History repeats. This bear market is just like the previous one. Bitcoin fell from ATH $1150 in 2013 to ATL $183 in 2015. What is surprising is that some people did make a fortune by mining in bear market. Many people may wonder whether mining is still profitable in 2019, they should start mining when the Bitcoin price is up or when it goes down like now. You can get some inspiration after reading throughout the passage.
LTC mining difficulty in Dec, 2014 was 52190 while in Oct, 2016 it was 51699. LTC mining difficulty hasn’t varied much over 23 month (nearly 2 years), which is regarded as the last bear market. Considering the development of mining hardware, you can mine more LTC with high hash rate mining machine in bear market. Mining LTC gives us a glimpse of the mining market, including mining Bitcoin or other cryptocurrencies. As we know, Bitcoin is the leading cryptocurrency, which is the most popular application of Blockchain. If you believe in the future of Blockchain, all you have to do is to collect as many Bitcoins as you can.
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Why is it better to mining in bear market? Reasons are as follows:
1. Mining rig manufactures may lower the price. Supply surpasses demand when the BTC price slumps. On the other hand, the miners’ profit get affected since BTC -> FIAT conversion price decreases. Only cutting the mining machine cost can shorten the days to payback. In addition, some coupons will be distributed, making it cost-efficient to buy mining rigs at bear market.
2. Another factor is mining difficulty. Enthusiasm for mining in bear market is weak. Bitcoin network hashrate increasing speed will slow down, which will extend mining difficulty adjustment period.
3. Miners can sell BTC when bull market comes at fat profit. Price of mining rigs which you bought in last bear market will rise as well.
Below is the profitability comparison between mining with Antminer S9 in bull market and the newly released Antminer S17 Pro-53T currently. Notice: Antminer S9–14T profitability is calculated based on the data on Mar 18th, 2018 while Antiminer on Apr 15th, 2019. What we need to pay attention to is that the hash rate of S17 Pro is almost 3.8 times than that of S9 but there is not much difference between the prices of these two mining machine. BTC gained per day by S17 Pro doubles that of S9. As for theoretical days to payback, S17 Pro is slightly shorter than S9.
In conclusion, mining in bear market can be promising. It’s the best time to start mining now!
For those who don’t want to buy mining rigs in bulk or host mining rigs, there is another choice — buy cloud mining contract.
What is Cloud Mining?
Cloud mining is mining cryptocurrency through purchasing mining capacity of mining hardware placed in remote area. It enables people to gain cryptocurrency without buying mining rigs, electricity etc.
Why Choose Cloud Mining Contract?
Compared to miner hosing service or purchase mining setups by customer himself, customers can greatly increase their mining revenues and in the meantime, reduce the mining risks with low-cost electricity resources and efficient mining farm management. Take ROCKMINER S15-BTC cloud mining contract as an example, your estimated daily earning is up to $10.09 if you buy 50000 GHS at $1995.
Why Cloud Mining over Buying Cryptocurrency?
1. If you choose to buy cryptocurrency at an exchange, there is much you need to do. Like sign up a exchange website, do KYC, buy stable coin with fiat first( for certain exchanges). While for cloud mining, all you need to do is sign up and click “pay” with Paypal or designated cryptocurrency.
2. It’s very difficult to become a coin holder. Extreme volatility is quite often in coin market. Most coin traders would sell or buy when price fluctuates. However it’s the common case that price goes rocket high after retailer traders sell. They can never buy their coins back. Another case is that price slumps constantly when you hold, and finally you sell, but price goes up. Retailer traders often lose money in this market.
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