I think the below was said by Warren Buffet, but pardon me if I’m wrong. Whoever said it though have made a good point. A point that holds in many markets, and the cryptocurrency market isn’t an exception. If you wonder why mine Bitcoin in 2019, you’re at the right place!
When everyone buys- sell, when everyone sells- buy.
The most recent Bitcoin bubble has blown
Over the last 10 years, the Bitcoin market went into a bubble and then exploded- several times.
And last time this happened around 12 months ago. Every other time, after the explosion- there was another huge Bitcoin price gain. And after it went insanely high- it exploded and crashed. Every time, because that’s how every market works- it fluctuates.
Every market fluctuates, and you want to invest on the right side of it- and that’s downside.
Believe it or not, the crypto earnings are up
Wait, wait, wait! How do you mean the mining earnings are up!?
Yes my friend- that’s exactly what I’m trying to say. The mining difficulty is down.
The mining earnings are down compared to USD, but you can now mine more because of that. Many miners went out of business due to low USD earnings, so the difficulty went down- around 15%.
Simply put- the mining earnings are up for 15%.
And another great news is that you can hold your crypto and sell it when the time is right, and that’s when another bubble comes.
The mining costs are also cheaper
I went into the business as a fool in the autumn of 2017. Paid a lot for the mining equipment, as a part of the bubble that I didn’t fully understand- yet I survived and learned cuz I’ve created multiple streams of crypto income.
In February 2018, there was no used GTX 1060 to buy, so I paid $430 for a new one. Yesterday(January 2019), I’ve sold it for 190$.
And that’s the reality.
It’s now the time to buy the bitcoin mining equipment and mine while the difficulty is lower.
It’s the near top of the next bubble when you should sell your mining equipment and crypto assets.
And it all boils down to the quote from the beginning of this text.
And the new Bitcoin bubble will come
So I’m right, and we can now mine even more cryptocurrency then before, but what if the crypto value never goes up against the USD again?
Not impossible, but highly unlikely, here’s why:
- As mentioned earlier, markets go up and down, and this isn’t the first nor the last crypto market crash. In fact, the last one was just one of the 10+ crypto crashes since 2012, and it wasn’t really the worst one.
- The real development is bringing more value to crypto every day- the wallets and mining software are getting improved and more suitable for average users.
- The governments and banks are realizing the potential of the blockchain technologies and starting to invest in research and implementation.
- The people in weak and destroyed economies are using crypto more and more- being the pioneers of modern economy where all your savings are in crypto, as who cares about Bitcoin falling couple hundred percents when your national currency has fallen 100x times more than that.
Take care and mine Bitcoin!