Anonymous
Given the volatility of the crypto market, is crypto mining still viable now?
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Travis Teo
23 Aug 2020
Head of Business Development at Tokenize Xchange
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Alson Chia
23 Aug 2020
Head of Operations & Trading at Tokenize Xchange
Given the current landscape, mining is not really profitable as you will be competing with commercial miners - those with big factories etc.
I rather you participate in staking projects - buy certain sum of crypto and stake it on the network to earn rewards. Or you can participate in those DeFi projects, kind of the hype now, some with quite insane APY. But remember to research before going in.
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Actually, the concern is not about the volatility but of the profitability. In the past, crypto mini...
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Mining is for sure unviable as a retail player. Also the cost of electricity in SG is crazy high compared to other countries like russia and china. More blockchains are moving from POW to POS DPOS etc as well so you can look into that. Staking doesnt consume electricity like POW. Some projects are like TRON and EOS