The short answer to the question of whether it is still possible for the average person with a small budget to mine Bitcoin in 2023 is yes. However, the process is much more difficult than it was when Bitcoin first came on the scene in 2009.
In the early days of Bitcoin, it was possible for anyone with a competent computer and an internet connection to mine Bitcoin. The process was relatively simple and required minimal setup.
However, as the popularity of Bitcoin has grown, the difficulty of mining has increased significantly. This has made it much more difficult for smaller miners to compete with larger operations that have access to more computing power and resources.
The ROI on Bitcoin mining is low now
In addition, the cost of mining Bitcoin has also risen significantly. In the early days, miners could break even with relatively inexpensive hardware. However, as Bitcoin’s price has risen, so have the costs associated with mining. It is now much more difficult to make a profit with a small budget.
Despite the obstacles, it is still possible for the average person with a small budget to mine Bitcoin in 2023. The key is to understand the process and to be smart about the hardware you purchase. It is important to do your research and select a mining rig that is efficient and cost-effective. Additionally, it is advisable to join a mining pool, which allows you to combine resources with other miners and increase your chances of earning cryptocurrency.
Finally, it is important to keep in mind that mining Bitcoin is a highly competitive process. It requires patience and dedication to succeed. If you are willing to put in the effort and make smart decisions, it is still possible for the average person with a small budget to mine Bitcoin in 2023.