If you want to test the waters with mining, why not look at a cheap entry point?
Go with CPU/GPU-based, look at Cryptonight algo coins, such as Monero (and very soon Safex), then join a pool and see how it goes. You may not make much, particularly if your power costs are high, but you can get a feel for whether you want to get more invested in it.
Topic: Mining of crypto currency (Read 111 times)
What is more profitable: to invest in Cloud mining or open your mining farm to earn cryptocurrency? What's your opinion?
Both should not be profitable activites again. There is a lot of scam cloud mining site and this method can't be trusted as a reliable way to earn more crypto currency.
In the build your mining farm and then it cost you a lot of money right now to able reach the minimum hashrate to get profit from your mining and it's so difficult if you are joining it right now due to the difficulty increase.
I would say almost never go into Cloud mining, unless you absolutely know they are legit. I have been burned far to many times by VERY legit looking Cloud mining sites. 100% of the time I have lost all the money I put into Cloud mining. And those were all from places I assumed were legit.
Making your own mining farm is not really a good idea either, as mining takes alot of computing know how. I have mined quite a few years so can speak from experience. If you have to ask if you should, then you shouldn't go into it. That and for the most part mining (unless you have free electricity) is pretty much do it to break event, and hope for a profit in the end of it all.
The best thing to do is to purchase the coins and trade them if you want to make decent money in Cryptocurrency. You can lose as well, so don't trade more than you are able to lose.
Making your own mining farm is not really a good idea either, as mining takes alot of computing know how. I have mined quite a few years so can speak from experience. If you have to ask if you should, then you shouldn't go into it. That and for the most part mining (unless you have free electricity) is pretty much do it to break event, and hope for a profit in the end of it all.
The best thing to do is to purchase the coins and trade them if you want to make decent money in Cryptocurrency. You can lose as well, so don't trade more than you are able to lose.
What is more profitable: to invest in Cloud mining or open your mining farm to earn cryptocurrency? What's your opinion?
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