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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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2 hours ago, nick93 said:

In my opinion, maynig is a very difficult and costly thing for a beginner. I earn at arbitration. This is a simple strategy without risks

Tracking holes in the rate on several exchanges is not easy. Need help with the bot. I use the non-automatic BibitBot, it compares the coin rate and sends notices to the Telegram, then I buy it on one exchange and sell more on another

Edited by edd85

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Is it possible to earn a lot using this mining script on my website? There is so much information about hardware mining and about cloud mining services on the internet but nearly nobody is talking about mining scripts and I think that it is a really interesting topic to discuss.

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