The OP talked about spending 6k on rigs... what in the world is that? So what he bought... its to sprout the beancash faster or something? What's wrong with buying a cheap laptop or using an old laptop for this? Im confused the difference here?
He uses the rigs for mining other coins (like eth, xmr, etc.) and sells them for buying more beancash. You can use your old laptop to sprouting (staking)
Im bit confused with this. So those rigs are to mine other coins... when you say mine... you mean create more coins or something? Because i thought there is only a max supply of each coin but all those coins are not out yet? So ppl could mine them and get coins by mining?
Why would he sell those coins to buy more beancash? Is it because he can make a lot more money with sprouting beancash?
Do you know if one could you use a chromebook to sprout? So basically if you have a separate computer you don't use... you could just let it turn on 24/7 and sprout your beancash and basically make money this way right? Thus 100000 beancash you have... turn on computer 24/7... you make about 2500 beancash a month so 30000 beancash a year? So say you buy beancash at 0.001. You buy like 1 million of of them so $1000 cost. Now you sprout them all year. You earn about 300000 beancash so now 1.3 million beancash in your wallet? Now assuming beancash price stays at the 0.001 price... then you profited 300000 x 0.001 = $300 on your $1000 investment?
So basically if you buy beancash and sprout it... unless the price drops... you can make money this way? But a while back i got beancash at 0.01. The price dropped over 90% already. So basically that situation you lose money since even had i sprout it... well i lose because of the price drop right?
So what other coins besides beancash can you do this where the price is sort of stable? Because if its stable, well that mean you can earn passive income then right?
The rigs were mining XMR, you don't need a mining rig to sprout (stake) Beans.
Yes, I sell mined coins for more Beans because I earn more sprouting, its like compounding interest. I'm trying to maximize satoshi generation.
Does a chromebook run windows? if so, then yes you can sprout on it.
Something like that... at last tally I was making 80$ a week on sprouts but I haven't recalculated in a while. so ceteris paribus I'd make ~4000 a year.
The price drop confounds the gains in sprouts.... BUT... I took ALL of my initial investment out already. Which means I am all in profit so as long as I am generating satoshis I don't have to care so much about the price. Investing is not guaranteed.
This is the most passive thing... I refresh a few stale blocks every-once-in-a-while, make sure it's running and it keeps sprouting all over the place. As far as stability the market is moving... but you should check out Alpha Cryptos Proof of Stake experiment on youtube. Beans were a steady champion.