Cryptocurrency mining vs bitcoin miningsteemit
In the world of crypto currencies Cloud Mining as a service has earned somewhat bad reputation and there is a very good reason for that. There were just too many scams out there that have resulted is many people actually losing money after investing in such services. There are of course some companies that have earned a name of being serious players in the crypto cloud mining game, but their number is much smaller when compared to others that at some point ran away with a lot of their investor's money.
What is cloud mining? This is essentially a service that offers you to mine a given crypto currency for you and you are essentially renting their mining hardware and getting the mined coins in return as a payment. Usually you are paying form a given hashrate that you want and for a certain period that you rent it for, an example would be renting 10 THS for 1 year period for mining Bitcoin.
Some services even advertise Lifetime contracts for Bitcoin mining or other crypto cryptocurrency mining vs bitcoin miningsteemitcryptocurrency mining vs bitcoin miningsteemit there is a catch with these as by the lifetime they mean that it will mine until it generates profits.
Advantages and Disadvantages of Cloud Mining There are some clear advantages to cloud mining that are making it attractive for many users. These are the fact that you don't have to buy actual mining hardware, don't have to set it up yourself and monitor it, don't have to think about the electricity it uses, no need to think about the heat and noise generated as well. The disadvantages are that you don't own any hardware after your renting contract ends if you did, then it probably wouldn't be worth much for sellingyou may have to pay more upfront to start mining depending on the hashrate you purchaseyou are not sure if the company will be there until the end of your contract there is a risk involved.
If you are interested in mining for crypto currencies yourself you are probably going to be doing that at home and even to get started you will have to have a bit of knowledge about hardware and software in order to get everything setup and ready crypto as well. Alternatively you will cryptocurrency mining vs bitcoin miningsteemit to have a friend to help you or find somebody to pay to make everything required for you not recommended.
You need to think about a good place to use for computer mining rigs or ASIC miners. These usually use a lot of electricity, give off quite a bit of heat and are noisy, so you need to think of a way cryptocurrency mining vs bitcoin miningsteemit that any of these will not bother you while you cryptocurrency mining vs bitcoin miningsteemit at home.
If you are mining at home using real miners you can have full control over what you are currently mining, though that also requires you to monitor everything and make sure that it is fully operational and does not give you problems. You can decide if cryptocurrency mining vs bitcoin miningsteemit want to mine a coin and hold everything you mine for a period of time or you can sell immediately a part of it to cover costs.
You can also decide to sell the hardware at any point of time should you decide to stop mining as it is no longer profitable or you can only shut down for a moment the miners and bring them back online if things change after some time. You have full control over everything, unlike when you purchase hashrate at a cloud mining service.
With ASIC miners you should plan that they will quickly get outdated and their price will significantly reduce over short period of time. ASIC miners do come faster, but they are also more limited in usability as they are designed to work only for a specific crypto algorithm. If you are using a computer for CPU or GPU mining you will generally be much better in terms of value retention of the cryptocurrency mining vs bitcoin miningsteemit itself over much longer period of time if you care well for it and you will be much more flexible as you can switch between the mining algorithm used.
So using computers for mining rigs does seem to be a better long term investments than going for ASIC miners. With ASIC miners the timing is very important, so if you manage to get on time you can make a quick profit, but if you are late in getting the mining hardware things will be just getting harder and harder to even ROI.
You may often hear people recommending that you should just buy some coins on a crypto exchange instead of going for cloud mining or actually mining with some mining hardware at home. This is actually a sound advice for people that don't want to risk getting scammed by a cloud mining service or don't have the knowledge and time to mine themselves, but have cryptocurrency mining vs bitcoin miningsteemit money that want to invest in a crypto currency.
While this may be a sound advice to follow it is also one that can carry a greater risk if the crypto cryptocurrency mining vs bitcoin miningsteemit you invest in does not do as good as you might expect it and becomes worthless in terms of price after some time.
If you have invested in mining hardware that you own and not in a cloud mining service then you should be able to mine different coins and get a greater portfolio you can also cryptocurrency mining vs bitcoin miningsteemit into multiple coins and not just one. Even if all of the coins cryptocurrency mining vs bitcoin miningsteemit mine end up being worthless at some point you will still have something left for the money you have paid for the mining hardware.
Of course investing into computer hardware for mining is the best option as you should be able to get more money from it at a later time should you decide to sell it. It is more flexible and usable as even if you don't sell it to another miner you can always find a gamer to buy video cards for instance. What would work best is if you don't do just one, but instead try to get into couple of things.
Cryptocurrency mining vs bitcoin miningsteemit, it may be harder, but then the risk of losing everything invested in just a single thing is also smaller.
Usually the lower the risk, the less profit you can get, and the higher the risk, the higher potential profit may be, but it is also not impossible to lose everything all at once. Be extra careful with investments in cloud mining services, go for ones that have actually proven themselves over time and not new ones that just launched and are promising you to get rich in no time.
Plan carefully should you decide to mine at home yourself, not just with ASIC miners, but for computer mining rigs cryptocurrency mining vs bitcoin miningsteemit well, do the math and be prepared for the worst while hoping for the best outcome. You can also invest some money directly buying promising crypto currencies, but be careful with these as well and carefully consider what is really promising.
Once you manage to get some coins, no matter what way, be careful if you get too tempted to start trading on crypto exchanges as doing a bad decision and risking too much can also lead to significant losses. In the end the best advice is probably to be more careful and not risk everything on a single decision, try to play it more on the safe side in order to avoid being sorry later on! Did you like what you have just read? Check my other posts on steemit cryptos. Decent read, I am quite new to the crypto world and this helped me cryptocurrency mining vs bitcoin miningsteemit lot with choosing what I should invest in.
I am mostly buying and selling crypto on Poloniex. I am dipping my toes in XMR mining with Minergate. Will see how that goes. I suggest you to avoid minergate and join one of the pools on http: Mining coins takes so much time - You are betting on a 6 month time frame.
Using the current information you have. Buying cloud mining is also a no no for me. Mining difficulty will make your contract less profitable. I got a question, if u buy cloud mining, how much ether in avg with current condition, difficulty, price per June 30, u will get everyday from the cloud mining?
Have u ever compared these with data, if possible with excel? For now, I very agree with ur idea, lowering the risk with multi investment at these 3 type: I just did the first cloud mining and think of doing the 2nd and 3rd after see ur post.
Btw, I already upvote ur article and following u. Hope u can also following me romewijaya. With cloud mining you buy a contract 1 or 2 years which generated you coins over time. Considering the price of the coin and network difficult you will get your rewards. With home hardware mining you own the equipment forever. Potentially 2 - 3 years? If the mining rig paid itself within the first cryptocurrency mining vs bitcoin miningsteemit months then definitely, cryptocurrency mining vs bitcoin miningsteemit it seem like it's going to be a year Mining hardware seems to have become an arms race.
I expect some of it is only used for a short time before it becomes un-economical to run. You have to hope it paid for itself in that time. Those with access to cheap electricity stand to make the most. Cryptocurrency mining vs bitcoin miningsteemit expect the cryptocurrency mining vs bitcoin miningsteemit mining rigs are in places where it's cheap. I'm trying some Steem mining on my PC, but it's probably not really worth it for the tiny amount I'm likely to make.
I'm just interest to see what happens. It looks like a few people are getting most of the blocks. They must have access to a lot of PCs. I use Eobot and have bought some mining there. You cryptocurrency mining vs bitcoin miningsteemit make much from the faucet, but it can build up if you invest it in more mining. It will be a while before I make enough to transfer it out. As my father once told me, you don't have to put all your eggs in the same basket, my goal is to cover all options, I already bought a mining rig and I spent some money in Genesis for cloud mining, cryptocurrency mining vs bitcoin miningsteemit in my country Argentina buying bitcoins is not that easy but with this 2 investments I could buy some in any exchange.
I liked your post! I test and compare all the cloudmining contracts in a google sheets file which I regularly update so everyone can have the best deal for their money at any time! If you are cryptocurrency mining vs bitcoin miningsteemit you can find it on https: Your sheet is very useful. I can recommend this cloud mining service website as well: I certainly agree on diversifying crypto exposure. For the majority of people, they just want to get a stake in the crypto market.
A balance of long-term holdings put aside in paper wallets together with cloud mining is a good solution. The way I see it, there are significant advantages of some cloud mining over pooled mining e. The key downsides are that the company that you are dealing with do not make it clear how the system operates and that they don't exist.
The cloud that I mine through gives a mined credit daily, which cryptocurrency mining vs bitcoin miningsteemit be cashed in cryptocurrency mining vs bitcoin miningsteemit. In terms of the people running it, by doing your homework on who is behind cryptocurrency mining vs bitcoin miningsteemit, you can be more reassured that it is not a scam.
In my case, the people behind the mining have a much more substantial and known business that would not be even vaguely in their interest to jeopardise to profit from at the expense of the key business. I have verified images of them on site with all of the machinery whirring in the background. All in, cloud mining can provide a very attractive return for the amount of effort that you have to put in.
I can handle 4 months of calculated risk in the interim. Cloud Mining for Crypto Coins In the world of crypto currencies Cloud Mining as a service has earned somewhat bad reputation and there is a very good reason for that.
Real Mining for Crypto Coins If you are interested in mining for crypto currencies yourself you are probably going to be doing that at home and even to get started you will have to have a bit of knowledge about hardware and software in order to get everything setup and ready crypto as well. Not Mining but Buying Crypto You may often hear people recommending that you should just buy some coins on a crypto exchange instead of going for cloud mining or actually mining with some mining hardware at home.
If you have a question or want to add something, then please leave a cryptocurrency mining vs bitcoin miningsteemit below. Authors get paid when people like you upvote their post. How did it go with XMR mining? Minergate is know as cryptocurrency mining vs bitcoin miningsteemit hash stealers from users pc.
Me too, I just buy and sell on exchanges. Every coin cryptocurrency mining vs bitcoin miningsteemit is not in your wallet is not really yours. I really would like to know the result.
Earning bitcoin is like earning goldits value increases everyday. Its currently having the highest Return on Investment among all trade able commodities. Nothing in this world can give you such an huge return. Now the question is how to earn Bitcoins? Bitcoin is a form of digital currency, created and held electronically. So to earn bitcoinyou have either create it or held it, in technical terms you have to trade bitcoins or you have to mine it. Bitcoins are easily available for tradeyou can buy or sell cryptocurrency mining vs bitcoin miningsteemit amount of bitcoins from India.
There are several International exchanges which can be trusted and you can trade with them. Mining Bitcoins Yes, you cryptocurrency mining vs bitcoin miningsteemit create your own bitcoins and as much as you want and this can be done using you hardware or cloud services. Cryptocurrency mining vs bitcoin miningsteemit the initials days of Bitcoin miningit was easily mined using the CPU.
I am not going into the details on how this works in the backgroundyou can refer to this Bitcoin mining if you want to know the science behind it. But due to huge number of minersdifficulty of blockchain and high hash rates of ASIC its nearly impossible to mine Bitcoin for profitability.
If you have free electricity then you can get some sort of profit. You can calculate the profitability using Cryptocurrency Mining vs.
This concept is going rounds for last few years, there are certain mining companies who are offering cloud services. All you need to do is sign up at their websites and buy hashrates. You can mine BitcoinsMoneroEthereumDash etc and you can calculate your profitability using Cryptocurrency Mining vs. But in this cloud mining sector cryptocurrency mining vs bitcoin miningsteemit, maximum companies are running scam like Cryptocurrency mining vs bitcoin miningsteemit - Cryptocurrency mining vs bitcoin miningsteemit Bitcoin Miningso you have choose very carefully.
You can trust the below websites completely. Now the most important thing storing the bitcoins. There are really security concerns about storing the bitcoins. Major exchanges have been hackedbitcoins worth millions were stolen. You can also earn Bitcoins in small amounts Satoshis from websites like Moon Bitcoin. A particular thing becomes illegal only when the thing is prohibited under a particular law.
All the developed nations are pushing towards legalizing Bitcoinsso will India. You will also need cryptocurrency mining vs bitcoin miningsteemit purchase a W power supply along with it. This cost in number of Bitcoins will be around 1. Now let us calculate the profitability of mining Bitcoins with an Antminer S9. Assuming the difficulty level to be same and electricity to be free, cryptocurrency mining vs bitcoin miningsteemit will take around 6.
Let us now factor the electricity costs. The lowest electricity tariff in India, which I guess is in Jharkhand, is around Rs. With the power rating of W, in one month we will be using around kWh which amounts to Rs or 0. When more miners keep getting added to the network, the mining difficulty increases as the number of blocks to be solved in a specific interval of time remains constant.
The number of bitcoins generated in 19th month will be 0. The number of bitcoins mined in 19 months will be 1. But as time progresses the profitability is bound to decrease due to the very nature of Bitcoin. How do the miners solve these advanced mathematical problems? With the use of powerful hardware. You can no longer mine Bitcoins using your normal PC, that runs on a normal C.
That are designed for the sole purpose of Bitcoin mining. So Despite being profitable, I tend to stay away from mining because, the initial investment is high.
And it requires a large quantity of continuous electric supply This is a large part of the investment. And it is a very competitive space. Given the current bleak scenario, the average home miner will struggle to recoup the cost of mining hardware and electricity.
Profitability is highly unlikely given the current circumstances. The situation may improve in future once ASIC mining hardware innovation reaches the point of diminishing returns. That, coupled with cheap, hopefully sustainable power solutions may once again make Bitcoin mining profitable to small individual miners around the world.
This would also greatly improve the decentralisation of the Bitcoin network, hardening it against legislative risk. CoinWarz  offers a good mining profitability calculator, which automatically fills in the current Cryptocurrency mining vs bitcoin miningsteemit price, difficulty and block reward info.
Enter specs and cost, as well as other information such as power cost and pool fees to find your profitability. Do not expect gold, at best the number you get would be a cryptocurrency mining vs bitcoin miningsteemit hundred dollars for a year and the warmth of your mini rig during the cold winters.
Some regions of China have very low power costs, further most mining hardware being manufactured in China make it the mecca for hobbyist miners who make a pretty decent profit of a thousand dollars a year. Footnotes  Cryptocurrency Mining vs. Bitcoin Mining Profitability 5. Besides I also mine bitcoin. Answered Jul 7, Bitcoin mining is mainly being done in China. There are reasons why it is happening so much in China and not in India.
Please see some basic requirements:. Based on above requirements, one can see if it is profitable to carry Bitcoin Mining in India or not. Yes Pool bitcoin mining cryptocurrency mining vs bitcoin miningsteemit are there.
It only makes sense to mine it, if you have lots of super powerful computers and cheap electricity. However, you still can invest in bitcoin. Its rate contionues to grow. Here is an article about 7 Reasons to Invest in Bitcoin in If you want to mine, there are a lot of alternative coins, that are possible to mine even on one computer. Before mining, you should make a small research to calculate if mining on your computer is profitable, to choose best cryptocurrency mining vs bitcoin miningsteemit. There are services, that will help you to do it.
For example, What to mine. Recommended All Kostas TsakaloglouHave a blog about cryptocurrency: Is Bitcoin mining profitable in India? In or ? Bitcoin mining will be profitable, if the demand grows so it's price will be higher than the operating costs and the cost of the hardware. I don't know when this will happen. For now, the cost of mining is high cryptocurrency mining vs bitcoin miningsteemit of the energy needed.
If you have a place near a waterfall, to get almost free energy, it is already profitable. I am not saying after reading just couple of blogs. This comes from my own research.
But there are several factors you need to consider. Your profit depends on that. If you are smart enough, this is like calculated risk. I would recommend to be with cloud mining as buying your own hardware will make you out of date before you earn profit. Please be aware cryptocurrency mining vs bitcoin miningsteemit most of the cloud mining are scams. So far, I could trust only 2 of them: Hashflare This one is my personal favorite due to good offers: I have written a blog if you are interested in more details.
I share all the useful information which will help you to take the decision. All you wanted to know about bitcoin mining Thanks3. The beginners first step would be to select a wallet. If you want to earn then there is bitcoin mining which is not at all profitable now and then there is bitcoin cloud mining which payout for real.
Heres a video that can help you. An easy way to get started is with your computer. Install the software and log in with your account. It's very easy to use. But you can mine bitcoin too if you like you can mine over 10 different coins with the same miner. If you are not sure just set it to Smart Mining and cryptocurrency mining vs bitcoin miningsteemit will automatically mine the most profitable coin cryptocurrency mining vs bitcoin miningsteemit you.
The next step is to buy a graphics card. That will cost you money if you don't already have one but will allow you to mine much faster. That is currently the most efficient way to mine bitcoin, but requires significant upfront investment. Bitcoin mining these days is only worthwhile with ASIC hardware.
Not for the faint hearted, the crypto markets are fast paced and volatile but if you watch carefully you will be able to see the peaks and troughs as they develop. Each coin does appear to have a pattern of its own and for obvious reasons it is better cryptocurrency mining vs bitcoin miningsteemit invest in a coin which has an overall upward movement. Of course there are always going to be external influences which throw the pattern off its usual course.
Some people compare crypto trading to gambling, but I like to think there is some skill involved too, and I have done pretty well in my first month by sticking to one simple rule:. It is possible to earn money quickly here if you stay focused on the movement of many coins at the same time and keep moving your investment around. The 'usual suspects' of the market appeared to be on a level so I looked around at the others and found a coin called Nxt which I have never invested in before but the coinmarketcap graph line indicated to me that it was on its way up.
So I moved it into Stratis which also appearing to be climbing. Ultimately, mining is a long cryptocurrency mining vs bitcoin miningsteemit investment. You pay for cryptocurrency mining vs bitcoin miningsteemit hash rate in your cryptocurrency mining vs bitcoin miningsteemit coin, then sit back and watch a small amount come back to you each day.
The number fluctuates from day to day but you can be certain that you will earn something every day. Which is paid to me daily in Bitcoin. If these figures don't change too much, I will see my investment paid off within a year and the second year will be pure profit. So, I feel pretty confident that I will double my initial investment within two years. I have a Bitcoin wallet dedicated exclusively to my daily mining payments. This way I can monitor my progress without any confusion. There are risks in trading.
Coins can unexpectedly plunge as Dash has demonstrated in the last few weeks. And lesser known coins may plunge, never to return. But there are risks too in mining, because the more people who invest into mining, the less of a return you will see. But counter this with improvements in technology, the rising number of miners may not affect your daily return at all.
Which contrasts my trading practices nicely: And please leave a comment if cryptocurrency mining vs bitcoin miningsteemit is something you would like to teach me. I cryptocurrency mining vs bitcoin miningsteemit still just a beginner and very keen to learn as much as I can, as quickly as I can. Let me guess, your with genesis mining. Just a guess, because the coin you mentioned are all in genesis. Genesis is the most trusted cloud mining today.
Ah yes, I started to look into hasnest the last time you mentioned it to me I will check both of these out now. And great to hear that! I have watched a load of films made by unhappy customers so was a little unsure, though these films are mostly over a year old. So, am guessing things have improved: Nice set of trades you made there! When I try short term trading, I tend to sell too soon or set stops which often get taken out, only to have the coin cryptocurrency mining vs bitcoin miningsteemit back a bit later.
Kudos to you for being able to surf the cryptocurrency mining vs bitcoin miningsteemit One point I cryptocurrency mining vs bitcoin miningsteemit to mention is that I tend to sell when round numbers are reached.
Quite often the value of a coin will suddenly drop upon hitting a round number, I assume because lots of people start selling at that point. I must have read " Reminiscences Of A Stock Operator " a dozen times over the years; probably due for another "visit" lol.
I've heard that cryptocurrency mining vs bitcoin miningsteemit not actually figured out how to do it yet! For now I'm okay as I am in front of my computer enough to not miss out on any action. Thanks for reminding me though. Must figure that one out. You and I both my friend. Almost impossible for me to take the emotion out of it.
But so far the emotions have all been positive. Long may cryptocurrency mining vs bitcoin miningsteemit last! Thanks for the info I guess I don't really have the "nerve" for being an active trader; feels to much like gambling, to me.
Which isn't to say that someone with skills and insight can't beat the odds. I'm really more of a "buy-and-hold" sort of investor. In a sense everyone on this platform is already a trader as we have all invested in steem, hoping the value will go up: My brother in the States said the same thing to me today and compared crypto trading it to gambling.
He is a poker player! The way I look at it, investing in a crypto currency which has a clear upward growth is a more sound investment than putting dollars in a bank, which over time are only going to be worth less. But for sure your buy and hold tactic is cryptocurrency mining vs bitcoin miningsteemit the safest route. Especially if it is Bitcoin, which has had plenty of time to demonstrate it's pattern of growth: I have been mining all this while but lately I've started a bit of trading after making some neat profit with Ripple.
That's the way to do it. Keep watching for the movement of the top 10 coins and you will know when to move it around. Bitcoin is always going to be one of the best performing cryptocurrencies in the future to trade. Check out my blog for a guide for the best Bitcoin trading strategies in terms of timing since there's a lot of volatility due to the hard fork.
Mining Vs Trading steem Created with Sketch. Trading Not for the faint hearted, the crypto markets are fast paced and volatile but if you watch carefully you will be able to see the peaks cryptocurrency mining vs bitcoin miningsteemit troughs as they develop.
Some people compare crypto trading to gambling, but I like to think there is some skill involved too, and I have done pretty well in my first month by sticking to one simple rule: If something dips below buy price, hold and be patient. A most enjoyable ride of successful exchanges.
And clear proof that money can be made quickly. Cloud Cryptocurrency mining vs bitcoin miningsteemit Ultimately, mining is a long term investment. In Conclusion There are risks in trading. Hope you learned something. Authors get paid when people like you upvote their post. Thank you for sharing Sam! Many thanks my friend. I suspect it may be beginners luck, but long may it last: I must have read " Reminiscences Of A Stock Operator " a dozen times over the years; probably due for another "visit" lol Perhaps you'll find it insightful for yourself as well Will check that out right now: Interesting on one aspect.
Most traders will say set a stop loss level to cut loss.