Nikita Gribkov is a VP at CryptoUniverse.io, takes a look at ins and outs of cryptocurrency mining explaining why Bitcoin and Litecoin are the two most profitable options at this time.
The cryptocurrency prices are once again on the rise, and new investors and traders from around the world are joining the space. The new rally was also extremely beneficial for the crypto mining sector, which saw significant difficulties during the bear market. The prices were constantly dropping, and so it was almost impossible for miners to earn profits.
Home mining has been a problem for years now, ever since cryptocurrencies went big, and started attracting attention. Mining digital currencies such as Bitcoin and Litecoin is the most profitable since their prices tend to go high. While the cost constantly gets higher as well, the value of the coins is usually capable of covering them.
This has motivated many to engage the mining business and target these two coins, in particular. But, the growing competition, as well as the appearance of entire mining farms, has made home mining next to impossible. A new way of mining these coins was necessary, which is why an alternative was invented – cloud mining.
Home Mining vs Renting Miners
Bitcoin saw massive growth in the first half of 2019, going from $3,200 to $13,600 in less than six months. While it saw a correction that took it down to around $11,000, this is still a massive increase, which has brought sizable earnings to those who held it at the time.
While Litecoin did not reach these heights, the coin saw a major surge as well, during this same period, going from $30 in January, to $140 in June 2019. This kind of behavior brought the miners back, alongside traders and investors, and the competition in the mining sector is once again surging rapidly.
With a situation like that, those trying to mine Bitcoin from home do not stand a chance against mining farms and major companies. This is why they should consider renting miners. There are numerous advantages of doing so, such as the fact that the cost of electricity is already included in the process, so there are no additional fees there.
Then, there is 24/7 security, industrial-grade ventilation, achieving privacy, capable tech support, uninterrupted internet and electricity, and more.
On the other hand, mining from home can be quite a problem. The cost of electricity can take as much as 24% of the miner’s revenue. They need to maintain their equipment, which requires a set of skills of their own. Wiring might present a fire hazard, the Internet connection can be unstable, as well as electricity, and more. Besides, ventilation is not the best in the home environment, which will likely shorten the products’ lifespan. Not to mention that there are likely to be high noise levels involved, which will draw a lot of complaints.
Further, many are intimidated by the mining process, believing it to be expensive to start. This is not the case. A large amount of capital is not needed at all. The minimum cost of a contract on our site is $50 on both currencies.
Bitcoin and Litecoin are the Most Profitable Coins
It is true that purchasing mining rigs can be quite expensive, and traditional mining requires large quantities of resources such as energy, computing power, and alike. But, these are not the issues that miners will face when employing the services of a cloud mining firm.
When it comes to Litecoin, the coin only has a few weeks left before its mining rewards halvening. Right now, it follows a similar behavioral pattern as it did last time prior to halvening – which includes a significant price surge just before its mining rewards are cut in half. This makes it very profitable to mine, at least for the moment, which is the reason why it attracted quite a bit of interest and attention.
We at CryptoUniverse offer two options to our clients – cloud mining itself, as well as the sale of mining equipment, and its installation in data centers.
We offer to mine Bitcoin and Litecoin, as the two are the most profitable cryptocurrencies at this time. Bitcoin mining is currently the most promising choice, due to the fact that Bitcoin is the most reliable and understandable coin around the world. While things might change at some point in the future, there is currently no point in mining other cryptocurrencies due to low yield.
Nikita Gribkov is a VP at CryptoUniverse.io, as well as one of the company's founders. He became interested in cryptocurrency and blockchain technology in 2015. Gribkov and a team of several like-minded colleagues decided to leave food industry for crypto business and to start a crypto mining farm, which was a test for what was to come. They collected and analyzed their data in order to make evaluations and understand what large-scale mining would require. In mid-2017, Gribkov took part in the foundation of CryptoUniverse.io. Now he works as its VP, being responsible for the company’s development strategy, opening data centers, and working with partners.