When it comes to Bitcoin Mining, most people think that they know everything that there is when it comes to the numbers.
Most miners also like this kind of scenario.
One where everything looks fine until it’s not.
This is why certain optimal trends for mining profitability are seldom studied and considered even if it’s from the most obscure perspective.
Certain myths must be put to rest before optimal mining trends can be considered and dealt with squarely.
Myth 1: It is Impossible to Have Profitable Mining Scenarios Based on Higher Mining Difficulty, Higher Mining Hash Rates, and Lower Bitcoin Prices
Most people think that having higher hashing rates coupled with higher mining difficulty especially on the Bitcoin blockchain is virtually impossible considering Bitcoin prices.
The truth is that considering the two aforementioned situations can be precarious at certain prices.
However, a price correlation against power consumption rates suggests that improved miners can beat the situation hands down without issues unless Bitcoin prices go back to cryptowinter levels which at this point is rather unlikely.
The current high which has increased significantly at a current Mining difficulty of 12.76 and hash rate T109ET/s.
This has led many within the cryptospace to consider shutting down their mines or merging to larger mining pools because the Bitcoin halving event is coming which could keep them out of business altogether.
The great news, however, is that newer equipment has lower power ratings and so coupled with that and wider cryptocurrency adoption shall lead to greater profitability.
The fact that Bitcoin rewards are also going to be scarce after the halving also indicates that Bitcoin prices are going to soar anytime from now and a return to cryptowinter is almost certainly improbable.
Myth 2: Cloud Computing Cannot Work Under the Current Circumstances
When it comes down to it, most people think that Bitcoin mining via cloud computing is just another of those fads that will just go away when the time came.
What they failed to factor into their imaginations was the fact that cloud computing in many respects has been known to beat even the best of traditional miners.
What matters when it comes to cloud mining is the terms of the mining contract and the profitability of the contract as opposed to other cloud miners due to energy costs.
One such example is rrmine which has been recently in a recent study shown as having the lowest computing power cost of $0.0973 per day and as such the highest amount of profit due to this based on its six-month contract.
This, of course, goes to show that cloud computing can compete favorably with traditional mining models based on one critical factor: lock-up period.
This, of course, gives way for the third myth which can also be considered critically.
Myth 3: Mining of Multiple Blockchains is Unprofitable
Many pundits within the cryptospace have argued that the mining of multiple blockchains makes it impossible to have a profitable scenario.
They base this implausible scenario on the fact that there are way too many variables to factor in to determine profitability.
The truth is that it is because of these kinds of scenarios that profitability can be determined if the right kinds of blockchains are mined concurrently.
An example again to give here is rrmines’ mining of Bitcoin and BHP dual mining options can work as regards the profitability as both blockchains are congruent in terms of profitability when it comes to cloud contracts.
This, of course, has created a “for vs. against” approach that involves a consideration of traditional mining pools versus the cloud-based ones.
This also has made many people become confused as to the best choice possible for a profitable scenario.
It, however, doesn’t mean that the confusion is settled.
It just means then that an optimal scenario can be used for such a situation.
An Optimal Bitcoin Mining Scenario
For many people having optimal mining, the above scenario seems like something virtually impossible due to volatile prices, constant power costs, and fluctuating hash rates which are getting worse by the day.
The truth is that there are still way too many naysayers within the cryptospace to say that there isn’t a proper way to determine this.
The truth is that it all boils down to computing power costs!
Once you’re able to add that to the power cost you are home free!
This is why cloud mining options also present an alternative way to better determine the computing cost.
Let’s face it.
Mining costs in traditional mining pools go up as the hash rate goes up and mining difficulty as well.
With cloud mining, hash rate balancing and mining difficulty is spread giving rise to a higher equilibrium of costs.
Just like at rrmine.
You could take a visit to their site to find out more about this, their lockup periods and every other thing they have to offer.
After all, the cryptospace is about to blow and who else would you like to take you along for the ride?