Mining is the safer bet
There is a cryptoexchange craze happening right now
causing companies like Bittrex and Binance to temporarily disable new user registrations.
This is good right? This is the mass adoption of cryptocurrency we were looking for? Not so much. With great power comes great responsibility. It seems like people are flocking to exchanges to throw their money at altcoins without reading their whitepapers or how the technology and can be applied in the real world. With so much volatility, I would definitely suggest mining crypto instead.
I'm not going to lie, I'm in the exchanges too, specifically Binance, but the vast majority of money I make from crypto comes from mining.
IF you have extra money that you won't miss if you lose it all, I would suggest you open a Hashflare account. Hashflare is a cloud mining service in which you "lease" mining hardware to reach your desired Hashrate. The bitcoin you earned is a function of the hashrate, the bitcoin difficulty, and the price of bitcoin. The upside to this is that you don't have to worry about your electricity bill or internet connection, because all of that is handled on their end. In return, you pay a small fee(dependent on your hashrate) and you collect the rest. I started cloud-mining a couple months ago. and through strategic mining settings, I reached about $80 (which dropped to $60 after the btc price correction).
PROS
- Comparing the work I've put in managing my short term trades on Binance to the work I do for Hashflare, Hashflare always wins.
- I can literally set it and forget it.
- The withdrawal process is pretty harmless. I haven't had any issues with it (yet).
- GAINZ
CONS
- If the price of bitcoin drops dramatically, Hashflare will still take out a maintenance fee proportional to my hashrate, which will hurt if bitcoin drops dramatically.
- Hashflare SHA-256 contracts are only for 365 days, so if you want to sustain your hashrate you have to front money.
Even though the price of Bitcoin has dropped, it's not too late to start making passive income.
Join Hashflare today!
If I haven't convinced you to not enter the exchanges, you can join Binance today as well!
Don't forget to follow me @lemmehodladollar
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I had a look at HashFlare but cannot can even an estimate on ROI. Say you pay $220 for 10 x 100 KH/s ETH contract, how long to make your money back (at today's ETH value)?
Perhaps it may even be easier to explain how much you spent on your SHA-256 contract and what your ROI is to date. (Please give dates) Thanks
Hello fellow Steemer. I have a youtube channel that tracked my progress with Hashflare( which reminds me I need to make another video). I started with roughly 900 bucks. During that time the price obviously skyrocketed and the difficulty fluctuated as well. I broke even pretty early, and tripled my initial investment with using my earnings to exchange altcoin on Binance, Cryptopia, and the like. The youtube channel can be found here
Thanks will follow!
Use coinwarz to estimate your ROI. It's kind of roundabout but you just convert your initial investment into Hashrate and from there plug it into coinwarz calculator to see your estimated payout(daily, weekly, monthly, and yearly).