produced by energy consumption.
Always when we are mining cryptocurrencies we have to take very much into account the expense produced by electric energy because this is a very important factor to calculate the daily or monthly earnings, I would like to start mining and investigate how we can multiply the mining power guys, although logically this can bring more power consumption and can be very harmful to our mining equipment as it will work too much.