Mining Cryptocurrency Might be Worth it!
Mining Cryptocurrency Might be Worth it
Crypto mining can be a gamble in 2018. However, some solutions exist for managing risk- and If you’re a hobbyist then there’s nothing to lose. Inform yourself on the potential for mining cryptocurrencies today. Although it can be a gamble in 2018, some solutions exist for managing risk- and If you’re a hobbyist then there is nothing to lose anyway. Even learning to set up a miner can be a valuable lesson for tomorrow.
Cryptocurrency mining for the layman is a touchy subject. Some schools of thought hold that over the long term, Cryptocurrency will continue to go up in value. In which case, it’s a win to mine during cold periods in the market.
If the historic bullish third and fourth quarter trend repeats in 2018 we can expect mining to make a huge return, and miners to make huge returns.
In previous historical examples of financial trouble, Crypto has shot up. Recently Bitcoin became very expensive in Zimbabwe after a political coup threw the nation’s financial status into uncertainty. When such panic and fear grips, people will favour more reliable international currencies. Bitcoin has outperformed a few currencies globally this year even despite it’s poor performance. For example the Venezuelan Bolivar, another hot topic nation in unfortunate turmoil.
At the moment Cryptocurrencies are a sound bet for investment. Most of the financial sector has piled in at this point, and are in the process of opening or already are running crypto divisions. Crypocurrency is here to stay, and to invest in and run a miner may well be a great idea.
There are a number of exciting projects on offer everyday that can be mined. If you take a long term view that Crypto is only at it’s inception then mining is a worthwhile endeavour for you.
Crypto Mining can be a Risky Business
However, with this optimistic perspective must be weighted the current situation. Markets have been on a general down swing since January. The markets are showing little signs of recovery, and many of getting worse.
There doesn’t seem to be much sentiment for Cryptocurrency right now, and although some coins have faired better than others, the Cryptocurrency market is in chaos.
Companies like AMD are reporting considerably less sales of their Radeon & Ryzen GPU’s to miners. The market is clearly not hot on cryptocurrency currently. The flip side is that it’s a cheap time to buy a miner.
There are a number of exciting projects on offer everyday that can be mined. If you take a long term view that Crypto is only at it’s inception then mining is a worthwhile endeavour for you.
3 Reasons Against Mining:
The main practical problems with mining cryptocurrency in the current climate can be reduced to a few points.
- Electricity costs are at record highs, and miners are very energy intensive
- Buying the equipment, including casing, GPU’s/ASIC’s, fans, risers and motherboard is generally expensive for newer builds
- Cryptocurrencies are becoming less valuable whilst simultaneously becoming tougher to mine
The Flip Side?
Consequently mining crypto is often resigned to those with a load of disposable cash. When starting off it is recommended that you start off small, and with a lesser known coin that can be mined using GPU’s such as the ASIC-resistant security coin Monero.
The idea there is that many smaller coins are less likely to be flooded with the more expensive ASIC miners or have a large network mining them. In the future, some of these lesser known projects will probably moon.
Picking the right coin to mine can also be a weekly swap if your setup allows it. Many lesser coins can be profitably mined and sold. Some pundit sites even list the deal of the day!
If you’re looking to get started with mining, you should start off with a low key mining software on your computer, or with a USB miner.
It’s recommend instead to for coins that can be mined using top of the range GPU’s with high resale value should you decide to swap rigs. Monero is the aforementioned exception, which can be mined effectively with GPU miners and is going places.
So although Cryptocurrencies are currently on the downswing, it also comes with increasing levels of trade. As sentiments towards Cryptocurrencies continues to grow in fact of economic catastrophe digital, untraceable and global currencies will as ever be there to lend a helping hand.
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