Cryptocurrency Mining For Dummies 2019

by birtanpublished on October 2, 2020

Cryptocurrency mining is it still profitable is it better to just hold the cryptocurrency and watch the value increase with the startup costs what are these servers that connect to a weird network that you have no idea what's going on well in this video I'm going to talk about all of that I'm gonna give you detailed explanations I have six plus years of experience guys keep watching this is cryptocurrency mining for dummies what's going on everybody Alex back with another cryptocurrency video and today we're going to be talking about mining I've had like nine people I feels actually

Like 13 people leave comments in my last videos asking me to do a mining video so this is for you guys and everybody else that wants to learn about cryptocurrency mining in my previous videos I talked about how it works and how it's one of my favorite investments and I'm gonna break it down for you today okay and towards the end of this video I'm gonna give you guys 100% free a business idea that I am going to execute in the next couple of months you could replicate it for yourself but you know everybody knows cryptocurrency mining you know it takes a little while to make

Your money this one's gonna make your money and money back immediately you can even double triple up even quadruple your money and I'm gonna talk about it towards the end this video I'm not going to just give out the goodies and the beginning of the video okay this is for people that are serious okay so keep watching if you haven't already subscribed to my channel do me a favor hit that subscribe button as well as a push notification bell I talk about everything entrepreneurial internet entrepreneurship marketing cryptocurrency self-help I even talked a

Little bit about mineral supplements and you know the health in your life right because that all has to do with each other to be a successful human being and whatever your definition of success is so do me a favor again hit that subscribe button as well as the push notification bell so you can get the videos first let's jump right into it now I love this website because it's called a sick miner value Before we jump into this look there's two ways you can go a cryptocurrency okay first way is you can go with a sick miners now a sick miners are dedicated

Servers made for the sole purpose of mining a specific algorithm currency algorithm I'm gonna talk about that but first let me explain GPU miners GPU monitors this is how I originally got into okay I started mining a theory I'm at a three to $7 a massive huge amount of it that's how I originally came up in cryptocurrency mining aetherium now back in the day you know you couldn't mine with a CPU if you don't know what a cpu is basically the heart of your computer that's the best way to explain it runs all the processes and then the GPU runs

The video okay it just happens to be that running video is way more it's a lot harder depending on what you're doing so people will take you know like six graphics cards put them together and mine cryptocurrency okay now the reason why in this video I'm gonna be talking primarily about ASIC miners not GPU miners is because I believe now a lot of people are gonna say on the contrary but you know I believe that we're transitioning out of GPU miners just like back in the day you know you could mine what your CPU you can't do that no more it's just way too hard too many

People trying to mine so the difficulty increased like crazy so I believe you know right now you still could Milo GPUs but if you're thinking in five year ten year terms you know I think it's kind of transitioning out you can unless they make like a super powerful graphics card I don't know but I like ASIC – there's a lot easier to use the benefits to GPUs miners by the way though and if you guys want me to make a video on that I will that's how I started mining right I started with GPU miners I built these computers I built you know just like this identical I had like six graphics

Card I have four in my room I put them together the benefits to this is that you combined a variety of algorithms okay so cryptocurrency is based on an algorithm and you can mine different you know you combine aetherium you come on Bitcoin you come on and see a coin all these different coins you combine so if one coin goes to right it goes bad at least you can switch or GPUs to another coin okay but the reason why I like ASIC miners and this website is called a certain minor value it tells you the value of how much you can make a day per miner the reason why I like them

Is because that one there plug in play so you don't have to build a computer you don't have to have any technical knowledge I'll have to do is plug it in and you kind of figure it out for yourself – they're a little bit more powerful because they're dedicated to one algorithm and they're just dedicated servers guys they're not gaming computers they're dedicated servers so they're a little bit more profitable for how much energy spend and three in my opinion like I said we're transitioning out right we're transitioning to a sick

Miners they kind of dominate the market right now the majority of people are buying a sick miners and if I was to buy a miner right now that's what I'm going for okay so that's all we're gonna talk about Eastmont so a sick miner profitability as you can see some of these are making a hundred and forty three dollars a day sounds great right but red flag right now if you curve right here it tells you first wave of ASIC miners for this algorithm be careful the profit will be heavily impacted and directly proportional to

The number of devices produced what does this mean well when an ASIC miner batch so let's say you know I'm bit Maine which is a manufacturer of ASIC miners in America and I manufacture all these new miners and I sell them to the market next month okay when that happens it increases the difficulty of the mining okay so if you look here this is for Bitcoin the Bitcoin algorithm you can see the difficulty is increasing okay now there's two things to take in consideration when you want to make money on in mining right one the difficulty right how hard is it at the

Time you're doing it now you can see right here you know it's going up but then people stop mining it and then I started going up again so right here people you know you could have mined it made a lot of money right and to the value of the coin because that would dictate if you know you're gonna make money right because look you're gonna be spending money on electricity so you can't just mine for free okay once you buy the miner yeah it's an up for a cost let's say for example this is just random numbers let's say you're spending $50 a day on electricity but you're

Making 90 dollars a day in mining that's a $40 profit that's how it works but if the value of the coin goes down and you're only making $50 a day then you're kind of breaking even you're getting you know Bitcoin of you're not you're not making any money you're there's no point of mining might as well just buy the Bitcoin you understand what I'm saying so and it's the same way with the difficulty if the coin the value of the coin increases and the difficult to increases it's going to stay the same profile and say you're making you know that forty bucks a day

And the value of the coin is increasing and so is the difficulty then you're still making that forty bucks a day now a lot of people have told me out at twelve mining you know it has to do a crypto I don't like crypto because of the volatility of it and I don't really trust in cities you know real random coins virtual coins but you want to think about this right because this is a cash flow opportunity just like if somebody's paying you rent for real estate this is Cal called cash flow why because you could immediately cash out your coins to u.s. dollars okay on a

Daily basis so if you're making 40 bucks a day you can cash that 40 bucks out and it doesn't have to deal with the volatility of the network you guys know I'm different you know I love my cryptocurrency so I'm not gonna cash out but you could so when you're thinking of cryptocurrency miners yes it's at the heat you know it's at the the you know it runs on the crypto currency algorithm and crypto currency still have to work for you to make money but you're not subject to volatility if you don't want to be okay understand that you are subject to the

Profitability of the vault of volatility but not the actual value of the coins hard to explain that's a mouthful but hopefully you understand that now those are two things you have to take into consideration so when you're looking at this you're seeing 143 dollars well this is the first batch of miners for this algorithm right here called right here cockatoo okay so cockatoo that algorithm hasn't had a batch of ASIC miners hit the market yet so it could have you know dramatically increase the difficulty making this profitability per day a lot

Less all right hopefully you understand that so as you can see here there's a lot of different opportunities the one I want to click let's just say bit Maine right the s17 okay this is a very popular miner by the way so it's making approximately $5 a day that's because you know bitcoin is it hasn't been doing too well okay so I think bitcoins are like 8300 let's just check it really quick so bitcoins at 8,100 so it hasn't been doing too well but that's whether you know you're only making five dollars a day so again like

I said it's subject to the value of the coin but people are still mining for some reason well I know why because bitcoins and a blow up in the future but I didn't say that it's not financial advice okay but as you can see here you could buy the miner for three thousand three hundred and three hundred and thirty nine dollars so I'm gonna explain something about these third-party services because this is a store this is not actual bit main tours ennas feel like I told you there's a little hack that you can do that can make you your money back immediately if not way more

And you can still mine and I'm gonna talk about exactly what I'm what I'm gonna do it's actually something I'm gonna execute myself so you got the power consumption you've got the efficiency you got the hash rate and you got the algorithm now the algorithm they all change let me just jump back to that really quickly you have a lot of different types algorithm one for you know II theory I'm one for Bitcoin right and the only coins you can mine are the same coins that use the same algorithm as Bitcoin which I think litecoin uses the same algorithms

See a coin I believe 100% sure don't quote me on that but I'm pretty sure they do you got – algorithm right here x11 is – right and the what I suggest is you guys look into what algorithms are the most solid right so in my opinion – is great obviously bitcoins a solid algorithm you know proven algorithms these random coins that come out be careful of them I mean you could make money don't get me wrong just be careful because you don't know what can happen in the future so when I'm picking an ASIC miner like I said it you can't go – you only could choose one

Algorithm some have like dual capabilities but you can only choose one algorithm be careful with that and choose a solid algorithm that you know is gonna be profitable forever which in my case I would I would only really look at – aetherium and Bitcoin that's really it for me that's what I'm going with okay so I know pick that solid algorithm now is jump two bit main to see how we're gonna make money is it still profitable today well right now it's making four dollars and forty one cents a day you come down here and you got the kilowatt hours okay so

The kilowatt hour is important because this is how much you spend in an electricity and you have to factor that in to be a profitable business personally I like to put point 14 I'll explain that right now I got a bill right here okay this is not my bill I am in Florida but this is not my bill so don't hit up at them start messing with them okay you need your own bill because they're all very ok and the way to do this calculation is right here right here first thousand kilowatt hours the price is going to be point zero three eight okay over the after the thousand

It increases that's where people get it wrong because they come over here and they see 0.38 they put that in but they don't see that increases and and this is from personal experience I'm only speaking on experience they have different levels of power consumption so the first you know whatever the first bracket was a certain price but then it got exponentially more expensive the more power you use so you have to take that in consideration before you buy your minor right and right here the non field till you go to add these up so the first thousand you add these two and

Then the second thousand after that you add these two in some places will have like three or four categories so just make sure you're doing in calculations correctly okay so that's how much you pay which we can come over here and put point fourteen now if you want to just be safe put like point fifteen or point sixteen if you don't want to do the math or whatever I highly suggest everyone do the math but if you want just throw it in there just go ahead and throw it in there but this is what I would do for mine so if you press apply so now it's really only two dollars and

74 cents you guys see what I'm saying right you have to know what your your electricity costs are okay you have to know that because if you don't it's probably not gonna be profitable for you okay there's a lot of ways you know you could lose money in this so before you spend thousands of dollars make sure you know what you're doing okay so I wouldn't probably buy this miner I would probably buy something different right let's go look at some other options basic minor value let's go look at something that's probably a little bit more profitable boom let's see this one

Okay okay it's a graphics card it's a different algorithm I want something on a solid algorithm that's gonna make us money I guess this is okay ETH see this one okay so this one's making us 417 a day got the four and that's with the point 14 kilowatt hours so this is a little bit more profitable now like I said when new miners drop and a lot of these haven't even dropped yet they're just giving you the future projections they the difficulty increases so you have to anticipate that right okay so let me let me click that again so we come over here

And you got the 417 I like to take off like 30% so to anticipate that difficulty this is this is a random number that I thought of but let's just take off you know 30 percent let's just say we're making only two dollars and 50 cents a day okay for shits and giggles okay so this is two thousand eight hundred and seventy five dollars let's pull out the calculator two eight seven five divided by two dollars they say $2.75 okay so you're gonna get your money back in three years understand that three years but the thing about these miners

Are that it's a long term play okay personally I would hold the cryptocurrency and wait for the value to increase so you're not really making two dollars and 50 Cent's you're making it for the mean time but when you amassed a certain amount of crypto and it goes up that two dollars and fifty cents turns to ten dollars and then it becomes super profitable that's what happened to me I was only making like 10 bucks a day but then when the value of e theorem increased that term books quickly turned into a hundred two hundred three hundred dollars you know

A day and I made a lot of money now there's there's other coins you can like look at right some are you like I believe there was an X 11 but maybe that one lost his profitability maybe – just recently went down I tried to make this video like three times my laptop was messing up and I had it yesterday but that one was making like $10 a day I guess it doesn't have it right now but you know these miners are profitable you just got to think of it in long-term perspectives you can't think of it on a you know even six month basis you have to think about it in five-year basis

These usually lasts four to eight years right so an over the long term it's gonna make you a lot of money okay depending on the time of the market – so all these things you want to take in consideration okay now there is another thing I told I said to some other videos you guys can set up you know it's hard but you can set up solar panels and it's expensive I mean to run a miner like this solar panels can cost you upwards of $15,000 $10,000 to get like two or three miners another thing to take in consideration you know your wiring in your house if

You don't have a 220 volt wiring in your house you're gonna need to install it with an electrician I've done the math on mine I don't have one in my garage okay I did the math and they're gonna try to be 500 dollars to put four in so if you're thinking about making a mining operation pay for all the wiring in one sitting don't have this guy come and put one and then put another because gonna be way more expensive have them install as many as you possibly can so your breaker box – wherever you want to put it now where should you put the miners in your house

You need to put it in a place that has good air flow alright because these are computers they will break down if they overheat okay and it also has to be a place that's not in your living situation okay that was my problem had these miners I have GPU miners that didn't need the 220 volt that was just in the regular you know wall outlet right 220 volts are like you're a dishwasher you're a refrigerator you know power tools washer and dryer that uses 220 volt I was just using the regular one I think

It's the 120 volt into the wall and I could have put in my computer room and what it did is they heated up the house now it was really good during you know winter we didn't have to use any heat or anything but during the summer the bill wrapped up like four times as high literally so you have to put it in a place where you don't mind it getting hot and being a little bit loud like a garage or something like that with a good airflow okay so that's something that's very important like don't underestimate what I just told you you're gonna be pissed off when your

House is super hot and you can't stop running it because you'll lose money okay I went through it so make sure you put that thing in a garage and then during winter you can crack it out and put it in your living room if you want but just make sure it's in a place where you can take the heat and take the noise okay so those things you have to take in consideration okay so now I'm going to talk about that's that secret business plan and I was telling you guys this is profitable if you buy these by themselves you will make money but they got these third

Party services man these third party services are taking advantage of us I just clicked the random one by the way but you have all these third-party let me just click a more popular one bit mate so you got these third party services that are buying from the manufacturer and selling it to you for a premium okay let me show you for example the one I wanted to talk about the strong you the strong you minor not this one this one right here for some reason it's not showing up in the profitability yesterday it was but let's just search it real quick a search strong you yeah

For some reason the profitability just jumped down I believe it's because either the difficulty or the – coin went down in value let's see let's you what – is that right now – is a I went up a little bit I guess I guess the difficulty I guess they're starting to release some see what I'm saying guys yesterday it was making you know $7 $8 a day now it's only making like two or three dollars so you have to take all of this stuff into consideration before you buy a minor I would have I would have definitely did that before I purchases for sure so as you can see here this is

A pre-order this is not even this is not even get it in a week this is you know get it in November okay get it in November okay and charging you 1785 that's 1,800 bucks but if you want to manufacture website you see these things for you know almost twelve twelve hundred bucks so that's a six hundred dollar difference six hundred dollar difference how well you got about twenty five sets of them guys you gotta buy twenty five of them to get this price okay so you can go on the website purchase twenty-five of them you're gonna get them for really really

Really cheap okay and what I would do and this is what I am gonna do in the future and maybe some of you guys want to buy some miners off of me but what I'm gonna do is I'm gonna sell them I'm gonna go on eBay and I'm a sell like half of them if not more than half of them make my money back and I could sell them for a double the price you can see here this is a pre-order and they're selling them for six hundred dollars more expensive imagine if I physically had them in my possession and I could ship it to you in two days if I could do that you know I've already done price

Comparisons there's people charging three times the amount so I could probably sell this thing for three to four thousand dollars per minor you know sell a quarter or half of these of the twenty five sets make my money back and then I would have just basically had free miners free – or I could sell them all and triple or quadruple my money these these things are better than Jordans they sell out quicker than Jordans easily Jordan's make people money this makes people rich straight-up Jordans will make you a couple hundred bucks this will make you thousands and

Thousands of dollars these things are selling out like hotcakes and if you can get your hands on them if you have enough money to buy twenty five sets be my guest please do that and let me know shoot me a comment below shoot me an email we can go half and half fun or whatever if you got some money let me know we can go have fun out I'll handle everything for you got six plus years of experience just letting you guys know if you're watching this video right now but other than that and one more thing you guys taking consideration okay taxes import taxes there's a trade war

With Donald Trump and China I'm pretty sure everybody knows about it and to import something like this they will tax you twenty to forty percent okay it's still profitable though that means you got to add you know three hundred bucks on this it's still profitable you can double triple your money still but that's something you want to taking consideration before you order these I've heard of cases where people get them imported and they don't get that tax but I'm not gonna take that chance I'm gonna import it you know into my my

Statistics and my numbers crunch my numbers in that way like I am getting taxed so I can know for a fact that it's a profitable business so it is mining profitable you know I believe I answered that pretty well it all depends right it all depends on what you're looking at all depends on the cryptocurrency market all depends on how much you're spending for electricity do you have solar panels for that free energy if you do well guess what you just made a free money printing machine you know a money tree you literally got a free money tree okay that's my goals

In the future I'm gonna be bulb purchasing this and trying to get some solar panels installed in the house that I purchase that's my goals I don't know about your goals but that's it for this video guys if you like to quality this video do me a favor hit like if you don't leave some constructive criticism I'm giving you guys all the good like please tell someone tell somebody about this I had to figure it out myself I'm giving it to you for free okay six plus years of experience tell somebody that wants to make money yo this guy on YouTube gave us his business idea and

Not asking for nothing I'm not I'm just asking you guys to share my video run up the likes run up the comments you know any button you can press on YouTube just just smash that okay and like I always say if you don't get with it you will get left behind catch you guys in the next video

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