Having just ordered parts for my first mining rig, I'm in the process of doing research into mining as a long-term career option. Myself and a friend have a business plan for scaling up, so we're using this first rig as a "proof of concept".
After 6-12 months, once this rig is paid off, we have an additional $10-20k to scale up, with a view of putting in about the same again after 2 years. We've spent a lot of time examining both the forecasts and predictions of cryptocurrency markets, hardware trends, overheads and profitability, and at face value, it looks possible.
However, the cryptocurrency industry changes daily. While we have a lot of optimism for our little endeavor, we want to keep our expectations realistic.
So I ask the question, can cryptocurrency mining be a realistic, full time, long term career?
Mining is definitely a future. I think it's a great business idea.
I would say no. PoW will eventually change to PoS.
PoS dont work, there is no PoS blockchain safe as PoW working at the moment. Ans, iota, ripple are pre-mined and are centralised.
Ethereum is moving to PoS in the next month
yeah sure, everyone believe your shit
Yes ive been looking at that too. We're using ZCash as a backup, and there's plenty of other things to mine that also look promising. Some of the coins that are currently very profitable started as nothing.
Out of interest, when it does go to PoS, if youre in a pool that has a lot of ether between the pool members, is it calculated by the pool or the individuals? Because if its by the pool, then larger pools might survive...