Topic: A lesson learnt (Read 261 times)
Mining new coins and winning big is all about luck and secondly most new coins has windows wallet at the beginning so even if you mined many and they get listed you have to sync the block chain to send the coins out from your wallet, this can be a pain in the ass because of data
a guy i knew mined a new privacy coin because its mining difficulty was so low and after a month the coin get listed and its trading at 0.45 per coin while he already mined 8000 pieces, he was so luck and no one saw this coming, I myself was shocked because I stop mining due to too many crappy projects
He should just consider himself very lucky, this chance he has and grabbed happens once in a blue moon or never, its better to mine popular strong well known coins because you won't be at any lose either you decide to sell off or hold for long term 
a guy i knew mined a new privacy coin because its mining difficulty was so low and after a month the coin get listed and its trading at 0.45 per coin while he already mined 8000 pieces, he was so luck and no one saw this coming, I myself was shocked because I stop mining due to too many crappy projects
I wasted a year mining useless coins before I later finally understand how important is 'Real Use case' in crypto world. I spent a year mining cryptonight coins because I have many CPU and free electricity but all energy was wasted. I mined coins like
1. Dynasty coin
2. Crep coin
3. edollar
4. Hadron
5. Stellite etc
Now they are just completely useless projects, if I have just stay focus on mining Monero I would have had up to 3-5 Monero by now, but I was running after quantities instead of quality projects, newbies, do learn from my mistake to avoid wasting your time.
1. Dynasty coin
2. Crep coin
3. edollar
4. Hadron
5. Stellite etc
Now they are just completely useless projects, if I have just stay focus on mining Monero I would have had up to 3-5 Monero by now, but I was running after quantities instead of quality projects, newbies, do learn from my mistake to avoid wasting your time.
I got a similar experience to you. I got many coins from mining and even held them hoping that they will pump later on. But that never happened and their price right now is near worthless. Some even were abandoned by their developers. But I think these happen not only in mining but in other crypto activities. Some coins I invested in ICO before are worthless nowadays.
And I think its same thing that's happening with new IEO projects now, this is why I recommend people to go for old projects instead of new projects, while holding new coins in your wallet they will become useless just in time, old projects have proven their worth and they are here to stay
So far, I didn't even go with the new projects due to seeing the different failed projects. It's riskier to invest your money in the new project than in the old one and honestly speaking I haven't seen any successful project today and if ever there is I hope they have more advancement and they have more useful use-cases. The old project just like what you see in the Coinmarketcap is the evidence that they totally worth it to invest and no matter what happens Bitcoin will still on rank 1. To the OP, maybe it's better to use money in the wise investment than still doing the mining and if you intend to continue it make sure you will mine the good coins. I wasted a year mining useless coins before I later finally understand how important is 'Real Use case' in crypto world. I spent a year mining cryptonight coins because I have many CPU and free electricity but all energy was wasted. I mined coins like
1. Dynasty coin
2. Crep coin
3. edollar
4. Hadron
5. Stellite etc
Now they are just completely useless projects, if I have just stay focus on mining Monero I would have had up to 3-5 Monero by now, but I was running after quantities instead of quality projects, newbies, do learn from my mistake to avoid wasting your time.
1. Dynasty coin
2. Crep coin
3. edollar
4. Hadron
5. Stellite etc
Now they are just completely useless projects, if I have just stay focus on mining Monero I would have had up to 3-5 Monero by now, but I was running after quantities instead of quality projects, newbies, do learn from my mistake to avoid wasting your time.
New miners should read your testimonials or this thread so they will avoid what you have gone through, and it will savethem time and money Monero is the only coin worth mining among Cryptonight, there's another option to mine and that is IDENA you can mine it even in a laptop and it will not heat up.
You can still find new coins to mine, just don't plan on keeping them, once they landed in your wallet transfer them to the exchange they are listed on and sell, I did same thing with Draft back in 2018 and I'm glad I sold instantly because price dropped alot
The good news is once the reward drops below 0.3 XMR per minute the 0.3 XMR unlimited reward kicks in and you can mine at this rate forever, so not much lost after all. Its not like you will miss out or anything as no new coin reward halving like Bitcoin.
Experiencing the main factors in determining your destiny, learning from a failure is indeed very valuable, rather than whining indistinctly. don't expect you to get more coins, but one day it becomes worthless. if you have free electricity, I think choosing a coin that is more stable is better, as you mentioned namely (XMR) this privacy coin is proven with high utility / liquidity. if you want to try to mine a new coin you should do a fundamental analysis of the project. ~just a suggestion
Never heard of the coins you listed. Some persons made huge profits from mining coins at their early stage especially privacy coins until most of the coins went into price hibernation, don't know when they are going to resurrect. If developers keep up with their price the coins may show some good sign again. What is really the need of too many altcoins fulfilling the same purpose!
The decision to depend on new altcoins for longterm is stupidity, there will be advantages and disadvantages holding them so why not buy or mine popular coins like Ethereum to hold and mix few new altcoins that have high seats on exchanges like tezos or magic?
The decision to hold any coin in this space apart from the top coin on CMC is difficult. I am familiar with all the coin he mentioned but where are they, am fortunate not to hold any but what about those I was holding. Most of our ethereum wallets are full of useless coin. If you had been on this space this long your decision from now with choice of coin should be smarter. With the market condition while altcoin still thriving traders can still have good number of bitcoin by the end of the year.
The same thing happened to me, I rushed to a computer center I bought 4 desktops for mining and few GPUs too, I used both CPU and GPU on few altcoins like marketcash and cryply now marketcash swapped to new algorithm and the team said they aren't going to swap old tokens to new tokens, lost like 25000 pieces of the coins and cryply just stop working, its crazy in crypto space
Thank you for sharing your experience. Indeed, mining is also an important science. Sometimes mining some junk cryptocurrencies is worse than mining some well-known currencies, which will protect your own capital. Sometimes it makes money. You can use the remaining computing power to mine some altcoins. This is also luck. Sometimes these altcoins will surprise you. These all require you to check whether the cryptocurrency will succeed. Need your observation.
The mistake OP made is keeping those coins after mining them, hoping it will grow bigger in future and they all died later on, if you are mining a new altcoin make sure they are trading and when you start mining start selling as well 
Free electricity? is it renewable energy or someone is paying for that? I think you have thought of what if someday those coins you were mining before will be on hype and it would be a great profit for you.
But sadly, things didn't go accordingly to what you have planned.
But sadly, things didn't go accordingly to what you have planned.
Obviously even I had a very bad experience in mining where me and my friend wasted nearly $3000, it was a horrible experience we bought cords etc, etc... Unfortunately due to bad market we didn't even afford to pay the electricity bill. Then we removed everything parts by parts and sold everything, after investing nearly 3000$ we manage to get nearly 250$ in return to he honest this was the worst experience to me in crypto. So be careful while mining coins, select a right coin I did few research and also see that monero is really good for mining.
I wasted a year mining useless coins before I later finally understand how important is 'Real Use case' in crypto world. I spent a year mining cryptonight coins because I have many CPU and free electricity but all energy was wasted. I mined coins like
1. Dynasty coin
2. Crep coin
3. edollar
4. Hadron
5. Stellite etc
Now they are just completely useless projects, if I have just stay focus on mining Monero I would have had up to 3-5 Monero by now, but I was running after quantities instead of quality projects, newbies, do learn from my mistake to avoid wasting your time.
1. Dynasty coin
2. Crep coin
3. edollar
4. Hadron
5. Stellite etc
Now they are just completely useless projects, if I have just stay focus on mining Monero I would have had up to 3-5 Monero by now, but I was running after quantities instead of quality projects, newbies, do learn from my mistake to avoid wasting your time.
First sorry for wasting your time, at the same time you are lucky too, to have access to free electricity. Seriously had it been you were paying for electricity I don't think you would make such mistakes, like how can one continue mining without seeing profit or seeing a positive effect?? In addition, most of these new projects are not worth mining because you will only end up wasting your time and resources. For an advice or personal opinion, it's better to stick to the likes of Monero as it offers better results than all these coins flying around. Lastly like you said, quality matters, so stick with that mindset and don't be carried away.
Thank you for sharing your experience. Indeed, mining is also an important science. Sometimes mining some junk cryptocurrencies is worse than mining some well-known currencies, which will protect your own capital. Sometimes it makes money. You can use the remaining computing power to mine some altcoins. This is also luck. Sometimes these altcoins will surprise you. These all require you to check whether the cryptocurrency will succeed. Need your observation.
I wasted a year mining useless coins before I later finally understand how important is 'Real Use case' in crypto world. I spent a year mining cryptonight coins because I have many CPU and free electricity but all energy was wasted. I mined coins like
1. Dynasty coin
2. Crep coin
3. edollar
4. Hadron
5. Stellite etc
Now they are just completely useless projects, if I have just stay focus on mining Monero I would have had up to 3-5 Monero by now, but I was running after quantities instead of quality projects, newbies, do learn from my mistake to avoid wasting your time.
1. Dynasty coin
2. Crep coin
3. edollar
4. Hadron
5. Stellite etc
Now they are just completely useless projects, if I have just stay focus on mining Monero I would have had up to 3-5 Monero by now, but I was running after quantities instead of quality projects, newbies, do learn from my mistake to avoid wasting your time.
Agreed. People need to also spend more time on quality/standard rather than on rewards alone. This will help reduce the rise of scam projects.
I think scam projects are able to thrive due to lack of community accepted blockchain-friendly standard. Such standard will be used as guide by inexperienced users when going through projects.
And I think its same thing that's happening with new IEO projects now, this is why I recommend people to go for old projects instead of new projects, while holding new coins in your wallet they will become useless just in time, old projects have proven their worth and they are here to stay
I wasted a year mining useless coins before I later finally understand how important is 'Real Use case' in crypto world. I spent a year mining cryptonight coins because I have many CPU and free electricity but all energy was wasted. I mined coins like
1. Dynasty coin
2. Crep coin
3. edollar
4. Hadron
5. Stellite etc
Now they are just completely useless projects, if I have just stay focus on mining Monero I would have had up to 3-5 Monero by now, but I was running after quantities instead of quality projects, newbies, do learn from my mistake to avoid wasting your time.
1. Dynasty coin
2. Crep coin
3. edollar
4. Hadron
5. Stellite etc
Now they are just completely useless projects, if I have just stay focus on mining Monero I would have had up to 3-5 Monero by now, but I was running after quantities instead of quality projects, newbies, do learn from my mistake to avoid wasting your time.
People are attracted at the potential until they found out to late that these are useless coins, Monero is always a good coin to mine it has proven it's worth overtime and it's not to late to mine it good coins are never to late to mine so direct all your machine ans electricity on this coin.
I wasted a year mining useless coins before I later finally understand how important is 'Real Use case' in crypto world. I spent a year mining cryptonight coins because I have many CPU and free electricity but all energy was wasted. I mined coins like
1. Dynasty coin
2. Crep coin
3. edollar
4. Hadron
5. Stellite etc
Now they are just completely useless projects, if I have just stay focus on mining Monero I would have had up to 3-5 Monero by now, but I was running after quantities instead of quality projects, newbies, do learn from my mistake to avoid wasting your time.
1. Dynasty coin
2. Crep coin
3. edollar
4. Hadron
5. Stellite etc
Now they are just completely useless projects, if I have just stay focus on mining Monero I would have had up to 3-5 Monero by now, but I was running after quantities instead of quality projects, newbies, do learn from my mistake to avoid wasting your time.
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