Crypto currency is sweeping the world at the moment, and South Africa is turning out to be no exception. A growing number of South Africans are wondering whether they can profit off Crypto currency. Estimates from IC3X predict that nearly 300,000 people are investing in crypto currency in the country currently. Many people are asking one question. Can we profit from mining and trading bitcoins and the like in South Africa?
Potential of Crypto Currency in South Africa
The early adopters in South Africa invested in Bitcoin quite considerably, and Ethereum is surprisingly a very close second. Bitcoins are traded by most South Africans, while Ethereum, being a comparatively newer currency, is mined more often.
Some research has been done into the profitability of Bitcoins in South Africa. A dedicated mining rig can cost up to R31,322 in the country. If the machine runs 24/7, the monthly costs would come up to R1,238. Since Ethereum is the cryptocurrency of choice if you wish to mine at the moment, this would leave us with an estimated revenue of R4105, corresponding to the Hash Rate of the assumed Set-up. This will leave us a nice profit, and a break into profit within one year of investment
However, this is not the only way to profit off crypto currency. A volatile currency, trading can be an excellent option to accumulate large profits. You must invest to accumulate bitcoin, and invest at a time when the currency is low. In 2017, the value of Ethereum has risen 7,400%, while the value of Bitcoin has risen 1,365%, albeit from a much higher starting point.
This means that just like any other investor, if you invest at the right time, and when the market is low, then you can end up with an extremely handsome profit. And this shows that mining as well, can be a very profitable endeavor as the estimated R1,238 could be worth up to 74 times that in one year, if the rates continue to rise as they did in 2018.
If you have the money to invest in Crypto currency, it is one of the soundest investments you can make. With the cost of electricity cheaper in South Africa than many other countries, it also means that mining is a lot more profitable in the country, than in many other Western Countries. Even with a cheap setup, you should be able to make around 0.00015 bitcoins every day, or an equivalent of R4105 a month.
It might be a bit of a pain to setup, but once you get the operation going, Bitcoin mining is the future that you must invest in.