Crypto PING!
[I’ve never done any mining, but if you have, please share some info and answer questions if you have time...]
Watched a Dr. Phil show about it the other day and did a little research in the form of seeing what Clark Howard said about it and I came away not impressed.
What can you buy with it??
Also, fox is reporting that the highly intelligent new mayor of NYC just lost a tidey sum in bitcoin.
I mine Ethereum and Lite coin. About to get into mining Helium.
Mining generally works like this:
- Identify a coin you want to mine
- Buy the appropriate hardware (ASIC or GPU)
- Configure and get working (pay attention to power and cooling)
- Miner deposits rewards to crypto wallet (I use Jaxx)
- When you want to turn into cash, go to a crypto exchange (I use Kracken) and transfer from wallet to the exchange and sell.
- Send USD to your checking account
Things to consider to correctly model your costs vs profits
Cost of the miner
Cost of the electricity (dont forget heat management)
Cost of the exchange/conversion fees
Can you make money mining, yes. But like all businesses, you have to KNOW your business model.