5 Reasons Why You Should Start Mining Bitcoin
Now is a better time than any to invest in cryptocurrency, let's break down all the reasons why you should get started now.
1. The Lightning Network
Before a Bitcoin transaction can be completed, it needs to be approved by the network. Miners perform this function. A Bitcoin transaction is deemed 'approved' after six confirmations. Generally speaking, it takes ten minutes to mine a block of Bitcoin transactions, so it usually takes about an hour to complete a transaction. In reality, this depends on network activity and can last anywhere from thirty minutes to a few hours.
Due to the growing cryptocurrency ecosystem, the number of Bitcoin transactions is increasing and causing network congestion, which in turn increases the Miner’s workload and slows down approval times. This is when the Lightning Network comes into play. Bitcoin transactions can be carried out off-chain through the Lightning Network. This means that not every transaction is recorded on the Bitcoin blockchain. Transactions are thus made much faster, sometimes almost instantaneous.
In addition, transaction fees are almost non-existent on lightning, making it extremely attractive to those looking to avoid high transaction fees. The low fees are a result of increased competition between nodes in the Lightning Network. Many of the small volume transactions that take place on the Bitcoin blockchain can be offloaded to the Lightning Network, thereby freeing up space on the Bitcoin blockchain and helping to avoid congestion. Lightning Network has the capability to handle millions of transactions before a single transaction is recorded on the Bitcoin blockchain.
2. Global Adoption
As of June this year, El Salvador became the first country to recognize Bitcoin as an official currency. The lawmakers of Salvado agreed to recognize the world's oldest and most popular cryptocurrency as legal tender following recommendations from the President of the country, Nayib Bukele. It would ease the process of sending money back to El Salvador for Salvadorans abroad, said Bukele.
Global adoption of crypto over the last year has been explosive, and the factors driving that growth confirm this is a global phenomenon. In the developed world, peer-to-peer transactions and crypto use have been driven primarily by institutional investments.
3. Its Value Is Rising
Despite the global pandemic wreaking havoc on every major economy on earth, the cryptocurrency market has continued to boom.
The crypto sector has seen a large number of startups emerge during this pandemic to cater to the ever-increasing demand for Bitcoin and cryptocurrencies.
Boosted by Bitcoin's growth, the cryptocurrency market capitalisation recently crossed the $1 trillion mark. The most popular is Bitcoin, which has been gaining momentum for quite some time and accounts for roughly 70% of the market's value.
As the use of centralized services continues to increase and decentralized finance (DeFi) explodes, cryptocurrency usage is being seen in countries that already have a high level of adoption, while peer-to-peer trading is causing exponential growth in emerging markets.
4. The Big Companies Are Getting Into It
Businesses all over the world, such as delivery services, restaurants, and online retailers, accept Bitcoin payments. Likewise, central banks around the globe are developing digital currencies, such as blockchain-based financial systems, which are central bank digital currencies (CBDCs).
In doing this, they merge traditional money with the digital world. Currently, there is a record amount of money and people trading or investing in cryptocurrency!
5. You Can Start Mining From Home
You can earn Bitcoin and enjoy the many benefits of a passive income from cryptocurrency by purchasing a premade mining rig and setting up a mining operation at home.
Rather than having to deal with the nightmare of trying to put together your own set-up, we can support you to start mining instantly, easily and hassle-free at a reasonable cost.
Getting started in bitcoin mining will get you to a point where you can generate a considerable amount of cryptocurrency completely passively from your home.