Cryptocurrency Mining

Many coins have Proof of Work which means they get mined – example: Bitcoin, Bitcoin Cash…

Others have Proof of Stake: You can earn more coins by simply storing your coins in the official coin wallet(found on the official website of the coin) and holding them. Small profits here.

Mining can be very profitable, although the difficulty is going up and up which means, less profit.

Is it still profitable – YES it is

2 Ways to mine:

# Join a company which mines for you

# Mine yourself at home

Both ways have advantages and disatantages.

 

#1 Join a company which mines for you

If you choose to join a company who does the mining for you, you pay for a mining contract and get daily returns from the company.

Risk:

Company can get out of business, It can be a scam, you might pay too high fees(read the fine print)

Benefit:

You con`t need to do any technical setup yourself and can just put money in and lean back and receive your daily income.

Mining pools can genergate more coins because they have more power.

 

#2 Minig yourself

If you mine yourself you can do so.

Risk:

You have upfront costs because you need to purchase hardware to be able to mine.

You need to know how to technically set up and make everything work,

High electricity cost can eat up your profits or most of them

Benefit:

You own the hardware and don`t have to pay for any fees once it is set up.

You can use solar energy for more profits

You can purchase more hardware over time and earn more.

 

Remember – this is not financial advice and for educational purposes only. If you chose to mine you do so at your own risk!