Question for Shami-Amourae [Archive]

Shami-Amourae

19th April 2021, 08:03 PM

What can you tell me about this Helium miner?

https://www.helium.com/mine

I strongly recommend you stay away from any small scale mining.
Mining is only profitable at large scales, unless you're super creative. What you linked me to is basically a scam. I mean think about it, if they could make these miners to sell you, why wouldn't they just make the miners and mine themselves at a profit?
You're better off just buying and holding Bitcoin. I'm not kidding.

Think of hobby gardening versus industrial farming.
Which is more profitable?

If you want to make money by holding crypto get into a cryptocurrency with proof-of-stake you believe will be around a long time.

I mainly do this with Polkadot and Cardano.

You can stake Cardano on Exodus wallet for free (4.21% APY right now), and stake Polkadot on Kraken exchange 12% APY (pays out and compounds every few days.)
I believe Polkadot is the smartest thing to stake right now so it's a major investment.

There's also services that let you stake/loan out stablecoins up to 8%. It works like a bank, but with a much higher interest rate. You're starting to see these services start to adopt traditional banking practices like checks and stuff, but instead of 0.01% returns like that Chase bank, you'll get a huge percent interest (staking rewards) every year.

https://www.youtube.com/watch?v=FempSxrptZ0
This is smart to do during a bear market.

The Winklevoss twins are doing a crypto bank with 7.4% interest returns.
https://www.cnbc.com/2021/02/02/bitcoin-winklevoss-twins-crypto-exchange-gemini-offers-7point4percent-interest.html