I decided to stop mining due to electricity cost it seems I need to wait again after block halving to start my miner again.
Unless if there is someone knows a coin to mine which still profitable for gtx 1070 and 1080ti I will stay mining. I cant afford to continue even holding them because it would be much better if I buy the coin instead of mining them.
Topic: Advice to new crypto miners - page 2. (Read 370 times)
At the true bottom of the bear market, even if you got cheap or free power, most of you will not bother to mine at all.
In 2019 when ETH was $100, the rx580 made about $0.20 a day in profit with 10 cents electrical it made a total of $0.00 in profit.
So even if your power was 5 cents or free, most wouldn’t bother doing this to make a dime a day per GPU. If you really believed in crypto you would just buy it directly instead of mining it.
In 2019 when ETH was $100, the rx580 made about $0.20 a day in profit with 10 cents electrical it made a total of $0.00 in profit.
So even if your power was 5 cents or free, most wouldn’t bother doing this to make a dime a day per GPU. If you really believed in crypto you would just buy it directly instead of mining it.
Even though they know we are saying the truth which we are, they always think this time is going to be different. They think bear market now will be like bull market hehe, everybody always buying crypto, demand always high, if you trolls think that then this is not the bear market, bear market has no demand, more sells than buys and for people to buy sometimes then coin prices need to crash a lot more for somebody to be interested to buy coins, so meaning bear market is buyers market and bull market is sellers market.
At the true bottom of the bear market, even if you got cheap or free power, most of you will not bother to mine at all.
In 2019 when ETH was $100, the rx580 made about $0.20 a day in profit with 10 cents electrical it made a total of $0.00 in profit.
So even if your power was 5 cents or free, most wouldn’t bother doing this to make a dime a day per GPU. If you really believed in crypto you would just buy it directly instead of mining it.
In 2019 when ETH was $100, the rx580 made about $0.20 a day in profit with 10 cents electrical it made a total of $0.00 in profit.
So even if your power was 5 cents or free, most wouldn’t bother doing this to make a dime a day per GPU. If you really believed in crypto you would just buy it directly instead of mining it.
Alright fellas 😜 here is my own point, in 2018 I mined so many turtle coin yes this is one of the shitcoins back then will many zeros in the value but last year this coin killed many zeros and I have millions I mined at loss years ago, sold in 2021 for 8000$, this was a coin I just mined at loss hehe
Okay probably you will not like to hear this but if you had taken the money that you paid to mine that shitcoin and bought it directly, and then sold at the same price then you would have more money than you have by having sold it because from november 2018 to july 2020, people paid to mine, meaning the coins they mined could not pay for the electricity itself, meaning, at loss, meaning, why bother, why waste your time and efforts for nothing? You could have bought and called a day and waited till bullmarket and then sold, mining only works on bullmarket and you have to get the perfect timing for that but pay attention, if you buy that coins before the bullmarket starts you will get many many times more money than mining the coin, meaning, mining anyway you see is much much worse than buying the coin directly, not saying mining is useless, mining is better than doing nothing, yes it gives you good returns but you are locked, buying the coin directly is millions of times better. The issue here is that bulltraps happen all the time, so waiting some good price can be tough for many people, you did and you were successful, many would have sold before you have and would not gain as much, so the timing to sell is also very important.
If you're in a country that does have a cheap electricity, you can mine as much as you want. But not every countries have cheap electricity, if you live in a country that has expensive cost of electricity but you still want to mine, there's still a way, you invest into solar energy.
I know the strategy of what OP is saying about keeping the mined coins and sustaining your bills by paying it with another source of your income. But it is not applicable to everybody.
I know the strategy of what OP is saying about keeping the mined coins and sustaining your bills by paying it with another source of your income. But it is not applicable to everybody.
Alright fellas 😜 here is my own point, in 2018 I mined so many turtle coin yes this is one of the shitcoins back then will many zeros in the value but last year this coin killed many zeros and I have millions I mined at loss years ago, sold in 2021 for 8000$, this was a coin I just mined at loss hehe
Are you new to crypto mining? Well here is a advice for you, If you can afford to cover the electricity bill and keep on mining at a loss ( in USD rate ) hodl the coin untill value goes up it will be worth it and you will recover electric cost and more but if you can't afford electricity bill switch of the rig untill there is a coin to mine that is profitible, don't go and sell your rig because mining isn't profitable anymore unless your electricity bill is very high. The best time to mine coins is when profit is down in USD value, less profitseans more quantities of coins due to less difficulty, be smart
That is a terrible advice, but you do you, if it works for you then is all good.
It's probably also a bad idea to get into crypto mining when we're expected to be in a bull run because there's a lot more uncertainty in the price and miners will price in selling peaks when they sell the miners/list them on market places (because some people will expect to be able to time the market well).
You're likely better off just switching off the miner and hoping you can affect the difficulty so you'll be able to mine more the moment it becomes profitible.
You're likely better off just switching off the miner and hoping you can affect the difficulty so you'll be able to mine more the moment it becomes profitible.
The bullmarket syndrome gets inside their brains and stay there till they see reality but when they see reality is already too late. Sheeps will never learn.
It's probably also a bad idea to get into crypto mining when we're expected to be in a bull run because there's a lot more uncertainty in the price and miners will price in selling peaks when they sell the miners/list them on market places (because some people will expect to be able to time the market well).
You're likely better off just switching off the miner and hoping you can affect the difficulty so you'll be able to mine more the moment it becomes profitible.
You're likely better off just switching off the miner and hoping you can affect the difficulty so you'll be able to mine more the moment it becomes profitible.
The best advice for beginner miners is not to mine if electricity is expensive in your country, for example more than 10 cents. If you still pay mining taxes, then this is an additional minus. It is better to buy cryptocurrencies when the price drops.
Are you new to crypto mining? Well here is a advice for you, If you can afford to cover the electricity bill and keep on mining at a loss ( in USD rate ) hodl the coin untill value goes up it will be worth it and you will recover electric cost and more but if you can't afford electricity bill switch of the rig untill there is a coin to mine that is profitible, don't go and sell your rig because mining isn't profitable anymore unless your electricity bill is very high. The best time to mine coins is when profit is down in USD value, less profitseans more quantities of coins due to less difficulty, be smart
Why not directly buy the coins you are mining using the money use for purchasing the mining rig if your strategy is just to wait the value of coin to rise while mining it on a slow phase. It will be economical and less hassle if you will just purchase tokens if you can mine a tokens in profitable way. Holding the tokens that you mine while you are consistently paying for electricity bill will just gonna make a miner completely wasted once the price go to the wrong direction.
sell your rig because mining isn't profitable anymore unless your electricity bill is very high.
What do you mean?The thing is when you live in country where the electricity bill is high and you can't afford it, you'll not earn instead loss when mining. Especially you're mining shitcoins, mostly you're speculating the coins will pump while the fact the more you mine the more coins will be able in the market (supply), if the demand aren't high obviously the price will decrease.
Are you new to crypto mining? Well here is a advice for you, If you can afford to cover the electricity bill and keep on mining at a loss ( in USD rate ) hodl the coin untill value goes up it will be worth it and you will recover electric cost and more but if you can't afford electricity bill switch of the rig untill there is a coin to mine that is profitible, don't go and sell your rig because mining isn't profitable anymore unless your electricity bill is very high. The best time to mine coins is when profit is down in USD value, less profitseans more quantities of coins due to less difficulty, be smart
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