Ethereum: Can casual people still mine for bitcoins, now that the difficulty is much higher than it was?

Ethereum: Can casual workers still think of bitcoins because the difficulty is much greater?

In October 2012, Ethereum Blockchain was still in his childhood, with a relatively low level of difficulty from about 1,000 to 2,000. As we all know, the cryptocurrency scenario has experienced significant changes since then. One of the most notable developments is the greatest difficulty of reporting bitcoins in the Ethereum network.

As you may have noticed, recent videos and advertisements claim that it is still possible for occasional employees to mean a relatively small amount of computing power after Bitcoins, which was needed three years ago. But is that really the case?

The reality: the difficulty increased

To understand why we have to dive with the details of how blockchain mining works. The Ethereum network uses a Pow (work test), which requires considerable calculation resources to validate transactions and create new blocks. The difficulty level in the Ethereum network has increased significantly over time due to the following reasons:

* Scalability

: If more users enter the platform, the network is overloaded, which leads to higher energy consumption and reduced profitability for miners.

* Increased transaction volume : As more transactions are processed, the network requires more computing power to validate it, which increases a growing difficulty.

* New Mining Algorithms : The introduction of new mining algorithms has reduced block time and increases difficulty level, which makes it harder to reduce bitcoins.

The difficulty level: a critical mass

As you mentioned, the current level of difficulty is over 3,000,000. This means that only a small percentage of miners can compete for the reward, which makes it extremely difficult to benefit from mining. To put this in the right light:

* Current block reward : Block reward is currently being defined as 6.25 BTC per block, which corresponds to approximately 1,500 US dollars.

* Power Consumption : According to estimates, the energy required to reduce a single bitcoin has increased 100 times since 2012.

Casual people can still say?

Although it is theoretically possible for occasional people to dismantle according to bitcoins using a cheap hardware solution, such as a GPU or ASIC (application -specific integrated circuit), the reality is that this approach would require a huge amount of resources:

* Power Consumption : Estimated energy consumption of these devices can reach up to 100 to 200 watts or more.

* Costs : Purchase and maintenance of these devices would not be accessible, which will hardly participate in mining.

Although the Ethereum network is still relatively affordable, the difficulty level has increased significantly since it was founded. As a result, it is no longer possible for casual people to reduce bitcoins with cheap hardware solutions. If you are interested in reducing cryptocurrency, you should invest in special devices and infrastructure that may deal with the necessary computing power.

Diploma

The recent complaint claims that occasional employees can still find bitcoins on the Ethereum network is a myth. Increased difficulty level has made it extremely difficult to compete with the profitability of traditional mining operations. If you want to get involved in cryptocurrency, other options are available, for example,

Ethereum Transfer Percentage