1.Is Ethereum mining profitable?
Mining operations consist of multiple factors such as space, cooling, hardware, electricity, tax, and maintenance. People can start mining with their home computers and later expand to a larger scale. The beauty of mining is that it can be highly profitable if it is done well. Profitable miners usually hold onto their reward (coins) for months or even years as the value generally goes up over time, which yields more profit return.
2. Is it too late to start mining Ethereum?
The blockchain technology is still fairly new, but it is developing at a rapid pace. Computers that are mining are the backbone of the network. It’s not too late to start, however one should research and develop a business strategy that will lead to a profitable operation.
3. Using finance for expanding mining facilities.
Setting up a mining facility is not easy, and this phase of mining cryptocurrency is where one will spend the most time. Once it has been setup, expanding the operation is considerably less challenging. Once the operation is running smoothly, it will be a great option to begin expanding the mining facility through financing when the opportunity arises.
4. Reinvesting mined Ethereum to altcoins.
Reinvesting mined Ethereum into other altcoin is another investment option. Miners who believe that the altcoin market will be more profitable in the long run will often hold their assets in other altcoins of their choice rather than selling their mined Ethereum.
5. Using tokens as collateral to receive more finance
A new market is emerging — the coin market cap was at approximately $20 billion at the start of this year and as of today, the market cap is at $150 billion. Through ETHLend, users can request for loans using coins as collateral. It is a similar concept as using one’s car or real property as collateral to finance a loan from the bank.
6. Making a financial plan
Having a solid financial plan is key to a successful business expansion. With ETHLend’s DAPP, lenders can participate in a free market with competitive interest rates. In addition, borrowers and lenders can negotiate the duration of a loan period. In a scenario in which the borrower cannot repay the loan, the collateral will be sent to the lender. Through the usage of ETHlend’s DAPP, people will have the opportunity to participate in free market lending in a way that empowers the people, as there are no banks or credit unions involved who controls the interest rate, duration of the loan, and unnecessary fees.