To be quite honest with you, one can have all or nothing at all. Bitcoin mining is not some magical financial solution where you can become rich overnight.
But you can certainly make a lot of money with mining Bitcoins if you have invested a significant amount of capital on a legit Cryptocurrency mining website.
The other thing that you should probably realize is that the profitability of mining Bitcoin varies with many factors.
For that reason, you should probably work with an online Bitcoin profitability calculator because they give a rough estimate of what you can earn with a certain amount based on various parameters.
How much money can I make bitcoin mining?
I currently use Hashflare to mine Bitcoins. From my experience, a modest investment of $100 should bring you $0.5 daily profit on average (if am to consider current mining conditions since it varies a lot).
The amount of profit which you make on a daily basis can also vary based on the price of Bitcoin on any given day. When price goes up, you will notice that your mining profits are also going up. When price falls, the same case applies.
From that estimate, you can be able to calculate what you’ll make in a day if you invest $1000 or more.
Of course hashing power is a function of the capital which you are investing on a Bitcoin mining site.
Hash is basically the math problem which a miner needs to solve. On the other hand, hashing power is the rate at which these problems can be tackled.
The hash rate of the Bitcoin network significantly goes higher when more miners join the network. The vice versa is true.
At the same time, hashing power can also be used to refer to the power of your computer in relation to mining.
Hashing power is measured in different units namely GH/s, TH/s, PH/s and MH/s.
Besides this, there is the Bitcoin network difficulty. The blockchain network produces fresh Bitcoins every 10 minutes.
The network’s hashing rate increases by the day, and so the complexity of solving the math problem will also increase.
The point is, the more the number of people who are mining BTC, the more difficult it becomes to actually earn Bitcoins.
And of course there is the cost of electricity or power consumption, pool fees, time frame and conversation rate.
To know how much Bitcoin you will earn, you’ll need to factor the cost of electricity which is a function of the amount of power consumption that your miner needs to carry out a successful operation.
There is the mining fees which also need to be factored into the Bitcoin profitability calculator.
A pool is a collection of miners who have come together to execute the operation more effectively. These miners need to work in a mining pool which deducts a small amount of fees to maintain its operation.
Once Bitcoin is mined in the pool, it is shared among the members depending on the input of each miner.
Finally, the longer you mine, the more Bitcoin you’ll make. Now, when you take these parameters into consideration when calculating estimated earnings from your Bitcoin profitability calculator, you will end up with a figure that gives you a clue on what you’re likely to make on a daily basis.
Currently, an investment of $180 will will get you 0.8TH/s on a platform like Hashflare. With that amount of hashing power, you should expect to make $7-$13 dollars on a good week (based on the current mining conditions).
That pretty sums up the realistic amount of money that one can expect to make on a daily basis if they mine Bitcoin with a legitimate Bitcoin mining site.
Can you earn a living mining Bitcoins?
”How much money can I make Bitcoin Mining” is something you’ll ask because you want to establish whether it’s possible to earn a living from your Bitcoin mining activities.
Again, the best way to find an answer is to make use of a Bitcoin profitability calculator where you will see that you can get various answers based on the amount you’re investing and the factors mentioned above.
If an investment of $180 can bring slightly above $1 worth of Bitcoin per day, then how much do you need to invest in order to earn $10 per day or more?
A hashing power calculator can give you a clue. So yes, you can earn a living with Bitcoin mining. All you need to do is get those estimates with the help of a Bitcoin mining profitability calculator.
These Bitcoin mining companies are the only legit companies that I know of. Hashflare has a very low threshold to getting started with their facility. You can test them with a small amount before proceeding to deposit a huge amount so you can earn more Bitcoins per day. Good luck!