Seven reasons crypto mining is profitable and worth it in 2021
Have I missed the boat? If you’re interested in crypto mining, that’s probably what you’re asking yourself right now.
There’s a simple answer to that. No, you haven’t.
GPU mining is still incredibly profitable! Read on, and we’ll show you seven great reasons why now is still a great time to get involved.
Cryptocurrencies are big news this year; seemingly every day, there’s a new story about China banning mining, the US senate getting involved, or Elon Musk being Elon Musk. We’ve already seen a crypto bubble burst in 2018, so what’s different this time around?
Currently, well over two trillion USD are invested in cryptocurrencies, and that figure is rising all the time. Companies like Tesla, Amazon and Microsoft either use or are considering accepting Bitcoin as payments and where Bitcoin lead crypto follows.
Right now, around 300 million people worldwide use cryptocurrencies, and while that may sound like a lot, it’s less than 4% of the world’s 7.8 billion population. Each year new advancements in blockchain tech bring us closer to mass adoption. The room for growth is staggering.
Still at the start of mass adoption
The easiest and most cost-effective way to get involved with cryptocurrencies is still GPU mining. Anyone can do it.
At this stage, Bitcoin mining requires a considerable investment in ASIC miners to generate any profit, so it’s pretty much a non-starter as an individual. However, using Nicehash allows us to join large pools of miners and sell our hashing power in return for Bitcoin.
Using the Nicehash Profitability Checker, we can quickly check the profit we can make each day. For example, on August 12th, you would have earned £20.22 per day using our 2060 Super rig. That translates to over £600 profit per month.
So with that in mind, let’s take a look at seven reasons mining rigs are still profitable in 2021;
- Nicehash – Gone are the days of struggling with Linux command lines to connect to a mining pool and wallet. Nicehash automatically finds your miner the most profitable set-up and works on Windows, Mac and Linux. Our rigs arrive with Nicehash set-up, so you don’t need to worry about configurations.
- Staking – One of the beautiful things about using Nicehash is that it is an almost self-contained ecosystem. You are paid for mining in Bitcoin into a Nicehash Bitcoin wallet. You can then trade that Bitcoin for other coins on their exchange. Some coins, like Ether, can be staked for generous rewards, often far greater than the interest you would receive from your bank.
- Deflationary – Bitcoin or Ethereum coins are deflationary; that is to say, they become worth more over time. This article from Forbes predicts a Bitcoin price of $66,000 by the end of the year and will be the dominant finance form by 2050. A great way to think of mining is that you are converting inflationary Sterling into deflationary Bitcoin.
- China – In May 2021, China banned crypto mining. This has to lead to a drop in the price of GPU’s and an easing of the global GPU shortage, at least temporarily. Right now is a fantastic time to buy a rig while GPU’s are available and fairly priced.
- Alt-Coins – We’ve already touched on this, but Nicehash has a built-in exchange that allows you to trade your Bitcoins. With a bit of research, it’s more than possible to find smaller alt-coins that will grow exponentially in value. Plenty of millionaires have been made this way.
- Configuration – All of our mining rigs come ready to roll right out of the box, but if you like to get your hands dirty, there are always ways of squeezing out another drop of performance. Optimizing your GPUs is often a satisfying experience, especially when those rewards roll in.
- Whales – No, not the ones in the sea. 2021 has been the year that traditional financial institutions began to take cryptocurrencies seriously. This year, Tesla, Square, Paypal, Microstrategy, and Grayscale have invested billions in the crypto space. The smart money believes that this is the start of something big, and the smart money is rarely wrong. Now is a great time to get a rig and get started on your crypto journey.