Should you consider crypto mining? What should be noted before buying into graphic cards or turning to a mining cloud? Luckily Ryan Gosling gifs are here to help. Why Ryan you may inquire? Just cos he’s cool, why else.
Count it up!
First of all just count up how much the hardware, rent and electricity could cost. Then, move on to calculating how much time it would take to mine each unit of crypto. It’s worth figuring out how fast could the investments be recouped and how much could be earned in a given period. Got the number? Now presume the price of your crypto dropped by 30% in 5 minutes - this stuff is kinda known to happen in this market. Is the project still profitable?
Find out if everything is lawful in your country
Most countries tend not to regulate the cryptosphere and hence mining is not prohibited. But it’s definitely worth finding out what your government thinks about it and the sale of cryptocurrencies. Are there any taxes, or could they or any restrictions be imposed soon?
Choose a crypto
Most cryptos are mined differently, as they require various computing power, hence you will also require a varying amount of electricity. Also, potential growth of the crypto can vary depending on technical specialities, demand from investors and a whole range of other issues. Some may choose to pick a crypto because it backs a technology they believe in or an idea, or even the community, but finally, if none of these is of interest pick something like the Dogecoin - it has a dog in it - everyone likes dogs. You don’t? - have the Catcoin then. All good? Moving on then...
Choose the hardware type
Hardware differs by price and its purpose as some miners or equipment is better suited to mine a certain coin over the other due to how the various ways of how the mining process was set up by the creators of the coin. And there are a ton of choices on the market - some miners will even double up as a heater and will keep your limbs warm day and night during those cold winters. Or there’s another option - cloud mining where users simply connect to a pool with their hardware and pay a contract fee.
Think of other options
It’s not necessary to mine the crypto by yourself. If one is fond of more traditional means of investing, then financing or buying shares in a mining equipment manufacturing company could be the best option.