My next step
As my journey continues in this wonderful and exciting world of cryptocurrencies, I am really enjoying the learning curve as well as how this crypto space is making me get excited about how many of these projects will affect the world as we know it (The decentralization, the internet of things, the endless crowd based developments as well as the endless investment opportunities). I am truly excited about the prospects of crypto currency where a few months or even weeks ago I was still very much a skeptic.
As my knowledge slowly increases I am getting more comfortable with investing some of my hard-earned money into the projects that appeal to me. Personally, I am a big fan of IOTA, Ethereum, Remme, Nami, Litecoin, Monero and Ripple and will be looking to invest in these projects in the coming weeks. If you have read my previous posts in this series you will know that I have been looking for many ways in which I can enter the market almost risk free with faucets and Airdrops, to gain free crypto currency (links will be provided). These methods have already allowed me to become more familiar with crypto currencies along with the constant research on Steemit. My next step is to invest in the market and to get involved in mining.
For anyone that does not know Crypto mining provides a record keeping service using computer processing power to solve mathematical/algorithmic problems. Therefore, this process is what validates transactions on the network. Miners are then rewarded for the process in the relevant currency. Mining is also a very power intensive process and difficulty increases as more currency is mined.
Mining crypto currencies however requires hardware that I am not yet comfortable with, as well as consumes large amounts of power and therefore, I am leaning towards a Cloud mining solution. Even though physical mining provides the advantage of full control over the process, Cloud mining provides users with the advantage of no power costs as well as very promising profits, with some of the drawbacks being the maintenance fees and long-term contracts. Looking at my options I am currently considering Hashflare and Genesis Mining. Genesis is probably the gold standard but contracts with the company are very difficult to acquire as they are sold-out on most occasions and contracts seem very fixed. Hashflare is looking like the best option for me to start out with due to the availability of contracts and the ability to personalize these contracts to fit my budget.
There are also some nice tools available online which allows prospective miners to calculate the expected profit before getting involved which I will link down below. These tools work for both physical and cloud mining and allows investors to weigh up the costs with the potential profits. Another advantage of mining is if the currency you are mining increases in value so does your profits but be careful the opposite is also true.
What do you think is cloud mining a worthwhile investment? What developments do you think I should have a look at? How has your crypto experience been up to this point?
Faucet Links:
http://moonb.ch/?ref=BB18241C5D95
http://moonliteco.in/?ref=92266ce11253
http://moonbit.co.in/?ref=82e66ff3ffc9
http://moondoge.co.in/?ref=4864a7402838
http://moondash.co.in/?ref=54DA2B5DFF1C
Mining Calculator:
https://www.coinwarz.com/calculators/bitcoin-mining-calculator
Image Sources:
https://blog.emsisoft.com/2017/10/11/cryptocurrency-mining-malware/
https://www.verdict.co.uk/bitcoin-stories/