Mining? Looking for input!

in mining •  7 years ago  (edited)

Mining is rapidly growing.. I wanted to know if the investment is worth the reward right now? Any Comment or Upvote would be much appreciated. STEEM ON Brothers and Sisters.

Is-Bitcoin-Mining-Worth-It-56a0a2d25f9b58eba4b25103 (1).jpg

Any specific coins suggestions to mine? my homies have been on ethereum and I dont have the GPU power.. 1060 6GB
MattChutt-Steemsign-02 (1).png

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  
  ·  7 years ago (edited)

In 2013 i got in on the multipool altcoin mining game. I pointed miners towards the most profitable coin (at that time it was often LTC or DOGE). I would then sell back in for BTC and use profits to buy more mining rigs. When the BTC price ran up to ~1300 and the plummeted back down, a ton of new miners came onto the scene at the same time (more competition) making mining no longer profitable. I turned off my 30 GPU's and forgot about crytpo for a little while. Moral of the story, if I had just held all that LTC that was mined, or BTC that was exchanged for fiat to buy more miners i'd be sitting pretty. My reccomendation, mine as a hobby but if you're interested in investing serious capital, spend your time researching interesting projects and just speculate on them (my favorite site for ranking projects is coingecko.com), buy and hold something you beleive in. Mining is a lot of fun and I learned so much about crypto, but i'd only reccomend it as a hobby.

Congratulations @mattchutt! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of posts published
Award for the number of comments

Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

every Satoshi counts #themoreyouknow :)