With cryptocurrencies on the rise. Many Singaporean’s have jumped in and started making money from cryptocurrency while some lost money.
Normally people will go from mining or to buying a direct cryptocurrency to get their hands on this babies.
It’s quite obvious that many Singaporeans are dashing into mining, a small research online would show that popular mining graphics card such as the RX580 8GB is out of stock everywhere. Just go to Lazada or Qoo10 and you can see that this graphics card are either not listed or out of stock.
Even if you are able to get your hands on this graphics card, it will cause around SGD$500 to get just one of this graphics card and a full system build typically goes to thousands more and without technical knowledge for troubleshooting. You’re might end up paying more for the tech support.
At the same time, one graphics card does not yield a significant amount of ROI and to be able to at least see the earnings you would probably need more than one.
Difficulty to mine the currency has already gone sky high for currencies like BTC or Ethereum. So one might consider the amount of time needed to mine the currency and the amount of electricity used to mine the currency.
Ethereum started out in late October 2015 at the price of around USD$1 and today it’s at USD$1,600. If you were to have USD$100 and bought 100 of those coins you would have 1600 times that amount today.
Do take note that for every transaction made on cryptocurrencies there will be a transaction fee. Whether to selling the website to a trading site or direct selling. Wallet to wallet transactions are typically not free.
Is it still worth it?
The age-old question that everyone is asking since the price is already so high is it still worth mining for it. You can ask the same question is it still worth it to trade Forex currency today?
Of course, it is profitable but the risk is high.
I don’t want to risk what should I do?
So the most obvious way to do this is starting out small, of course starting small yields smaller returns. Many other traders look into other cryptocurrencies such as GRS or SC. This is cryptocurrencies that are lower in price, but please take note the change in this kind of currencies are drastic as well. If you are trading on contracts please make sure you have enough funds to risk the currency dropping to a lower price or risk losing the contract.