The profitability of cryptocurrency mining depends on your setup. A powerful GPU or ASIC system can make it more lucrative. If you have cheap or free electricity, crypto mining can still be profitable. The inflation rate and the increased competition for the bitcoin “prize” are two other factors.
But Bitcoin mining is not the only way for an investor to grow their crypto holdings. An easier way to build a crypto collection is by using SoFi Invest® crypto trading. Members can invest in crypto like Bitcoin, Ethereum, and Litecoin, knowing their crypto is kept secure from fraud and accessible for trading through the SoFi app.
A cryptocurrency mining pool is a group of miners that work together and share the reward. Individual miners can join a mining pool to compete with the mining farms. This can speed up the mining process, while also lowering the difficulty of mining, making it more profitable.
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