Hey there, Happy New Year! I was waiting for some new hardware before writing an article, but it turns out I’m still waiting on my credit card by Payza, which I plan to use when converting Bitcoin to USD.
While waiting on the card and the hardware to buy with mining earnings, I’m trying to learn at least a bit per day on cryptocurrencies. Right now, I’m reading a kindle version of “Mastering Bitcoin” by Andreas M. Antonopoulos. which still haven’t made me bored, although it is fairly technical.
I also watch lots of interesting videos, both by industry leaders and suspicious speculators, as well read news from few crypto portals that I’m subscribed to.
And over the last few days, I could not fail to notice an increased dose of pessimism floating around the cryptocurrencies space. There’s been news on the Ethereum bug in fees, Microsoft banning the Bitcoin payments, the TRON token accused of speculation, the XRP going mad in few days then falling down twice as fast, the investors losing the money because CoinMarketCap excluded 3 South Korean exchanges without notice …
And that’s just some of the “bad news” I remember from last week and really mostly today news. On top of that, prices are mostly falling for the last 3 days. The shit storm is just about to start- one may think. But wait, is that really the case!?
While there have been some bad news, there have also been quite a few good ones. For example- market cap rising around $100 billions over the last week or so. Yeah yeah yeah, it did drop from $800 billions to $700 billions over the period of 24 hours, but it first climbed $200 billions(from $600 billions)!
And I’m seeing this in reality as well- earlier today, I went to buy tickets for Saturday night, since Oliver Huntemann will be playing in my city and no one sane would miss that. Coincidentally, the shop that sells tickets for the event- WinWin- is probably second largest IT equipment store chain in Serbia, with tens of stores all over the country. I’m waiting on my tickets, two guys come in and the story goes like this:
2 Guys- Hi there, we’re looking for some AMD cards.
Me(to myself)- Haha, I’m wondering if these guys are miners.
WinWin Stuff- Haha. Only Vega cards.
2 Guys- Wtf.
Me(to myself)- Man, the cryptocurrency market and mining earnings are doing really well actually.
WinWin Stuff- Will have them by the end of January.
WinWin Stuff- I mean Vega cards. Don’t expect other AMD cards before March.
2 Guys- :O
Me- 😀 😀 😀
Cryptocurrency news are mostly bullshit, as any other news
Imagine the investing based on the news only. It’s a nice thought, but certainly not a smart one. The news have a simple purpose- to get noticed. The headlines are catchy, the content full of noise. The truth is somewhere in between, but unreliable unless confirmed from other sources.
And even if the news were reliable, it is true that the cryptocurrency market is very volatile, so the news would have to be volatile as well. It’s a crazy market, but a growing one. And crying for the Bitcoin drop from $20k to $14k won’t change that. At least not after the Bitcoin rise from $1k to $20k over a period of less than a year.
Cryptocurrency Mining Earnings- How it’s going?
After two months of learning and preparing, I’ve built my very first rig, planning to get ROI after 5-6 months. Right now, I’m looking at ROI getting close to 4 months. And I’ve had quite a lot of problems with internet connection and Win10 updates fucking up my system, which I hopefully fixed after getting back from NY holidays.
In one of my first writings on the best gpus for cryptomining, written at the end of November and before NiceHash got hacked, AMD RX 470 was making an average of $1.85/day. Right now, it’s making up to $3.78/day! And while the screenshot below shows $8.60/day for my rig, it’s quite normal for me to see more than $10/day(like right now), and I don’t remember when I last saw less than $8/day.
And when you compare the NiceHash earnings over the last 4 months, it’s not hard to understand why there are less and less graphic cards in the stores:
As you can see in the four pictures above, the mining earnings have quadrupled over the past four months!
Never invest money you can’t afford to lose!
The blockchain technology is amazing. The cryptocurrency market is existing and has grown 4000% over the last year. You can hear miners complaining, yet making amazing profits and doing better and better. Cryptocurrency market predictions for 2018 are mostly positive and even bullish. No wonder you can read in news about people investing borrowed money in Bitcoin and cryptocurrencies. And that’s a risky business.
The cryptomarket has grown extremely over the last year. And there’s been a pretty much constant growth since the invention of Bitcoin about 10 years ago. However, it’s extremely volatile, and unlike anything we had before- both technology and prices speaking. And importantly enough- it’s mostly unregulated at the moment. This is why it’s extremely important not to take risks you can’t handle, and never invest money you can’t afford to lose.
The cryptocurrency market is definitely hottest market right now, and avoiding it means you’re missing out the best opportunity to earn serious money “over night”. However, the market has shown us how investing with reasonable risk(let’s say 10-20% of your total capital) is more than enough to make you rich if you’re patient and play smart.
So do it, play smart and get rich! Quickly, but without losing a fortune if things go downwards.