With home mining of cryptocurrencies pretty much dead, unless you’ve got access to free or very cheap electricity, what can the Bitcoin and Altcoin enthusiast do to earn some free coins?
Faucets have always provided a means for getting meagre amounts of coin but they’ve required your time to click buttons or do some action before you get rewarded. And when I say meagre, rewards are in the fractions of a $0.01 (cent) range. Still, if you have the time and the inclination, you can play severa faucets during your online hours and hopefully start building small holdings in various …
Here we are in the early part of January 2015 and the state of cryptocurrency looks pretty bad.
The last few weeks have seen a number of things happen that have been bad for investors:
Bitcoin Price Crash
Bitcoin reached highs of $1,200 per coin in December 2013. Since then, its value has gradually declined. It’s always been a volatile currency but at least in 2014, it seemed to settle down in the $320-$380 range. It looked like Bitcoin might have matured somewhat.
Unfortunately, in early January 2015, the price crashed again. Today (Jan. 12th), it’s worth about $266. If …
I bought my shares with them on October 1st and purchased some additional shares two weeks after that. No other shares were bought. I did get some additional shares through referrals (I opted for commissions to be paid in shares rather than dollars), which added about 13.5% additional shares into my account. Without those, ROI would have taken a week longer.
If you follow what economists and financial commentators like Max Keiser and Mitch Feierstein, among many others, have to say, the wool is being pulled over our eyes by both bankers and governments in how well various economies are actually performing.
Inflation figures are massaged so that they seem to be in the 1-3% range when anyone who buys groceries and pay the bills knows that figure is closer to 10%, if not more.
I thought I’d provide a regular update on how my cryptocurrency investments are going on a roughly weekly basis. Hopefully, it will provide readers looking at this type of investment with some information to make their own decisions on.
Mining At Home
I’m not currently mining at home. My mining rig (a PC with a Sapphire R9 280x video card running BAMT 1.6) has been turned off for a few months now. Electricity where I live costs almost three times what it does in the USA, so that killed any remaining profits in the rig.
As you’ll know from my other recent posts, I’ve invested some money with GAW Miners and their Hashlets for cloud mining altcoins. These pay out about 0.9% (just under 1%) per day, so they look to be a good place for long-term investment. They also have a thriving community and it’s there that I first learned of LTCGear, the subject of this review. Litecoin Gear (LTCGear) have been around for well over a year, a pretty long time where Bitcoin/cryptocurrency companies are concerned. Initially the owner sold FPGA (Field-Programmable Gate Array) scrypt mining hardware to customers. But …
Last night I watched The Rise and Rise of Bitcoin, a new documentary about one man’s obsession with the digital currency and some characters he meets along the way.
It would make good viewing for anyone who’s heard of Bitcoin but doesn’t understand it. Anyone who does Bitcoin or Altcoin mining knows just how difficult it is to explain the concept behind it to regular folks. This documentary gives a good introduction to the whole Bitcoin concept.
The Central Protagonist
The film is centred on Bitcoin enthusiast, Daniel Mross, whose brother happens to be a filmmaker (hence, the documentary). …
I wanted to give an update on how my mining contracts with GAW Miners have performed over the 1 month I’ve had them.
GAW provide three types of mining contracts known as “Hashlets”.
1. Genesis Hashlet (SHA-256)
These mine Bitcoin directly and hashlets are sold in units of 10Gh/s. Fees of $0.02 per 10Gh/s per day are charged (Gh/s is a measure of hashing power – if that means nothing to you, think of it as a set amount of computing power dedicated to mining). I don’t have any of these hashlets.
It’s been quite a week for Bitcoin, going from about $480 on Sept 10th when I ordered my mining contracts to a low of $386 yesterday (a drop of about 19% in value).
The Alibaba IPO – did it cause Bitcoin’s plunge in value in Sept 2014?
No one knows the actual cause for the drop but a good candidate is the Alibaba IPO that happened on Sept 19th. Looks like a lot of investors were selling their Bitcoins, especially in China, so as they could buy into Alibaba. Now, a day after the dust has settled, Bitcoin has returned …
Yesterday, I bought a Hashlet Prime from GAW Miners. These are their most expensive miners at $49.95 (which I talked about in the Assessing Altcoin Mining Contracts post. This hashlet only mines at 1 Mh/s for Scrypt, just like the Hashlet Solos which cost half the price. But when switched to mine Bitcoin (SHA-256), they will hash at 40 Gh/s. They’re not at that speed yet, but will be ramped up to that rate over time (sooner rather than later).
Why Buy A Hashlet Prime?
As these particular hashlet mining contracts don’t appear to be good value, why …