XMR mining! There are many reasons why people start mining cryptocurrencies. After all, it can be a great way to subsidize the purchase of a new GPU. If you’ve just purchased a new computer system with powerful hardware, XMR mining might be a good place to start. Monero is built on the CryptoNote algorithm, using less electricity than Ethereum, Ethereum Classic, and UBQ coins as well as Equihash coins. This will result in lower temperatures so if heat output is a concern this is a great option. XMR mining isn’t very intensive on your GPU, so you can ensure better longevity by mining XMR.
Monero has one of the lowest costs of entry for mining. The gap in performance between GPUs and CPUs is miniscule with XMR. Be that as it may, with the current market environment it’ll be pretty hard to make a good profit without spending heaps of money on your mining rig.
If you’re not sure about which cryptocurrency is best for you, we have a blog post on Mining the Top 10 cryptocurrencies explaining how mining works for several different coins. Monero is a promising coin. At this point, even if the markets are low, mining any cryptocurrency will go toward building your portfolio. The coins you’ve mined may not be worth much now, but in the future? Huge potential.
Monero and all other cryptocurrencies are completely legal in South Africa. However, they are subject to income tax. Despite this, SARS does not define the word ‘currency’ in cryptocurrency in the Income Tax Act. As a result, it is important to understand that cryptocurrencies themselves are not taxable.
Cryptocurrencies are neither official South African tender nor widely used and accepted in South Africa as a medium of payment or exchange. As such, cryptocurrencies are not regarded by SARS as a currency for income tax purposes or Capital Gains Tax (CGT). Instead, cryptocurrencies are regarded by SARS as assets of an intangible nature.
— CryptoBasic (@CryptoBasicPod) October 23, 2018
Bulletproofs is a highly anticipated technology; built to make privacy features on the blockchain more scalable. Invented by Jonathan Bootle and Benedict Bunz, bulletproofs promises to dramatically reduce the weight that comes with confidential transactions. Monero is the first cryptocurrency on the market to deploy this technology. For the past year, implementing bulletproofs technology has been a priority for Monero.
Now is a great time to begin mining or even trading Monero. Just a week after the bulletproofs update released; Monero transaction fees dropped by a whopping 97% going from $0.62 to $0.02. There have been predicitons that these low fees could potentially open the door for additional uses for XMR. This bulletproofs upgrade definitely makes the notion of micropayments more palatable again.
I think you can safely say a typical [transaction] fee goes down by more than 95 percent – ‘Moneromoo’ Monero Core developer
This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.