5 strategies to profit from crypto- After talk with @ScaredyCatGuide
I did an interview yesterday with @ScaredyCatGuide and It got me into thinking about the people that do not have a lot of funds to start mining but that can get some nice profits. Every day now people get more interested in cryptocurrency. The boom of the moment is to get reward for mining, but every day mining gets more complicated if you do not have the money to invest in hardware like ASIC miners or GPUs rigs.
Difficult
Coins like Bitcoin and Ethereum become more difficult to mine as the complexity to solve the algorithm or hashrate grows as the demand grows in the market demanding more advanced rigs that show better performance.
Here are 5 strategies to mine and earn passive income
1) Mine using Minergate:
I have used miner gate since it first came it out is a plug and play for any from from pro miners to noobs.
It is an an all in one mining software.
2) Old laptops or screen broken computers Rig
Just Install MinerGate program on each laptop with under same account and that is it, you have miners working for you.
Simple right?
3) CPU cloud computing
This is different from cloud mining meaning it is not a (scam) you have full control of the confirmation of the computer you need to use to mine.
There are professional cloud computer services online like Amazon AWS or Google cloud computer, but it is forbidden to mine on those platforms. Also, the set up is very complicated and expensive. With the configurations needed to mine with CPUs is very intense and most of the time it is shared resources.
There is an easy alternative called Paperspace (Which I will make its on post). In two steps you can set up a computer online and you can do everything you want with it. Mining is allowed, so you can use GPUs or CPUs with MinerGate or mine by command prompt, which is very nice in deed.
Paperspace
4) USB ASIC 2.4 Gh Bitcoin Miners
Mining with USB is not profitable at all unless you have hundreds, but it can be a good home experiment to know first hand how Bitcoin is born. USB miners are miners using specialized chips that are known for warming up a bit. You can find them on Amazon or Ebay from $19.99 to $50 depending on the model. Most are for Bitcoin mining only. This is one I was talking about with @ScaredyCatGuide, how I missed these little guys.
5) Android smartphone Mining
Yes you can use Minergate to mine on your android phone as well! This is the least profitable option, but you can use it as support to increase your hashrate with others computers. It will be exciting to know that you are mining cryptos from your phone. Depending on the amount of cores, processor and memory of your smartphone, you can achieve good results in the hashrate, just install the MinerGate Mobile app. With a Samsung galaxy S8 you can earn a pretty penny.
I forget where i saw it but someone is releasing a profitable usb miner for litecoin. It's not gonna net you amazing gains but attaching it to your laptop when you're off at the cafe or in class could net you some profits.
One advice for miners using gpu or asic miners, you can use nicehash to rent mining power and get payment in bitcoins, they mine the best coin so you get the most of it with a little fee for the website or if you are mining because you believe in the coin just mine and hold :D
Thanks for info
I did use MinerGate but looking at the electricity bill it does not seem worth it.
I have heard about mining in several places. But I am not clear about this. What exactly is mining ? How is it done ? There may be fake sites too. How can we know which site is spam and which site is genuine. Any help you can do in this topic :) @zeartul
Mining is what cryptocurrency is about.
You can purchase hardware, such as GPUS, CUP's and cryptocurrency specified miners to mine.
Mining is basically using computers to verify transactions on the network of the coin that you are mining. Whoever verifies the transaction gets the block reward of that coin. Bitcoin for example, rewards 12.5 Bitcoins to miners every ten minutes. Mining is very profitable if you mine the right coins. I mine Bitcoin, Litcoin, Zcash, and Steem. I make about 50 dollars a day between the 3. I get 40 a day in Bitcoin and about 10 a day between the otber 2. It is fun and rewarding. I do have about 6000 dollars invested into mining but it pays itself off in 4-6 months. I hope this helped you understand a little more about the mining process.
thank you, good information
I've tried minergate, but it never seemed profitable. After reading this I may test it out again.
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This is great info! I'm going to try it right now on my Android phone. Thanks! Upvoted and followed!
i need a robot ♥
What are you doing man ?There is a mistake.
You upvoted your post at the 00 minute.
For this the payout ratio will change.
Ganerally payout ratio is 75%:25%.
Author (75%)
Curator (25%).
But if you upvote your post at the 00 minute
The ratio of the payout change into 50%-50%
Or more less.
You may not want to increase the curator payout.
So don't upvote your post at the time 00 minute.you can upvote your post after 30 minute or more ,it will not change the payout ratio.
Tnx
if you seem that this info is good for you
Pls took a look @masudrana and give me some upvote on my post.