Should I still invest in mining for crypto currency?
2 years ago I started to mine and it was really profitable and still, it really is.
There is always new hardware coming out what makes it possible to mine with lower power cost and higher profitability even the difficulty rises.
With the new technology of Tangle where no mining is needed. I'm thinking of how smart it is to invest in Mining.
It probably needs a lot of time till there is no mining anymore but who knows how fast this will happen.
Is it smart to invest more in mining?
Good questions - I just did a post asking for a hardware miner I like to buy. Is this still a good invest??
It depends on where you come from and how the power costs are.
I would rather do Cloudmining. There are really good Companys for that.
There are also Companys they always mine the most profitable coin for you, so you don't have to make researches from your self.
What kind of miner do you think about to buy?
Even without considering Tangle, the changing from PoW to PoS will decrease the number of new coins that is profitable mining... Anyway I think at today it is a good idea to have your own mining machine at home, you can still breakeven in 6 months and gain profits...
You're a wizard at this!
So you think there is a big change from PoW to PoS? Could you explain a bit more about it? I 'm interested to learn more about that.
A gigantic change. PoW is the classic system of ETH or BTC... to verify blocks you need power and it is generated by the mining machines... So this increases difficulty, require more power over time but it generates new coins + fees for transactions. With PoS the supply is limited, and the verifications are made by the owners of the coins.... For example with ETH PoW you transfer ETH to someone and the verification is done by someone who is mining, that person gets the fees and the new ETHs generated, with ETH PoS you transfer to someone but you can be the person who verifies that transaction, receiving the fees and the dividends. With PoS mining is not required anymore....
So it's kind of similar to the tangle technology?
It's similar, but the main difference is the fees structure, tangle is created for micro-transaction, so the fees are really little or none, while blockchain PoS still have the same fees as usual, which are not exactly the best thing in the world if you need to send less than a dollar....