I am in a predicament, I know next to nothing about mining, but I have been following crypto since 2016.
What would you do, if you were in my position?
I have 2 choices, invest offshore in fiat and stocks or (what I want to do) is to purchase Ethereum miners at the current pricing I could get 13 of the A10 pro eth miner, taking into account shipping and other equipment. Also electricity will be free at the location that these devices will be set up at, I will be paying $90/Month for electricity regardless of usage.
taking into account that there is no MINERATION energy expenditure so that you can generate crypts and let them sell at high times, the value is repurchase at low times, so your business is more profitable. a little and invest in mining but the ideal is to diversify everything you can, even if you are going to mine, put your crypts in more than one portfolio
Most of us don’t have a large sum to start with so we build our portfolios/miners a bit at a time.
Never invest more than you can afford to lose and once you have that amount, DCA into some BTC or ETH. (Dollar Cost Averaging) Buy the same small amount each week/month and you will own the coins at the average price.
Build a mining rig. What type?
The ones you mention are ASIC’s (application specific IC’S). ASIC’s cost a lot and can only mine one algorithm (maybe 2 coin types). Once those coins don’t produce a profit, the ASIC’s are trash.
GPU Rigs: GPU’s can mine many algorithms ETH being the most profitable right now. Once mining ETH is less profitable the GPU’s can be used to mine other coins on other algorithms. At long last, the Video cards, and power supplies can be resold to recover your investment.
Either way, start out slowly and do more as you gain experience. Learn about panic buying and FUD. Don’t fall into traps and rug pulls by investing in ShitCoins that are unregulated. Eventually DEFI might be where we all end up, cuz FIAT is not where it is at!
