Mining nowadays is not profitable, especially with increasing mining difficulty and high maintenance fee. This is known as PoW (Proof of Work) This is highly energy-consuming not worth to do it at all. Introducing minting! PoS from BCC to the rescue! All you have to do is hold on to your dear coin, and watch it reproduce among themselves! It's like self-replicating machine.
What you need to do..
First download the wallet, keep in mind you have to wait quite a long time to synchronize with blockchain.
https://bitconnectcoin.co/download
2nd. Use this small column in bitconnect.co page to send funds to your newly downloaded wallet.
3rd. Enjoy watching your token minting! They are going to multiply up to 120% by the end of year!
This chart shows you how much you're going to earn by certain period!
Why are they doing this?
AS the total supply in present market is 7+ million, with a total supply of 28 million, there's still 21 million left of BCC tokens. In order to push those remaining tokens into circulating supply, minting is introduced so that more liquidity is introduced to the market. Thus pumping up the price.
- Remember you need to stake at least 15 days in order for it to start staking!
Incidentally, had talked with my wife's nephew at a family gathering on Sunday. Among other things, he's also mining cryptos. Especially Ethereum, of which he mined from since it was $3. I believe his rigs are at a shoplot in Puchong, Malaysia.
I'm somewhat interested to mine. And my youngest son had been trying to persuade me to plonk down the capital for GPUs etc. He's working with a computer servicing company and knows a bit about hardware. But I have to put up 100% of the set-up cost. Hmm... I think I'll continue to trade cryptos instead.
The nephew also runs this blog at http://coin.my It's because of him that I started to seriously do some research on cryptos since 2 months ago. He had asked me to write for that blog. But I told him I need to study about cryptos first. Now I know more about cryptos... but I don't have much time to write :) Especially since there's a lot of work at my day job.
Wow ETH since $3.. Crazy! :D
Talk soon!
My wife and I were surprised he has yet to sell any ETH. Only accumulating since then from the coins obtained through the mining pool he joined. He didn't say how many coins he has - too modest and coy for that, even with his aunt. The guy has holding power since he has other projects.
Me on the other hand - I'm too poor to be a HODLer :-) I'd cash in whenever some coin goes up by a certain percentage.
Yeah I prefer trading too now. I'm going to learn about the technical analysis more..
That's crazy. Really humble of him to not show off how many coins he has. HODLing is the best :P
Talk soon.
He - plus his siblings and parents - are the classy type of rich people. Not the crass low class type that goes around showing off. And I'm not saying that just because he's my wife's nephew. I guess it's a also matter of upbringing, plus of what "a person is".
Actually trading is more profitable if you done it right. Even with small capital can bring high gains. Just look at the statistic and chart of BTC. If you bought a lot BTC around July 16 which is around 1900$, If you sell it now even if it's crashing, there's still a 2x gain!! Comparatively to mining, you're given with less BTC over time.. Mining will be profitable if you're able to purchase big hashrate from the start. For me, I only have small capital :(
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By the way, this is another good post from you. With the diagrams and explanations, this post is very useful to those who don't know much about mining. At the very least they will realise it's not easy. There are a few factors to consider before one puts up the capital for a mining rig or two.
It's actually minting. Not mining. It's different though. But thanks for the compliment. Do stay tune for more! :)