To Mine, Or Not To Mine .:. Investing In Ethereum Mining (Not Staking)

in GEMS2 months ago (edited)

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I have mentioned before in my post about crypto cycles that there is a time for buying, accumulating, and finally selling crypto... I think that at this moment we are maybe at the end of one cycle and going slowly into the next one, and usually, that is the last call to adapt to the next cycle... To not miss all the benefits that it can bring, but also, to avoid losses by thinking that we can do things in the same manner...

As you will hear in the video, I have started with Ethereum mining in spring 2017, and from then until today, I'm doing it... I had one short period that my rigs didn't work, but it was just a couple of weeks... In those moments, ETH was climbing exponentially up, and it was already around $100... At the beginning of the same year, it was around $10, which means that it was already going up 10 times in just a couple of months...

So, a long story short, I was kind of missed the "real start" for mining ETH back then... Don't get me wrong, it was a nice ride after that also, but it can be a much better ride if I made my decision to get involved just a couple of months earlier...

Knowing all this, I think that we are in a very similar situation at this moment... Yes, the circumstances have changed heavily, and there are a lot of new things in the crypto world, and even ETH staking will start very soon... We have De-Fi, we have governance, and finally, we have a lot of computers, ASIC miners mining ETH, BTC, and other coins...

But, we had a long period of "unprofitable" mining where a lot of miners couldn't pay their electricity bills for their rigs and stopped mining... Only the most stubborn and consistent have continued despite the low price... And now, just a couple of weeks back, Bitcoin has awakened, and along with it, Ethereum and other cryptocurrencies... Mining is starting to be popular again, and people are coming back into that space...

I suppose that you get the picture... This situation is very similar to that from the beginning of 2017... Of course, I could be wrong, but we could be at the beginning of the next bull run... And you know that preparation and having the best starting position is the most important in anything that you do in your life or business...

Check out the video, and help me to make my decision... Don't worry, I will not blame anyone for my probable mistake and the decision will be mine, but I would like to hear some opinions about this from you guys...

Sorry about the strong wind in the video...

Thank you for your valuable time,

~ph~


Music in video:
Growing Up by Scott Buckley https://soundcloud.com/scottbuckley
Creative Commons — Attribution 3.0 Unported — CC BY 3.0


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I've got the itch too LOL But I'm going to focus on other ways to accumulate. Electrical costs are through the roof here...But I love the idea of mining, I miss it!

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Tbh, I had some other thing on my mind with the mining rig... As here winters aren't that bad, and I remember the time when I had a rig in my apartment, it should work perfectly as a heater... :) In 2018 I didn't turn on my heater the whole winter :)

Electricity isn't cheap here either, but I count that I can save some money on heating and earn some crypto... So, why not? :)

!ENGAGE 10

Wow! Man ,you are replacing heater with rig.

Can you mine other coins along ETH, that might bring your mining cost a little bit.

Dual mining was popular at the beginning of the bull run in 2017, but it "kills" GPUs, and consumes more electricity...

If I could, I would be mining ETH since there is no way I can earn it without having to buy. Looking at some hive-engine tokens, mining is a better alternative than staking for curation. Mining is another great way of accumulating cryptos

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If hardware mining wouldn't need investments in equipment and electricity, it would be a no brainer... :)

And mining on H-E isn't always the better solution... It depends on the token...

I was just wondering a thing about mining. I've always had the "dream" to mine with solar energy. I would put a panel on my balcony and let rigs turn there. Would that technically be possible? I believe that spain is perfect for solar engergy.

Honestly I love the idea of mining coins but it would be great to do it without electricity costs :-)

Solar mining is my dream also... the only problem is that I live in a rented apartment, so it's not possible atm... Maybe one day when I buy my own home, it will be :)

And, yes, Spain is perfect for solar energy... It would be a much better situation that they didn't make a special TAX to PUNISH people who dare to create their own energy... Did someone say corruption? :)
Luckily, after 10 years, they have lifted that law...

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