So following up on my previous post about my 4month experiment with mining, I’ve switched over from mining for personal coins to mining with NiceHash. I made the decision to switch over after accumulating what I felt was a good enough portfolio. With AltCoins still having a hard time to “moon” or take off, it was time to lock in my bitcoin profits. This way I can move on to start cashing out or buying other coins to take profit in when they take off. Currently, my rigs which were netting me an est of around 3-400$ in various altCoins, now nets me a comfortable 5-600$ in bitcoin a month. So no lost fees from conversion and I can rid BTC’s continual advancement.
Which takes me into my other adventure recently. Around Sept, I was introduced to a group that was starting up with the goal to take advantage of Proof of Staking. For those not in the know, when I mine, I’m following an idea called “Proof of Work” which means that my $2000k rigs which run me about 80$/month in electric, must continually process calculations (work) to recieve rewards in the various coins that they mine. This mining processes the transactions of the whole blockchain and keeps things moving, but it’s obviously expensive as Difficulty goes up, rewards go down, and cost of electric stays the same (if not rise depending on your provider). So the alternative is Proof of Stake, instead of running multiple calculations, you get rewarded for maintaining the blockchain via your wallet, and your rewards are based on a number of coins you hold on to that mature. Obviously this means that anyone with an investment in a PoS coin can start receiving rewards, but the more coins you hold on to, the more rewards and frequency of rewards you receive. That’s where staking with a pool of other people comes in play.
LunarStaking.io has decided that they wanted to develop a pool of like-minded individuals who are looking to invest in coins and by pooling together get their rewards more frequently. The payouts are based on the percentage of coins you invested in compared to the pool as a whole. I decided to jump in with EmberCoin, starting at 8Mil Embercoin, and after about 15-16days, I had gone up to 30Mil or about 375% of my investment. Obviously though, Embercoin holds the same issue as mining AltCoins in that I have the coins, but I need to be able to sell them. And to sell them, people on the exchange need to buy the coin. But, if EmberCoin’s value goes up to 1-2Satoshi (0.0000001-0.0000002 BTC), then my investment will be worth about 2-3k USD. Not bad on a 300$ investment.
So that’s what I’m currently doing and am into. Trying to build up my BTC account so I can start cashing out at some point, and then also buy up some PoS coins to try and double my investments.