BeTheChange
Master Don Juan
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All major cryptocurrencies are getting battered at the moment. What do you think is driving the decline?
AAAgent's Crypto Journey
Bitcoin scaling debate major event is coming August 1st. Bip141 UASF vs Segwit2x. Potential hardfork creating 2 bitcoins creating uncertainty in bitcoin for the last 2 months.
Ethereum ICO's. Majority of platforms are built on ethereum and the tokens are therefor valued vs ether. When companies who have raised ether, cash out, and individuals who received tokens want to sell their tokens for ether, and their ether for USD. can drive the market down.
Hedgefunds. They love to manipulate prices for their benefit.
It can be any of all of these things.
Ethereum ICO's. Majority of platforms are built on ethereum and the tokens are therefor valued vs ether. When companies who have raised ether, cash out, and individuals who received tokens want to sell their tokens for ether, and their ether for USD. can drive the market down.
Hedgefunds. They love to manipulate prices for their benefit.
It can be any of all of these things.
Don't get shaken out if you really believe in the space. I could have sold when Veritaseum went from 180 down to 80 but I knew it would recover and much more good news would come. It did and Veri rose to $230. It's now down to 180, but I believe it's going to $500 to $1k. Nothing has changed my opinion of crypto. Decentralization and blockchain are still the future. When there's a hack that proves blockchain is no longer transparent or secure, then i'll reconsider my position. If I had any more capital, I'd be scooping up more Veri, LTC, Cloak, etc.
Ethereum is just getting started as there are tons of companies that will need to move to the blockchain. Only the highly technical ones are moving now. Most people still don't understand the security and inflation proof Bitcoin/Litecoin.
HODL and stay strong! When the next wave hits, you will be glad.
BeTheChange
Master Don Juan
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I'm in it for the long run unless a significant macroeconomic shock (e.g. a US ban on crypto) occurs.
In fact, they are looking cheap at the moment.
BeTheChange
Master Don Juan
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@AAAgent
Spent the entire Friday night / Saturday reading up on crypto.
Would recommend this course to anyone who still needs help understanding the basics:
https://www.coursera.org/learn/cryptocurrency/home/info
The more you learn, the more you realise you don't know. It's a vast space! Think you may be right about the need to specialise my good man.
Much more knowledgeable than a few weeks ago but still months / years to go. I honestly believe that people who have got in early like ourselves will have a massive advantage in a few years when crypto becomes mainstream.
How are you currently mining your BTC/ETH? What software are you using? I downloaded some free BTC mining software but at the rate I'm mining I'll be making about $0.50 a month (before electricity costs and computer wear and tear!) Any more profitable means of mining you would recommend?
Spent the entire Friday night / Saturday reading up on crypto.
Would recommend this course to anyone who still needs help understanding the basics:
https://www.coursera.org/learn/cryptocurrency/home/info
The more you learn, the more you realise you don't know. It's a vast space! Think you may be right about the need to specialise my good man.
Much more knowledgeable than a few weeks ago but still months / years to go. I honestly believe that people who have got in early like ourselves will have a massive advantage in a few years when crypto becomes mainstream.
How are you currently mining your BTC/ETH? What software are you using? I downloaded some free BTC mining software but at the rate I'm mining I'll be making about $0.50 a month (before electricity costs and computer wear and tear!) Any more profitable means of mining you would recommend?
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writing the post now on cloud mining! My cousin in law has a house solar paneled up. I'm buying the LTC mining rig this weekend and we will be mining from his house to save costs on electricity.
PrettyBoyAJ
Master Don Juan
What is cloud mining 101? (How do I earn daily passive income with cloud mining crypto!)
---------------
If you've read some of my other posts already, you're probably somewhat familiar with the concept of cryptocurrency and potentially even tokens. You're probably looking for ways to make money off of crypto, and mining may have even crossed your mind. But with cryptocurrency already so complex, blockchain, bitcoin, ethereum, and then you have all the other alts, how are you supposed to figure out how to setup your own mining rig, choose the currency to mine, build the rig, find the right graphics cards (which are probably all sold out anyway or 5x the price on ebay) and the various other things to get your mining rig setup?
A SIMPLE SOLUTION is cloud mining! Cloud mining allows you to front the capital and essentially rent mining rigs from companies that specialize in mining. These companies have built massive mining farms in countries like Iceland that are plentiful in renewable energy and have vast amounts of space. The noise and costs are kept to a minimum and ROI is high. Rigs typically run high in electricity costs, are very loud, and hot. You need proper cooling equipment, ample space, and an area where loud noise will not disturb the local surroundings. In exchange for their mining power, you front them capital. When one person rents or buys contracts from cloud miners, this concept doesn't make sense, but when you have thousands to tens of thousands of people doing this, it changes the landscape.
CLOUD MINING SAVES YOU the time in researching how to setup a rig, pay for utilities such as electricity, setting up an area to mine where loud noises and constant heat will not bother anyone, maintenance which can include monitoring the rigs, fanning and or cooling, and honestly everything else you would not want to do. You generally buy a X year contract for mining. For example, you can choose to buy a 2 year contract to mine ethereum. You will be asked how much hashpower you want which will determine the amount of ethereum you mine daily and get paid. The more ethereum you would like to receive daily, the larger the hashpower you will have to purchase. Some cloud mining companies allow you to purchase an indefinite mining contract with no year limit. If the mining contract ever becomes unprofitable to mine, those contracts get canceled (this is not refunded from what I know so the capital cost is a lot lower) while the 2 year contracts if and when they become unprofitable to mine, are moved to another currency (this is a bit safer as you are guaranteed a full 2 years of mining). The downfalls of mining are you normally only get part of the profits because cloud mining companies charge you generally for maintenance and electricity, storage, etc. Even when they say they don't, you're payouts are usually 50% less than if you were to mine it yourself.
https://www.genesis-mining.com/our-offer
https://hashing24.com/
I MINE WITH Genesis Mining and Hashing24. Genesis Mining is the most well known mining company and typically does 2 years contracts for crypto currencies such as Bitcoin (this is an open ended contract), Ethereum, Dash, Litecoin, Monero, ZCash and a few others. The interesting thing about mining is, although you are mining Dash or Ethereum so to say, you can choose to be paid out in Bitcoin or Litecoin and vice versa. Different coins have different difficulty mining levels, so some coins will pay out better than others, but if you prefer to hold bitcoin or ethereum, you can choose your coins to be payed out in that coin. The cool thing about Genesis as well is that once you setup an account with Genesis Mining, you can setup all your different wallet addresses in your account and whenever you get a payout in that currency, it automatically will send the coins to your respective wallets. You pretty much just sit there and collect (although I would recommend checking your payouts from time to time). Genesis will automatically send your coin payouts to your wallet, while Hashing24 (bitcoin only), requires you to manually login and send your payouts.
PAYOUT ROI for cloud mining is typically less than 1 year. This means that when you invest in a 2 year contract for mining, your ROI on that mining contract will be less than a year. The second year is pure profit. Obviously different coins and tokens will have different difficulty levels so ROI will depend on what you mine, but if you believe that the crypto space is going to continue to balloon larger like I do, the value of the coins you receive daily will also increase in value daily. So if you are a HODL-er like I am, just hold for a while and then cash out.
Bitcoin mining calculator
https://www.cryptocompare.com/minin...hingUnit=TH/s&PowerConsumption=0&CostPerkWh=0
THE CLOUD MINING SPACE IS A SCARY ONE and still has some of the more senior community members skeptical or against it. This is because of how fast this industry is growing and with that growth comes people looking to make quick money by scamming. Many scam sites have come and gone in the past for cloud mining. See the article below. Usually the scam sites are around for a handful of months at best which is one of my qualifiers when I choose a cloud mining company to invest in. The crypto space is also about regaining control which is why we're all so adamant with taking our coins off exchanges, holding in our own software wallets, hardware wallets or paper wallets. Cloud mining is basically handing over control to another entity which is another reason why many people are against it. I'm an advocate of passive income, and if I can find a somewhat trustworthy method of passive daily income, I'd be okay with relinquishing some control for that opportunity/benefit. I personally have not been scammed yet in this industry by cloud mining, or double your bitcoin companies, but who knows how intelligent these scams will get in the future. There are companies mimicking ICO websites, Twitter accounts, changing l's to i's and telling people to copy and paste their link which will take them to a fake site, etc. so be very careful and always do your own research!
The reason why I like Genesis and trust it is because of how long it's been around. It's been around for almost 4 years now and many people have done videos on youtube of receiving consistent payouts from Genesis for over 1 year+. Genesis also has provided walkthroughs of their mining facility for their top Youtube affiliates. As a precaution, I also mine with Hashing24 which is backed by Bitfury, another reputable industry player in the crypto space as it's always best to diversify.
https://themerkle.com/top-6-bitcoin-cloud-mining-scams/
If you'd like to get started in cloud mining or support me, you can use my referral link below. Let me know when you make an upgrade and i'll return the favor so you can receive free hashpower!
Genesis Mining (Use code below for 3% discount on all purchases)
wqsG4u
Hashing 24 (referral link)
https://hashing24.com/?rid=53616c7465645f5fb41a467f18f37d0383e8bed632edb43e
-----
TL;DR
Pro's of cloud mining - daily crypto payouts with no work. Literally pay a one time fee and receive daily payouts for 2 years. ROI in less than 1 year on a 2 year contract.
Con's of cloud mining - payouts are half of what you would normally get than if you mined yourself. A lot of scams in crypto space and who knows if Genesis or Hashing24 are scams or not (probably not at this point but still scary). You don't really own the miners and most of the time you are renting them.
---------------
If you've read some of my other posts already, you're probably somewhat familiar with the concept of cryptocurrency and potentially even tokens. You're probably looking for ways to make money off of crypto, and mining may have even crossed your mind. But with cryptocurrency already so complex, blockchain, bitcoin, ethereum, and then you have all the other alts, how are you supposed to figure out how to setup your own mining rig, choose the currency to mine, build the rig, find the right graphics cards (which are probably all sold out anyway or 5x the price on ebay) and the various other things to get your mining rig setup?
A SIMPLE SOLUTION is cloud mining! Cloud mining allows you to front the capital and essentially rent mining rigs from companies that specialize in mining. These companies have built massive mining farms in countries like Iceland that are plentiful in renewable energy and have vast amounts of space. The noise and costs are kept to a minimum and ROI is high. Rigs typically run high in electricity costs, are very loud, and hot. You need proper cooling equipment, ample space, and an area where loud noise will not disturb the local surroundings. In exchange for their mining power, you front them capital. When one person rents or buys contracts from cloud miners, this concept doesn't make sense, but when you have thousands to tens of thousands of people doing this, it changes the landscape.
CLOUD MINING SAVES YOU the time in researching how to setup a rig, pay for utilities such as electricity, setting up an area to mine where loud noises and constant heat will not bother anyone, maintenance which can include monitoring the rigs, fanning and or cooling, and honestly everything else you would not want to do. You generally buy a X year contract for mining. For example, you can choose to buy a 2 year contract to mine ethereum. You will be asked how much hashpower you want which will determine the amount of ethereum you mine daily and get paid. The more ethereum you would like to receive daily, the larger the hashpower you will have to purchase. Some cloud mining companies allow you to purchase an indefinite mining contract with no year limit. If the mining contract ever becomes unprofitable to mine, those contracts get canceled (this is not refunded from what I know so the capital cost is a lot lower) while the 2 year contracts if and when they become unprofitable to mine, are moved to another currency (this is a bit safer as you are guaranteed a full 2 years of mining). The downfalls of mining are you normally only get part of the profits because cloud mining companies charge you generally for maintenance and electricity, storage, etc. Even when they say they don't, you're payouts are usually 50% less than if you were to mine it yourself.
https://www.genesis-mining.com/our-offer
https://hashing24.com/
I MINE WITH Genesis Mining and Hashing24. Genesis Mining is the most well known mining company and typically does 2 years contracts for crypto currencies such as Bitcoin (this is an open ended contract), Ethereum, Dash, Litecoin, Monero, ZCash and a few others. The interesting thing about mining is, although you are mining Dash or Ethereum so to say, you can choose to be paid out in Bitcoin or Litecoin and vice versa. Different coins have different difficulty mining levels, so some coins will pay out better than others, but if you prefer to hold bitcoin or ethereum, you can choose your coins to be payed out in that coin. The cool thing about Genesis as well is that once you setup an account with Genesis Mining, you can setup all your different wallet addresses in your account and whenever you get a payout in that currency, it automatically will send the coins to your respective wallets. You pretty much just sit there and collect (although I would recommend checking your payouts from time to time). Genesis will automatically send your coin payouts to your wallet, while Hashing24 (bitcoin only), requires you to manually login and send your payouts.
PAYOUT ROI for cloud mining is typically less than 1 year. This means that when you invest in a 2 year contract for mining, your ROI on that mining contract will be less than a year. The second year is pure profit. Obviously different coins and tokens will have different difficulty levels so ROI will depend on what you mine, but if you believe that the crypto space is going to continue to balloon larger like I do, the value of the coins you receive daily will also increase in value daily. So if you are a HODL-er like I am, just hold for a while and then cash out.
Bitcoin mining calculator
https://www.cryptocompare.com/minin...hingUnit=TH/s&PowerConsumption=0&CostPerkWh=0
THE CLOUD MINING SPACE IS A SCARY ONE and still has some of the more senior community members skeptical or against it. This is because of how fast this industry is growing and with that growth comes people looking to make quick money by scamming. Many scam sites have come and gone in the past for cloud mining. See the article below. Usually the scam sites are around for a handful of months at best which is one of my qualifiers when I choose a cloud mining company to invest in. The crypto space is also about regaining control which is why we're all so adamant with taking our coins off exchanges, holding in our own software wallets, hardware wallets or paper wallets. Cloud mining is basically handing over control to another entity which is another reason why many people are against it. I'm an advocate of passive income, and if I can find a somewhat trustworthy method of passive daily income, I'd be okay with relinquishing some control for that opportunity/benefit. I personally have not been scammed yet in this industry by cloud mining, or double your bitcoin companies, but who knows how intelligent these scams will get in the future. There are companies mimicking ICO websites, Twitter accounts, changing l's to i's and telling people to copy and paste their link which will take them to a fake site, etc. so be very careful and always do your own research!
The reason why I like Genesis and trust it is because of how long it's been around. It's been around for almost 4 years now and many people have done videos on youtube of receiving consistent payouts from Genesis for over 1 year+. Genesis also has provided walkthroughs of their mining facility for their top Youtube affiliates. As a precaution, I also mine with Hashing24 which is backed by Bitfury, another reputable industry player in the crypto space as it's always best to diversify.
https://themerkle.com/top-6-bitcoin-cloud-mining-scams/
If you'd like to get started in cloud mining or support me, you can use my referral link below. Let me know when you make an upgrade and i'll return the favor so you can receive free hashpower!
Genesis Mining (Use code below for 3% discount on all purchases)
wqsG4u
Hashing 24 (referral link)
https://hashing24.com/?rid=53616c7465645f5fb41a467f18f37d0383e8bed632edb43e
-----
TL;DR
Pro's of cloud mining - daily crypto payouts with no work. Literally pay a one time fee and receive daily payouts for 2 years. ROI in less than 1 year on a 2 year contract.
Con's of cloud mining - payouts are half of what you would normally get than if you mined yourself. A lot of scams in crypto space and who knows if Genesis or Hashing24 are scams or not (probably not at this point but still scary). You don't really own the miners and most of the time you are renting them.
Follow-up to cloud mining. Most people upgrade on a weekly basis to most of their contracts in order to keep up with the mining difficulty. If you use my code, drop yours down here and i'll do an upgrade using your code on genesis.
BeTheChange
Master Don Juan
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I rent and electricity costs are already included so no issues there. Happy to look at more energy intensive mining techniques if they are the most profitable.
I'm getting my rig and it will be 3 of us doing this. I have an engineer friend that is building the frame and dealing with the cooling. I'm the "expert" (im not) and advising which coins and explaining everything, and my cousin in law is providing the housing in his 2nd house. We almost went for ethereum, but my friend was taking too long on figuring out the parts, how we would switch the rig from Ethereum to another coin (ethereum will change to proof of stake end of year), etc. He was just too slow, so I opted for a prebuilt rig for LTC. I think LTC is significantly undervalued. So, electricity will be covered, we'll split profits evenly. My cousin pays less capital upfront so for allowing us to use the electricity. LTC also doesn't have any political battles going on and won't be switching from proof of work. I didn't opt for mining BTC because of the political battles for bip 148 or segwit2x hard fork, and ethereum proof of stake.
I'm not technical, and that's why I brought in a friend on the technical side.
BeTheChange
Master Don Juan
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you make about 50% less profit renting from cloud miners than you would if you built and ran your own rig. I would buy/build my own rigs but it's REALLY hard now. Graphics cards are sold out everywhere, you can try to ebay for graphics cards but scammers are heavily in this space too selling fake stuff. If you are technical i would recommend building your own rig and mine ethereum until end of year and switch over to a different coin. You would need to build your own frames, have fans, AC, etc. to ensure the frames allow the air to cool the rigs. If you aren't technical, buy a prebuilt rig. I don't understand the technical aspect of building the rigs nor do i understand what will happen to my rig if bitcoin hardforks so I'm not messing with a bitcoin rig. Same goes with eth.
I'm a big fan of LTC so i went with that. If you don't know enough yet, i would opt for cloud mining. I make a decent chunk of change daily for cloud mining, my loans, etc so it's working out well for me. Plus the coins have risen alot since I started mining so it's all worked out. If you do opt for cloud mining, pay in crypto. Genesis holds your payouts for 1 month if you pay by credit card in case you try to dispute or it's a stolen card, etc.
Or you find an engineer buddy and get them to help and split the capital costs and profits. I've already converted about 7 people into crypto and I get calls everyday and texts. One of the guys happened to be an engineer and it worked out that I could use his expertise and get him caught up on crypto faster.
BeTheChange
Master Don Juan
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@PrettyBoyAJ
In it for the long run bro. A lot of volatility at the moment and BTC and ETH are getting pummelled. Good time buy for the long term play.
The best time to buy is when there's blood in the streets.
In it for the long run bro. A lot of volatility at the moment and BTC and ETH are getting pummelled. Good time buy for the long term play.
The best time to buy is when there's blood in the streets.
PrettyBoyAJ
Master Don Juan
AAAgent, You will mine Ethereum for for the end of the year and switch to lite coin.
Are you saying Ethereum will not be as profitable as litecoin?
Also, I see a lot of these ICOs are accepting Ethereum as possible. So by my thinking the more ICO's that use Ethereum will decrease the price at first but when some of these ICO's blow up, Eth will blow up with it. Is this accurate?
Are you saying Ethereum will not be as profitable as litecoin?
Also, I see a lot of these ICOs are accepting Ethereum as possible. So by my thinking the more ICO's that use Ethereum will decrease the price at first but when some of these ICO's blow up, Eth will blow up with it. Is this accurate?
Let me clear up since it seems I may have confused you guys.
Cloud Mining - I cloud mine Ethereum, Bitcoin, Dash, and Monero on Genesis Mining. I get genesis mining crypto payouts daily. I have all my payouts in BTC, ETH and LTC.
Traditional Mining Rig - I am purchasing a litecoin mining rig this weekend that I will run out of my cousins solar powered house. As I have not bought the rig yet and set it up, I have no payouts from this.
1.) I am not and will not mine Ethereum through my own rig (I am buying an LTC rig). I am mining Ethereum through Genesis Mining and they have ensured me if and when Ethereum moves to Proof of Stake, they will move the remainder of my mining contract to the next most profitable coin. I bought a litecoin mining rig for my personal rig so I don't have to worry about my rig's viability if the coin switches from POW to POS. LTC is staying proof of work (mining).
2.) No I am not saying Ethereum is less profitable than litecoin. Ethereum is moving to proof of stake at the end of the year where they slowly move from proof of work (mining) to proof of stake (holding coins/tokens to generate more coins/tokens). Staking coins is a more eco friendly and equitable way of distributing coins than mining but they both have their own benefits.
3.) Majority of the companies ICO'ing are built on ethereum and that is why they are accepting only ETH as buy-in. It will be major up and down swings all year long. Buy when it dips, sell when it goes up.
BeTheChange
Master Don Juan
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Might possibly be too technical a question for these parts but will give it a go anyway,
So bitcoin mining (poor rate at the moment, but free so can't complain)
Trying to get the Ethereum mining software to work on my computer. Have tried everything. Apparently the issue tems from the RAM being allocated to perform the mining. Checked my graphics card. It was at 2GB so increased this to 16GB. Still having the same issues! Keep getting this response in command prompt when I try and check the hash rate my computer is capabale of performing at:
GPU can't allocate the DAG in a single chunk. Bailing.
Which is probably the reason no ETH mining software seems to be working on my computer. So annoying as I've spent a solid few hours trying to sort out this issue with no return.
So bitcoin mining (poor rate at the moment, but free so can't complain)
Trying to get the Ethereum mining software to work on my computer. Have tried everything. Apparently the issue tems from the RAM being allocated to perform the mining. Checked my graphics card. It was at 2GB so increased this to 16GB. Still having the same issues! Keep getting this response in command prompt when I try and check the hash rate my computer is capabale of performing at:
GPU can't allocate the DAG in a single chunk. Bailing.
Which is probably the reason no ETH mining software seems to be working on my computer. So annoying as I've spent a solid few hours trying to sort out this issue with no return.
BeTheChange
Master Don Juan
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@AAAgent
May sound like a stupid question but when you mine via cloud you aren't required to actually be online at all times right?
Signed up to Genesis and bought a 2 year Ether contract and ongoing BTC contract. There doesn't seem to be an option to purchase hashpower for LTC. How do you access this?
In other news bought LTC at average of $30 as it looked undervalued. Currently sitting at $50. Gone on quite the rally...why do you think this is?
May sound like a stupid question but when you mine via cloud you aren't required to actually be online at all times right?
Signed up to Genesis and bought a 2 year Ether contract and ongoing BTC contract. There doesn't seem to be an option to purchase hashpower for LTC. How do you access this?
In other news bought LTC at average of $30 as it looked undervalued. Currently sitting at $50. Gone on quite the rally...why do you think this is?
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