Mining for cryptocurrencies like bitcoin, ether, and dogecoin is not as profitable because it was once. This is a take a look at the right way to do it and why small-time miners are being pushed out of enterprise. Bitcoin topped $58,000 in February for the primary time. Ether, the world’s second-biggest cryptocurrency, has additionally hit file highs this yr. Even dogecoin — a cryptocurrency invented as a joke that doesn’t have the identical severe perform and institutional backing as bitcoin — surged greater than 50% within the final month after a tweet from Tesla CEO Elon Musk.
It’s simpler than ever to purchase a small fraction of 1 bitcoin utilizing an app reminiscent of Coinbase. Nevertheless, that’s not the one method buyers can get their arms on cryptocurrency.
Traders can even mine for the digital forex. Earlier than the Covid-19 pandemic began, CNBC went to a blockchain manufacturing studio in Brooklyn to discover ways to mine for bitcoin’s greatest rival, ether.
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