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I know my question might seem stupid for some, but I wonder if it’s not too late for a beginner to start mining Bitcoins or any Altcoins, for that matter. Did I miss the train? People who invested in Bitcoins initially, or at least started mining it, are millionaires now. Well, maybe not everyone, bitcoin mining profitability chart but at least they made a lot of money in the end. Besides, recently, I came across some information about crypto mining platforms. So, it kinda pushed me into thinking that this method to obtain cryptocurrency is still relevant. I’ve recently come into some cash, and I’m thinking of investing it into mining.
I did some research and found out that there are two main options for mining:
1.Using GPUs
It consists in calculating the hashing algorithm using video cards — even a home computer may be suitable for this. Ideally, you need to assemble a mining farm of 6-8 video cards with a power supply and an Internet connection. Still, the price for GPUs became extremely high. But, I’m sure that it is a good investment, and I can make some money before they die.
2. Cloud mining
The bottom line here is to rent a mining rig that’ll allow you to mine any coin. I believe that this method removes almost all risks. Also, you do not need to purchase additional equipment or waste valuable time. On the one hand, it seems profitable, with a minimum cost of investment. Besides, companies such as Chicken Fast offer affordable registration and the possibility to mine a lot of coins. Obviously, it means high ROI. But, what’s the catch?
We all know,Cloud mining is the super passive option where all you have to do is pay for hashrate. It is not as profitable in the longrun but I’d say it is also lower risk in the shortrun, assuming you don’t get scammed, because you can estimate the amount of bitcoin you’ll get and you pay a set amount at the start without any worries. I am currently trying to get into cloud mining hosting and am setting up a website. The reason for this is for me it reduces longterm risk on buying the miners as I get a percentage of the value back upfront even though I pretty much lose out on profits of actually mining. But since I get the value upfront I can choose to reinvest that early on and scale harder at the start which is slightly more profitable in the longrun. Also as long as bitcoin doesn’t crash, after selling the second year of cloud service it should pay off the miners completely. So longrun it is better for the host, but shortrun it is better for the people buying the service. If you have any questions about any of this just message me
I hope it’s not too late to start making money on mining. I’ve tried crypto trading on a demo account, but it seems way too risky for me. Besides, you need to obtain insider information and have a good sense of the market, which I lack. I can’t read signals and spend every minute of my time monitoring the spikes. So, as for me, mining remains one of the less risky methods to obtain cryptocurrency. But, I would like to hear your opinion on each method, which one you think is worth investing in.
But nowmaybe it’s a risk nonetheless.
I recently saw that GPUs got cheaper. Unless you have a use for these outside of crypto, you’re still relying 100% on mining to get your moneys worth without reselling it. While numerous decentralized computing projects are working on bringing GPU to the table, namely Akash and Golem, they are not supported now. Render is a centralized option to resell GPU computations, but not everyone can join.
CPUs are cheap, but can still pay out decent amounts. If you don’t fully utilize it yourself, you can mine on however many threads you want. This can be done on a network like PKT which used to pay out nice amounts (for CPU mining) when I mined it some time ago. On Akash, you can rent out your CPU/RAM/DISK just like any other data center which can pay well if you get deployments. At the moment, each deployment on Akash requires about a dollar in collateral — which is given back if you or the tenant closes the deployment. On Golem, you can temporarily rent out your CPU/RAM/DISK, but there are no large-scaled projects running at the moment. Here, you don’t need anything to join, though. There’s also Flux, but you need to pay a lot to join the network.
Disks are cheap and can pay out great amounts. Storage networks such as Sia & Storj pay you for being online and renting out terabytes of storage. Anecdotally it’s easier to get storage on Sia, and the storage you have on Sia will pay you a lot more, especially in bandwidth. But Sia requires collateral, so if you want it to be as cheap as possible, you want to go with Storj. Here, you just set up a node, put it online, and you will get paid in due time. You will get paid less, but if you get enough storage it may be worth it in the long-term keeping it online solely for that — and otherwise, you can mine on the computer. There’s also Chia, but I haven’t heard anything of that in almost a year, so I’d assume that the earnings are relatively low.
Of course,you can mine or provide for different networks. Combining these means that you can have the profitability of mining, even if your node hasn’t gotten as how much does a mining rig make a day traction in these networks. You can set your own prices in all mentioned projects except Storj & Render, and since the centralized alternatives are expensive, they tend to pay well on the decentralized alternatives as well. Bandwidth is lucrative, and so is keeping a deployment active.