The cryptocurrency prices are once again on the rise, and new investors and traders from around the world are joining the space. The new rally was also extremely beneficial for the crypto mining sector, which saw significant difficulties during the bear market. The prices were constantly dropping, and so it was almost impossible for miners to earn profits.
Home mining has been a problem for years now, ever since cryptocurrencies went big, and started attracting attention. Mining digital currencies such as Bitcoin and Litecoin is the most profitable since their prices tend to go high. While the cost constantly gets higher as well, the value of the coins is usually capable of covering them.
This has motivated many to engage the mining business and target these two coins, in particular. But, the growing competition, as well as the appearance of entire mining farms, has made home mining next to impossible. A new way of mining these coins was necessary, which is why an alternative was invented – cloud mining.
Home Mining vs Renting Miners
Bitcoin saw massive growth in the first half of 2019, going from $3,200 to $13,600 in less than six months. While it saw a correction that took it down to around $11,000, this is still a massive increase, which has brought sizable earnings to those who held it at the time.
While Litecoin did not reach these heights, the coin saw a major surge as well, during this same period, going from $30 in January, to $140 in June 2019. This kind of behavior brought the miners back, alongside traders and investors, and the competition in the mining sector is once again surging rapidly.
With a situation like that, those trying to mine Bitcoin from home do not stand a chance against mining farms and major companies. This is why they should consider renting miners. There are numerous advantages of doing so, such as the fact that the cost of electricity is already included in the process, so there are no additional fees there.