Mining Cryptocurrencies in 2020

Mining Bitcoins

The time when everyone could mine Bitcoin from their home has long since past. For the serious investor this still leaves the option of mining in a pool of miners or opting for a contract with a virtual mining company.

 

Pool mining can work and does work for many miners around the world. If you take into account your electricity costs and constantly having to update your software/hardware it can be challenging to make a good profit. Taking everything into consideration and having researched many options I have come to the conclusion that trading on exchanges is much more profitable.

Mining on Your Phone

However if you feel the urge to just mine any cryptocurrency there are a few options. Even free options on your smart phone. My personal favorite is PI * which has recently moved to stage 2 of 3. The option to mine nodes (confirming transactions for rewards) from your computer will be available very shortly. At stage 3 later this year all mining will stop and with approx 4 million miners already there will be a lot of interest from city investors. At stage 3 PI * will be tradable on exchanges.

 PI cryptocurrency banner ad

 

You can still by PI * from miners who promise to transfer it to you at stage 3. Currently it is Pre trading at around $0.0035. The popularity is certainly on the increase (see chart below) and when the mining cap is reached it is possible the price will rise as this cryptocurrency is already well known with miners.

It is also worth mentioning that recently PI * started using opt in ads on their app. This helps the project pay for their operating costs. This has been well received by the 4 million members/miners. Nearly all the miners can all see the potential for this very interesting cryptocurrency project. I have also noticed an increase in marketing and advertising.

This is not a scam and was created by Stanford University faculty members including the Head of Technology. PI is not the only mobile mining option though and is getting a run for their money by Electroneum.

Electroneum logo and name at their offices.

 

Electroneum is a British run company which allows users to mine from their phone in a very similar way to PI. You can even exchange the Electroneum for goods and services. There is even a micro tasks aspect now.

I started mining Electroneum two years ago but stopped after a month when I found it impossible to login to my wallet and the speed was very slow. I am sure they have sorted those problems out by now. Electroneum is already trading on exchanges and currently selling for around $0.0084.

 

Cloud Mining

From all the research I have done in the last 2 1/2 years there does not seem to be any profit in cloud mining. Some established companies will show you just how much you can make from your investment. In reality because of many mining and expense factors it is very hard to get beyond the break even point.

My advice would be to only consider cloud mining if you have some spare money that you can afford to loose. The profits will be so small if they actually come that you may regret your choice.

 

* Please note that if you join PI using one of the links above then adding picturebox1 during registration will increase your earnings. In fact every member who joins your network both increases your earning speed and credibility within the project.
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Ivan Golden

Ivan Golden | Owner/Founder of THX News, Goldiers, LoversBee & SublimeBTC. 54 y/o British entrepreneur since 1991. Former tennis player, bookseller & fine art dealer.