Despite the May Sell-off, 87 Percent of People Plan to Increase Their Crypto Investments

The May sell-off of cryptocurrencies that wiped out more than 30 percent of the total market capitalization did not scare buyers. A survey conducted by cryptocurrency broker Voyager Digital at the end of May showed that out of 3,671 respondents, 87 percent stated they plan to increase their crypto investments over the next quarter.

But buying is not the only way investors are entering the crypto world. 18-year-old Dason Thomas opted for mining, a process that allows participants to earn cryptocurrencies by verifying transactions on the blockchain.

Thomas is not a cryptocurrency expert. He said he became interested in mining after seeing people showcase their mining farms on TikTok. He thought it would be a way to start building his wealth.

– I’m just a normal kid, I just graduated high school. I’m 18 years old and somehow I realized I need money for what I really want to do in the world – Thomas told Insider.

Mining altcoins has become his hobby, and he is not alone. The global market for cryptocurrency mining hardware (ASIC hardware and GPU) is expected to grow by $2.80 billion at a compound annual growth rate of over 7 percent from 2020 to 2024, according to Technavio, a global market research firm. 

Nicole DeCicco, founder of CryptoConsultz and a former Ethereum miner also started mining in her garage in 2016. She helps others enter the crypto space, including providing advice on mining. She says that the profitability of crypto mining depends on various factors, all of which are variable.

– Cryptocurrencies are very volatile, and crypto mining even more so. Generally speaking, more blockchain miners are facing increased competition – DeCicco stated to Insider.

– So, while mining any cryptocurrency might initially be profitable, daily payouts can vary dramatically and typically decrease over time. Given that, we have seen dramatic growth in the cryptocurrency sector so that a decrease in daily earnings in terms of tokens does not necessarily correlate with reduced profits – she added.

How Thomas Started

Thomas, who shares content with nearly 420,000 followers on TikTok under the username investwithdason, began by researching, watching YouTube videos, and joining Discord groups related to crypto mining.

His initial experience was not easy. Thomas initially said he was scammed after paying for mining hardware online that he never received.

Since then, he only buys his machines from accredited manufacturers or platforms like eBay that offer a money-back guarantee in case there are issues with the product.

Today, he owns three types of models including 12 Antminer l3+, which mines encrypted algorithms and the type of cryptocurrency used in hashing various altcoins, including dogecoin and litecoin.

In addition, he also owns a mini dogecoin mining machine that he purchased for $699 according to a receipt shown to Insider, as well as four KD boxes that mine kadena tokens.

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