ZCash - What Happened?
Hey there,
As some of you may know, ZCash was released just over a week now and it proved to have some very significant profit in the first day. I mean, it reached up to 3300 BTC just for one coin, which is the equivalent to over $2,000,000. I saw this happen myself and immediately started mining to maximize my profit. But a week has now passed and ZEC has gone downhill quite a bit. One coin is now worth 0.6 BTC, the equivalent to $430. However, this is still very high for an alt-coin. Sadly, the hype for the coin is now over, which is what has caused the coin to drop significantly in price.
So, is it worth mining at it's current state? Well, in my opinion, I think that ZCash is still somewhat profitable to mine. After you deduct the cost for electric bills, you could still have a good profit. If you are intersted in the profit you could make, there is a profit calculator here: https://www.cryptocompare.com/mining/calculator/zec
Some may also benefit from holding on to their coin. I am currently mining and holding on until ZEC goes through another pump and dump stage. Depending on the scenario, I might sell the ZEC for BTC and buy other coins with it, which is exactly what I have done with regards to buying STEEM.
Thank you for reading this little article I felt like discussing. If you want more content aimed towards crpytocurrency, leave a comment on what you would like to see! Thank you very much for your time!
All market was down and up a little bit and again down, back and forth...what I noticed that ZEC is not reacting so well to these up and downs...it mostly goes down. Any thoughts?