Altcoins: to Mine or to Buy? That is the Question - page 9.

bonker

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Quote from: uralcryptocoin on March 23, 2019, 08:37:07 AM

Analized my experience in cryptocurrency since 2014 year I made a conclusion that PoW mining is less profitable than just buying coins ever. With several exclusions that just confirmed the rule.
So what is your experience?
Cons and pros of both methods to make money in cryptoworld?

Now I prefer holding coins, PoS mining and other methods without noisy and hot hardware

altcoins are not valuable than Bitcoin so if you want to mine them then the previous investment is really so buying it will be the right idea to get the profit if it was going successful this is my opinion.

passwordnow

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I don't mine but I'm still reaching for that goal to have my own small mining farm in my place. I'm saving to buy more GPU's soon, when I'm asking for suggestions for those miners on social media some are disappointing other asipiring miners and tells the same. What they tell, it's better to buy and hold coins than to mine it because it's more profitable as they've said too. Nothing against with that but for me, do what make you feel comfortable and considere both of it, try and test it on what's more effective.

BitcoinHunt3r

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Quote from: mattadc on May 19, 2019, 01:46:55 PM

I agree with you. Now it is more profitable to buy altcoins than mine. Because firstly, you do not need to pay for equipment and electricity, and secondly, it is much easier and growth will not matter.

And not all altcoin can be mined. Maybe if we buy, we can pick either POW or POS coin or maybe Tokens. And we can take profit any price that we want because we know what price we bought and don't need to calculate anything that needed in mining activity.

mattadc

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I agree with you. Now it is more profitable to buy altcoins than mine. Because firstly, you do not need to pay for equipment and electricity, and secondly, it is much easier and growth will not matter.

mustafayasinsenturk

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If you think that the price of coin mining will increase. I think it would make more sense to buy rather than wait long.

jackblacksparrow

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I think that you always need to adjust to the market. Now is such a moment that it is better to still buy and hold altcoins. Since the growth of the market will be 100%.

IvugeoEvolutionCoin

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Quote from: uralcryptocoin on March 23, 2019, 08:37:07 AM

Analized my experience in cryptocurrency since 2014 year I made a conclusion that PoW mining is less profitable than just buying coins ever. With several exclusions that just confirmed the rule.
So what is your experience?
Cons and pros of both methods to make money in cryptoworld?

Now I prefer holding coins, PoS mining and other methods without noisy and hot hardware

Asides the popular coins, I would prefer mining a new coin with relatively low difficulty.. A friend mines veil and as well staking too. You all need to set up the wallet, leave it open and hold the 13,000 units of the coins in your wallet to PoS mine it. Its listed on coingecko.. Check it for current rate

uralcryptocoin

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Quote from: uralcryptocoin on May 15, 2019, 12:07:49 PM

I've estimated my config. It's very probable that now I can buy this config for about 2000 $ equivalent at my countryplace.
So the same amount I will invest to cryptocurrencies. But not now. I think current situation with Bitcoin price shows that the correction will occur soon. So before buying alts or BTC I will wait about 2 weeks till the price consolidation.
Also I will think about hardware price ammortization and other maintance costs of mining process and report system of my experiment.
If anyone has suggestions feel free to discuss them

While waiting of BTX price consolidation I estimated my mining costs.
My rig is about 1-1.1 kW power from outlet. For simplify lets consider 1 kW. At 0.05 cents per kWh the rig consumes 0.05 * 24 = 1.2 USD
Also it should calculate hardware ammortization. I think in 3 years the harware will lost 75% of it's current price. Also for simplifying lets consider linear price reduction.
So it will be as follows:
2000 USD * 75% = 1500 USD then
1500 USD / (3 years = 3*365 days = 1095) ≈ 1.37 USD

Total costs for the mining will be: -1.57 USD

At current mining profitablitiy for the config of 5-5.5 USD per day the pure profit is 3.5-4 USD (not so great but also not so bad)

P.S. in nest several days I will prepare pre-analytics for both mining and holding (plots, tables, etc)

Nestade

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Quote from: uralcryptocoin on May 11, 2019, 10:54:34 AM

Quote from: 103deltafox on May 11, 2019, 08:13:27 AM

Mining comes with alot of stress like cost of electricity, cost of mining equipment. The desired profit might not be much. I prefer ro safe myself the stress and just buy the tokens at a low price and hold till when price improves

I forgot to specify my electricity cost. It's relatively low about 0.05 USD per kWh

Quote from: Nestade on May 11, 2019, 08:21:01 AM

Don't forget that your hardware doesn't lose all of its value. You can still resell it on eBay etc. as long as it's still working.
Obviously it's easier to resell your used computer hardware than reselling an ASIC-miner.
For now I'd argue that the electricity-price matters the most regarding the profitability of mining.

Few month ago I sold several of my GPUs and other GPU-rig equipment. And it was harder than it looks. The price was enough lower than I expected.
Even when I sold unpacked unused PSUs and I had to reduce my offer more than 30% of market price to find a buyer.
So I think it's another myth that mining hardware has enough residual cost especially at downtrend and flat market.

Well, I guess it also depends if it's still recent hardware when selling or if there's already something with a better price-performance ratio.
Of course you'll have to sell it for cheaper than you purchased but it's still something to take into account.
I didn't expect that you'd have to go down by 30% for an unpacked but unused PSU Shocked

$0.05/kWh is not bad indeed.

silver23

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Well altcoin it is OK to mining same like Bitcoin.
This is not about what coin will you mine but how price will you get for a month.
If you have a miner mechine that fine to mining altcoin.

uralcryptocoin

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Quote from: uralcryptocoin on May 10, 2019, 02:32:35 PM

Well, now I would like to start an experiment: What will be better from the current moment: buy a mining hardware or buy cryptocurrency.
In real I will not buy mining hardware because I already have it.
So I ask to estimate my mining farm in usd:
The config looks as follows:
GPUs: 8xGTX1070, Tri-slot Palit SJS
MoBo: Asus Prime z270a
CPU: Pentium G4400
RAM: 8Gb DDR4 Kingston
Hard Drive: SSD 120Gb Kingston
Case: myself-made 8GPU case
7 USB Risers, 18 fans 120mm Delta AFB1212ME
PSU: 1600W SuperFlower Leadex Gold

Lets imagine that I bought that hardware now at current corresponding prices.
The same amount of funds I will invest in altcoins
And after year of earlier or later it will be possible to estimate what the way is the best.
I think weekly or monthly reports will be enough

I would like to know your opinion)

I've estimated my config. It's very probable that now I can buy this config for about 2000 $ equivalent at my countryplace.
So the same amount I will invest to cryptocurrencies. But not now. I think current situation with Bitcoin price shows that the correction will occur soon. So before buying alts or BTC I will wait about 2 weeks till the price consolidation.
Also I will think about hardware price ammortization and other maintance costs of mining process and report system of my experiment.
If anyone has suggestions feel free to discuss them

bitcoin-shark

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i believe by now it is no longer convenient to mine anything but we have to buy those altcoins that somehow give dividends for their possession (neo, xpundi, mnx)...

trickyriky

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Quote from: uralcryptocoin on March 23, 2019, 08:37:07 AM

Analized my experience in cryptocurrency since 2014 year I made a conclusion that PoW mining is less profitable than just buying coins ever. With several exclusions that just confirmed the rule.
So what is your experience?
Cons and pros of both methods to make money in cryptoworld?

Now I prefer holding coins, PoS mining and other methods without noisy and hot hardware

I also think that mining does not bring as much profit as trading, and, sometimes, holding cryptocurrencies. You will spend on the hardware much more than you earn on this process.

ra_pl

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When it comes to mining it's a bit expensive in my country based on the electricity costs. They are a lot of coin which you can mine, depending on the system configuration. I perfer holding and staking my coin.

Nestade

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Quote from: uralcryptocoin on May 10, 2019, 02:32:35 PM

Well, now I would like to start an experiment: What will be better from the current moment: buy a mining hardware or buy cryptocurrency.
In real I will not buy mining hardware because I already have it.
So I ask to estimate my mining farm in usd:
The config looks as follows:
GPUs: 8xGTX1070, Tri-slot Palit SJS
MoBo: Asus Prime z270a
CPU: Pentium G4400
RAM: 8Gb DDR4 Kingston
Hard Drive: SSD 120Gb Kingston
Case: myself-made 8GPU case
7 USB Risers, 18 fans 120mm Delta AFB1212ME
PSU: 1600W SuperFlower Leadex Gold

Lets imagine that I bought that hardware now at current corresponding prices.
The same amount of funds I will invest in altcoins
And after year of earlier or later it will be possible to estimate what the way is the best.
I think weekly or monthly reports will be enough

I would like to know your opinion)

Don't forget that your hardware doesn't lose all of its value. You can still resell it on eBay etc. as long as it's still working.
Obviously it's easier to resell your used computer hardware than reselling an ASIC-miner.
For now I'd argue that the electricity-price matters the most regarding the profitability of mining.

Callanta787

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Activity: 546

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Same for me ,I built my mining rigs in 2017 and after lastbullrun its not profitable to mine so I switched to buying coins and using POS instead ,no more heats and noise

shaheer001

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I have not a good experience in mining i prefer to buy and hold coins, Mining is also good if you have cheap electricity and good machine for mining.

newgal2017

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I would say I would just buy since mining requires energy, equipment and maintenance and you would likely recover from your investment after a few months and you're immune to the price dump at that time which you can be on debt by creating or making a rig rather than buying you can instantly earn in a few minutes or days and if you're likely to lose it's not that big rather than mining wherein you still paying electricity even the market is at bear since you need to run your mining equipment.

uralcryptocoin

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Quote from: 103deltafox on May 11, 2019, 08:13:27 AM

Mining comes with alot of stress like cost of electricity, cost of mining equipment. The desired profit might not be much. I prefer ro safe myself the stress and just buy the tokens at a low price and hold till when price improves

I forgot to specify my electricity cost. It's relatively low about 0.05 USD per kWh

Quote from: Nestade on May 11, 2019, 08:21:01 AM

Don't forget that your hardware doesn't lose all of its value. You can still resell it on eBay etc. as long as it's still working.
Obviously it's easier to resell your used computer hardware than reselling an ASIC-miner.
For now I'd argue that the electricity-price matters the most regarding the profitability of mining.

Few month ago I sold several of my GPUs and other GPU-rig equipment. And it was harder than it looks. The price was enough lower than I expected.
Even when I sold unpacked unused PSUs and I had to reduce my offer more than 30% of market price to find a buyer.
So I think it's another myth that mining hardware has enough residual cost especially at downtrend and flat market.

103deltafox

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Activity: 491

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Mining comes with alot of stress like cost of electricity, cost of mining equipment. The desired profit might not be much. I prefer ro safe myself the stress and just buy the tokens at a low price and hold till when price improves

Topic: Altcoins: to Mine or to Buy? That is the Question - page 9. (Read 4451 times)