Topic: confessions of a newb (Read 161 times)

It is a risk that must be taken in the wisdom. I have experienced similar things, causing huge losses. Currently first learning the system before doing mining or mining altcoin

I have a gaming rig mining altcoins, 2 580s. If it wasn't doing that, it would just be sitting there most of the time. I don't game as much as I used to anyways, because my work schedule has changed, so I consider it almost like free money. I bought a second 580 for 269 before I even knew they were hard to find. Amzn. I must have just got lucky, when I saw them on ebag at those prices I had to double check, make sure it was the same thing. Slapped that in with the one I had already, wrote a thousand bad .bat files, and eventually I was off and running. It's pretty neat, and in just over a month I'm up a couple hundred bucks. I haven't sold anything yet, but it's worth that right now. I'm just gonna mine a bunch of coins and hold them, see what happens. And that's pretty fun too. Etn up 8 cents! I made 80 bucks! Of course that's not real until I sell, but it's fun to look at.
Enjoy all the wonders of Noobiness. Your first successful bat file! Your first one thousand of something! Your first thatcoinoverthere payout! These are great moments, enjoy them.     

Hey man, first it's alright to make mistakes man. Trust me, no one is suddenly a professional when they enter something new. Everyone was a novice at one time or another. It's about how much time you want to invest, to make the big returns.

Mining can be very profitable, but unfortunately, mineable coins POW is becoming an extinct way to distribute coins. While these coins remain some of the best, the most honest, they are just dying breed. That's why people could lose a lot on becoming a miner, they are just overshadowed by large ICO's with big marketing teams, and the hype. But there are still opportunities, and when those arise, big profit can come from the right POW coins.

I would highly suggest joining some mining communities on telegram, or even existing POW coin's telegram. Find a network of miners, this is more crucial for you than it is investors. Mining is a social, a community thing, not a lone-wolf type deal that investing/trading can be.

What i recommend to you, to become a successful miner is to invest/devote 1-2 hours a day in the ANN section.

1) researching all the algorithms of the coins, what CPU, GPU, ASIC coins are out there (for whatever rig you're running),
2)  look at websites with profitability calculators for your hash power
3) look at the best pools
4) Look at new upcoming coins, that have all the same attributes as an ICO coin, but are POW coins, there are a lot of them that have far more potential than ICO's. The POW coins with major milestones, new algo's, new blockchains (DAG), or ways to tweak the blockchain are the best coins.
5) Watch the ANN thread daily, scroll 2-5 pages in and get a glimpse of every coin, what they are doing, and what people are saying.

After about a month of this routine, i guarantee you, you will be coming out with big profits. It's all about investing your time, and learning the ropes.
Don't give up either, just keep at it.. trust me you will eventually win big on a coin.


Note: I'm not a miner, i've only mined 1 coin ever in my 4 years of crypto.

It is never too late mining and makes decent money, the first thing you need to ask yourself.

Do you enjoy doing it?

If your answer is yes, you will find the hardware, coins, knowledge, and info to make it profitable.

You should ask your questions in one of these boards. I'm not sure which one is best, but they are all used by mining specialists who can give good advice

The mining board.

https://bitcointalk.org/index.php?board=14.0

The mining support board

https://bitcointalk.org/index.php?board=40.0

The mining speculation board here.

https://bitcointalk.org/index.php?board=81.0

it sounds pessimistic, there is always a risk that the investment will be gone, but still good money is being made. U shoud try.

Got into mining with my gaming system recently.  Had no idea what I was "investing" in other than it seemed cool.

I've come to realize that unless you are trying to pump/dump which is not necessarily a piece of cake to time and also difficult to pull off with a small mining outfit.  It is real tough to figure out what are the more sound alt coin investments for long term and even if you figure out some good candidates they may or may not be good to mine with your hardware.

I am glad that I haven't bet the farm on mining this late in the game with so few good choices for a small time miner to produce.  All that said I am continuing to run my outfit for the sheer hobbyist enjoyment of the thing.  Mining with a computer is FUN to do as long as you haven't gotten in way over your head.  At this point I might lose a few thousand bucks on this that is the worst that can happen to me.

Other people who got WAY in deep may not be so lucky.

Anyone else feel the same?