Topic: Making more out of your mined coins (Read 299 times)
If you are looking into coins following the "Cypherpunk's Manifesto" and crypto-anarchistic thoughts there is one project hitting really hard: Decred
How can one get the best out of the coins we mine? This is a question that come to my mind today, I can hold my coins with ease but I think how about using my coin to get more coin? Since I will be holding for a few years why can't I just find a way to make more like staking or defi yield thing, what do you think? Imagine that I have Millions of eCash coins and I stake for more annually ? How come anyone haven't think 🤔 about this?.. Same goes to Flux and Ergo, this is also a good option now that bear market is here and mining profit isn't as good as before.
If that's easy to do on your end then you should to it. While other miners tend to sell it because they need to pay the bills, if they are a big mining facility they have workers for sure. They will convert they mined coins to cash, another is maybe to buy more hardware for mining. When I started mining I was aiming for my ROI first, and then when I got already I focus on buying another card with it's profits.
I still kinda feel like USDT is the safest spot for now that's why I am converting all my coins into a stable coin, if BTC do loses more value all these altcoins will lose more, making them cheaper to buy, stake stable coin instead, no deals with volatility.
Are you okay?
To get more from the mined altcoins you have to put them in lending / staking those that do not have these options must be sold and transformed into coins that offer this possibility as a precaution never move them to a wallet proposed by the various platforms for which you do not have the keys
I also want to add that for U.S. miners, depending on the market, it makes sense to consider selling the coins at the end of the year, then buying more equipment. That's a nice tax write-off under Section 179, which can cancel out the income from the mining profit during the year.To get more from the mined altcoins you have to put them in lending / staking those that do not have these options must be sold and transformed into coins that offer this possibility as a precaution never move them to a wallet proposed by the various platforms for which you do not have the keys
I also want to add that for U.S. miners, depending on the market, it makes sense to consider selling the coins at the end of the year, then buying more equipment. That's a nice tax write-off under Section 179, which can cancel out the income from the mining profit during the year.To get more from the mined altcoins you have to put them in lending / staking those that do not have these options must be sold and transformed into coins that offer this possibility as a precaution never move them to a wallet proposed by the various platforms for which you do not have the keys
I also want to add that for U.S. miners, depending on the market, it makes sense to consider selling the coins at the end of the year, then buying more equipment. That's a nice tax write-off under Section 179, which can cancel out the income from the mining profit during the year.
To get more from the mined altcoins you have to put them in lending / staking those that do not have these options must be sold and transformed into coins that offer this possibility as a precaution never move them to a wallet proposed by the various platforms for which you do not have the keys
Mining will give you better returns but its still cool if your coin works for you, I did same with my shiba inu tokens I mined on unmineable.com website and I am getting good returns using Binance exchange, I can run this for a whole year but do not compare staking returns with mining, the difference is big.
Well, Those shitcoins are like More gambling than Bitcoin, ETH. Also, I don't suggest any centralized exchange to stake your coins to get some returns. If you really want to stake and earn some coins, Use Atomic or a similar wallet that gives you the private key to your wallet.
Are you sure? Because I am still expecting Bitcoin price to go down as 30,000$ or even a bit lesser, bad news or no bad news the higher Bitcoin price went the lower it will go down this time around, though this is still about past behaviours but I believe it won't be different this time around.
Even though I think the price can go as low as $30k this year, we're close to the bottom boundary of the HODL price model. The lower the price goes, the less likely I think it is to drop lower than that.I will simply dollar-cost average my mining revenue ($1500/month) into BTC. If it falls, I will end up buying more coin.
Depending on the coin you can lend it out with the exchange you are using. You will get some % that way.
If you sell and hold USDT then you will get the most lending out tether. However now it’s not as high as it was the in the past.
I remember last year I think you could of net 3-4% in the month of May 2021 just by lending it out. Now a days it’s completely different story. Only works during bull markets.
I currently lend the coins I mine on Hotbit in the form of USDT. But I will trade all coins that I mine (ETH, FLUX, CFX, KDA) for BTC, HODL that BTC on Hotbit, then lend it for 6% interest. I think BTC price is low enough that it's a good time to buy now.If you sell and hold USDT then you will get the most lending out tether. However now it’s not as high as it was the in the past.
I remember last year I think you could of net 3-4% in the month of May 2021 just by lending it out. Now a days it’s completely different story. Only works during bull markets.
Depending on the coin you can lend it out with the exchange you are using. You will get some % that way.
If you sell and hold USDT then you will get the most lending out tether. However now it’s not as high as it was the in the past.
I remember last year I think you could of net 3-4% in the month of May 2021 just by lending it out. Now a days it’s completely different story. Only works during bull markets.
I currently lend the coins I mine on Hotbit in the form of USDT. But I will trade all coins that I mine (ETH, FLUX, CFX, KDA) for BTC, HODL that BTC on Hotbit, then lend it for 6% interest. I think BTC price is low enough that it's a good time to buy now. If you sell and hold USDT then you will get the most lending out tether. However now it’s not as high as it was the in the past.
I remember last year I think you could of net 3-4% in the month of May 2021 just by lending it out. Now a days it’s completely different story. Only works during bull markets.
Mining will give you better returns but its still cool if your coin works for you, I did same with my shiba inu tokens I mined on unmineable.com website and I am getting good returns using Binance exchange, I can run this for a whole year but do not compare staking returns with mining, the difference is big.
Well, Those shitcoins are like More gambling than Bitcoin, ETH. Also, I don't suggest any centralized exchange to stake your coins to get some returns. If you really want to stake and earn some coins, Use Atomic or a similar wallet that gives you the private key to your wallet.
Depending on the coin you can lend it out with the exchange you are using. You will get some % that way.
If you sell and hold USDT then you will get the most lending out tether. However now it’s not as high as it was the in the past.
I remember last year I think you could of net 3-4% in the month of May 2021 just by lending it out. Now a days it’s completely different story. Only works during bull markets.
If you sell and hold USDT then you will get the most lending out tether. However now it’s not as high as it was the in the past.
I remember last year I think you could of net 3-4% in the month of May 2021 just by lending it out. Now a days it’s completely different story. Only works during bull markets.
Mining will give you better returns but its still cool if your coin works for you, I did same with my shiba inu tokens I mined on unmineable.com website and I am getting good returns using Binance exchange, I can run this for a whole year but do not compare staking returns with mining, the difference is big.
How can one get the best out of the coins we mine? This is a question that come to my mind today, I can hold my coins with ease but I think how about using my coin to get more coin? Since I will be holding for a few years why can't I just find a way to make more like staking or defi yield thing, what do you think? Imagine that I have Millions of eCash coins and I stake for more annually ? How come anyone haven't think 🤔 about this?.. Same goes to Flux and Ergo, this is also a good option now that bear market is here and mining profit isn't as good as before.
If you want to increase the profit through the defi applications, then do not create such topics in mining.If you want more profit in mining, then you need more video cards and cheap electricity. Mining gives more profitability than staking.
I have mined some ZIL Before, and all I have staked on a Wallet. Do not stake on any centralized platform. I used Atomic Wallet to stake ZIL. It gives you a private key and if you own your key. You own your coins.
I still kinda feel like USDT is the safest spot for now that's why I am converting all my coins into a stable coin, if BTC do loses more value all these altcoins will lose more, making them cheaper to buy, stake stable coin instead, no deals with volatility.
Not all Poof of work coins can be staked and I don't recommend swapping your mines coin for another just for staking purposes, for example I planned to mine 1000 pieces of Flux so I can start my node journey, I can't find where to stake Ergo guess that's because the project is still very young, ravencoin don't have staking as well.
You can try looking at this list of companies/apps that will earn you some interest if you hold the coin on their platform (RISKY of course, DYOR blah blah blah)
https://docs.google.com/spreadsheets/d/1vpBQI2DFUk7zXS4TCs9ZOnatvWHiYf5jHjKgKpfJG5Y/edit#gid=254126066
https://docs.google.com/spreadsheets/d/1vpBQI2DFUk7zXS4TCs9ZOnatvWHiYf5jHjKgKpfJG5Y/edit#gid=254126066
...How come anyone haven't think 🤔 about this?.. Same goes to Flux and Ergo, this is also a good option now that bear market is here and mining profit isn't as good as before.
More people do this than you imagine hahahaha
Just an example, I mined some ETH with ethermine using the polygon network, and then I used aave to stake my ETH for some time since I'll hold this ETH for a long time
You can use a lot of DeFis protocols to stake your mined coins and increase the amount with some time and it's a good plan, you just have to pay attention to invest only in good projects
Not all coins can be staked, but it's easy to find more info about defis, networks, bridges etc
If you think market will go to bear, you can sell your coins to USD, stake USD and then buy again after some time
Yes, it looks like a lot of other smart minds have thought of ways to generate some return on cryptocoins. I use https://defirate.com/lend/ to get an idea of where to place some coins for a bit of extra return. If a coin has been around for a few years and isn't listed at DefiRate.com it gives me the impression there's not much future for it.
How can one get the best out of the coins we mine? This is a question that come to my mind today, I can hold my coins with ease but I think how about using my coin to get more coin? Since I will be holding for a few years why can't I just find a way to make more like staking or defi yield thing, what do you think? Imagine that I have Millions of eCash coins and I stake for more annually ? How come anyone haven't think 🤔 about this?.. Same goes to Flux and Ergo, this is also a good option now that bear market is here and mining profit isn't as good as before.
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