Here I m going to talk about How much data you need to mine per month.
I have taken my data with a bunch of my miner friends.
So the average bandwidth it requires for Bitcoin mining is almost around 2 MB/hour I m talking about solo mining here.
If you are mining the whole day then it will take 48MB per day and 1.4GB per month which is a very decent amount of internet that has been used here.
Some of my miner friends have only 0.4GB per month for Bitcoin mining.
Even small city where bandwidth and internet connection is not that good they can also able to mine Bitcoin.Â
Mainly Internet is used for connecting to mining pools and sync your wallet with nodes and blockchain. Also, the data has to be sync with the blockchain.Â
Why Does Bitcoin Mining Need Internet
The Internet connection only requires you to connect to a blockchain network using a mining setup.
Even if you have a low internet connection then also it will do Bitcoin mining. However, the speed of the internet isn’t a factor in mining.
What is Bitcoin Mining
Bitcoin is a digital currency that is decentralized which is used to send Bitcoin from one account to another requires validation on the blockchain.
The bank works on a centralized system, they have their own server where they store all the transaction data. But Bitcoin is decentralized which uses blockchain technology.
In Blockchain, there are multiple nodes that are used to store transaction data. Every node is connected to each other.
So all the transaction is validated by miners and they get some rewards in return. Miners provide computational power to validate a transaction.
Bitcoin Mining Risk
Bitcoin mining is a fascinating thing and it might not be the same thing you are many risks involved in mining Bitcoin.
Environment impact: Recently, Elon musk raised a concern about the environmental impact of ming Bitcoin because it uses so much energy and equipment, which is not suitable for Envirmoinet. Elon musk is suggested to use reasonable clean energy.
Energy consumption: Bitcoin mining takes lots of electricity and energy, which might affect your profitability if your place charges high electricity costs.
GPU Shortage: Whenever there is a bull run, the demand for graphic cards increases and is in the market. The scientist who needs a good graphics cards for their research they are not getting it because of mining.
Second Hand Graphic cards: Once the bull runs end miners start selling their graphic cards and it’s flooded with the second-hand graphic cards in the market.
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