With the rise of internet currencies and competing networks, are cryptocurrencies still profitable to mine?
The cryptocurrency debate has generated a great deal of discussion over the past several months as to whether or not it is profitable to mine these assets. In the past, it has been estimated that the currency’s actual utility value actually outweighs the price at which they can be obtained. Mining operations have proven to be difficult to run successfully.
With many individuals looking to cash in on the global speculative trend in online currencies, it has also become a popular practice for many individuals to try to mine these currencies. A recent study by Peter Kirby was conducted in which he concluded that cryptocurrencies do not have an actual economic value. Kirby went on to state that for cryptocurrencies to be profitable, “a miner must wait at least two years before profiting from his investment.