A short update to my last article:
All cryptocurrencies are enjoyably green looking and rising. As long as you are having enough money in some cryptocurrencies, you can probably living from it quite well.
An alternative question: Is it possible to live from mining?
You can definitely live from mining when you have cheap energy costs or some solar cells on your roof. But you have to buy the equipment and for the most of the people it is easier to buy the crypto coins directly. As described in this article it is also possible to pay someone else to mine your coins.
Of course this sounds easier as it is. If you do not know someone personally, you will have to find a plattform that is trustworthy like Hashflare or Genesis mining. And then you have to invest some money and calculate if this pays off. There are some tools to help you like https://www.coinwarz.com/cryptocurrency or https://www.cryptocompare.com/mining/calculator/. But you have to think about how much this coin might be worth in one year when you buy a one year mining contract. It is like you are paying/investing fiat or crypto money into the future of this coin. If the coin falls in value, you will lose as much as if you had invested in the coin directly. But if you switch the reinvesting button at Hashflare on, you will get an exponential growth of your cryptocurrency, which looks as a very good investion to me.
Investing with cryptocurrencies:
Most mining firms sell their contracts in dollars. The result is that you have to plan when you are about to invest with cryptocurrencies. You have to use the opportunity when the currency is at its peak. The best example is investing while BTC was at 19 000 in an (at this moment) cheap mining contract. If you still trust BTC (because it is starting to recover, just choose this really fair offering:
Also Ethereum and Zcash are skyrocking so these might also be good investments:
BTC is still a litte low to invest with but ETH can be changed in BTC and then it is the same as directly investing the ETH in an ETH contract.
And really think about activating the reinvest button because this also makes it impossible to steel your money by hacking your account as it can happen sometimes!
If you have made some good investment in cryptocurrencies so far, it might be easily possible to live from the mining gains. But always reinvest some money, leave some money in different coins or at least use different mining plattforms!
This article is inspired by:
https://steemit.com/investment/@mathsinnature/is-it-the-moment-to-invest-in-cloud-mining
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