I don't know what the big deal is with mining crypto currency. The whole thing is a complete joke. You pay roughly $500 for a crypto currency mining computer, and it barely pays off ITSELF in a couple of years.
Even with a gtx 1080ti gpu, you still only get around $5 a day. And that graphics card ALONE is around $750. Mining is at an all-time low right now.
I am not just saying this because of what I've heard. I have had some experience with mining Siacoin, and just decided to stop after two hours when I only made about .5 siacoins (~.004USD)
Many would retort that with Genesis mining, you don't even have to own your own equipment. But with that, you still have no guarantee that you will get your returns off of what you payed for. You may even lose money! For all we know, the company could be failing and are just taking your money down with them.
Although many would also say that it is not about making money at the time of doing it, but it is about the fact that the value of the coins will rise. Well I have a better idea; JUST BUY THE COINS DIRECTLY AND NOT EXPENSIVE EQUIPMENT TO MINE THEM.
To make a long story short, you might want to just stick to investing in crypto currency directly by swapping out Fiat currencies for it. We all know that crypto currencies will rise and the day will come where it will become the standard currency.
By the way, if anyone has a better method for mining that actually can make a substantial proffit, please let me know!
You won't make much with 2 or 3 miners especially with gpu mining. Just get 10 antminers that will pay for itself in a few months and the rest is profit. Easier said than done but the key is to have volume. After 2 years you'll have to replace all the miners.
Mining is just a bonus on top of buying and hodling .
I agree completely. For instance if you invested money even a couple of years ago and spread that over a basket of different crypto currencies the likelihood of you making exponentially more than you could from mining is really quite high.
I expect the same applies today. Do your own research! ✌️
I mine ETC and ETH, both are profitable for me. My breakdown is such
6GPU
178MH/s
.80 ETC Daily
$2.64 - electrical cost
Daily Net - $9.32 (Based on $14.95 /ETC)
$279.60 - Monthly
I do not need to calculate for ROI due to the fact that yes the equipment loses value over time or I can eventually resell to get a few dollars back. But in the end its like a car, and I have had good use out of it. Even if I break even within a year, this is still good value. Ultimately the coins left over will have some sort of value. Also if you truly want to know your breakeven just calculate the cost per coin, which in my case equates to $3.30 / ETC. My aim is to pay the electrical cost monthly or every two months and the rest can sit in my wallet and as long as its not $3.30 range, I am profiting. We also need to look at way crypto currency was developed from the beginning. It's really a hedge against the fiat currency and insurance against an economic collapse. Banking institutions and countries are now doing away with physical cash and going digital. This is very different from crypto-currency in that you have no control if a bank decides to shut its doors or go out of business. With Crypto, it's your wallet.. your control your way. Unless you stupidly store it on exchanges.. JMHO..
Maybe it's just me but it all sounds a heck of a lot more complicated than a new car.
Agreed, probably 99% of the time you're just better off buying the crypto and HODLing.
Good recap of mining now -benefits.