Mining cryptocurrencies like Bitcoin, Ethereum, and Dogecoin has become less profitable over time. This article explores the current state of mining and why small-scale miners are facing challenges.

Bitcoin reached a milestone by surpassing $58,000 in February, while Ethereum, the second-largest cryptocurrency, also hit record highs this year. Even Dogecoin, initially created as a joke with no serious purpose or institutional backing, saw a surge of over 50% recently, largely due to a tweet from Tesla CEO Elon Musk.

Although buying a fraction of Bitcoin through apps like Coinbase has become straightforward, it's not the only method for acquiring cryptocurrency. Investors can also engage in mining to obtain digital currency. Prior to the COVID-19 pandemic, CNBC visited a blockchain production studio in Brooklyn to delve into the process of mining Ethereum, Bitcoin's prominent competitor.

This is such a well-explained topic! I learned a lot.