Bitcoin mining is an energy intensive process, but it can be very profitable, depending on the price of BTC, the cost of electricity, and a multitude of other factors and variables.
Bitcoin is minded using specialist ASIC miners, and while most Bitcoin is mined in extensive mining pools – a collection of mining equipment which works together to solve the blocks and generate the block reward – some people mine Bitcoin on their own.
They do this by purchasing mining equipment and running it around the clock to mine as much Bitcoin as possible.
This is especially profitable when the price of Bitcoin is high and in countries where the cost of electricity is very low.
In countries where electricity is expensive, it is usually unprofitable to mine Bitcoin on your own, and it’s usually better to simply buy and hold Bitcoin.
What is GMT mining?
GMT is a crypto project that aims to make Bitcoin mining easier and more profitable for retail investors. It removes several major barriers to entry, such as high start up costs, and lets investors start mining Bitcoin with them in a matter of minutes.
GMT’s specialist team operates all of the mining equipment, and retail investors can get their share of the rewards from the pool by buying GMT tokens from a centralized exchange or a decentralized exchange.
They are then eligible to receive Bitcoin rewards from the mining pool on a daily basis.