Heard of mining ethereum? I’ve found an interesting video on crypto currency mining. This fella claims to be making $100 a day mining ethereum.
An extra $100 per day is not too shabby for most right. Think of what you could do with this extra bit of dough! You could buy a new car, upgrade the decorating in your home, go on a family holiday, donate to charity or just reinvest it. However you choose to spend it, it is worth knowing how you could possibly make this sort of money.
Franklin Hatchett is the man making this money and his method is explained as follows. Now I am a complete newbie when it comes to mining cryptocurrency so I will not go in to too much detail regarding what crypto is. Check out investopedia for description of mining.
Franklin uses a gaming pc to mine for crypto, a mining calculator and his graphics cards…
Investopedia describe mining as painstakingly slow and costly, and only sporadically rewarding.
The costs for Franklin are the setup of his mining rig and it’s $10,000. He claims to be able to make that back in 4 months. At worst he says he can sell the rig or the cards if needed. All this is based on the price of the ethereum he is mining. If it drops he may be looking at a longer time to breakeven. There are also the costs on your electric bill to consider.
Long term investment. Franklin looks to hold onto his mining rig for a long period of time, therefore this was a slow burner investment for him. Im true Warren Buffett fashion he is looking to profit from his investment for many years to come.
Risk’s involved for mining ethereum. The obvious risk is that the price of ethereum drops. Also another major factor to consider is that ethereum mining will be obsolete eventually 2022 – 2023. Plus mining difficulty will increase as more people jump on the bandwagon trying to profit from bitcoin mining.
What do you think, is it worth a shot? It certainly seems to be making Franklin money for now…