Gone are the days of early 2010 when cryptocurrencies were taking a baby step and mining with your CPU or GPU was worth its weight and expenses in gold. But things have changed drastically in the last few years. With millions of people mining round the clock and expensive ASIC hardware into the foray, mining using your CPU/GPU seems to be a lost cause. There is, however, the light at the end of the tunnel. Here are the top 5 reasons why crypto mining is still a good idea.
New Altcoins are Released every day: It is no surprise that turning a profit from Bitcoin mining is no longer viable. But so what? Bitcoin is not the only mineable crypto in the market. There are in fact, more cryptos being released than you can ever mine. If you find that there is relatively new crypto in the market that has a solid concept and could increase in value going forward, you can start mining and make a profit before others jump on the bandwagon.
THESE 5 POINTS SHOULD HELP YOU STAY ON THE RIGHT TRACK OR DEVICE A PERFECT GAME PLAN
Mine CPU/GPU Friendly Coins: ASIC rigs have a certain advantage over your home PC, but not always. There are certain cryptos that use the X11 algorithm which prefers CPU/GPU to ASICs. If you decide to invest time in mining those coins, you can make a profit without investing in high-end mining rigs.
Mine in A Pool: Solo mining can be cumbersome and you could struggle to break even. The solution to this is pool mining where you lend your computing power to a network and get coins in return based on your performance. With a large number of people sharing computing power, the network becomes strong collectively and can compete with high-end ASICs.
Keep Selling as You Earn Coins: A big mistake many miners make is to hold on to the coins they earn for that big bullish run in the future. But if the market turns bearish on your coin all of a sudden, it may be impossible to turn a profit. Hence it is suggested to sell your coins whenever you see an uptick in the market. That way you will have steady cash flow at hand and breaking even will be easier.
Buy an ASIC: Last but not the least, if you have the money to spend, why not buy an ASIC designed for mining Bitcoin and other cryptos. These incredibly fast devices can generate huge hash rates and increase your chances of making a profit manifold.
There are many people around the planet who have been mining altcoins since the very early days and they continue to make a profit. In order to benefit from mining, you have to smart and invest in the right areas.