-Intro-
Hey reader,
i wanna discus in this post the cryptocoin "Burstcoin", since it lately has gone down in price really hard.
I am gonna talk about: is it still profitable to mine, what goes wrong and the future for burstcoin
- Introduction to Burstcoin:
Burstcoin is a Cryptocoin mined by using the PoC (Proof-of-Capacity) system. it's mined by free storage space you have on your pc or HDD. it's currently on this date of writing the only PoC coin known. It has forums and good secure mining pools and a great site, but still low in price for being the only PoC on the market(for now 0.015 dollar), all that explained in this article. Hope you enjoy reading and leave a like if you enjoyed.
- Burstcoin:
When i was first in Crypto i discovered a Coin that uses free space to mine Coins, for me that was a big solution, since i don't have a mining-rig and no mining pc. This was the solution for mining coins easily with only your free HDD space. i bought some extra HDD drivers and start downloading the wallet. The first thing i noticed was that i had a lot of problems with the setup, a lot of errors and weird things that weren't explained very well.... i asked around on the forums and got thru it, but after mining burstcoin the price of the coin started to decent and i started more to think about:
"Is this actually profitable to keep op mining?"
- History:
Burstcoin has a dark history, were a lot happened with the coin. From developers to hackers, i don't wanna call anyone out, but everybody thought the coin was dead after this "incident", but it survived and it came back like crazy, a new wallet was introduced and the future looked bright for Burstcoin.
How about now?:
- Where are we now (On the date writing this)?
We are in a period were more people start thinking about how profitable this coin actually is for people, just like i did and you can clearly see that in the price action happening around burstcoin that it decent more that it should. The difficulty of the blockchain is climbing pretty high and the coin price keeps descending to the ground, then is the question: "am i on the good road?"
- Problems with Burstcoin and is it profitable to mine?:
I personally think that a lack of Development is part of the solution why Burstcoin is dying, since there isn't anything new on the coin besides that its mined in another way. There is no really "hype" to go mine the coins since its almost not profitable to mine them with only 4Tb, and also it would take a long time to get your investment back. Besides a wallet update that had not very much special updates in it the Burstcoin didn't saw anything new, there is no really major change/update that "hyped" Burstcoin up for new people to come and mine them. Another problem could be that the difficulty is getting to high for new people to come in, im talking about that you could get with a 4TB around 5 burstcoins a day if you mined 24/7, so if you do the energy bills from that would become a lost, and a 4tb drive is already on average 100+ euro to buy. You would need a ton of drivers to mine this, and with the descending price its not likely for people to buy much drivers to mine the coin with. I think the energy of burst is gone, and people screaming in the forums "Burst to the moon" may changed there minds lately...
- Positive about Burstcoin:
I don't wanna be to negative about the Burstcoin since it is still the first coin to be mined with PoC technologies, and there is a lot of effort put in to this. An advantage for example for this coin is that a lot of people have empty drives laying around eating dust, so with burstcoin those disk get another use and can make you some money. Also a big advantage about Burstcoin that it is low in energy costs, since it doesn't require your full pc power to mine the coins, but only the power to keep the drivers running, its i think the most eco-friendly coin as they also describe it as on their site.My last positive word is about the forums, they are really helpful and get you on the Burst-track in no-time.
- Future for Burstcoin:
I can't see the future and Burstcoin saw brighter days, but if the Burst development team and the whole community start taking the coin and all around it more serious i think it has some big potential in it. It only needs time after that.
"Burstcoin to the Moon" or is it going to be "Burstcoin to the Ground"? who knows, but if things keep going on a rate like this, then i personally think it will fall and another PoC will take lead, since there are more coins preparing on releasing their Poc coin.
- Conclusion:
This is still my opinion and experience and you can call me out, but if you do think about it yourself first and face the facts. Again i can't see the future, maybe they bring out new updates and get the hype for the burstcoin were it was, and happy ending. As for now, if you're a small miner (think about 0-75Tb) this can't be your way to make profit (if you buy the drivers, if not, it's another story). For big miners, grinders and new people to the coins in: This is still all investment business and maybe it is the time to stack the coins for later when it will rise. I'm not the person to give you financial advise.
If you wanna leave your thoughts on the Burstcoin, leave them in the comments below. Check out my other posts and don't forget to like them aswell
~Jan