Are you mining for profit today or the future?

leonix007

sr. member

Activity: 1008

Merit: 297

Grow with community

Quote from: vlad230 on March 13, 2018, 10:33:36 AM

My opinion is that it also depends on the power of your mining rig.

If you have a large rig that will require a lot of electricity & maintenance costs then maybe the best approach would be to mine profitable & established coins and then sell them (but still keep a few in case the price skyrockets).
The reason why I would chose established coins is that you have a lower risk of them going bust (or devaluating fast) before you sell.

If you have a low range mining rig I would mine and hold in case the price jumps, thus speculating on the price. Of course, you need to do your own research on the coins you select to mine, otherwise you will end up with nothing.

this is basically applied and a wise move for me, set aside rigs to cover your costs, Electricity, internet and rentals then the other rigs for coins long term HODL. either way you wont regret when Alts goes to moon again.

dongle

full member

Activity: 238

Merit: 100

Borderless for the People, Frictionless for the Ba

It's better to dig into other COINS and then replace them with bitcoins. The other COINS are passers, and bitcoin is the future.

maxmeme

jr. member

Activity: 39

Merit: 2

That's my regret as well for selling those ether mined. Now mostly mine to keep either BTC or other smaller coins. Else, change them to Ether and keep it.

Raja_MBZ

legendary

Activity: 1862

Merit: 1505

One of my all-time biggest mistakes - sold each and every Ethereum mined from 2015 to 2017 right after I received it into my wallet from the pool. It literally gives me goosebumps now seeing at the nanopool how much ETH I mined and the little balance I've. Roll Eyes

vlad230

sr. member

Activity: 616

Merit: 279

My opinion is that it also depends on the power of your mining rig.

If you have a large rig that will require a lot of electricity & maintenance costs then maybe the best approach would be to mine profitable & established coins and then sell them (but still keep a few in case the price skyrockets).
The reason why I would chose established coins is that you have a lower risk of them going bust (or devaluating fast) before you sell.

If you have a low range mining rig I would mine and hold in case the price jumps, thus speculating on the price. Of course, you need to do your own research on the coins you select to mine, otherwise you will end up with nothing.

vintages

full member

Activity: 966

Merit: 153

Quote from: troiano9 on March 13, 2018, 09:13:59 AM

It seems at least to me in a bear market its better to mine coins you believe will go up and mine for daily profit in a bull run.
What do you think?

Of course, no one goes around throwing and lossing capital on a bad investment; you need to mine on coins that you believe will make impact in the future and will also moon when it time comes. In the aspect of mining for daily profit; this totally depends on your choice. You can either choose to keep or trade them. If you feel too confused, then you simply trade some and keep some. Just to aviod regrets and be on a safer side

EthanB

sr. member

Activity: 462

Merit: 336

Everyone has their own preference for what is the best or which should be your primary focus. I will say that nobody can tell the future, so mining a profitable coin today might not be a good decision if it is a small enough coin to disappear tomorrow, unless you are instantly exchanging that coin for BTC or fiat. If you are mining a smaller coin that might spike up in price, then again nobody can tell the future and it is more likely that the coin disappears and crashes than it is to spike up. There are no easy answers, there are no definite routes to make X amount of money, everything can change at the drop of a hat and it is all up to your personal preference. If you have found a particular method to work well for you, then I would encourage you to continue down that path. If everyone walked the same path there would be nothing left at the end of the trail for you.

troiano9

member

Activity: 284

Merit: 10

I trade and mine so I am always torn between just going to whattomine and going for the most profitable coin as opposed to mining something is down and speculating if it will go up in price. I did this with zclassic and so far I feel it was a good decision. It seems at least to me in a bear market its better to mine coins you believe will go up and mine for daily profit in a bull run.
What do you think?

Topic: Are you mining for profit today or the future? (Read 173 times)