A few years ago, you could definitely slice a nice profit off of the sleeping giant –bitcoin- back in 2010, 11, and even 12 & 13. But even so, the guys who were mining it back then could be labeled hobbyists. Which means that they are far ahead of the game now.
Competition is at full power in the mining game now. Huge mining farms (places where thousands of mining computers are set up) can be found all over the world. It’s not crazy for these farms to be pumping out literally, millions of dollars.
So, what does that mean for you? Well, as the case with any industry, wherever there’s competition, there is also evolution.
Competition in the mining game.
Conventional computers won’t do the trick for you nowadays. Huge investments in mining equipment are required in order to get the job done. Good rigs can cost a few thousand to build.
Big mining farms are set up in China, America, Iceland, and Russia might be gearing up for a huge mining operation in Siberia. Additionally, all of the rigs draw a huge amount of electricity. Expect huge expenses in overhead costs like electricity, maintenance, broken parts too.
There are other ways of profiting besides mining bitcoins.
More and more people are starting to mine altcoins, which are also cryptocurrencies, but they cost less than the bitcoin. They are kind of pegged to it. These coins are easier to mine because there’s less competition for them. If you find a coin that could have a good future and is easy to mine, without a pool of competition. Well, you pretty much found an oil well in your backyard.
You can also invest in ICO projects, which are digital alternatives to IPO’s. Companies or teams who stage ICO’s sell off some of their tokens (altcoins) in exchange for investor funds. Some of these tokens pay dividends if you hold them. For example, next.exchange treats their tokens like stocks. Which entitles holders to some passive income for supporting the business with their donation.
Some Blockchain projects open up users to every option.
BitConnect is a regulated yet decentralized system built on Blockchain tech. Its goal is to provide users with solutions for earning bitcoins.
The platform introduces users to its Volatility Software and Trading Bot. Which allow investors to earn interest. BitConnect also has lending, staking, and cryptocurrency mining features.
BitConnect is quite popular among the crypto community because it does a good job of helping the Blockchain ecosystem grow. They do this by releasing tutorial videos and hosting events.
Their coin, BCC is also quite high in price, it was on par with Ethereum a little bit ago. However, ETH jumped quite high.
But, BitConnect has fiat support and a secure escrow system. So, it’s pretty safe and secure.