How to mine Bitcoins during a microchip shortage?
Bitcoin has surged to all-time highs, but we have already noticed the hidden costs of the second cryptocurrency boom. Literally, all people began to mine Bitcoins. In this article, we would like to discuss the shortage of microchips and how to mine Bitcoins in this situation.
You probably know that Bitcoin miners mine Bitcoin. They receive it as a reward for doing massive amounts of computation to validate transactions. It requires a lot of energy. But equally important is the powerful computer hardware that performs these calculations.
The speed of Bitcoin mining directly depends on how modern and technological the chips inside the mining rigs are. As the price of Bitcoin rises, so does the profitability of mining. The cost of mining one BTC is on average $5,000, and it can be sold for $55,000.
The increased popularity has led to the total profit of BTC miners reaching $1.7 billion in the last month. As a result, investors began to acquire even more equipment and high-performance chips.
The problem is that even without a high demand for miners from crypto investors, the microchip market is experiencing a global shortage. The pandemic, storms, and fires have caused major disruptions in the production and supply of chips.
Scarcity affects a wide range of industries. As a result, automakers, including giants such as Toyota and Volkswagen, have slashed their car production plans. Smartphone manufacturers are postponing the launch of new models. The lack of chips forced Nvidia to program the new GeForce RTX 3060 graphics card so that when mining cryptocurrencies, its efficiency is halved.
How can you reduce the demand for chips while at the same time making a profit from mining the rising Bitcoin price?
The best solution is cloud mining. It allows private investors to rent capacity from providers who have purchased equipment much earlier and have huge data centers with hundreds of machines at their disposal.
For example, the ECOS company purchased the most productive Antminer S19 Pro from Bitmain in the fall of 2020 and now provides everyone with the opportunity to mine Bitcoins with their help. It saves investors from searching for equipment and reduces the shortage of chips that manufacturers cannot yet cope with. Making money from mining is easy when ECOS mines for you. If you want to reduce the demand for miners and at the same time also earn money, then welcome to ECOS!