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My profits are down, is mining still profitable?

Bitcoin has been falling since it’s all time high of almost $20,000 making miners worry about future profitability. Every day I am seeing new miners asking why their profits have continued to fall. Why is NiceHash not paying as much as before? Is mining still profitable at what my card is making per day?

However, you are looking at it all wrong…

Stop looking at the USD values and start looking at the amount of coin you are mining each day. Your mining profits will always appear to be much less than when you began as the market value has been steadily dropping. In turn, when the market rises you will see your profits in USD begin to pick back up. The only effect on how much you are mining each day is dependent on block difficulty and the amount of hashing power you are supplying.

Are you in it for the long term?

Cashing out your mining profits early on may or may not be a good idea. You should analyze the market yourself when planning to convert your coins into FIAT and decide if now is a good time. I personally see mining as an investment therefore selling my coins at what I consider low values is not in my interest. I could easily sell my coins today for FIAT and in time watch market values double if I had just waited. This is a judgement call only you can make though so be smart about it.

When is mining actually unprofitable?

Mining will only become unprofitable when your electricity costs exceed your earnings. This can quickly add up and keep you in the negative if the market does not have a positive trend. At that point you are better to have invested into the coin with FIAT and waited for it to rise.

Ledger Nano S Hardware Wallet – Review

Ledger Nano S

The Ledger Nano S is not quite the same as Ledger’s other two equipment wallets—the Ledger Nano and Ledger HW.1—in light of the fact that it has a screen. The Nano S’s screen implies, as other equipment wallets (like KeepKey or TREZOR), it can be utilized even on a PC that is tainted with malware.

The Ledger Nano comes bundled and incorporates the accompanying things:

  • Ledger Nano S
  • 1 micro USB link
  • Cord for wearing gadget around your neck
  • One keychain and key ring
  • Recovery sheet for recording seed

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Cryptocurrency Exchanges

What is an exchange?

Cryptocurrency exchanges are where you can buy, sell, or trade cryptocurrencies for other digital currency or FIAT.

What should I look for when picking an exchange?

I don’t recommend signing up for just any exchange that promises you any guaranteed returns and be on the lookout for scams. Not all are created equal and some may put you at risk. You should research the reputation and reviews from existing users of the exchange you are considering as they may reveal things you would have failed to notice during signup. Another important aspect of exchanges is the fees associated with them. You should find the exchange “fees” page and review is carefully to see if it fits your criteria/comparison with other exchanges. Read More

Is NiceHash worth using?

What is NiceHash?

NiceHash is the world’s largest crypto-mining marketplace. It is based on the concept of a sharing economy by connecting sellers and buyers of computing power from all over the world.

Sellers are provided with the easiest way of earning money through the NiceHash Miner (GUI software) that autosells user’s computing power for highest possible profit on the marketplace. The dashboard provides sellers with additional value and data insights for better day-to-day mining.

Buyers are provided with access to massive hashing power on all major hashing algorithms. This enables buyers to use hashing power to mine any coins; the established ones or the new coins on the rise. The unique pay-as-you-go purchase model allows buyers to be completely flexible and bid on the hashing power in real-time without long-term contracts. Read More