But does it make sense to mine cryptocurrencies when you can just buy them and hold onto them? How Profitable Is Mining Your Own Cryptocurrency? Mining cryptocurrency seems like a no-brainer.

Set up a computer to help solve complex math puzzles and you are rewarded with a coin (or a fraction of a coin). Back in the day, the first bitcoin miners were able to earn coins relatively quickly just using what computing power they had in their homes. Today, cryptocurrency mining is a little more complicated and involved. With, the reward is halved every four years.

All done and running. I got a 770 gtx. Any idea how much i can make a day. Thanx nice vid. Subd to your.

On top of that, serious miners have built huge arrays to mine, making it harder for smaller miners to compete. You can join a to be more effective, but that comes with a fee, reducing your profits. Some crypto miners instead opt for other currencies. It’s possible to mine ether, litecoin, monero, z-cash, and a number of other cryptocurrencies.

It’s possible to put together a basic rig for some of the less popular cryptocurrencies for around $3,000. However, some miners spend more than $10,000 on their rigs. On top of building your rig, you also need to realize that you are going to be using quite a lot of power. If you have high power rates, you could end up spending quite a lot to mine coins— especially bitcoin.

According to, the electricity cost involved in mining a single bitcoin is more than $3,000 in the cheapest states. For more states with higher electric rates, you could spend more than $6,000 in electricity to mine a single bitcoin. A less powerful rig mining currencies like monero or z-cash could save you money. Even so, it can take several weeks, or even months, to recoup your original investment and become profitable. What About Cloud Mining?

Dash DASH Mining Rig. If you don’t want to spend the money to build a crypto mining rig, you can use cloud mining. With cloud mining, you purchase time on someone else’s rig. Companies like Genesis Mining and HashFlare charge you based on what’s called a hash rate—basically, your processing power. If you purchase a higher hash rate, you are expected to receive more coins for what you pay for, but it will cost more. Depending on the company you choose, you might pay a monthly fee, or you might pay according to hash rate.

Some companies also charge a maintenance fee. In general, cloud miners that allow you access to bitcoin come at higher rates. Once again, some miners prefer to use cloud mining contracts to collect dash, z-cash,, and other cryptos and convert those to bitcoin later. In some cases, you might be required to sign a year-long contract, locking you in. If the value of the cryptocurrency drops, you could be stuck in an unprofitable contract. As it is, depending on what you mine, it can take between three and five months before your cloud mining investment even becomes profitable.

However, at least with cloud mining, you don’t have to worry about power consumption costs and other direct costs related to doing all of the mining with your own rig. Bottom Line In the end, mining can be a lot of effort without the profits you think you’ll see. While there are ways to make it work, you risk putting money into your setup, only to watch the values of cryptocurrencies drop. For example, as of this writing, the price of a bitcoin is around $11,000—still more than double what it was a few months ago, but just over half its previous peak reached in December 2017. If you think bitcoin (or any cryptocurrency) will rise in the future, you might be better off buying fractions of coins and holding onto them.

Like all assets, though, you could lose money—and that’s true whether you buy cryptocurrencies on an exchange, or whether you invest in a setup designed to mine them. Consider your options and decide what is likely to work best for you.

Today on Cryptocurrency Mining For Dummies we take a look at mining Bitcore. Bitcore Bitcore (BTX) is a relatively new coin, launched on April 24, 2017. It uses a new mining algorithm, Timetravel 10, that has not been adopted by any other coins yet so it has remained under most peoples radar. Recently however, the price of Bitcore has been rising significantly. Rather than a quick pump and dump, there has been a prolonged steady increase. This combination of relative obscurity and strong upward price movement has presented an opportunity for crypto miners to make some money.

Mining Bitcore For this example we will be using a Nvidia GTX 1050 Ti graphics card to mine on a Windows 10 platform. First you need to install the latest version of ccminer which you can obtain from cryptomining-blog.com. Next sign up for a mining pool. You can find a list of mining pools. Configure your miner for your chosen pool and you are ready to go.

To see how much money you will make, launch the miner to see what the hash rate is for your equipment. My 1050 Ti hashes at about 6.2 Mh/s as shown below. Next go to Whattmine.com and select the Coins tab, then click on the Bitcore icon to get to the calculator.

Enter your hash rate, power usage and electricity rate and click calculate to see the results. As you can see, right now I'm making a profit of about $0.73 a day mining Bitcore with my GPU. But it gets even better. Free Money If you hold your newly mined Bitcore in a wallet, you can receive a weekly airdrop of free coins. Just go to Bitcore.cc and download and install the wallet software, then click on the Airdrop Registration tab. Fill out the form and submit.

As long as you have at least 1 BTX in your wallet you will receive a 3% airdrop every Monday. The more you hold, the more you make. Until next time.