Bitcoin, Litecoin Mining: 5 Steps To Building A Future In Digital Currency

bitcoinlitecoindogecoin18 Jan 2014 – International Business Times – It seems like a scene out of a late night infomercial. A man steps out of a fancy car, or off of a big expensive yacht, and starts his sales speech. “Make thousands, tens of thousands, or hundreds of thousands of dollars all from the comfort of your own home. How?! By mining for bitcoin!” Dropping into everyone’s lexicon late last year, bitcoin boomed in 2013, going from $13 to $900 on a roller coaster of a ride. Other cryptocurrencies called alt coins, like litecoin and peercoin, gained exposure through bitcoin’s fame. Mining these coins can provide a significant income to anyone willing to spend the time and money. Here are five steps to take to start a cryptocurrency mining career.

Choosing a Type of Coin

With over 90 different cryptocurrencies on the market, alt coin miners have a plethora of options to choose from. And just like stocks, there are blue chip coins and penny share coins. Blue chip cryptocurrencies like bitcoin and litecoin are considered safer coins to mine, offering more reliable payouts, as investors are actively looking to buy these digital coins. However, the hash rate, or the processing time and power it takes to mine a bitcoin, is much higher than on some of the penny-stock currencies.

Pink sheet alt coins, like the meme-based dogecoin or the darknet-intended anoncoin, give miners better net-gain potential. For example, dogecoin is valued at $0.00004 per coin, or four hundredths of a cent. If that coin rockets up to a whopping whole cent per coin, people stand to make a lot of money; a $100 investment could potentially become $2,500. While alternate currencies are not a guaranteed investment, with the right coin, a properly done return on investment (ROI) report, and time they can be a great way to earn money….. Read more

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