When it comes to getting your hands on some coveted Bitcoin, you may struggle to work out which road is best for you to go down. Do you simply take the easy route and use an exchange, or do you take the plunge and try your hand at Bitcoin mining?
The reason that Bitcoin mining is so appealing for some people is that it presents an individual with the opportunity for getting coins without too much hassle, after the initial startup costs. In the beginning, mining was the sole method for acquiring the cryptocurrency, and it used to be a much easier job than it is now.
Mining is still a popular way of obtaining cryptocurrencies like Bitcoin, although the challenge is now a lot harder and the return of investment a lot smaller. As a response to these changes, people tend now to prefer Bitcoin mining pools as opposed to working individually.
Even though this means the miner will only be getting a percentage of the reward when a block is mined, she can at least rest assured that she will be much more likely to be getting a constant stream of income.
These pools tend to be located in huge factory-like spaces and require a huge amount of energy in order to be effective. Btxchange.io estimates that by the end of 2018, energy consumption may cross 110,000,000,000 Kw-hr, a number that is too huge to even contemplate.
This number is especially alarming when you think about the fact that crypto coins have really only been around for a relatively short period of time, less than a decade.
If you are interested in getting started on a Bitcoin mining journey, or are interested in some of the stats relating to how much energy consumption the mining process is currently using, take a look at the informative infographic below.