Quote:
Originally Posted by steamship
Lots of useful information, but one question I forgot to ask was partially answered by Ainars, in respect to LCC.
That question is in respect to getting your crypto currency converted to £££££. It's all well and good using these miners to accumulate various currencies, but to me as an outsider, they seem to be more focused on investment. Maybe I'm reading things wrong, but I'd like to invest in a miner to supplement my income, rather than to accumulate 'crypto wealth' that I can possibly convert further down the line.
Mark mentioned about LCC and projected earnings of £32/day, but there is also his £140/month of electricity use. That might be okay if you're in full time employment and can soak up the extra electricity use, but what if you can't soak it up and instead want to use part of your mining returns to pay for it? Hypothetically speaking, LCC could return £960/month, less £140 for electric leaving £820 potential profit in LCC. You could then have a choice of leaving it as LCC as investment, convert it all to cash, or a combination of both.
However, as Ainars mentioned, only one exchange trades it, and this is the question I forgot to ask. Just how easy/difficult is it to convert your currencies, so that you can actually use them to pay bills or buy something?
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Sorry to say this steamship, but crypto probably isn't for you. It sounds like you would be investing money that you couldn't afford to loose which is potentially dangerous.
*IF* you have a gaming PC then using it to mine a bit of crypto would be fine. Maybe bump up the risers and add a card or two.
Asics however are not cheap and the market is very volatile. I *THINK* i'll earn back my investments on ASICS, but I bought reasonably cheap. I've already said above that I wouldn't buy an S9 at $2300 atm as i'd be worried about making that back. Better to invest that in crypto as it's cheap(ish) atm but that's not really an income.
*IF* you've got a few grand and want a better return but reasonably safe, look at Property Partner. Alas not under an ISA umbrella ATM so tax to be paid, but you can get ~4-5% monthly return there and potential for sales growth too. It's not the return of crypto, but also not the risks (maybe split whatever you have between a few coins and this?)
As for converting crypto back to fiat, it's doable, but it's tricky and there are risks there too as BANKS are not that keen on it. Revolut may be a useful route but it's not there yet. Bittylicious works and there are a few exchanges. I also like the use crypto to buy something and sell that route though that's liable to give paypal credit etc. It's all a bit new and up in the air.
Sorry again to be negative, but i'd prefer someone to go into this, or not, with their eyes open than potentially get stung later.