Bitcoin is the most sought-after Cryptocurrency in the world, so it should come as no surprise to hear that it’s also the most valuable — with a single Bitcoin fetching $8085 as of May 14. But you don’t have to fork out that much to acquire one. In fact, it's possible to obtain one for a fraction of that price (and it's legal). Here’s the cheapest way to get Bitcoin in 2019.
If you read our Introduction to Cryptocurrencies, you’ll be aware that whenever a transaction is initiated on the Blockchain, it needs to be confirmed a number of times before the funds are made available to the recipient, as part of a process known as Mining. And just like in the real world, Mining requires Miners – computers dedicated to processing such transactions.
These Miners are tasked with solving a computational process to confirm a transaction is legitimate. Once solved, the transaction is awarded a confirmation on the Blockchain and the Miner (this time, the person responsible for the contribution of the computing power) is credited a small transaction fee – the more processes solved, the more transaction fees earned.
We ran the numbers and it turns out Mining is the cheapest way to earn Cryptocurrencies in 2019. In the US, it costs around $4700 to fund the electricity required to power the computer for the duration of time needed to mine a whole Bitcoin, which is a little less than half of the value of one Bitcoin at the time of writing. In Venezuela, that figure drops to a mere $531.
If you’re looking to stack up some Crypto on the cheap, Bitcoin isn’t the way to go. That would be Ethereum, which had a token value of $264 at the time of writing. It costs around $152 to mine one Ether in the US, so the return isn’t quite on par with Bitcoin, but it’s a lot more affordable a starting point and can amass to a small fortune once your ledger starts filling up.
How do I mine Cryptocurrencies?
There are a number of other Cryptocurrencies that are well worth mining right about now, as they’re relatively cheap to process and are poised to spike in value in the near future, including Monero and Zcash. And the easiest way to do that is with a CoinmineOne, the first all-in-one mining solution that sits in the corner of your living room, earning you Crypto as you sleep.