Am I making money mining crypto?
I get asked this a lot lately. The answer is a resounding YES! Most people get into mining with the wrong mindset these days. Mining is a lot like investing. You should approach it, not with thoughts of immediate profits but instead think of future profits. Long term gains are usually the best gains. So now comes the question of how do I make money mining. The answer is really pretty simple, the application of it though does require some work and effort.
What to look for
When trying to figure out what to mine you should look at a number of things. The things I look at first are the Github account. I look for recent and consistent commits. Next, I look at the roadmap and see what the coin wants to achieve and cross-reference it with their GitHub to see if they are making progress on it. I will next join the discord and or telegram and check out the community. What I am looking for with the coins community are excitement and participation. A strong community can keep a coin alive and volume going. Lastly, I try talking with the Devs of the coin. I ask about future plans, money for listing on exchanges, and commitment to the project. The last thing is very important. If a dev is not fully invested in the project there is a chance they may get bored and move on. There are other things to look for but these are the basics.
What to do once you found something
Now that you have found a coin that fits your criteria what can you do as a community member to help ensure your time, effort, and money are well invested? This part is just as important as mining and investing and it seems very few people think about and or do it. One of the best rewards to a dev (beyond monetary ones) is seeing their creation being used and enjoyed by others. No one wants to build something to see it stand unused. That being said imagine creating a new coin and only getting bitched at because of current price on the exchanges (which devs really don’t have control over) or nethash or any number of constant bitches they receive. It can not only get frustrating but can make a labor of love lose its joy and drive a dev to give up. Instead of doing that why not contribute to the project by tweeting about it, telling friends and family about it, If you can code commit PRs on github, If you are unhappy about an event that has happened be a part of the solution and not part of the problem. The attitude of the community can make a huge difference in a project. One of my favorite examples is turtlecoin for this. They have become one of the most forked coins out there due to the amount of documentation and the constant development being done. So the next time you feel like posting “when moon” or “when binance” remember you are not helping nor is it funny or original. Instead, head over to twitter and retweet the official announcements. Make a youtube/bittube video about how to mine this coin. Chat in discord and help the newbies get started. Donate some of the btc you have made back into the project. Help make the project you are investing your time and money into, grow and prosper.
What are my favorite projects right now?
At any given time I am following 20 different projects closely but two of my favorite right now are the ArQmA project and the Ether-1 Project. Both have a ton of development being done and strong communities. The best advice I can give anyone out there is to Do Your Own Research!! Google can be your best friend. One of my favorite starting points is BitcoinTalk forums and Reddit.