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What You Should Know Before Joining The Cryptocurrency Revolution
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What You Should Know Before Joining The Cryptocurrency Revolution

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In theory, mining is a simple preposition. You just sit back and watch your profits grow in the electronic wallet. However, the reality is quite different, and many pitfalls await you in this realm.

Mining mania is attracting more people who wish to be a part of a new financial revolution..

Even the laymen know that two main expenses in mining are the cost of hardware and electricity bills. However, in the supply and demand world, this is not a problem. Now, anyone can lease a part of the processing capacity of a remote server to mine different cryptocurrencies on the Internet. Some examples of these servers are hashflare, ghash and many others.

One advantage of this approach is that all main activities are someone else's responsibility. Previously, one had to mine themselves. Now, they (in theory) just sit back and watch the money grow in an electronic wallet. Why only in theory? First, the project’s profitability is reduced due to the rent and commission payments that are sometimes hidden. Second, the lease cost is in hard currency, while the profits are in cryptocurrency.. Lastly, cloud mining can be a scammers’ heaven. As in other cases with the high-profit investments, don’t forget about the risks of cloud mining. Be careful, creative, and attentive to detail. 

On the other hand, these innovative money making approaches are worth another look and an innovative approach. Why shouldn’t one create special chipsets for electric kettles, fridges, washers and dryers, so the home appliances could mine as well?

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Published on
October 24, 2017