Can You Get Free Bitcoin? Technically, But Not Quite

There's no such thing as free Bitcoin. But there is a way to get Bitcoin cheaper than it would cost if you were to head over to an exchange and buy it. Enter Bitcoin Mining.

While there are competitions out there that offer Bitcoin as a reward, they're often structured like a lottery — requiring some sort of investment in exchange for an entry to the draw. To that end, they aren't exactly free. In fact, in a metaphorical sense, it's no different to taking the next flight to Vegas and betting $100 on red. It's all a gamble.

But that's not to mean there isn't a way to score some Bitcoin below its retail value — there is. We ran the numbers and it turns out Mining is the cheapest way to amass Bitcoin in 2019. Here's the math: In the US, it costs around $4700 to fund the electricity required to power a Mining Rig for the length of time needed to mine a whole Bitcoin.

Related: How To Mine Your First Bitcoin

Compare that to the total value of Bitcoin ($8030 at the time of writing) and you're looking at a total profit of $3300 per Bitcoin. Switch to a more economical Bitcoin Mining Rig, like the Coinmine One and that figure could just increase. Then look at setting up your Bitcoin Miner in a less developed country and the profit margins rocket. 

The profit is technically free Bitcoin.

How To Mine Bitcoin

The easiest way to mine Bitcoin is with a Plug-and-Play Bitcoin Miner like the Coinmine One. All you need to do is hook it up, then you're ready to start Mining. It's also flexible, letting you switch between different Cryptocurrency as and when you wish, emits less sound than an AC and requires less power than a PlayStation.