So the real question on everyone’s mind right now is, is it possible to mine profitably in the UK inn terms of Bitcoin?
The answer quite simply is yes, dependent upon individual circumstances. So there are lots of clients, lots of our clients, lots of people that we work with who are happily making really quite handsome sums of money mining in the UK in 2021, Under what would be considered fairly normal circumstances.
ASIC Bitcoin machine is are machines which are just designed to mine Bitcoin. If you plug one of those into your house or to your home and stick it in your garage, you can realistically forget the idea of making any money. That’s just not tangible at this point in time due to normal
domestic electric rates. People that are making money in this sector in a domestic or more private type way are doing it with graphics card mining and instead of chasing Bitcoin directly, some go for other slightly smaller coins for a much higher pounds and pence value and then if they so wish they can convert that to Bitcoin or even keep those smaller coins.
So you can still absolutely make a great profit mining in the UK on normal domestic electric rates. If you’re looking at Bitcoin however, explicitly mining Bitcoin yes you can still make profit but again this is really where you would be looking at. Ultimately the cost
of electric is then your massive variable so even though as a business we don’t necessarily mine Bitcoin precisely because there’s lot’s of other intrinsic factors with the equipment which we don’t really morally agree with due to the fact that the technology changes very quickly and it’s very hard to kind of keep up with all these huge technological changes. Put those issues aside you can make profit with Bitcoin if you have very very cheap power. So here in the UK power costs are generally quite high, so if you’re producing your own power through solar hydro wind and anything like that then you might have half a chance of doing quite well but again irrespective of energy costs, you can make profit with graphics card mining domestically. If you have cheaper electric on the commercial side as well then you can make even more money mining the altcoins on cheaper electric there as well.
So ultimately, all that we ever want is for people to get the best return on investment and what people fail to understand because you know
education is quite hard to to come across in the wider crypto space everyone’s heard of Bitcoin everybody wants to chase Bitcoin and I love Bitcoin and I want as much as possible. But there are better ways to get Bitcoin than mining Bitcoin directly. You’re mostly gonna do much much better mining the smaller coins like the Ethereum’s the Raven coins, Z Coins the Grin’s and all the other coins in the ecosystem for a higher value which ultimately then you could convert to Bitcoin or keep those smaller coins which generally see a larger rise in price percentage-wise when Bitcoin moves so the intelligent way is always the best way.
“If you haven’t got free elctricity it’s not worth it”