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Bitcoin Mining: How Much Money Can You Make?

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Bitcoin mining is slowly but surely gaining momentum. There are various factors responsible for deciding the profitability of mining bitcoin. Apart from the hardware cost, the price of bitcoins and the cost of electricity are significant factors while determining and calculating how much profit you have gained through digital currency mining.

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As per the data collected on March 21, 2017, the average miner earned approximately $170 excluding the cost of electricity per month. However, things had changed drastically by December last year as the cryptocurrency market is very volatile and keeps fluctuating. In order to understand how much an average miner earns, certain statistics that are not readily available are required. If you look at worldwide figures, mining (worldwide) fetches $66 million per month. Since there are on the bitcoin network 6,676 nodes, the average take per node is naturally $1000/month.

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The whole focus of mining is to accomplish three things:

1. Provide bookkeeping services to the coin network. Mining is essentially 24/7 computer accounting called 'verifying transactions'.

2. Get paid a small reward for your accounting services by receiving fractions of coins every couple of days.

3. Keep your personal costs down, including electricity and hardware.

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