State Of Crypto Mining

Welcome back to the Tribe! In this post we are going to review the state of crypto mining across the market.

Nothing should be considered investment or financial advice. Enjoy the ride!

State Of Crypto Mining

For those that have been hiding under a rock, there is a lot to uncover in the crypto world.

In the past few months, the entire crypto mining community has been turned upside down. Mainly due to the change China made in trying to all out ban crypto once again. For those that did not know, China had a huge mining community for most coins across the market, but mainly for Bitcoin.

Due to the ban, there was an opening for countries around the world to step up and take on that dip in mining power. Ironically, this stretched all the way to Texas in the U.S. as miners moved around the world to set up facilities once more at legislatively favorable countries.

Even with the ban and migration of companies, Bitcoin has still reached a new all time high in hashing power difficulty near the end of 2021.

Clearly, China can not stop the trend of Bitcoin’s uprising.

Although, since Bitcoin is booming at people leaping at the changes – what are people turning to mine?

What Are People Mining

Over the past 2 years, Ethereum has been to go to coin to mine! Besides Bitcoin that is. While BTC is always the safest bet across the market for investors, its massive changes in difficulty make consistent profitability a problem. Therefore, Ethereum has been the next best thing.

The tricky thing is that Ethereum has been in an on-going push to move over to their 2.0 code. What that really will eventually do is shift the Ethereum blockchain from using mining for consensus to staking.

Due to this, investors are hesitant about buying hardware equipment to setup full Ethereum mining operations since they will only be useful for a certain period of time.

So, then what are people looking to mine?

Well for most of 2021, people turned to a surprising answer. That answer was a top 100 asset called Decred!

Surprisingly, this top 100 asset produced the most from mining out of almost any coin on the market for most of the year. Although, it has recently dropped to nearly half its average price for the year. In addition, there has been a huge influx of investors moving toward it with the changes in China increasing it’s mining difficulty further cutting its profitability.

Due to this, there is a new hot asset on the market that people are talking about.

A small cap coin has come out of no where to take the attention of miners all around the globe. That coin is a little know project called HyperCash.

Although, this project has a small market cap, is extremely volatile, and is really only good to sell on one exchange –

Clearly, profitable coins will continue to rise and fall over the coming years as the market shifts.

Crypto Mining Equipment

The trick though is not finding a profitable coin to mine, but finding somewhere that you can purchase the hardware to mine the coin you want!

As you can imagine, a good miner for most of these coins that will bring you a positive ROI in around 6 months time costs around $10,000. Although, with all the surge in people trying to get into the market it is extremely difficult to find a supplier.

This got increasingly harder as China put up borders since most people were purchasing these miners directly from China.

If you want to get into mining, we suggest waiting a bit until the market dips. Once that happens, you should be able to pick up some hardware for cheaper when people try to sell them off with the dipping digital asset prices.

State Of Crypto Mining Post

Thanks for reading our post on the state of crypto mining! We hope this helps people understand the changing market. In addition, make the right choices when trying to setup a mining operation.