Is Cryptocurrency mining still profitable?

Crypocurrency is like many markets, if you have the knowledge, the resources and position, you can succeed.

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There are countless guides, opinion pieces and MLM groups out there eager to grab their share of the buzz surrounding cryptocurrency, so how do you tune in to the signal through the noise? Many new currencies and business models are entering the market every day and offer new opportunities for those with the tools and knowledge to capitalize.

Where to start and where to focus your time and resources?

We’ve all heard stories of ICOs that blew up overnight and went bust just as quickly, stories of coin founders, holding most of the reserve of a coin, intentionally cashing out and imploding the currency when it catches on, shafting the investors. Speculating in a volatile market brings great risk to the uninitiated investor. Designing and building your own mining rig or partnering with the right pools is a competitive, resource intensive arms race that can be a losing battle unless you’re equipped with the right hardware. The choice between ASICs and GPUs is just the beginning. 

Once you’re set up you’ve got to pick a coin to mine. Pick one that won’t decrease in value, easy right? Not these days. Bitcoin or Ethereum mining might have been a comfortable default at one point, but now the rabbit hole goes a bit deeper, past Ethereum, Bitcoin Cash, Litecoin and all the way to the one that just blew up overnight, but you were busy at work and didn’t hear until too late. It can be a daunting and time consuming task to make the optimum choices for your mining rig to maximize your cryptocurrency mining capability. As Tim Ferriss, former angel investor and host of the Tim Ferriss show said “There be dragons in these waters” and you’ll want to pair up with the right consultant to navigate through to profitability. 

So, can I make money with cryptocurrency?

You can. As with every speculative endeavor, nothing ventured; nothing gained, but you can significantly increase your chances of making a profit with cryptocurrency by working with the best custom mining rig builders, managers and traders in the New York, New Jersey and Connecticut area: bitpro.

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