Quickly after the bitcoin Fork that happened on August 1st at 12:20 PM Bitcoin Cash started dropping in value.
This had the effect of BTC price going up by 300$.
ETH stayed aroung 200 all the time and now finally surpassed the 280$ mark. And is barely surpassing the 300$ mark right now.
1 week later most cryptocurrencies have gone up in price.
Wich made me think about altcoin mining again. I own multiple Xeon computers with what used to be Nvidia flagship GPU’s. So why not give it a shot?
The easiest way for beginners to start mining is probably minergate.com. Ive been using it for a couple of yours now and i feel like the ease of use does many new user a bigger favor than the small performance gain of console miners.
I have decided to mainly mine Bytecoin(BCN) and some other altcoins. I make about 5$ a week in altcoins.
Then i trade the coins on HitBTC, a large altcoin exchange site.
Here I buy low and sell high.
Going in with 5$ worth of mined alt-coins I end up with 0.061 ETH wich is about 20$.
Thats a 300% increase!
So is mining worth it?
Not at this scale.
Honestly the amount of time and electricity spent will most likely surpass your earnings in most countries.
At a larger scale however this is nothing but free money. If you can invest in a couple of recent mining cards you get a pretty solid ROI.