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Mining cryptocoins is an arms race that rewards early adopters. You might have heard of Bitcoin, the first decentralized cryptocurrency that was released in early 2009. Similar digital currencies have crept into the worldwide market since then, including a spin-off from Bitcoin called Bitcoin Cash. You can get in on the cryptocurrency rush if you take the time to learn the basics properly.
You can use great shortcodes for comparison between:
Bitcoins and Dollars. Or
Litecoins and Dollars. All can be used in posts and pages in numerous ways. You can use many other cryptocurrencies and normal currencies for
comparison. You absolutely need a strong appetite for reading and constant learning, as there are ongoing technology changes and new techniques for optimizing coin mining results.
Which Alt-Coins Should Be Mined?
If you had started mining Bitcoins back in 2009, you could have earned thousands of dollars by now. At the same time, there are plenty of ways you could have lost money, too. Bitcoins are not a good choice for beginning miners who work on a small scale. The current up-front investment and maintenance costs, not to mention the sheer mathematical difficulty of the process, just doesn’t make it profitable for consumer-level hardware. Now, Bitcoin mining is reserved for large-scale operations only.
As a second income, no, cryptocoin mining is not a reliable way to make substantial money for most. The profit from mining cryptocoins only becomes significant when someone is willing to invest $3000-$5000 in up-front, at which time you could potentially earn $50 per day or more.
How Cryptocoin Mining Works
Let’s focus on mining ‘scrypt’ coins, namely Litecoins, Dogecoins, or Feathercoins. The whole focus of mining is to accomplish three things:
- Provide bookkeeping services to the coin network. Mining is essentially 24/7 computer accounting called ‘verifying transactions’.
- Get paid a small reward for your accounting services by receiving fractions of coins every couple of days.
- Keep your personal costs down, including electricity and hardware.
As a hobby venture, yes, cryptocoin mining can generate a small income of perhaps a dollar or two per day. In particular, the digital currencies mentioned above are very accessible for regular people to mine, and a person can recoup $1000 in hardware costs in about 18-24 months.
Best known as the immutable database that runs underneath cryptocurrencies like Bitcoin and Ethereum, blockchain is poised to play a critical role in every industry imaginable as businesses seek ways to cash in on the distributed ledger technology’s promise of enabling a “trustless” consensus to validate transactions.
Earnings in the past year
Smart miners need to keep electricity costs to under $0.11 per kilowatt-hour; mining with 4 GPU video cards can net you around $8.00 to $10.00 per day (depending upon the cryptocurrency you choose), or around $250-$300 per month.
Chart shows our earnings in the past year.
Financial transactions are typically guaranteed by a trusted third party (such as PayPal) and blockchain can be used to automate that process, reducing overall costs by cutting out the middleman with autonomous smart contracts acting as trusted intermediaries between parties on the network.
There’s a lot of hype with Cryptos. Why? Because most do not know what they’re investing in and would rather listen to the crowd. What happens then? Prices crash once you’ve bought into it. Taking a loan or using all your life savings can be hugely risky, especially if you do not have the prerequisite knowledge on the tech and the coins. Be informed. Ask the right people. Arm yourself with knowledge before jumping on the hype-wagon. This would significantly reduce your risk and most importantly, position you to invest in the long-term fundamentals of the technology.
There are plenty of opportunities to make lots of money in the crypto market, and you should be patient and wise to acquire the right knowledge before investing. Don’t be the person that invests based on the current hype. Do your research first. If it’s too complex, look for answers. The cryptocurrency community is filled with awesome individuals that can simplify things and help you along the way.
Bitcoin Exchange rates
|1 BTC =||10191.6100 USD|
|1 BTC =||9197.52000 EUR|
|1 BTC =||137.510000 LTC|
|1 BTC =||52.5200000 ETH|
|1 BTC =||8309.02000 GBP|
|1 BTC =||15098.0000 AUD|
|1 BTC =||13533.1000 CAD|
20 September 2017
14 September 2017
8 August 2019
|1 ETH =||194.080000 USD|
|1 ETH =||175.120000 EUR|
|1 ETH =||2.61600000 LTC|
|1 ETH =||0.01904000 BTC|
|1 ETH =||158.090000 GBP|
|1 ETH =||286.810000 AUD|
|1 ETH =||257.670000 CAD|