Miner JP Baric shares all the platforms he uses to determine profit ratios. With bitcoin's price hovering above $30,000, it could easily feel like you've missed an opportunity to get in early. And while the cryptocurrency continues to make global headlines on a daily basis, investing in an asset that tumbled 50% in a matter of months after reaching an all-time high around $65,000 feels risky. , prefers to invest in a bitcoin miner rather than buy the asset at a volatile price.
At the time, he was running a robotics summer camp where he taught kids how to build Lego robots and program them. He told Insider any money made from his job would be set aside to purchase crypto mining hardware. "I would drive about an hour and a half from where I went to school in Raleigh to where the mining facility was at an old yarn mill, where they made clothes," Baric said.
In an interview with Insider, Baric broke down the details of what you need to know about bitcoin mining, and how you can run your own rig at home. The first step to determining the profitability is checking power costs, which make up about 80% to 90% of the ongoing cost of running a bitcoin miner.
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