Crypto Mining can be a Good Passive Income if you are Patient
Introduction
You know in the crypto sphere many projects distribute their tokens with a mechanism that we call mining. As you can see, you can mine and accumulate tokens this way without effort, only with some upfront investment.
Most people think it is not worth it to mine crypto like Bitcoin because of the high cost of electricity. You can make a nice profit if the price increase in value.
Where do you start?
You need to make the commitment to start and take the risk. Also, you need to consider the cost of electricity in the equation as this provides the real value of Bitcoin.
You can mine a variety of proof of work cryptos like Litecoin, Monero. I believe the most profitable miners on the market are ASICS and companies like Bitmain make robust equipment.
You need to put them in an isolated place! Those miners constantly make a lot of noise without interruption.
My experience so far
I wanted to try it but without too much investment at first. What I did is a bought a secondhand miner on a site like Craigslist. Be careful and take your time because many people will try to scam you.
You need to make sure you have a router and know how to install and configure it. The process is easy and straightforward once you have done it one time; you get real experience.
Importance of the 220 voltage
When you mine with ASICS equipment, it is better to plan to put them on 220V. You will have a better return on your money and it is more efficient for the miners.
I started my journey on 110V and learned the hard way that I needed to migrate toward 220V ASAP. Sometimes you learn things when you really do it yourself instead of just reading in books!
The first pool I used
I start my journey with NiceHash because it is an easy way to discover how it works. You configure your miner to connect on their pool and Voila! you make money.
It is easy and convenient; I got the chance to get introduced to this site with the first miner I bought. Now I look for more profitability and for other pools on the site What To Mine.
Passive income opportunity
It is an area that I expose myself because you only need to make an effort upfront. Then, you start your miners and collect and see the money grow.
You need to constantly monitor the profitability of your miners and sell them before they are worth nothing. You always need to upgrade your equipment to get most of this activity.
It is an activity that I make in connection with the crypto content I create online. My goal is the work full time from that space, and I need to diversify and spread this risk.
Conclusion
It is a nice passive income in the crypto space you can implement if you have the patience and have money available. You need to buy a lot of equipment and constantly monitor your miners.
When everything runs smoothly, you can check once a day to adjust your strategy along the way.
Chestochi.com - For the love of crypto
Posted from my blog with SteemPress : https://chesatochi.com/crypto-mining-good-passive-income-patient/
I've seen some crypto mining discords going around where people that have lots of knowledge about mining, what coins to mine,etc... gather, you should look into it :)
I haven't mined much mainly because electricity in Portugal is way too expensive, there is no way to mine with profit unless I wait a few decades... I've been thinking of investing in MWAT which is a crypto that looks solid and gives free energy, who knows maybe if I get enough energy I can make a contract with a producer somewhere and diminish the cost of mining to an amount that I have some profit soon.
only good for those who have such type of patience
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