Electronic Money Supervisory Commission

Mark Henry’s opinion

Mark Henry’s opinion

Mark Henry also has to say about cryptocurrency dated July 17.

TBH! Crypto-currency are a risky proposition.

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Mining crypto-currency especially with a GPU is OK since you can use the hardware for other purpose as well. Like CAD, for gaming, general use etc. Resale on GPU is pretty good too. Mining on ASIC is more beneficial, esp if you have studied the profit/loss calculation properly. But ASIC are riskier investment and require more investment and have low resale since they cant do anything but mining.

There are too many large scale miner today, who have lions share of the market and own it. These miners are ultimate owner of the crypto-currency and control it. You need a lot computational power which costs a lot of money to join that gang. For small time miners with low investments which are also a very important part of the decentralized crypto-currencies. Chances for making a huge profit cut like early day 2011–12 of crypto is difficult. But you can still make decent profit. Slowly and steadily one can become the king of crypto!

First of all be practical crypto isn’t going to make a small time miner millionaire period.

1.Self Mining ( with you own system): Best way out there still and always will be

Still the best way out there buy your own equipment, learn to mine and mine.

Since crypto-currency is volatile and fast market most miners make mistake of buying mining equipment at a very high cost during peak time, like now a days gpu’s are 2 – 1.5x of their original price. I have seen ppl taking huge loans for making big mining rigs. I am sure they will regret it like something later on. These guys have to sell even for low price to pay loan emi’s. They are not controlling the cyrpto but crypto is controlling them.

Best way is to Mine, hold and sell on peak to earn better. Even though crypto is a fast market making small and wise investments is the key.

If you mine today it will actually take time to see profit come and it will take time to get ROI on you equipment but if one gather enough patience and hold. A decent return is sure to come.

So, the rules are same as old time stock market be slow, steady and careful.

Other alternative:

2. Direcly investing in crypto-currencies (trading):

Buying crypto-currencies (the best ones like bitcoin, ethereum etc.) on cheap during market crash is a very good idea if you are really don’t like mining. As of now profit in trading is quite good and at times trading gives more profit than mining.

Rule is: Buy cheap, sell on high. But you need decent capital for starting this. I think 1 Lacs rupee of investment will be good enough.

can be upto 5–20x times of the intial investment hence this has turned out to be even better than mining recently.

3. Cloud Mining: (Best way to be bankrupt)

Many companies have started cloud mining and have referral programs. Now what is cloud mining? Since mining requires a lot of hardware, cloud mining is actually taking hardware power i.e hashing power on rent and mining via it.

Genesis Mining, Nice hash are the biggest name in cloud mining. GB Miners of India are also a big group in this field.

Cloud Mining firm will tell you oh dont mine yourself its so costly you need to own your own hardware, net, electricity, setup the mining yourself. Lets us do that for you. You just pay us the rental. Also they will ask you to bring your friend as referral and give you profit for that too. Wow! sound like the best deal ever.

Tbh I have a good experience in cloud mining and its the best way to be bankrupt. I had invested 500$ on a good site and in return I got 300 $. I again invested the 300$ it became 200$ and after few such transactions I was left with 50$.

  1. Why cloud mining sucks is simple:

    An average 30 mh/s contract is 852 $ / year. A gtx 1070 gives 30mh/s and it used to cost 35K earlier, now its 42K INR (600$) even at increased price . You can mine with that card for 2 years and sell it for 15–16K. Card comes with 3 years warranty and is reissued if its damaged. You can use the card for CAD, gaming etc. The genesis plan was for ethereum only but with the card you can mine zcash, eth classic, VertCoin are whatever you like or is more profitable. Buying the original hardware even at inflated prices makes buying cloud mining contract look like a joke.

  2. Some ppl say electricity cost is an issue with direct mining, after tweaking my gtx 1070 gives 30 mh/s at 120 watts only!!!. Also mining just needs an internet connection it doesnt needs to be fast. You can mine 1000 GPU on internet from a single JIO SIM!!

  3. Rental cost take majority of your profit. In-fact rentals are sometime planned so smartly that you will pay more for rental than what you earn. If you look at any cypto-profit chart you see profitability declining with time. Most cloud mining plan give you plan on current rate w/o taking in account of difficulty increase and decreased coin generation later on. Means for ex. if you need make 1 bitcoin for X TH/s of hashing power, 1 year later you will make 0.7 bitcoin for same X Th/s of computational power. See the chart below:

  4. Crypto was made on idea of decentralization and exclusion of middlemen: Cloud mining brings the middlemen back into picture. The referral money, the cost to original hardware owner, transaction charges all are thing which levy a middlemen fee. Cloud mining brings more middlemen to crypto than anything else.