— SteemCN

jaro (45) · 7 years ago

Investing in penny cryptos is a gamble; maybe you win, maybe you lose. Mining bitcoin is a LOT more reliable. People were mining bitcoin since 2009 and it is STILL profitable.

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8 votes

bhansa (25) · 7 years ago

Mining is really profitable instead of earning in pennies/cents, I agree. Cloud mining is a much better option by the way, you get what you bet there.

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mawit07 (66) · 7 years ago

Took many years until bitcoin "truly" became profitable. It was still worth under $100 in the first few years. I kind of agree with @nkkb that if one put a few dollars into many penny cryptos then one will bound to go up 1000% or more in the years to come. Just have to do research on the coins and be quick while they are inexpensive. Thanks.

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4 votes

jaro (45) · 7 years ago (edited)

If you put a few dollars into many penny cryptos and one will bound to go up 1000%, then you maybe DOUBLE your money in a year or two. Bitcoin increased 20 TIMES in 2017 alone. So it's really DUMB to bet on penny cryptos when you can go with the cryto leader, Bitcoin and get it at huge DISCOUNT which is what mining does.

If you put $1k into a 1-year mining contract, you'll get back 3-4 TIMES that. And that's like buying bitcoin at a 75% DISCOUNT.
And that's when the price doesn't increase. And when the price does increase, you can get 10-20 times your @1k investment.
I explained EXACTLY how that works in this post:
https://steemit.com/bitcoin/@jaro/12rjqr-bitcoin-mining-update

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4 votes

mawit07 (66) · 7 years ago (edited)

I actually have a 4 month old contract with hashflare. I will admit that I am profiting due to the price of bitcoin. Trouble though is I am earning a lot less than the first day I signed up. I think this has a lot to do with rising mining difficult. I remember on the first day I signed up I was projected to earn 0.05 bitcoin a year. Now it is barely above 0.03 in a year. I am hoping before my contract ends that hashflare will lower its withdrawl fees. At current pace I will have difficulty withdrawing my earnings unless I invest more. I may do that just for the sake of getting my bitcoin in the end.

Just saying not every mining contract is a bargain deal. I would avoid hashflare unless someone can really put a lot of money into it. Some where around $1,000 or more.

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jaro (45) · 7 years ago

You gotta realize that as the price of bitcoin increases, the mining difficulty also increases. But the daily payoff in dollars remains about the same since those two cancel out each other.

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thecleangame (58) · 7 years ago

On the other hand, a $4.00 investment made me $500 in a few months. Have to bet on the right coins. This is where research and intelligence have value. ;)

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leoh (25) · 7 years ago

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3 votes

investingtips (3) · 7 years ago

I agree you are gonna be more profitable if you actually buy solid coins and hold them for like a year rather than mining any coin.

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mawit07 (66) · 7 years ago

Yeah I am learning that very quickly that holding a coin one can earn a lot more than mining it on a rig or cloud mining. Not to say I won't be mining, but mining is more about support the coin's infrastructure long term while buying the coin and hold is where the real investment earners are. Thanks,

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leoh (25) · 7 years ago

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zbmaan75 (49) · 7 years ago

@mawit07 yes absolutely right but now a days rate of bitcon is un chase able like us$13743 per one bitcoin unbelievable rate

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soneo (36) · 7 years ago

yes

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leoh (25) · 7 years ago

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menel3d (25) · 7 years ago

https://www.spacemining.io/?ref=30523 new site 100 GH/s for start on mining Bitcoin proof payment 100% im testing from myself spacemin ing.JPG

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leoh (25) · 7 years ago

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vishalbty (42) · 7 years ago

Correct! Investing in low market cap in crypto is much better than actually investing in a mining hardware. Because in the long run, mining is not profitable if the rate doesn't increase due to the increase in mining difficulty.

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jaro (45) · 7 years ago

Nonsense. Difficulty has been increasing every year since 2009, and mining bitcoin is STILL HUGELY profitable. In fact it's about TWICE as profitable as mining Ethereum or Litecoin.

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dkn (47) · 7 years ago

True. You always can sell the coin, but you cannon sell the mining power.

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drakernoise (60) · 7 years ago (edited)

Yes it is worth to invest in "cheap" coins and hold till they pump. In this way I would suggest to take a look at this guide , I've found it quite iluminating.

The link: http://cryptogurus.com/guides/price-or-market-cap/

Pd: thank you so much @jaro for this interesting post ;)

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leoh (25) · 7 years ago

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leagueinside (27) · 7 years ago

Yeah 🔝🔝🔝

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some-dude (49) · 7 years ago

Want 30GH FREE (REALLY) Go to https://world-mining.net/924987409/ create your account, scroll down left side panel, click "Bonus", click "Activate 30GH/s".

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abe973t (25) · 7 years ago

Nice!

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some-dude (49) · 7 years ago

hope you've managed to get your free 30 GH :)

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mawit07 (66) · 7 years ago

I had heard about bitclub and was interested in joining. Now reading your response I am glad I never got involved. Thanks.

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