Is it Possible to Make Money On a Mining Farm in 2021?

Mining cryptocurrencies used to be a viable choice for making profits in the past. But crypto entrepreneurs have swayed away from this method of acquiring crypto. They now buy bitcoins (BTC) or other cryptocurrencies and sell them for a higher price instead. 

With large mining operations dominating the landscape, mining has become an increasingly difficult venture to partake in. Some may even think of it as a defunct way to acquire crypto. 

However, with the recent bull run, a lot of us are asking ourselves – is crypto mining still worth it in 2021?

In this article, we will try to answer that exact question. We will consider equipment and running costs, and how to determine the profitability of your mining farm.  

Before we begin, let’s go through some basics of cryptocurrency mining. 

What is Cryptocurrency mining?

Mining is the process of validating transactions on the blockchain by using computing power. To do this, high-powered computers (miners) solve increasingly difficult math problems and create new data blocks of transactions. 

In exchange for their efforts, miners are rewarded with new coins created through the process. This is known as a proof-of-work (PoW) consensus mechanism. 

Today, mining rigs have evolved into two main categories: 

  • ASICs – which are expensive, specialized computers that can be used only to mine cryptocurrencies. 
  • GPU Rigs – Computers that contain one or more graphic cards where GPU power is used to mine cryptocurrencies. The more cards, the higher the computational power will be. 

Keep in mind that certain cryptocurrencies like Bitcoin are mineable only with ASICs, while others like Ethereum can only be mined with GPUs (ASIC resistant). 

Crypto Mining Global Trend

What to consider when mining cryptocurrencies?

When trying to calculate mining profitability, there are three main aspects that you need to consider: 

  1. Revenue

There are several criteria to watch out for to increase your mining revenue: 

  • Mining Difficulty – as more miners join the network, the difficulty to mine new coins increases. If your hardware computing power (hashrate) can’t keep up, you will be mining at a loss. 
  • Coin switching – cryptocurrencies are a volatile asset and their price fluctuates by the minute. Miners often switch to a different coin to optimize their revenues. 
  1. Running Costs

Maybe the most important of all three pillars in cryptocurrency mining is the operational expenses you will be facing on a daily basis. This mainly includes the costs of electricity in your region, as mining rigs are power-hungry machines. 

There are also additional expenses to consider like mining pool fees, cooling fees, mining software fees, and maintenance costs. 

  1. Investment Costs

The required equipment is the initial paywall to start cryptocurrency mining. For example, a top-of-the-line ASIC miner can cost anywhere between $1,000 and $3,000. 

Older ASICs might be cost-friendly, but their inefficiency will diminish your profits considerably. 

Building a GPU rig can be a more democratic venture for beginners as they are cheaper and more versatile solutions. 

So is mining still profitable in 2021?

Is it profitable to mine crypto in 2021?

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The answer to this question cannot be answered by a simple yes or no. Making profits from mining depends on a combination of all the factors previously stated. 

Let’s illustrate this by a couple of examples using the calculator found on CryptoCompare:

Bitcoin Mining Cost

Bitcoin mining for individual investors is rarely worth it anymore because of the highly competitive mining sphere. 

Here’s an example of a $1500 initial investment: 

  • Coin Mined: Bitcoin
  • ASIC : $1500
  • Hashrate: 85TH/s 
  • Power draw: 3000 watts
  • Electricity Cost:  $0.12 per kWh

With these parameters, the calculator gives us a projected profit of around $5600/year. Even in this bull market, you would need a short of 3 months just to break even with your initial investment making this an extremely risky venture. 

Altcoin Mining (Ethereum)

The other option is to invest in a GPU rig. GPU mining can be quite profitable if done right. 

Let’s consider the same initial investment of $1500. 

  • Coin Mined: Ethereum Classic
  • GPU Rig : $1500
  • Hashrate: 170 MH/s 
  • Power draw: 1000 watts
  • Electricity Cost:  $0.12 per kWh

The results are much more appealing, with over $755 per annum. Your investment should be returning profits in just over a year. 

Wrapping up

To summarize, if you avoid ASICs, you can still make profits with a mining farm. For the average consumer, it would be unrealistic to try and compete with Bitcoin mining giants.

However, mining alternative cryptocurrencies with a GPU can still be quite profitable. Make sure you do your due diligence and use tools like BetterHash to calculate your profitability and stay on top of the competition. 

Worth noting that there’s a new generation of GPUs just around the corner. Combined with the ongoing cryptocurrency bull market, it might be just the right time to start a mining farm.

Popular Money Making Apps in 2022

Technology does not only revolutionize the world, but it also renders how to make money easier. Your mobile phone can do more than just surfing the internet and chatting ― there are apps you can install and earn cool cash for using them. 

What do you say? Catching the fun and been paid for it! It is time to make some cash. These apps will pay you for conventional things you do with your smartphone. 

Would you like to maximize your earnings on your apps?

Would you like to take your apps on the top in App Store? You need ranking boost campaign because it increases the visibility and recognition of the app, which helps attract a larger number of organic users within a short period of time. 

The mechanics of boost to the top:

  •  App analysis
  •  Calculation of required traffic volume
  •  Start of the campaign
  •  Sustaining the position

Swagbucks

The company behind this app, Swagbucks is a subsidiary of Prodege, LLC. Prodege is known for its awesome multiple customer engagement brands. 

Swagbucks users can earn points by doing normal things they do every day. These points can be converted to gift cards that could be used at popular retail stores such as Amazon and Walmart. 

The platform gives out no lesser than 7, 000 gift cards daily. What you need to do to earn points:

  • Shop Online
  • Watch videos
  • Answer surveys

When you sign up, you will also get a $10 bonus. 

CashPirate

Cash pirate app pays you for downloading an app through them. Wondering how this works? Developers looking to promote their app on Google play store contact this platform. In return, the platform uploads the link to the download on their app. The more you interact with the app the higher the Pirate Coin you earn. You can convert the coin to dollar which can be withdrawn through PayPal immediately you earn up to $2.5. 

How to earn with CashPirate;

  • Interact with Ads
  • Play games
  • Answer surveys

Fronto

Monetize your screen lock with Fronto. This app is designed to display adverts on your mobile phone every time you wake it. You only need to swipe to earn rewards. Swiping to the right will take you to your home screen while swiping to the left is just like clicking on the link of the advert displayed. 

The more you wake your phone, the higher your chances of earning more with the Fronto app.

How to earn money with Fronto;

  • View News, Articles
  • View Product Deals
  • Read Reviews

Get paid with Gift cards, Paypal and Coupons.

iPoll

Just like the name, iPoll is mainly designed for surveys. Not only that, it is mobile-friendly. You can fill the survey anywhere ― even on your way to work. You may also come across their name as uSamp and if you are familiar with Opinion Place, it is another survey platform controlled by the company.

How to earn cash on iPoll;

  • Review product and services
  • Review Places
  • Write Diaries

Curious Cat

Curious Cat rewards you for filling out its survey and sharing your thought. Your curiosity will be rewarded at the rate of 100 points for £1. 

How to earn cash on Curious Cat;

  • Take Survey
  • Try New Apps
  • Share Opinions

Users are paid through PayPal. 

Other money apps you can install on your mobile phone include;

  • Shopkick
  • Field Agent
  • Citizen Me
  • Feature Points
  • Streetbees
  • Foap
  • Roamler
  • Toluna
  • Bookscouter
  • Sweatcoin
  • VoxPopMe
  • Qmee

This infographic by Swifttechbuy highlights the features of the popular mobile phone apps that can earn you extra cash. Check to see the best for your phone and how you can get paid.