Many people ask the question “Is it too late to start mining Bitcoin in 2021?” Long story short, the answer is no: you’re not too late to the game.
While there are many large mining companies that have already established themselves quite well, Bitcoin mining always has room for newcomers.
If you want to start mining Bitcoin in 2021, you certainly have an opportunity and definitely should get started.
Since you already know HOW to get started mining Bitcoin in 2021, now it’s time to learn why you should get started mining bitcoin in 2021 and why it’s not too late for you.
Maybe today might even be the perfect time for you to start mining bitcoin?
READ ON TO LEARN 3 REASONS WHY IT’S NOT TOO LATE TO GET STARTED MINING BITCOIN IN 2021:
1. Accessibility: It’s Easier To Start Mining Bitcoin In 2021 Than It Ever Has Been Ever Before!
In 2021, more than ever before, Bitcoin Mining is accessible to just about anyone. While it is true that there is not a guarantee everyone can mine Bitcoin on the same scale, it is also true that there are more efforts being made now than ever before to help decentralize the Bitcoin network via Bitcoin mining.
You may be wondering, how is Bitcoin mining easier to access now than it was when you could mine with your own computer? Well-it’s simply a matter of economies of scale, and a proliferation of new mining options popping up in recent years have helped open up the Bitcoin Mining market for nearly all individuals. Plus-it was only in the earliest of stages when you could mine Bitcoin without a very strong machine, and eventually ASIC. If you knew about Bitcoin in 2009 or 2010, then you may have had some early mining endeavors on your own device. But, overall, there really has not been a time when you have not needed a fairly specialized piece of equipment for mining Bitcoin. But, contrary to the words you will hear from many “experts” who only seem to have expertise of spreading misinformation on social media, it is not going to cost you an absolute fortune to get started mining Bitcoin on some scale. Sure, like with anything else: are you going to make more of a return if you get started with $1 Million USD than with $1,000 USD? Of course, but that’s the beauty of bitcoin is that every miner makes a difference and no amount of hash power is too small to help the network.
While it is true that many Bitcoin miners are industrial scale miners, and many are still smaller scale miners who have 1 or 2 ASIC mining machines of their own, and that’s great, plus many people start small then try to work their way up, but it is also true that there are folks who don’t even own a bitcoin mining machine that can still get exposure to Bitcoin Mining. With different cloud mining options out there, including MinedPool Cloud Bitcoin Mining, and other options like Nicehash and others, there is always a way you can get started mining Bitcoin without actually investing in a mining machine of your own. Remember, owning bitcoin mining stocks is not the same as owning bitcoin or mining bitcoin yourself. Mine Bitcoin on your own, and thank yourself later for getting started mining Bitcoin in 2021.
For those who want to purchase their own ASIC Bitcoin Mining Machine, there are a variety of ways you can find machines today.
If you do purchase your own ASIC Bitcoin Mining Machine, the easiest thing to do is to host your machine with a professional service like MinedPool offers. If you purchase a mining machine and plan to mine Bitcoin at home, be ready for some literal headaches due to noise and be ready for lots of heat and also a high power bill. If you mine bitcoin at home, while it is true you can join a variety of mining pools or you can solo-mine, it’s just very hard to be overall successful. But, with solo-mining, your chances of success are very low even more so than mining at home. No matter what you do, you really need to own an ASIC Bitcoin MIning Machine as your first step and then you can move on to figuring where you will run it and so forth.
Certainly, like with any other piece of equipment, used machines can be hit or miss when it comes to ASIC Bitcoin Mining Rigs…but it is always possible to find some amazingly high-quality rigs with great prices if you know what to look for and where to find equipment. Some people are fine just buying anywhere, but other people prefer professional services to help them procure rigs because quality assurance is an important feature. While it is technically possible to buy directly from manufacturers, most people report this being a mightily difficult task because the manufacturers are a) incurring shipping delays, partly due to the global chip shortage, and b) because the manufacturers are typically best suited to help deal with larger-scale orders, while those orders smaller amounts of mining machines/rigs may sometimes be better served to find rigs from a third-party supplier/reseller in order to ensure you can obtain your equipment. While it’s not recommended by many miners, there are even people who report buying and selling mining equipment via websites like Craigslist or ebay with some success. So, really, you just never know where you can find your equipment. MinedPool is now selling mining equipment, if you want to check it out, or there are thousands of other options out there as well. But-one thing seems to be certain right now in 2021: if you have a chance to buy any piece of mining equipment, you probably should do so because mining equipment has been selling at a record pace and high-quality new/used bitcoin mining equipment is becoming more and more scarce.
To help further accessibility, there are many different Bitcoin mining machine manufacturers selling equipment in various price ranges, including: Bitmain’s Antminer Range, Canaan’s AvalonMiner Range, MicroBt’s WhatsMiner Range, Innosilicon, and more. Of course, the more hash power you have the more money you typically can make-but you can definitely start with an older mining machine like a Bitmain Antminer S9 and still have success while you save up for another machine that’s more powerful down the road like a Bitmain Antminer S19j Pro or Canaan AvalonMiner A1246. No matter what you choose, make sure you account for power costs and also understand that mining bitcoin is a bit difficult at home because you typically need special power hookups and also because ASIC Bitcoin Mining Machines are quite hot and loud. Some people prefer to use miner hosting/colocation services like MinedPool Technologies or others, because it also helps further accessibility and makes it easier to start mining since all you need to do is own a machine then you can let professionals take care of your machine, host your machine in a secure professional facility, and get all mining management 100% taken care of for you. When you use a hosting/colocation service like MinedPool Technologies offers, you just sit back, relax, and collect more Bitcoin, and this is the option most recommended by the majority of serious miners. However, there is no right nor wrong answer and the truth is that no matter how you start mining Bitcoin in 2021: it’s just time for you to get started and to enjoy the ride.
Of course, many people consider bitcoin risky and it’s not our place to give any financial advice. If you have the appetite to mine bitcoin and think it is a good decision for you to start, then there are plenty of options out there, but it’s true bitcoin mining is not a great fit for everyone.
Overall, Bitcoin Mining is more accessible in 2021 than it ever has been before, and it’s easier to get started now than it ever has been before. So, just get started mining bitcoin right now if you’re ready!
2. The Last Bitcoin Won’t Be Mined Until Approximately 2148 Based On Most Estimates!
When you understand this, then you feel a little less behind the game.
Sure, unless there is some sort of massive changes, there will only be a maximum supply of 21 Million Bitcoin ever in existence.
Yes, there are over 18 Million Bitcoin already mined as of September 2021.
But…there is no reason why you shouldn’t get started mining bitcoin right now, if it’s something you’re interested in, given the fact that there is more than 100 years of bitcoin mining left to be done. Just because you see people saying that it’s too late to start mining bitcoin in 2021, you have to remember many of the people discouraging you have a reason to do so. Maybe they already mine themselves and don’t want to share the pie? Maybe they just aren’t informed? You don’t have to worry, regardless, because you’re totally in a great spot right where you are.
Heck-even if you don’t want to start mining bitcoin now, but you want to down the road, think on it a while and find out if/when is a better fit for you. No matter what you decide to do, you certainly have time to get started mining bitcoin whenever you are ready.
Now, of course, it is getting harder and harder each day to be profitable due to more and more miners/more hash rate constantly coming on to the network, but there is always room for you to join the bitcoin mining community whenever you are ready. Just be ready for some fun, and know you have a long ride ahead if you want one. You never know? Maybe you will start mining Bitcoin today and we’ll see you still mining with us in 2148? Start now, or start later, and chances are that you’ll be fine either way.
3. Mining Bitcoin, For Many People, Is The Best Way To Accumulate Bitcoin!
Obviously, since MinedPool Technologies is a Bitcoin Mining and Miner Hosting/Colocation Company, we are a bit biased. But don’t just take our word for it.
Many people who mine Bitcoin are more than willing to pay for hosting/colocation costs or power or do whatever it takes to mine bitcoin, because it’s a great way to stack sats.
Sure-there are many exchanges out there that allow you to go buy Bitcoin like Coinbase, Kraken, Gemini, FTX, and many more-but there are not many places where you can turn your money in to bitcoin without making an actual trade. That’s solved with Bitcoin mining because your rewards that are earned by your mining machine are simply transferred to your wallet of choice by the mining pool without you having to hit “buy” on anything. Most mining pools are just splitting rewards based on the machine, and it does not matter who is running that specific machine per se. Yes, you’ll have to make accounts with most mining pool and hosting places- but that’s mostly just so you can be paid and helped if any issues arise and so your machines can be tracked-not you…big difference. But bitcoin mining will not require you to give your driver’s license in most instances, like crypto trading does typically. Honestly, we don’t blame anyone who doesn’t want to deal with the crypto exchanges-even if they do serve their place- and we certainly don’t blame anyone who looks to bitcoin mining as their solution OR for any other reason. Even if you do use the crypto exchanges and also mine Bitcoin, that’s a fine option also that works for many.
If you do mine Bitcoin, obviously you are free to store your sats however you choose. We’re not here to give financial advice, and can’t legally do so, but these articles are just written as resources for fellow bitcoin enthusiasts and miners past and present who we hope will find some of these thoughts we have to be somewhat useful or even encouraging.
Storing the bitcoin you mine, if you decide you’re going to become a miner, is something you’ll want to think about. And-again-like we mentioned, don’t forget to have a safe place to store your machines and have a game plan to try to make your work profitable if at all possible. Make sure you store your Bitcoin in the way you think is best, and feel free to read another article we wrote if you want to learn more about some of the best methods around for storing your bitcoin and crypto securely. Most hardcore bitcoiners and crypto hodlers alike will agree that cold storage in a hardware wallet is possibly the best solution, but you can consult anyone you wish on this matter and certainly shouldn’t take just anyone’s advice without doing your own research ultimately.
Truth be told, while Bitcoin Mining is a fantastic endeavor for many and it’s a highly enjoyable venture for many-it may be something you’re not ready for quite yet. It’s fine if you’re not ready to become a bitcoin miner, because you know now there is still plenty of time to get started later on. If you ARE ready to start mining Bitcoin, there are many ways you can do so and you’re in for a very great ride. Whether you’re mining now, or you hope to mining in the future, we hope this article is helpful.
If you decide you want to mine with a dynamic new mining pool and hosting/colocation service that already has members from more than 60 countries maybe give MinedPool Technologies a shot and get started for FREE! Or, start mining at home with other pools, or host elsewhere, or mine solo, or cloud mine, or do anything else that works for you. Whatever you decide, we hope this article was helpful to you and we hope you have amazing success in whatever you do in the world of bitcoin mining.
Be sure to stay tuned for our newest articles and updates, because we’re sending out the best bitcoin/bitcoin mining and crypto news the world has to offer, all the time, just for YOU. Until next time, happy mining and thanks for reading the MinedPool Technologies blog.