Mining for cryptocurrency is a great way to secure a passive source of income, however just like any investment, it is essential you know how to play the game! Like any game there is no one way to play, however by having an effective strategy you will always stay ahead of the curve.
For readers who do not understand the basic elements of the crypto currency market, please start by reading, “Crypto currency and Mining guide”. For those whom already own a Mining Rig or are ready to build one, continue to read and you will learn how to play the crypto mining game the proper way.
Building a Rig is the first step. If you don’t know how to build one then it is essential you get in touch with an expert for the following reasons:
If you have the expertise to conduct your own research on what coins are the most profitable to mine then that’s great! However, for the majority of miners, keeping their investment as passive as possible is very important. That’s why we do the research for you!
It is strongly recommended that you sign up to a subscription for support, maintenance and mining recommendations. This subscription can increase your profits by over $1000 per year and save you countless hours of research. Spend your time doing what you do best, and pay others to do what they do best for you.
By being under a subscription service you will ensure the following:
This is ESSENTIAL and completely underutilised by majority of miners. You must, MUST learn to trade.
If you don’t learn the basics of trading then you are going to throw your mining proceeds down the drain. Sure, you will probably still make profit, but you won’t make anywhere near what your capable of. Too many miners will not pay attention to the market and as a result will sell their coins at the wrong time. Don’t let this happen to you.
It is important to understand that Mining is a long-term investment. Just because the market is at a low point, doesn’t mean it is not profitable to mine. Technically, under the understanding that your Rig should last around three to five years, you only need the price of your coins to reach a desired level at one point over that time period. Just because the coin your mining is only worth 20 cents on the day you mined it, doesn’t mean that at some point over the next five years it won’t reach $1 or even more!
The key to being a successful Miner is patience. Warren Buffet famously once said, “The stock market is a device for transferring money from the impatient to the patient”. These were very wise words. Too often Miners will only pay attention to the value of their holdings after a crash in the market. As a result, they tend to sell their coins at the lowest points due to FEAR.
MiningStore understand how important it is to know the basics of trading, and that’s why all of our clients are taught how to do it! Do yourself a favor if you haven’t already and complete our crash course in basic or advance trading. You will avoid making countless mistakes when buying or selling coins and save yourself thousands of dollars in the long run.
Our crash course will teach you how to conduct both fundamental and technical analysis. Fundemental analysis is about researching the purpose of the coin and its impact on society. You will learn to look into white papers and understand the coin as a whole. Technical analysis is about charting. It is about using advance charting tools such as Fibonacci retracements, relative strength index, moving averages and more. By using these tools, you become aware of key price levels and avoid missing the right opportunities to sell.
Make sure if you don’t know a lot about mining, you get in touch with an expert like MiningStore.
Make sure you keep up to date with the market, and if you don’t have the expertise to do so then get on our subscription.
If there is one thing you take from this article, it is the importance of having basic trading skills. If you don’t have these skills then be sure to complete one of our crash courses, it could save you thousands!