My experience with mining this past few days has revealed a few more about mining for cryptocurrencies, In order to truly profit from mining cryptocurrencies one must have to mine a coin that the potential to cover for incurred losses arising from mining the coin.
There are a lot of difficulties to overcome for beginners, especially when you are not a computer geek you must consider whether to buy a contract, rent a rig or build a rig.
The surest way to mining profitability is to build a rig, but this option is expensive and a bit difficult to grasp, the other two are not profitable for short term and you have to be very sure that the coin being mined will definately increase in value.
The second surest way to mine is to rent a rig on miningrigsrentals or nicehash for example, but when renting a rig you have to understand that the coin you mine will have the potential to increase in the long run or else you will incure severe loss, this technique is very good when you are mining a coin that has just entered the
market.
The third way is to buy a contract, this is an easier way to mine your favourite coins but the risks attached are too much, and this approach will only favour you in the long run most times after 6 months to a year, most third party contracts do not even last up to that time and those that do dont stay after a year or two, so this option is really a long shot. (Notwithstanding there are mining companies that have been for a long time now.)
There are a lot of difficulties to overcome for beginners, especially when you are not a computer geek you must consider whether to buy a contract, rent a rig or build a rig.
The surest way to mining profitability is to build a rig, but this option is expensive and a bit difficult to grasp, the other two are not profitable for short term and you have to be very sure that the coin being mined will definately increase in value.
The second surest way to mine is to rent a rig on miningrigsrentals or nicehash for example, but when renting a rig you have to understand that the coin you mine will have the potential to increase in the long run or else you will incure severe loss, this technique is very good when you are mining a coin that has just entered the
market.
The third way is to buy a contract, this is an easier way to mine your favourite coins but the risks attached are too much, and this approach will only favour you in the long run most times after 6 months to a year, most third party contracts do not even last up to that time and those that do dont stay after a year or two, so this option is really a long shot. (Notwithstanding there are mining companies that have been for a long time now.)
