Topic: "TELEGRAM MESSENGER GROUP FOR INDIA CRYPTO - MINERS" (Read 817 times)

IS IT WORTH MINING ALTCOINS?

Unlike in traditional Bitcoin mining, where electricity costs, funds availability, and mining hardware are all factors in determining if Bitcoin mining is worth it, altcoin mining simply requires funds and research. After discussing a few strategies for this endeavor the final question remains, is altcoin mining worth it? The answer depends on your risk / reward threshold. Are you a low risk investor willing to do the research into multiple cryptocurrenies, keep track of the mining difficulty and price of each one, and to day trade them on a constant basis? Cloud mining altcoins may be the strategy for you, as losses are minimal because even if you don’t make the right decisions on what coins to mine you are only going to loose a few %. Even if some coins’ price might go down you will still have other cryptocurrencies to balance the losses.

On the other hand, if you are looking for fast money at all cost, mining altcoins on launch might be a solution for you. I can’t stress enough the importance of research into the project as you may end up with a hoard of coins that is worthless if the cryptocurrency never makes it onto an exchange, gains traction, or something goes wrong with the code. On the upside, if the project you invest in does succeed you can reap all the benefits of the bag.


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