MINING

Crypto Mining in 2022 – Is it Worth it?

Crypto mining took some major hits this summer with the price of Bitcoin dropping in 2022 due to rising inflation and an eminent energy crisis. All of that combined with a significant turn of Bitcoin competitor Ethereum towards Proof-of-Stake (PoS) made many investors wonder if crypto mining is still worth it.

Mining is largely dependent on the costs of energy being low. With the energy future uncertain, some mining companies decided to take pause and temporarily close their mining operations.

Unfortunately for the Bitcoin miners, all this coincided with the Ethereum network upgrading from Proof-of-work (PoW) to PoS, a move that exposed Bitcoin supporters to even more criticism, for keeping with the PoW protocol.

PoW protocol often got called out as energy inefficient and power consuming. Those critics ignore the fact that crypto mining is green and efficient when it relies on renewable energy. Mining operations powered by such sources are beating the prejudice and reshaping the way mining is conducted.

A new method of making money with mining recently emerged that relies on renewable energy sources and does not require miners to own expensive mining equipment to start making money with mining.


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Traciwininger
Author: Traciwininger

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