There are many altcoins you can mine, but what to do with them? Well you could keep them in your wallet's, hoping that the exchange price they have now will rise later on. But regardless if you keep them for later or would like to convert now, crytpocurrency exchange will be needed. There are plenty of choises out there, though not all offer same exchange rates and what is more important, the currencies exchanged may be diferent.For example I use 2 exchanges most of the time:
Coinex the prices may be lower, but the diference between buy and sell are also smaller, that in return makes your orders sell faster.
Another exchange is Crypsty it has a bit more currencies that are not so common in other exchanges, and a bigger spread between buy and sell orders. Also I like the feature of Crypsty, that lets you custumize - what currency exchanges you see, so you dont have to look through all diferent currencies to find the once you need.
Thursday, March 6, 2014
coin mining with hardware vs cloud mining
The cryptocurrency is booming. But to start this type of investment we need to consider a few things.
1. Hardware cost
2. Maintenance fees (electricity, internet, etc.)
3. When will the hardware arrive and begin the mining process (most of the time the hardware is preorder and is being shipped a few months after ordering)
4. Crypto currency difficulty fluctuations (for bitcoin it's up up and away, for other crypto currencys it is goin up and down).
Recently I have discovered cloud mining, where you invest your money and start mining right away, most of the time hashing power cost alot less then to buy hardware and maintain it. But there are also downsides to this. The company you invest in, mines in it's own pool, so you are not able to pick another pool or mine solo.
Right now i know 1 company that mines Bitcoin (along with Namecoin, Ixcoin and Devcoin), the hashing power is kinda cheap and seems to be going down as of the time of this writing.
This company also alowes you to use your own mining hardware in addition to hashing power you purchased there to mine in they'r pool. Later on if you decide so, you may sell your hashing power to other users and have a return on your investment (but do keep in mind that prices are going down, so if you only aim at buying and then reselling at a profit, this may not be the case. But no one realy knows)
And there is another company that mines Scrypt based crypto currency's (multiple) and the coines generated are converted into bitcoin's and transfered to your account (that you can use to purchse more hashing power or withdraw).
Though scrypt mining is more profitable, the hasing power also costs more, always keep that in mind. As you can see, I only got a few kilohashes right now. To be honest I just bought some, to see how it turns out. :)
1. Hardware cost
2. Maintenance fees (electricity, internet, etc.)
3. When will the hardware arrive and begin the mining process (most of the time the hardware is preorder and is being shipped a few months after ordering)
4. Crypto currency difficulty fluctuations (for bitcoin it's up up and away, for other crypto currencys it is goin up and down).
Recently I have discovered cloud mining, where you invest your money and start mining right away, most of the time hashing power cost alot less then to buy hardware and maintain it. But there are also downsides to this. The company you invest in, mines in it's own pool, so you are not able to pick another pool or mine solo.
Right now i know 1 company that mines Bitcoin (along with Namecoin, Ixcoin and Devcoin), the hashing power is kinda cheap and seems to be going down as of the time of this writing.
This company also alowes you to use your own mining hardware in addition to hashing power you purchased there to mine in they'r pool. Later on if you decide so, you may sell your hashing power to other users and have a return on your investment (but do keep in mind that prices are going down, so if you only aim at buying and then reselling at a profit, this may not be the case. But no one realy knows)
And there is another company that mines Scrypt based crypto currency's (multiple) and the coines generated are converted into bitcoin's and transfered to your account (that you can use to purchse more hashing power or withdraw).
Though scrypt mining is more profitable, the hasing power also costs more, always keep that in mind. As you can see, I only got a few kilohashes right now. To be honest I just bought some, to see how it turns out. :)
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