Bitcoin mining is the method of earning new bitcoin in return for solving a computational puzzle. Such transactions provide the bitcoin mining in Dubai network with safety, which in turn compensates miners by providing them with Bitcoins.
Miners will be benefited if the bitcoin price surpasses the cost to mine cryptocurrency. With the recent technological developments and the emergence of professional mining centers with enormous computing capacity, as well as the changing price of bitcoin itself, the prevailing question is that ‘is the bitcoin mining still profitable’? What is the possible kWh state for mining cryptocurrency? You will find all of your queries answered in this blog.
So, let’s get started.
Is Bitcoin Mining in Dubai Profitable?
Blockchain and crypto-currency technologies have been started prevailing among the Middle East based businesses and government institutions. Implementation of blockchains in the Middle East would occur mainly through government-led initiatives. In certain circumstances, bitcoin mining in Dubai will always make sense and be profitable.
Throughout the history, the exchange rate of Bitcoin has fluctuated wildly, but as long as the valuation remains above the cost of generating a coin, it is important to do the job in an environment where energy prices are very low—to make the practice worthwhile.
Things You Need to Know About Bitcoin Mining
- Bitcoin is mined using electronic technology that requires pricey hardware.
- Miners are paid with bitcoin for checking the blocks of blockchain network transactions.
- The method gets more complex as more miners compete for bitcoin incentives.
So, must consider the cost of machines and power, as well as the complexity involved with mining, and how the price of bitcoin would influence future incentives to decide whether bitcoin mining is profitable for you.
Power Cost & Bitcoin Mining Computer Cost
Before starting, here are some questions to keep in mind with reference to bitcoin mining in Dubai:
- Power cost: What is the energy rate? Bear in mind that prices vary dependent on the season, the time of day and other variables. These details can be seen on your energy bill, estimated in kWh.
- Efficiency: How much fuel, measured in watts, does your machine consume?
- Time: What is the estimated amount of time you are going to spend for bitcoin mining in Dubai?
- Bitcoin worth: In U.S. dollars or AED both, what is the value of a bitcoin?
So, at $0.20+ kWh power state, you can still benefit from any crypto mining with efficient cards. Anything like Bitmain Antminer S9 will have the energy quality at these stages to potentially gain very decently at 14Th/s.
Bitmain Antminer S9: One of The Ideal Mining Machine for Starters
Bitmain Antminer S9—the world’s largest producer of Bitcoin mining equipment, is one of the newest and most powerful Bitcoin mining machines. Model Antminer S9 from the SHA-256 Bitmain mining algorithm has a maximum 14Th/s hashrate for 1372W power consumption.
Summing It Up
Phoenix Store is an authorized dealer of crypto mining machine for sale. We provide turn-key blockchain technology solutions including branded Bitmain miners, mining farm consulting and crypto mining facility operational management.
Our company is at the forefront of bitcoin mining in Dubai development, supply, construction and technical management of cryptocurrency mining facilities for the Blockchain infrastructure. We promote and believe in the future of on-demand processing needed to fuel the future of all Blockchain networks, from home miners to large scale set-ups.