As the Cryptocurrency industry moves forward and changes as fast as ever, many are left wondering whether in fact Crypto Mining is profitable any more. It has certainly had some very profitable returns in the past but are things still as rosy?
As a quick response, if you are looking for a financial gain i.e. securing extra money that you didn’t have before, then long-term Crypto Mining can give you what you are looking for. Here are the steps to follow to try your luck:
Finding Your Cryptocurrency
The very first thing you will need to do is to decide on the Cryptocurrency that you would like to mine. There are several to choose from although it has been suggested that the most profitable five are: Ethereum; Monero: Litecoin; Dash; Bitcoin Gold. However, it is very important to note that the Cryptocurrency market is extremely volatile and changes within seconds let alone minutes. It is therefore absolutely critical for anyone wishing to mine to complete their own thorough research into the options available and to make their own mind up based on their expectations.
How To Mine
Phase two sees you making a decision on the type of mining you would like for your chosen Cryptocurrency. Mining is the actual process of verifying the transactions that take place for a Cryptocurrency which are then recorded on a Blockchain.
Once again there are many options to choose from each with their own pros and cons. Your decision will also depend on the Cryptocurrency you have selected. There is:
Hardware Mining Rig – This is for those that are technically minded and takes a lot of computer power to do so. This in turn means high electricity costs. You can pay anything from $600 for a mining rig.
Software Mining Program – A lot simpler than the above, but technical skills are still very much needed. And if you use a good graphics card on your computer, the profit gained can be quite sizeable. With this particular choice, you will need to be extremely careful that you are not being scammed or being hacked. This is serious business at the moment so you do need to make sure you are choosing a reputable piece of software with good reviews.
And then once this is done you have to choose whether to mine on your own or in a pool i.e. a group of miners. Both have their negatives and positives so this choice is a matter of personal preferences.
As you can see, there are definitely options out there for making money on Crypto Mining. Patience is needed as this is not a quick turnaround and things can change overnight with the markets. The main thing is to complete a thorough review of all of the choices above and make a decision based on your specific needs as well as your financial portfolio. This is a very personal lifestyle choice and one that must be made in an informed and careful manner.