It is not news that trading and mining cryptocurrencies are a very lucrative business. Many see this as an opportunity to make large sums of money. For some, it is even a primary occupation, while for others it is a hobby and an additional source of income. There are thousands of different cryptocurrencies on the market today, but one stands out – bitcoin. This cryptocurrency was created 12 years ago and has been recording almost constant growth since then.
In general, cryptocurrencies are a currency that exists only in digital form, but despite that, they have their value and their application is becoming more and more cheese day by day. Today, it is possible to buy shares with this money, pay for schooling, or take the family on a luxury vacation.
Depending on the currency itself, the way you can enter it and make a profit also depends. For example, all crypto currencies are suitable for trading, but only some are for mining. If we had to draw a parallel between trading and mining, we would say that trading is simpler and intended for everyone. All you need to do is monitor the situation on the market, which sometimes changes several times a day. Also, some applications completely free you from any work, because, with artificial intelligence, they monitor and inform you about any change in value. Visit this site and find more about it.
On the other hand, we have mined. liars say this type of investment is suitable for slightly more experienced “players”. The chances of making money increase if you join one of the mining pools. There are several types of mining, and these are GPU, CPU, and ISIC mining. What is the difference between these three types? CPU mining was very popular in the past, but today it has been replaced by two other types that have a higher speed and the ability to earn a larger amount. On the other hand, the advantage of CPU mining is that it consumes significantly less electricity. GPU is probably the most common method because new crypto coins are created with a graphics card. Another advantage is that, unlike hardware, it can be applied to other cryptocurrencies, not just bitcoin. The last method we will mention is ASIC mining and it is known for its ability to produce a much larger number of cryptocurrencies than the previous two. In other words, ASIC takes currencies from miners who use GPU and CPU rings.
Before you start investing, you need to know that you will need to be patient as well as that you will need to invest money in certain equipment. By this, we mean the hardware so-called cold wallet, which will keep your cryptocurrencies away from hackers. And now let’s see who the people who became millionaires are engaged in mining!
1. Erik Fineman
img source: marketwatch.com
Can you imagine an eleven-year-old borrowing $ 1,000 from his grandmother to buy bitcoin ten years ago, at a time when its value was only $ 12? But given that the value of bitcoin in the next two years reached a staggering $ 1,200, this boy earned a real fortune, after which he founded his own educational company, developed a business, and sold it. It is also interesting that he was able to choose between $ 100,000 or 300 bitcoins. Guess what he chose? Yes, bitcoin!
2. Winklevoss brothers
img source: observer.com
If we are talking about the first millionaires who became this thanks to mining, then it is the Winklevoss twins, who trusted their novices with this innovative technology from the very beginning. Patience and courage paid off!
3. Peter Saddington
img source: squarespace-cdn.com
Imagine buying bitcoins for less than three dollars and making a profit of 250,000% in the meantime! This is exactly what happened to this man at the age of 35.
4. Jered Kenna
img source: bwbx.io
Another young man started investing when the value of bitcoin was minimal – $ 0.20. However, over time, the value grew to $ 250. That is the moment when he sold cryptocurrencies and took the money. Yet today he believes it was the wrong move and would have been even richer had he not done so. But 30 million isn’t so bad, is it?
These are just some of the millionaires who have stood out and shown that with a little effort and perseverance we can reach the goal. But how do you get started?
We’ve already mentioned a few ways to get bitcoin, and now we’ll say a little more about them. In addition to mining and trading, there is also shopping at exchange offices. Before investing, it is necessary to check the potential profit, and this is very easily calculated using a profitability calculator. In this story, you must be familiar with terminologies such as hash rate, speed, and the type of equipment you need to get the job done. There are three units of speed measurement, and the higher the speed, the greater the chance for the investor to mine new blocks. We know that mining consumes a lot of electricity and that is why when buying hardware, it is important to find one that is economically viable, ie one that will not consume more than you can earn. Another thing you need to pay attention to is to download the mining program because there is no universal. The next step is to check that you have entered the correct data and public address and you are one step closer to mining.
Final thoughts
img source: technologyreview.com
We live in a time when technology is evolving day by day, and we, as humans, have to keep up with it. We can say that this is a natural sociological and technological development. Who would have thought that the word mining, which in the past we associated exclusively with gold, would take on a new meaning today because it enables the exchange of digital goods? The fact is that the world is becoming more and more digital and the role of cryptocurrency is very big in that. Yes, cryptocurrencies are the future and “digital” gold.
