Bitcoin, the original cryptocurrency, was created for the general public and to be out of the hands of governments and central banks. A big part of its selling point as a form of digital payment is how the network checks and approves all transactions on the public ledger, with those doing the checks being rewarded with the crypto. It’s a simple but effective premise, leading many to see the blockchain it’s all based on as the true highlight of Bitcoin.
Over 15 years on from that first Bitcoin transaction received by Hal Finney from Satoshi Nakamoto, and cryptocurrency as a whole is more popular than ever. Some gravitate to it as an investment opportunity, while others see the future of online payments rising to the fore. In any case, there’s a business opportunity created by being able to mine cryptocurrencies, but is it viable as a home business or even just a side hustle?
There’s Buzz About Crypto
We’re a good seven years removed from the crazy price run of Bitcoin and its most highly-regarded peers back in 2017, and yet, what was once diminished as just a craze hasn’t gone anywhere. If anything, in terms of investing, crypto has only become stronger still. Reports delving into the industry this year point to activity levels and usage being at all-time highs, DeFi growing in popularity, and a drastic reduction in transaction costs.
All of this points to adoption being beyond just price rises for investors. Looking around, it does seem like more and more new entities are coming to the fore based on being fully committed to the crypto ethos. You could look at the rise of NFT games and classic entertainment that’s been molded to fit the crypto world. This is the case with PeerGame. To play all of its games, users just need to send over crypto from their wallets. Registration isn’t required.
Some figures point to 40 percent of US adults having crypto in 2024, which is a ten percent uptick from 2023. When you see the increasing options for using coins and the different coins with appealing pitches that can be bought into, it’s easy to see why adoption is on the rise. After all, even the EconomicTimes is now covering interesting-looking cryptocurrencies that, in the right conditions, could surge up from under $1 each.
Getting into Crypto Mining from Home
Source: Unsplash
Not everyone wants to buy crypto directly, track the price bounces, and time their cash-outs. Luckily, in theory, anyone can get in on the crypto mining business. As detailed by the CoinTelegraph, building a crypto mining rig is not always cheap. But there are resources that help you to narrow in on crypto that you can mine efficiently with whatever hardware you currently have or intend to invest in soon.
The guide to setting up an at-home crypto mining rig landed on a figure in the region of $3,400 to make an efficient but budget-friendly rig. There are a few cryptocurrencies that stand out as good targets for home mining operations. Many would usher you away from the big names like Bitcoin and Ethereum, so instead, review the cost-benefit of mining Beam, Bytecoin, Monero, Ravencoin, or ZCash.
How profitable the mining operation ends up being naturally relies on the markets and your choice of cryptocurrency. So, for the uninitiated, it’d be best to start your home crypto mining operation as more of a hobby or side hustle and then, if all goes well, maybe expand it into more of a business.
