I Failed at Being a Crypto Miner, so I'm Masternoding Instead
My trusty 4 card RX 580 rig is still chugging away, mining Eth and sometimes Loki. But I made a mistake in trying to build another rig. I bought 5 GTX 1060s at what was an amazing price at the time. But they ran really hot and ran my air conditioning, and thus my electric bill, too high. And now I'm just trying to sell it at a bit more than half of what I bought it for. I don't have the time or mind to try to rent warehouse space or build a shed to scale up my mining operation. Alas, I think I have found mining at scale to simply be too much for my taste.
But I still love crypto and don't like trading, and I want to make a lot of money. So what to do?
I've begun to build a collection of masternodes.
Right now I have just 2 - Gin and Rhenium. Rhenium is looking like a mistake, as I overpaid for it and the price crashed. But I'm still running it and cashing in the rewards for BTC.
As for Gin, I've been very, very happy with it. I got in at $7 per coin, it bounced to $13 (should've sold my whole node, oops) and now it's holding somewhere around $5.50. I've received about 240 GIn in masternode rewards thus far, and have used it to start my next Masternode: Bulwark. I'm about halfway to a full Bulwark node now. The really cool thing is that the Bulwark is staking in my wallet quite nicely itself in the meantime.
My plan is simply to compound interest, basically. Here's a cool chart:
Each node's rewards go directly into another node. The thing is with this path, I need to choose masternodes which will not decrease in price over time.
Gin and Bulwark are good bets, in my opinion, and the next two on my radar are MCT, My Crypto Trading, which is a masternode platform which, like Gin, has a working project. It's a crypto exchange that works a bit differently than a normal exchange. Instead of having trading pairs, it's a peer to peer platform where you can trade alts on an open marketplace. The marketcap of MCT is still only about $1 mil last I checked, which gives it tremendous room to grow.
The last one I have in mind for the near future is Giant. They are building a decentralized options exchange. I'm a bit more hesitant on this one since it doesn't have a working project yet, but the marketcap is low and it looks like it has good potential.
Both of these are only trading on Crypto Bridge, which has been a total disaster recently, but hopefully they both can get on Cryptopia or something soon.
Another neat thing is that all five of these masternodes are on the Gin platform, which makes masternode setup easy as pie.
So that's my plan. I still dream of becoming crypto full time, but I'm starting a new job at a really cool custom software shop in just a couple weeks. So my masternoding pursuits are in my spare time.
Let's make some fake internet monies, yall!!!!
The limited trading of both masternodes you hold thru cryptobridge may limit demand. Hopefully that won't be the case for too long.
I made some goals this year and one of them is to build a mining rig. As I continue into learning crypto I have found that a rig is really not profitable. Staking coins is much better which sounds like what you are doing. I am trying hard to save up for my first masternode of the coin smartcash. It only takes 10,000 smartcash which is about $800 at current price, but I am also staking steempower. I prefer steempower because it is much easier. lol. Lazy me.
Good luck with your endeavors and yes lets all make fake money. It is not like fiat money is any more real ;)
still trying to gather the funds a node, the shared node/ staking is great but slower.
FAKE INTERNET MONIES DA BEST!!!
I've never really done masternodes before but i know is one damn sure way of making passive money. Then again, it's not really been appealing since the price could go below ones entry. not forgetting the potential exit of some projects. on the whole, i wish someone could point me the next dash
If I were you, I would keep those mining rigs and consider using them on winter. The air conditioning is much less energy consuming, but depending of the amount of cryptocurrencies obtained the mining-heating option may be less expensive or even profitable.
The world of cryptocurrencies is quite interesting, I feel that I am a complete beginner but I want to learn every day, I do not close myself to that possibility. The cryptocurrency is the currency of the present and no doubt, of the future.
Hi @dhouse, i think to run a masternode it need an huge investment, for example in Waves it is needed 1000 Waves to have it and the reward is 5% in a year, so what to do for who have not big money to invest but want to do some mining?
try staking xptx.
Could you give me more details? I downloaded wallet and now?
Buy some from cryptopia. send it to the wallet. keep the wallet open and your computer running. that's it.
Hi @dhouse, i followed your suggestion, now i have the wallet and inside 12 XPTP, but on stake there is nothing after more than 12h, that means i have to wait more or i did something wrong?
lol yeah with 12 xptx it's gonna take a lot longer than 12 hours.
But where i can find something where explain it better? The site is poor and even not https....:(((
what do you want explained??
Esos tambien son mis sueños, convertirme en cripto, jajajaja para mi va a ser muy dificil, no entiendo mucho de eso, un abrazo @dhouse
Let us start making fake internet monies.i love this statement, don't worry u will surely become an crypto miner.
It takes a cryptocurrency work, and investment, even work with one that handles several cryptocurrencies like dash, bitcoin cash among others, is called coinpot.co I recommend it