Cryptocurrency is here to stay and in 2018, it would be wise to invest in them if you want an extra source of income. You can invest in cryptocurrency either by trading in them or by mining them for profit. Cryptocurrency mining is the process by which new coins are created or circulated.
Most of the cost associated with it is with the initial investment in buying and setting up the mining rig. When mining, the most important thing is choosing a coin that’s easy to mine, you don’t want to choose a coin that’s difficult to mine.
Mining crypto coins in today’s world is an arms race that favors early adopters. If you’re looking long-term for crypto mining, it is best to choose a coin that has long-term growth potential. You can actually find out yourself which coins will make the most sense to mine, and which ones are likely to be the most profitable for mining as we continue to move forward in 2018 by following these steps:
- Go to sites where you can check the market valuations of cryptocurrencies
- Look at the MINEABLE coins that have an uptrend in price, and have had an uptrend for at least 30-days
- Go to those coins’ websites, and see if it’s a company expects their coins to increase in value over time and whose price is likely to appreciate as a result
Step #2: Find or set up a mining rig that can handle the computations it needs to solve to actually make money from mining the coins. You can buy a Bitcoin mining rig or build a custom made one.
What you need to mine crypto coins
- A coin wallet that stores your profits and records your transactions
- A membership in an online mining pool and a currency exchange where you can exchange virtual coins for real cash and vice versa
- A full-time Internet connection that’s fast and reliable
- An air-conditioned hardware setup location
- A custom built computer designed for mining with powerful ATI Graphics Processing Units (GPU)
Tips for profitable mining
- Try to cut the electrical consumption as much as possible
- Join only the top mining pool
- For better gains mine only when the difficulty level is average or low
- The greater the hashrate, the more the profits you’ll be able the make
- Increase the number of graphics cards and make sure they are the powerful ones so as to making mining easy
The most common location options for mining are:
- Home mining
- Cloud mining
- Third-party hosting
- One’s own mining facility (farm)
Talking about mining profitability, irrespective of the selected cryptocurrency, the main factors that will influence your profits will be electricity rates, capacity, maintenance (availability of quick equipment service).
Some other issues that will influence mining include legal issues (in certain countries), noise (in the case of home mining), transparency and control, location and climate (the colder the location, the better for your mining).
Coins to mine in 2018
Mining Monero is much easier than mining Bitcoin. It is one of the most profitable coins to mine. It has been predicted to increase in the value this year.
Mining Litecoin, especially in a pool can be very profitable. Considering the speed of generating a block i.e., 10 blocks a minute, Litecoin has a great future ahead.
Ethereum is considered the main competitor of Bitcoin. While difficult to mine, the price makes Ethereum mining worth it. If electricity is readily available and cheap, then you should definitely consider mining Ethereum.
The difficulty of mining Dash has also increased but the increase in price compensates for this. If the value of Dash continues to rise the same way in 2018, mining it is a worthy investment.
Although you can mine all coins individually, joining a good pool might be a better option as it will increase your chances of uncovering a block and getting profits.
All about Trading Bots
A Bitcoin trading bot is a software that studies market-based cryptocurrency trading data and reacts according to a set of user-defined rules. Users are required to configure their software to their own created strategy. After which, it analyses market information on their behalf and executes trades automatically with few user interactions if necessary.
Trading bots are very common in the Bitcoin space as they are used for automated Bitcoin trading.
Here are some of the best Bitcoin trading bots on the market today this 2018:
Gekko is a free Bitcoin trading bot. Its software is open source and still being upgraded. It is fully automated, easy to use, and straightforward. It is equipped with essential trading features. The bot runs on all major operating systems. The bot can update you through email, Telegram, and other platforms. However, Gekko is not a arbitrage trading bot and it’s just a Poloniex trading bot.
The CryptoTrader bot is a cloud-based cryptocurrency trading bot that provides users with fully automated trades without them installing it on their system. It features a ‘marketplace’ that allows users to buy trading strategies, or to sell strategies developed by themselves to other users.
CryptoTrader offers different subscription plans to users that have various differences, like the number of crypto trading bots operating on the user’s behalf as well as the maximum equity limit.
Just as Gekko, Zenbot is also an open-source Bitcoin trading robot for Bitcoin traders. As an open-source project, Zenbot is available for users to download and modify the code as they wish. Unlike Gekko, Zenbot offers high-frequency trading as well as supporting other cryptocurrencies in addition to Bitcoin making it an all-around cryptocurrency bot.
Bitconnect is not exactly a regular BTC robot. It is a self-regulated system that’s designed to offer its users investment options. It also open source. Users of the platform lend their part of their capital to Bitconnect’s trading bot for a short duration and, in return, they get assured gains, shared between them and the platform.
Haasbot trades Bitcoin and many other altcoins. Haasbot is probably the one of the most complete of the crypto bots that are currently available, doing much of the labor with relatively minimal input required from the user. To achieve all these, it is expensive to use with costs ranging from between 0.12 BTC and 0.32 BTC for a three-month duration. Only those knowledgeable about what they want from the platform and are very much committed are advised to use it.
BTC Robot is one of the pioneer Bitcoin day trading bot. The trading bot can be downloaded on major operating systems with different prices. The bot is easy to install and use. The Bitcoin bot has a trial period with a 60-day refund policy.
Automated trading is the best if you do it yourself with your own strategy. At least, you know what your parameters are and how your bot will trade. It is always better in Bitcoin trading to have a bot proposing trade actions to the user and then a human interaction to confirm it.
Cryptocurrency trading and trading bots can be confusing to use especially for beginners. There are many trading bot providers available to purchase in the market. Users should ensure the bot providers they choose are trustworthy and reliable. If these bots and the right strategies are used properly, potential profits from trading could be tremendous.
The best trading bot is that bot that helps you achieve your goal. Whether it’s a Poloniex trading bot or a Bitcoin arbitrage bot, perhaps, even a generic Bitcoin day trading bot, there’s a vast number of options available to you. Make the best of automated Bitcoin trading and you’ll be glad you did.