We hear every day about the successes of people in the field of crypto, but how much can you make with crypto mining?

Miners are rewarded with new coins for verifying and committing transactions to the blockchain. The amount of reward varies depending on the cryptocurrency. Bitcoin, for example, awards miners with 12.5 bitcoins for every block mined. Ethereum, on the other hand, awards miners with 3 ethers for every block mined.

Mining is a competitive process, and it becomes more difficult to mine coins as more miners join the network. As a result, mining is no longer profitable for many people. In addition, the cost of mining hardware and electricity also needs to be taken into account.

People who got rich from crypto mining

There are a few people who got rich from crypto mining. One such person is Aaron Voisine, the co-founder of Breadwallet, a bitcoin wallet app. He mined his first bitcoin in 2011, when it was worth just $0.003. At its peak, his bitcoin holdings were worth over $1 million.

Another person who got rich from crypto mining is Jihan Wu, the co-founder of Bitmain, the world’s largest manufacturer of cryptocurrency mining hardware. Bitmain sells ASIC miners that can mine bitcoin, Ethereum, and other cryptocurrencies. Jihan Wu is now a multi-billionaire.

10 People who managed to get rich from crypto mining

1. Jihan Wu

2. Aaron Voisine

3. Bitmain co-founder

4. Ethereum co-founder

5. Bitcoin Cash creator

6. John McAfee

7. Michael Novogratz

8. Coinbase president

9. Tyler and Cameron Winklevoss

10. Brock Pierce

What are the statistical chances to succeed?

Cryptocurrency mining is a very competitive process, and it becomes more difficult to mine coins as more miners join the network. As a result, the chances of success decrease as more people attempt to mine cryptocurrencies.

The statistical chances to succeed in cryptocurrency mining decrease as more miners join the network. As of February 2018, the chances of success are about 2-3%.

Is it possible to make a lot of money already in the first year?

Yes, it is possible to make a lot of money already in the first year if you are able to mine a significant amount of coins. However, the chances of success decrease as more miners join the network, so it is important to consider this when deciding whether or not to mine cryptocurrencies.

Conclusion

Mining cryptocurrencies can be profitable if you have the right hardware and are able to mine a significant amount of coins. However, as more miners join the network, the chances of success decrease. In addition, mining requires a lot of electricity, so it is important to take these factors into account when deciding whether or not to mine cryptocurrencies.

Check More Of Our Content Down Below

5 Beginner Investment Apps – That You Have To Be Familiar With

Cryptocurrency Airdrop Definition – Investopedia