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Sunday, June 30, 2013

Can Money be made with Mining Bitcoins? An article on Technology Personalized

There are a number of factors that must be considered Before you get into the world of Mining Bitcoins:
  1. The Initial investment in Mining Hardware: This also entails the risk taken by buying not-yet-released hardware like (ASIC Minors) to be more specific.
  2. The cost of running your mining gear, as it will run non-stop. Electricity bill is the biggest money drain here.
  3. If you run you Miner in a Pool: some pools also take a fee from the members, and while the fee isn’t much, you still have to take it into account. This handy bitcoin profit calculator might also help you determine if you will make any money.
  4. Keep in mind that the price of a Bitcoin will fluctuate. It can go wildly from $140 to less than $90, so it will be somewhat of a risk comparable to stock exchange markets. 
  5. Maintenance cost of a mining setup,
  6. Difficulty. The more time passes by, the more difficult it is to make money from your existing mining set-up. 
For more information on bitcoins and mining, you can take a look at the bitcoin wiki or theofficial Bitcoin website, or for real time price comparisons between BTC and other currencies, you can have a look at Bitcoin Charts.
To read the full article go here:

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