Don't venture into something you aren't completely sure about.

fullhdpixel

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Quote from: Wingsbtc on September 05, 2020, 01:30:47 AM

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.

And talking about electricity, it might be cheap but you can’t get it for free, and another thing is that it’s not cheap everywhere, it’s costly in most places. I have only heard that the electricity can be cheap in China, which I am not really sure about, but this same China has been locking down on Bitcoin miners and trying to prevent them from engaging in the activity of mining and selling Bitcoin.

One of the ways they are doing this is by tracing every bank transactions that has to do with crypto and freezing every account that’s caught related to it. That way miners will be scared that they are losing and then they will be discouraged. As for other places, electricity is costly.

Ghondronk

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https://exiptoken.io/

That is applicable not only to the cryptocurrencies, but also to a person's life. Without having a proper understanding on what you are doing, no-one can say that where are going to get ended up. You need to know:

The meaning of whatever you do?
The best way of doing it?
Risk associated with it
Opportunities you may get and so on.

TitanGEL

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For me mining is now not a good thing even though there are now powerful GPUs that keep launching in the market, before I considered mining as good when the price of the bitcoin is still not high but now, I do not think that it is a good investment because of the expenses and also the time in order to mine coins. Even though I have a huge capital, I will not force myself to make investment in something that I do not have knowledge, I want to mine before but I tell myself that I'm not yet ready because of the maintenance and also my current knowledge and skills. I chose trading over mining and I do not regret my decision because I already have long journey wherein, I finally understand the basics and the foundation of what I'm currently doing. For those who will continue to make investment in mining, I discourage you but it is still your decision just make sure that you have knowledge on what you are currently doing.

bluebit25

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Quote from: Wingsbtc on September 05, 2020, 01:30:47 AM

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.

This is a reminder that i think newcomers to this market need to pay attention to if you want to get into mining. The market is likely to reassemble what happened when, as you said in the past, mining becomes difficult and many people have to dismantle and sell miners, so good advice at the moment thing that everyone should be doing is keeping yourself the coins and waiting for the price to take profit.

sapnu

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It actually depends on them if they want to mine or not. Maybe some people want to mine some tokens because they have some resources to use and they can really earn in that way without making more expenses. There are some people also who want to mine but they have no resources to use, sometimes they want to mine tokens but the expenses like the power usage are so expensive so they decided not to mine. Giving time and effort to something you want is normal but you should make sure that you are making a profit with your way of earning.

Squezzi55

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Quote from: Wingsbtc on September 05, 2020, 01:30:47 AM

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.

Its all about timing, just because mining coins isn't profitable at this moment doesn't mean there won't ever be a time where mining will be so profitable again, since everything in crypto space is all about timing that's why I engage in mining even if it's not profitable right now, I like trading in bull season cos it's way easier and lesser loss too, moreover there might be new coins that will be more profitable to mine in near future, probably more profitable than ETH and ETC

Tytanowy Janusz

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Quote from: electronicash on November 28, 2020, 02:49:24 AM

idena is something interesting, its like mining with just proof of identity. this token must be very unique. I'm more inclined to participate in this project than something that you will have to buy a rig.

Yep. That's the only way for profitable mining without expensive equipment/big investment in shitcoins. 5$ VPS or even old laptop/PC, 40 min monthly doing touring test and you can start your mining journey. Rewards are not big now because price is dumped to the ground, but i guess it wont last long (only 3 mln$ marketcap for the most decentralized coin in whole crypto industry on the eve of the launch of oracle that will revolutionize oracle definition - oracle that use blockchain that has 5000 unique nodes with equal voting power)

Yatsan

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Leading Crypto Sports Betting & Casino Platform

We have different stand or opinion with regards to mining and we surely do have our own accountable reasons why we do like it or not. Certainly there are people who would love to try doing mining while others will not. Honestly, this is something that must not just be applied with mining but also with other crypto related works such as trading and investment that if you do not certainly know or sure about something, do not bother to take into engagement for you are just risk taking everything that you have got. Better took ventures into something that you are completely familiar so that even if risk is there, you can still be able to manage such risk and make it into profitable one which is favorable into your part.

Balladtony77

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Whether you like it or not mining will still be around for a very long time, if you go on whattomine.com you will see that there are few coins that are still profitable to mine, as crypto market has its season so is mining has its season too, sometimes mining coins will be more profitable than investing on coins and sometimes vice versa, I'm enjoying every money making parts in crypto space, mining, trading and investing

totoy4741

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Completely true, this must a lesson to everyone especially to newbies in crypto that are very much vulnerable to any kind of scam investments scheme like hyip, or any forms of illegal activities in crypto. We should always DYOR,

Kvalentine

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Quote from: Wingsbtc on September 05, 2020, 01:30:47 AM

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.

Actually ETC is not going out of POW business anytime soon, infact they plan to upgrade their Ethash Algorithm that will become profitable and minable with low end graphic cards ( 4gig Variants ), I'm guessing they believe that if all the hash of Ethereum goes straight to ETC there will be more scarcity of ETC and probably affect the price too

Lorokan

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Quote from: Wingsbtc on September 05, 2020, 01:30:47 AM

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.

This does apply to all facets of crypto currency and not only mining; be it bounty hunting, trading crypto currencies, investment option; you must ensure that you have thorough knowledge about this before considering any participation. This is why in the blockchain; the first step in the blockchain world is to do your own research diligently; don't add fantasies or guesses.

jessyj48

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Staking is more viable option than mining but not all POS coin are good, some losses value while you are already staking them, you can't sell until the staking period is over since your coins will be in locked state, the best coin I can stake on binance right now is USDT or BUSD, or maybe even decide to lend them out?

Psynthax

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Quote from: Rengga Jati on September 06, 2020, 05:18:26 PM

Quote

Don't venture into something you aren't completely sure about.

Exactly, moreover only following the hype of something. Whether it is on mining or other ways in the crypto world.
Mining was profitable and many did it very well because they could earn money profitably.
But now? Many friends of mine said that mining is no longer profitable right now, the outcome is bigger than income. Most of them then sold their equipment and jump to trading.

Staking is definitely more viable option than mining. Less stress and kinda more rewarding when you can just lying on your couch while your own money generates you more money.
The condition really different compared back then though. In the past, mining difficulty is not as high as it is right now. Even using old PC could still generates you some dollars but right now if it's not high end GPU you gonna gets rewarded dust.

cryptogod322

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I realized for myself long ago that it is better to just buy promising coins such as bitcoin and ethereum than to buy expensive mining equipment. Moreover, given the halving and the transition of Ethereum to POS, this becomes even more relevant.

KaratX

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Sovryn - Brings DeFi to Bitcoin

Mining is still profitable if you have the right machines, for example in my country it only costs 0.19$ to mine for 24 hours with a single gtx1660 super and you can make up to 1.24$ with this GPU, how is this not profitable? Get the right miners with less electricity consumption in mind and you will be good to go

electronicash

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they are not changing algo, it's still ETHASH. i saw a thread just today where he sold his rig all because ETC announced they'd be moving to POS but eventually changed this idea but only forking it to continue the ETHash algo. the guy thought the ETC team tricked him lol

i wouldn't be mining something that will change their mind soon. ETH had also this concept but as far as i know ETH will still have ETHhash and also can be staked.

idena is something interesting, its like mining with just proof of identity. this token must be very unique. I'm more inclined to participate in this project than something that you will have to buy a rig.

JHORN

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Activity: 252

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Sovryn - Brings DeFi to Bitcoin

Mining is only profitable right now for two types of people.

1. Those who have enough money to build big farm and also install solar panels
2. Those who have 100% free electricity in their home or country

Some few graphics card are still profitable, they are less power hungry and more effective like

1. Gtx1660 super and ti version
2. RTX3080 and higher .
3. AMD RX5700XT

mersal

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Even with the current mining profitability rate its hard to make any real profits by the small scall miners so its like mining is only for mining farms.So even jf you have the knowledge about mining still don't invest money in 2020 on the hardware needed is good idea, either you can buy directly or just buy some and start doing trading.

Gunday_07

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Quote from: Wingsbtc on September 05, 2020, 01:30:47 AM

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.

I was aware that ETC planned to change their algorithm to POS few months back but they have end up misleading many people, I came across a news online yesterday strictly for ETC miners saying that ETC plan to upgrade to a POW algorithm that will benefits even old miners , the upgrade codename is (Thanos), I sold some of my rigs because I thought it's over for Ethash Algorithm

Topic: Don't venture into something you aren't completely sure about. (Read 489 times)