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How Much I Made Mining Bitcoin For 30 Days

Published on: December 8 2022 by Financial Wolf

Have you ever wondered how much money you could make by mining Bitcoin? In this article, we will explore the potential earnings of Bitcoin mining over a period of 30 days. We will cover the equipment needed, the cost of electricity, and the profit that can be made.

Equipment Needed:

Before we dive into the earnings, let's first discuss the equipment needed for Bitcoin mining. To start mining, you will need the following:

1. A computer with a strong graphics card

2. Mining software

3. A Bitcoin wallet

The Cost of Electricity:

Mining Bitcoin requires a lot of energy, which means that the cost of electricity can eat into your profits. The average cost of electricity in the United States is $0.12 per kWh. If you are mining for 30 days, you will need to calculate the cost of electricity based on your usage.

The Profit:

Now, let's talk about the profit that can be made from mining Bitcoin for 30 days. The amount of profit you can make depends on several factors, including the price of Bitcoin, the cost of electricity, and the amount of mining you do.

Based on an average cost of electricity of $0.12 per kWh and a Bitcoin price of $35,000, you can expect to make approximately $0.60 per day mining Bitcoin. Over a 30-day period, this amounts to $18. If the price of Bitcoin goes up or down, your profits will fluctuate accordingly.

In conclusion, mining Bitcoin can be a profitable venture if you have the right equipment and understand the cost of electricity. However, the profit potential is dependent on several factors and can fluctuate based on the price of Bitcoin. It is important to do your research and understand the risks before investing in Bitcoin mining.

How Much I Made Mining Bitcoin For 30 Days

For the past 30 days, I have been mining bitcoin for 24 hours a day, seven days a week, and in this video, I will be revealing exactly how much money I made. Contrary to popular belief, I did not dig for bitcoin in my backyard or own a super mine worth millions of dollars. Instead, I used a five-year-old desktop computer my dad bought me for Christmas when I was 13 years old, along with an application called Honeyminer.

Mining Bitcoin with a Regular Computer:

- In the first seven days of mining, I documented the process in a video titled I Mine Bitcoin on My Computer for One Week.

- After seven days, I concluded that mining bitcoin with a regular computer was not worth it, as the returns were minimal.

- In the first week, I mined a total of 0.00012401 bitcoin, which was worth $2.22 at the time.

The Criticism:

- After the video gained 50,000 views, people began criticizing me for spending more money on electricity than I earned mining bitcoin.

- I did some research and found out that the average electricity bill in the United States is 13 cents per kilowatt, and it cost my parents $18.72 for me to mine $2.24 worth of bitcoin in one week.

The Potential for Bitcoin:

- Although mining bitcoin was not profitable in the short term, the potential for bitcoin to appreciate in the coming years could make it worthwhile.

- Goldman Sachs hedge fund chief predicted that bitcoin could potentially reach over $1 million per coin in the next five years.

- Although this is unlikely, even a small appreciation in bitcoin's value could make mining profitable in the long term.

- After 30 days of mining, I earned a total of 0.00048681 bitcoin, which was worth $9.16.

- However, when factoring in the electricity costs, my parents spent an extra $80.10 on their electricity bill.

- To break even on the electricity costs alone, bitcoin would need to appreciate by nearly 1,000%.

- While I will not continue mining bitcoin with a regular computer, holding a small amount of bitcoin could be a smart investment for the future.

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