Is cryptocurrency mining profitable??
well the answer to this question like all good questions in life is really it
depends and that really depends upon two major things how do you define profit?
you know you have been making a couple of pounds a day are you looking at some
much larger profits? and also a what type of time period are you talking? because
if you are thinking of making a real quick buck right now here today then
maybe not but if you're happy to kind of wait 18 months two years for that
investment to pay off which in the grand scheme of things is quite a short amount
of time then yeah cryptocurrency mining can be exceptionally profitable so there
are a few different things here that you need to kind of understand
realistically mining the biggest coins of the day for a kind of high-yield
investment and the high kind of profit return completely depends upon the price
of the coins in the market so dependent upon where the wider cryptocurrency
sector is you're able to make either more or less each month so as time of
filming this this is the kind of middle of 2020 we've had all the corona drama
that was going on obviously things are quite difficult in global markets at the
time of film in this there's going to be a much less pounds and pence earning on
our devices because the value of all those coins has fallen substantially now
the reality of it is is that you're able to earn more coins in this time period
there's actually lots of advantages happening in the space right now so even
though the pounds and pence that you're earning right now for example aren't that
great in two years time retrospectively because you've earned the most coins
here there's a very good chance that this could be one of your most
profitable months if the market continues to move forward over that time
period so as everything there's a little bit of nuance with this and it's not
something that you're ever going to make exceptionally quick money with but there
are opportunities to make vast amounts of money particularly if you're happy to
kind of turn up the risk a little bit and mine a brand new coin that's just
come out when a new coin comes out it needs lots of mining power to kind of
give a kick to get it off the ground and ultimately those coins maybe aren't
even on the market you can't even buy them yet and what that enables you to do
is if you've got a mining machine you can turn it onto that machine onto the
algorithm rather and you can get lots and lots of coins now at the time
they're not really worth a lot of let's say 18 months two years later that can
be worth an exceptional large amount of money
so it really depends upon your propensity for risks do you want to go
after the big stuff now and kind of get a constant earning do you want to go after
the smaller stuff for a time down the line John a bit of this kind a bit of that
coin you know there is a lot of options here providing that the whole blockchain
sector moves forward you're always going to do pretty well if you own a mining
rig because there's lots of different companies that you can provide power to
as it were no one should enter the cryptocurrency game whether it be buying
trading selling or any type of coins or really any type of investments in
general if you're looking for a quick buck you know the reality of it is is
with all things education and timing really are key so if you want to make
money in a really quick way ultimately yes that's possible in cryptocurrency
but it's really not the case for 99% of people so if you're happy to do a short
to longer-term investment we kind of say midterm investments realistically 18
months to three, three and a half years is a pretty good time period in order to
make some nice money in this space from historical records so if that's the type
of thing that you're interested in yes you can make money cryptocurrency mining
yes this might be something for you have a look around our website have a look
around the channel for some more questions that you might have burning at
this time and we look forward to seeing you in the next video