Mining cryptocurrency can seem prohibitively expensive,
with some estimates suggesting it can cost as much as $60k
to mine a single bitcoin.
However, it is possible to mine with a low budget, and
still make a profit.
The most important aspect is to choose the right
cryptocurrency to mine, with monero, ethereum classic,
and vertcoin being particularly suitable for beginners
and those on a budget.
Rather than invest in expensive asic miners, it can be
more effective to mine using a cpu or gpu, or even
to buy second-hand hardware.
Joining a mining pool can also help to increase
profitability, while lowering electricity costs,
either by using energy-efficient hardware, mining
during off-peak times, or even using renewable energy
sources, such as solar panels.
It’s also important to keep expenses down while
setting up the operation, and to properly
estimate profitability, taking account of both
hardware and ongoing electricity costs.
Finally, it’s worth considering alternative low-budget
mining options, such as staking, mobile mining, and
faucets and airdrops.