Advice to newbies who wants to mine coins for start

traderethereum

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Quote from: VDraci on February 06, 2020, 04:21:45 AM

Here is my own advice and experience for all miners on here, many CPU minable coins are rubbish projects, they are build for pump and dump purposes, when I entered this space I was so obsessed with CPU mining and I mined over 25 different type of coins from turtle coin to havven protocol, mostly cryptonote algorithms and many are dead or abandoned today, mine only popular coins and forget new coins or regrets later

If you decide to mine the coin with CPU, you need to find the potential coins that can get a pump in the next bull run. But I don't think that it will easily to find the coins since right now, many coins are looks like having the potential to increase but we don't know which one that can increase later. You can continue to mining every coin with your CPU, but you should have a big hashrate to earn nice rewards. Without having a big hashrate, you won't get a nice reward, and you should think about the electricity fee that you should pay unless you have free electricity or cheap electricity fee.

It doesn't matter if the CPU mineable coins are rubbish projects because as long as you can get the profit from the coins, you can mining that coins without thinking anything. But once again, it is difficult to find the potential coins which can increase in the next bull run. Good luck to you Wink

shinratensei_

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Quote from: VDraci on February 06, 2020, 04:21:45 AM

Here is my own advice and experience for all miners on here, many CPU minable coins are rubbish projects, they are build for pump and dump purposes, when I entered this space I was so obsessed with CPU mining and I mined over 25 different type of coins from turtle coin to havven protocol, mostly cryptonote algorithms and many are dead or abandoned today, mine only popular coins and forget new coins or regrets later

That means based on your experience and the CPU miners must move to the GPU miners. We have known that if CPU mining is not a good way as the majority of profitable altcoin for miners have been designed for GPU mining. It's not worth mine the popular coin with CPU and that's why some people may still bet on it.
I appreciate what you have been writing and it's a good awareness for people to think a twice before they wanna try to waste all of their time to mine crap crypto coins.
The liquidity and demand have become the main problem of why they are crap coins.
The popular coins are still holding the domination and the people much more convenient to mine good crypto coins right now. I hope people think a twice before they wanna burn their CPU.

pakhitheboss

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Quote from: VDraci on February 06, 2020, 04:21:45 AM

Here is my own advice and experience for all miners on here, many CPU minable coins are rubbish projects, they are build for pump and dump purposes, when I entered this space I was so obsessed with CPU mining and I mined over 25 different type of coins from turtle coin to havven protocol, mostly cryptonote algorithms and many are dead or abandoned today, mine only popular coins and forget new coins or regrets later

I was in the impression that mining popular coin was no more profitable. Is it still working in favours of miners? These popular coin has Leo started taking tax to mine them. I still doubt mining will be profitable now.

meanwords

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Quote from: TanakabZX on February 06, 2020, 09:25:42 AM

Quote from: Hamukione on February 06, 2020, 08:31:45 AM

I believe 2 kinds of mining exist.

1. Normal "guaranteed" income mining where you just mine a big coin where you pretty much know how much you will make at all times.

2. Investment mining, where you mine either a freshly launched coin or one that is still very new and wait for the value to go up.
If you were lucky to be one of the first miners on a new coin and got a small bag of coins, then after a few weeks, the value could go up.

But like I said, its an investment and the risk is high.

The investing mining you mentioned is ( Cloud Mining) which is the most dangerous mining idea in crypto space, you have no control of any thing and the team behind the cloud mining website are the ones to send out your rewards every day, many Cloud mining services already exit scam and most of them have no real mining farms

What are you talking about? Did you even read the whole message or just read the first 2 words? He didn't mention anything that is connected to cloud mining, he said that investing mining is like a lottery mining where you mine a new coin and pray that you get lucky to get someone to pump it.

This just shows that you are not paying attention or even reading anything and just in fact cares only about posting some random stuff

To be honest, I don't recommend any mining at all especially for those newbies. It's not profitable and it takes a lot of maintenance to do wherein stakes or dividends, just invest and wait.

fortunecrypto

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Quote from: VDraci on February 06, 2020, 04:21:45 AM

Here is my own advice and experience for all miners on here, many CPU minable coins are rubbish projects, they are build for pump and dump purposes, when I entered this space I was so obsessed with CPU mining and I mined over 25 different type of coins from turtle coin to havven protocol, mostly cryptonote algorithms and many are dead or abandoned today, mine only popular coins and forget new coins or regrets later

There ares still a lot of new CPU minable coins, they combined the algo with staking and master nodes one of this is Adastcoin but I was attracted to that coin because ofthe so called master nodes but after seeing the very huge supply and the dev's premine I just left their channel, no potential on that kind of coin.

Zemomtum

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Mining is like trades nowadays. Some people invested heavily in IEO and the less popular now, "ICO" but at the end of the day counted losses. Same applied for mining of new coin, the project might be abandoned or not enough validators to form a consensus, so the risk is getting huge and will become worsting in the future if this is not checkmated on time.

TemTum

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Mining is such a waste of resources and is such an effective method of securing a network

It is terrible in this age we are still mining at all - and shows any coins still using mining algorithms to be a scam

Look at tokens such as TemTum which do not require PoW or PoS to be secure - much better not only for the environment but also for the security model too as this does not require thousands of miners needlessly computing pointless calculations

leowonderful

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A lot of GPU and ASIC mineable coins are also not very viable, depending on whether you're trying to mine for profit right now or if you're trying to mine and then hold what you mine.

For anyone entering mining, realize that if you want to make profits through mining, you'll need to spend money. Your current computer simply won't make you very much in non-investment mining, and even if you do invest in hardware specifically for mining, there's people with likely much lower electrical costs you're also competing with. There's a ton of factors that can make mining profitable or not for you, and it's not possible for me to fully describe all of these in one post, but you'll be able to find more information in the Altcoin Mining section.

livingfree

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There is a strategy that you will mine unknown coins and it's like a gamble to the miner. Hoping that one day it will become huge and somebody or some group will pump it later. They will mine those kind of coins and when the difficulty increases or until you had enough with it, you will stop.

And hold the coin until it gains value, now, it becomes your investment and the capital that you have is the electricity that you have used on it.

Ken_terrance

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Quote from: Vishnu.Reang on February 06, 2020, 10:24:49 AM

Quote from: VDraci on February 06, 2020, 04:21:45 AM

Here is my own advice and experience for all miners on here, many CPU minable coins are rubbish projects, they are build for pump and dump purposes, when I entered this space I was so obsessed with CPU mining and I mined over 25 different type of coins from turtle coin to havven protocol, mostly cryptonote algorithms and many are dead or abandoned today, mine only popular coins and forget new coins or regrets later

Do you really think that you can mine popular PoW coins with just a CPU? CPU mining is obsolete since 2013. You can try it, but in the end you may get $0.000001 worth of coins and your laptop will get burnt. Just think for two seconds whether you want to take this risk. Want to try mining? Just purchase a second hand mining rig. It is not going to cost much.

Please find time and do better research on CPU minable coins, many of them are available, some are even minable with CPU only, there are few algorithms that only allow CPUs, Moreover the latest Monero hardfork get rid of Asic miners and now CPU has better hashrates than GPU mining Monero, either old CPU or New CPU

btcdie

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There is no one who suggests to mine coins with a CPU or smartphone (for smartphones it may be currently being developed for mining), but from that it is still a higher risk. currently mining is very popular (staking), you do not need a special computer with the specifications of the god, you just buy a few coins and keys in the wallet, even the current exchange serves staking mining. to mine bitcoin at this time only the industry/company that gets the maximum results, if you only have 6 GPUs it's better to mine alt and hold for some time or if the price reaches the expected target.

Vishnu.Reang

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Quote from: VDraci on February 06, 2020, 04:21:45 AM

Here is my own advice and experience for all miners on here, many CPU minable coins are rubbish projects, they are build for pump and dump purposes, when I entered this space I was so obsessed with CPU mining and I mined over 25 different type of coins from turtle coin to havven protocol, mostly cryptonote algorithms and many are dead or abandoned today, mine only popular coins and forget new coins or regrets later

Do you really think that you can mine popular PoW coins with just a CPU? CPU mining is obsolete since 2013. You can try it, but in the end you may get $0.000001 worth of coins and your laptop will get burnt. Just think for two seconds whether you want to take this risk. Want to try mining? Just purchase a second hand mining rig. It is not going to cost much.

Hamukione

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Quote from: TanakabZX on February 06, 2020, 09:25:42 AM

Quote from: Hamukione on February 06, 2020, 08:31:45 AM

I believe 2 kinds of mining exist.

1. Normal "guaranteed" income mining where you just mine a big coin where you pretty much know how much you will make at all times.

2. Investment mining, where you mine either a freshly launched coin or one that is still very new and wait for the value to go up.
If you were lucky to be one of the first miners on a new coin and got a small bag of coins, then after a few weeks, the value could go up.

But like I said, its an investment and the risk is high.

The investing mining you mentioned is ( Cloud Mining) which is the most dangerous mining idea in crypto space, you have no control of any thing and the team behind the cloud mining website are the ones to send out your rewards every day, many Cloud mining services already exit scam and most of them have no real mining farms

Im not talking about cloud mining at all.

And that is, as you say, pretty much a scam.

What I mean by "Investment Mining" is to mine new coins from launch without knowing how much they will be worth, and if you will profit from it or not.

Nothing other than that is what I meant.

ALWAYS stay away from cloud mining services.

joseyphil82

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The mistake that most new crypto miners do is going for new projects to mine because of low hashrate, they think its all about quantities and later they realized that those coins are nonsense projects, if you have CPU rigs its better to direct them to high rates coins like Loki, XMR, Havven etc

TanakabZX

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Quote from: Hamukione on February 06, 2020, 08:31:45 AM

I believe 2 kinds of mining exist.

1. Normal "guaranteed" income mining where you just mine a big coin where you pretty much know how much you will make at all times.

2. Investment mining, where you mine either a freshly launched coin or one that is still very new and wait for the value to go up.
If you were lucky to be one of the first miners on a new coin and got a small bag of coins, then after a few weeks, the value could go up.

But like I said, its an investment and the risk is high.

The investing mining you mentioned is ( Cloud Mining) which is the most dangerous mining idea in crypto space, you have no control of any thing and the team behind the cloud mining website are the ones to send out your rewards every day, many Cloud mining services already exit scam and most of them have no real mining farms

Hamukione

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I believe 2 kinds of mining exist.

1. Normal "guaranteed" income mining where you just mine a big coin where you pretty much know how much you will make at all times.

2. Investment mining, where you mine either a freshly launched coin or one that is still very new and wait for the value to go up.
If you were lucky to be one of the first miners on a new coin and got a small bag of coins, then after a few weeks, the value could go up.

But like I said, its an investment and the risk is high.

VDraci

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Here is my own advice and experience for all miners on here, many CPU minable coins are rubbish projects, they are build for pump and dump purposes, when I entered this space I was so obsessed with CPU mining and I mined over 25 different type of coins from turtle coin to havven protocol, mostly cryptonote algorithms and many are dead or abandoned today, mine only popular coins and forget new coins or regrets later

Topic: Advice to newbies who wants to mine coins for start (Read 206 times)