Welcome to CryptoTough — a landing place for enthusiasts of cryptocurrency mining, cryptocurrency trading and investing in cryptocurrency.
I set up this website to document my journey as well as share my experience in the world of cryptos with others who are also interested in this decentralized transaction system.
Years ago, I remember seeing articles about this new digital currency called Bitcoin. At that time, I really didn’t think much of it. I was into technology and toyed with the idea of building a mining rig, but I never got around to it.
I also remember seeing Bitcoin at $200 and wished that I had gotten involved. Fast forward to 2017 — that’s when I finally realized that cryptocurrencies were here to stay, and that I had better join this revolution.
I happen to see a video on YouTube about cryptocurrency mining and it sparked that memory of about five years ago when I had thought about building a mining rig. I watched a few other videos and learned that I could now mine more than just Bitcoin — other cryptos like Zcash, Ethereum, Monero and many other altcoins were available for.
That’s when I decided to build not just one, but two mining rigs.
I built my first cryptocurrency mining rig in June, 2017. It was soon followed by another mining rig with about the same mining rig equipment. Here are the specs for the hardware:
Fortunately, I have been trading the stock market since 1997. This experience helps me with cryptocurrency trading as the charts are the same.
Trading is all about buying and selling — supply and demand is dictated by greed and fear. I choose to do my charting with very little indicators. I basically use the 20 DMA, 50 DMA and 200 DMA, volume, support and resistance levels as well as a few chart patterns that I’ve learned through the years.
I will focus on swing trading more than anything. I’ve found that it’s much easier to pick trends and stick with them. Attempting to get in and out of fast markets is feasible, but I will not focus on that.
Investing In Cryptocurrency
Precious metals such as gold and silver are scarce and hold value. To extract gold from the ground, it takes specialized mining equipment and many man-hours.
Cryptocurrency mining is similar as a mining rig uses specialized equipment and electricity to help form the transactions that are created on individual block chains of different cryptocurrencies. This “Proof of Work” is required to receive cryptocurrency.
Only a limited number of cryptos are mined for each individual coin Like gold, this also creates scarcity and means that you and I can invest in this asset. Whether it’s Bitcoin, Ccash, Monero Litecoin or Dash, all of these forms of digital currency holds value