Topic: Staking a better alt to mining in bear market? (Read 124 times)
Ethereum Classic has been performing so well after ETH 2.0 testnet became a success, it's like this coin is looking 👀 out for this PoS algorithm switch on ETH.
The price of Ethereum Classic has increased by 80% in the last week. A new mining alternative is emerging. On the old 4 GB RX470 video cards today, the profit is higher than on the new GeForce RTX 3050. I think that mining on video cards will not die after the end of ethereum mining.
Lets see if is going to keep, pumps and dumps are normal, holding that price will be hard, lets hope so.
The price of Ethereum Classic has increased by 80% in the last week. A new mining alternative is emerging. On the old 4 GB RX470 video cards today, the profit is higher than on the new GeForce RTX 3050. I think that mining on video cards will not die after the end of ethereum mining.
History isn't repeating itself over again, as per last bull market in 2017 by now we should be in bear market already, I expected BTC to tanked to 20k range but it's not happening instead it's trying to such to reclaim 40k range I think bear market is still a bit far away.
Just so you know, to mine one btc takes 13k usd for it, meaning btc to crash to 13k or below is very possible and normal as it would imply bear market is here, usually bear market is mining at loss, meaning, btc needs to crash below 13k for that, before last halving, to mine one btc used to be 6k usd and btc price was lower than 6k, meaning it was confirmed to be in a bear market, btc is not centralized like eth, btc devs cant just change reward per block if they want to because that would go against the initial project, eth devs have done that many times, reason eth got very high on market cap, meaning btc cant grow that much per cycle, btc has cycles and that is called at least 100% increase in price every 4 years or so, eth has forks and hype, anyway, what is important in btc is how much you pay to mine one btc. Smart traders are not overpaying for btc, who are buying btc right now are not smart traders but that is normal as many new traders dont know how btc mining works and there are many of them right now but reality will catch up.
Anyway, A good plan here is to buy as soon as coins crash 90% or more and then stake the ones you can.
Running nodes costs even more because you will need expensive rig like CPU RAM and SSD also you will need huge amount to purchase some numbers of the coin you want to stake.
Staking isn't reliable compare to mining.
Staking isn't reliable compare to mining.
Everything is better than mining in bear market except investing on altcoins and BTC using Fiat or stable coins unless you have almost free electricity, many miners became a king 👑 in 2020 because they failed to shut down their rigs in bear market.
Best time to buy coins is when coins crash 90% or more, that is the time to buy it, as always dont go all on it, use caution. I would not buy anything right now, as I said previously still has a lot to crash yet, 90% crash from top takes time.
Everything is better than mining in bear market except investing on altcoins and BTC using Fiat or stable coins unless you have almost free electricity, many miners became a king 👑 in 2020 because they failed to shut down their rigs in bear market.
Best time to buy coins is when coins crash 90% or more, that is the time to buy it, as always dont go all on it, use caution. I would not buy anything right now, as I said previously still has a lot to crash yet, 90% crash from top takes time.
Anything is better than mining in a bear market, even playing the lottery. We are not in the bear market, this is still bull market, bear market is negative profit.
Everything is better than mining in bear market except investing on altcoins and BTC using Fiat or stable coins unless you have almost free electricity, many miners became a king 👑 in 2020 because they failed to shut down their rigs in bear market.I have solar panel
Anything is better than mining in a bear market, even playing the lottery. We are not in the bear market, this is still bull market, bear market is negative profit.
Everything is better than mining in bear market except investing on altcoins and BTC using Fiat or stable coins unless you have almost free electricity, many miners became a king 👑 in 2020 because they failed to shut down their rigs in bear market.
Anything is better than mining in a bear market, even playing the lottery. We are not in the bear market, this is still bull market, bear market is negative profit.
Can you depreciate your hardware every year if you keep on re-investing in new hardware through section 179?
Of course, I just talked to an accountant today. He said that as long as I keep re-investing coin profit into new hardware, I will never have to pay any tax. Section 179 is the best choice because you can buy more hardware upfront.If the tax rate is already zero, then it makes no sense to cheat or hide from the IRS. If you sell the equipment or take coins out of the business, that can be a taxable income distribution.
Staking is more risky
1. Reward goes down not in USD value but in tokens which sucks.
2. You aren't the rightful owner of your assets anymore until staking period is over and your asset is withdrawn back to your wallet.
1. Reward goes down not in USD value but in tokens which sucks.
2. You aren't the rightful owner of your assets anymore until staking period is over and your asset is withdrawn back to your wallet.
Not to mention the tax benefits of buying mining equipment, at least in the U.S. (Section 179, depreciation, electricity...). I know everybody here hates the IRS, but you never have to pay taxes on a mining operation if you just re-invest profit into new equipment.
There are no immediate write-offs for staking or HODLing coins.
Can you depreciate your hardware every year if you keep on re-investing in new hardware through section 179?
Staking is more risky
1. Reward goes down not in USD value but in tokens which sucks.
2. You aren't the rightful owner of your assets anymore until staking period is over and your asset is withdrawn back to your wallet.
1. Reward goes down not in USD value but in tokens which sucks.
2. You aren't the rightful owner of your assets anymore until staking period is over and your asset is withdrawn back to your wallet.
Not to mention the tax benefits of buying mining equipment, at least in the U.S. (Section 179, depreciation, electricity...). I know everybody here hates the IRS, but you never have to pay taxes on a mining operation if you just re-invest profit into new equipment.
There are no immediate write-offs for staking or HODLing coins.
Staking is more risky
1. Reward goes down not in USD value but in tokens which sucks.
2. You aren't the rightful owner of your assets anymore until staking period is over and your asset is withdrawn back to your wallet.
1. Reward goes down not in USD value but in tokens which sucks.
2. You aren't the rightful owner of your assets anymore until staking period is over and your asset is withdrawn back to your wallet.
Not to mention the tax benefits of buying mining equipment, at least in the U.S. (Section 179, depreciation, electricity...). I know everybody here hates the IRS, but you never have to pay taxes on a mining operation if you just re-invest profit into new equipment.
There are no immediate write-offs for staking or HODLing coins.
A good example of staking is the FUN token which is going on from quite some time now at the Freebitco.in website.I love that by locking/staking 50.000 FUN tokens you get 100 tokens in just 15 days,and for 500.000 FUN you get 1000 in just 14 days.This is less riskier than staking ETH as who knows what happens to the price,there is a lot of volatility to highly rated crypto like ETH so it is better to mine it and when if cannot be mined again,mine alternative coins and get paid or exchange to ETH.I personally would not stake directly to ETH and as far as I know you need a minimum of 3.2 or 32 ETH don't remember well which is quite a lot of money at stake.
Staking is more risky
1. Reward goes down not in USD value but in tokens which sucks.
2. You aren't the rightful owner of your assets anymore until staking period is over and your asset is withdrawn back to your wallet.
1. Reward goes down not in USD value but in tokens which sucks.
2. You aren't the rightful owner of your assets anymore until staking period is over and your asset is withdrawn back to your wallet.
I also prefer mining to staking, with mining you increase the number of your coins that could be worth so much in a bull period of the market, then most of the api in staking are really low let's say that staking would only use it for stable coins, mining for everything else
Not the case, staking reward goes down as well once bear market is active, the reason why I prefer mining is my coins will double or even triple in number, the USD value is only affected but you get more quantities in return.
Is staking enough to safe my neck when mining isn't profitable anymore? Why is there so much hype about ETH2.0 staking? I believe many don't like the idea but whales don't care they are joyfully waiting for the PoS algorithm.
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