Crypto Miner Made Just Over $1 After Mining for Four Days
A digital currency miner recently revealed the profit he obtained after mining for days. A user on Reddit using the handle “nstran541” told the thread’s readers that he only earned $1.04 after his activity, which spanned four entire days.
Even though the miner utilizes the app WinMiner in order to carry out his activities, he withheld the exact coin he attempted to mine. His post began to explode with other users sharing their own experiences, including those who stopped mining altogether after realizing its extremely high level of energy consumption. Many users turned to investing in crypto rather than mining it themselves.
When asked if mining crypto is worth even near what is spent on electricity, a different Redditor, dubbed “MagniGames”, said that the mining he does for Raven also fails miserably in terms of profit, even when the coin itself increased in value.
He said that he halted his mining activities altogether, and that he began mining Raven when it was relatively unknown. Now that it is in 50th place on the crypto value list, and one of Binance’s best coins, he has yet to break even.
Crypto mining has been either banned or severely looked down upon by many nations around the world. Miners have to follow guidelines to the T in order to avoid any sort of criminal charge or trouble with authorities. Some towns, like Plattsburg or Ephrata in Washington state, completely banned the activity altogether.
Even though digital currency aficionados in Plattsburgh are attempting to retract the mining ban, Ephrata is going to continue with it for at least the next year. Iceland, a crypto hotspot that hosts several mining farms and crypto tech companies, allegedly shifted gears from BTC mining to BC tech business.
At the same time, crypto sentiments have risen in China and many parts of Asia. Reports allege that China currently holds the biggest crypto mining population. Crypto giant Bitmain, which is also based in China, is responsible for the mining of over 50% of the quantity of BTC in existence globally.
This regular wave of Chinese-based miners is primarily due to the significantly low fees for electricity in the nation. Data from the region shows that those who host mining operations in China have a 30 times better chance of making a profit than those in other nations. Residents of China are charged eight cents per Kwh, compared to other nations that get charged as much as twelve.