Hi All,
Because I am just starting out with cryptocurrency, including investing, mining, and purchasing with, I thought I'd start sharing my findings and what I am currently doing. Feel free to give me feedback, I'd rather avoid a mistake before it happens.
Over the past few months, cryptocurrency popularity has increased significantly, and with it increased the demand and the value. Therefore, I thought it would be a good time to get into remote mining to test the waters. I would like to at some point get into purchasing equipment and setting up mining rigs, but I am not ready to invest into something I haven't done much research on.
The first step I took was purchasing a small amount of Bitcoin using Coinbase. I am currently storing my Bitcoin in the Coinbase wallet, and don't see it being worthwhile setting up an offline wallet or another wallet because the value is so small. I've heard both good and bad things about Coinbase, but for the most part, the bad has only been related to people complaining about the occasional maintenance issues with the company.
The second step I took was to purchase a 0.35 TH/s unlimited Bitcoin mining contract and a 3 MH/s 2 year Ether mining contract from Genesis Mining. Because I am working with cryptocurrency and because I have heard bad stories about cloud mining companies, I thought it best to use Bitcoin to purchase these contracts. I purchased these contracts 2 days ago and currently see in my account payouts that are "too small" to be transferred to my Coinbase wallet. The minimum allowable amount for Bitcoin is 0.0015 and the minimum allowable amount for Ether is 0.05. Currently I only see values in my "Payouts" page, and not in "my pending balance of payouts" page, but I expect the values to transfer overtime.
If all goes well and I am able to see a positive ROI from this, I will likely purchase another contract and will potentially try my luck at building a physical Bitcoin or Ether rig.
Thanks for reading, I look forward to any feedback if you have any.