Profits are basically the most expedient motivation to why people get into mining.

Simply put, if your cost to mine 1 BTC is lower than the current BTC price, then mining allows you to accumulate BTC at a discount. In other words, when the current BTC price is $20,000 and you can mine 1 BTC for a total cost of $15,000, then you have a 25% profit margin. This is effectively the same as purchasing BTC at 25% below the market price.

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And certainly there is money to be made in this industry. At the time of writing this article, the daily revenue earned by miners is over $18.8 million, totaling up to about $6.87 billion annually. But then, the industry is incredibly competitive, and slicing out your piece of the revenue will be difficult.

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But did you know there are other benefits to mining?

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For one thing, mining enables people to acquire KYC-free crypto (anonymous ownership). 

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Asides that, another reason to get into cryptocurrency mining is as a hobby if you are engineering-minded or simply want to better understand this important aspect of Bitcoin.

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There is also a more noble reason to mine, even on a small scale. By mining, you're contributing to Bitcoin’s decentralization — the core tenant that makes BTC revolutionary.

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Whether you're mining to make money, starting a new hobby, or simply contributing to Bitcoin’s decentralization, mining is not easy. Regardless of your reason, I’d walk you through the entire process as time advances.

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$BTC.X $ETH.X #bitcoinmining #ethereummining #longterm #possibilities

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