Topic: Facts about mining Coins (Read 260 times)
Cryptocurrency mining, especially bitcoin, is one of the most rewarding way to acquire crypto before since the market was not yet saturated by many miners. But now it is a different story. With so many mining farms right now with powerful setup, it is impractical to compete with them. The cost of the setup, electricity, and the scarcity of the available bitcoins, makes mining less rewarding. Since then I have abandoned my mining setup and concentrated to day trading instead.
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If someone decides to mine, he needs to calculate the electricity fee that he should pay every month, and he should know how much profit he can get from the mining. If many people mining the same coin, the difficulty can increase, and that makes the small hashrate power cannot get a nice profit than the big hashrate. The hardware itself will always come out with better technology that will support the mining process so people can still get a nice profit. So maybe that person needs to upgrade his hardware with the latest equipment, which has better technology so he can earn a bigger reward from the mining. But that will not be a good idea if he cannot make the profit from the mining.
nice facts we have here op . i have heard the term obsolete for mining before but i forgot the idea that we can sell our gpu's which is cool because we can buy again a new model just to keep up to date on mining . the electric cost is common and almost all newbies know that . electric cost the one main reason why many people refrain from mining a coin . the third one is the worst one because once your gpu died , that is literally called obsolete and you cant sell them for a good price
One more fact. According to Jihan Wu (one of the Bitmain creators), these days investing in mining is more profitable than buying cryptocurrencies. Of course, he was talking about it to promote Bitmain products but still, there's a grain of sense in his words. He's not talking of mining as of using GPUs in a loss but as of serious investment, a business, not a hobby.
If one has access to free electricity mining with old or new miners will make sense, most profits from mining this days got eaten up by electricity fees so if this can be avoided they mining will make sense, just make sure you mine top coins or popular coins with good trading volume
Facts about mining Coins
You can mine Monero with your CPU. Learn and ask more on moneromining subreddit https://old.reddit.com/r/MoneroMining/
Problem with ASIC mining is that when your miner gets obsolete is worthless. CPU and GPU can always be used to mine something else or to use for something else.
Mining is profitable for users who can get free electricity through some schemes that are provided by the government for agriculture and for other industrial growth. Apart from this one needs good technical knowledge to make changes and change the coin to be mined according to the market conditions. Myself a sufferer investing on mining, I wasn't able to pay the electricity bill with what's been mined throughout the month.
Rather than investing into mining it is good to wait with patience and make use of the opportunity when the market drops low. Buying and holding at the lowest price will assure with bigger profit than profit made out of mining in small scale.
Rather than investing into mining it is good to wait with patience and make use of the opportunity when the market drops low. Buying and holding at the lowest price will assure with bigger profit than profit made out of mining in small scale.
While mining cryptocurrencies can be profitable on the long run there are few things that's making things very hard for miners
1. OBSOLETE
Back in the days when mining was still very profitable I used to have very good GPUs then, like AMD HD7970 6x and it was very fun mining Monero and making good profits within a week but now its impossible and all these cards are useless, I was forced to sell and move on, the fact is GPUs become obsolete faster than Asic miners
2. Cost of Electricity
Most profits from miners now are for electricity fees, I still have friends that mine ETH and by month ending 70% of his profits goes to electricity, he is able to even earn that 30% because he has multiple mining setups
3. Dead GPU
Your GPU can die on you at any time, it happened to me and I was able to fix some but not all, mostly this happens because of heat or failed GPU fans
My conclusion is if you don't want to go through all of this its better you switch to POS ( Proof of Stake) that won't cost you any energy and worries, its all about buying coins and staking them, no hassle at all, the higher the quantities of your coins the higher your reward
1. OBSOLETE
Back in the days when mining was still very profitable I used to have very good GPUs then, like AMD HD7970 6x and it was very fun mining Monero and making good profits within a week but now its impossible and all these cards are useless, I was forced to sell and move on, the fact is GPUs become obsolete faster than Asic miners
2. Cost of Electricity
Most profits from miners now are for electricity fees, I still have friends that mine ETH and by month ending 70% of his profits goes to electricity, he is able to even earn that 30% because he has multiple mining setups
3. Dead GPU
Your GPU can die on you at any time, it happened to me and I was able to fix some but not all, mostly this happens because of heat or failed GPU fans
My conclusion is if you don't want to go through all of this its better you switch to POS ( Proof of Stake) that won't cost you any energy and worries, its all about buying coins and staking them, no hassle at all, the higher the quantities of your coins the higher your reward
Sorry but too much centralization in pos coins. Yeah mining might not be ultra profitable and a get rich quick thing, it is certainly a good way to get yourself into the ecosystem and contributing positively to the coins ecosystem. I've seen too many times where the top one percent own most of the coins in pos coins which will never work
Facts about mining Coins
You can mine Monero with your CPU. Learn and ask more on moneromining subreddit https://old.reddit.com/r/MoneroMining/
Problem with ASIC mining is that when your miner gets obsolete is worthless. CPU and GPU can always be used to mine something else or to use for something else.
I think that PoW doesn´t fit to altcoins because they don´t have enough hashing power. But for Bitcoin it is the best consensus what we currently have and it fits perfectly for Bitcoin needs, so I hope that community won´t vote for switching to the PoS consensus.
You got it wrong, bitcoin has better hashing power because its the first coin ever, the fastest way for a coin to have hashrate is through mining, mining is profitable now only if you have enough money to build a mining farm and solar power 
I think that PoW doesn´t fit to altcoins because they don´t have enough hashing power. But for Bitcoin it is the best consensus what we currently have and it fits perfectly for Bitcoin needs, so I hope that community won´t vote for switching to the PoS consensus.
Then you don't know what you are missing, it means you don't do research on the new coins before mining them, its just like looking for ICO or IEO projects to invest on, mining new coins can be profitable than old coins due to low difficulty
I am not against proof of stake coins and can tell you that it is smart to have them if you do not want to work for your money, after all with proof of stake all you have to do is have money on your wallet and that's it, literally end of story. However the fact stands that miners are still making a profit, I mean sure all those three issues are very well true but that doesn't change the fact that it is still a business.
If the old cards become obsolete, then they buy the newer cards, if they spend 70% on electricity, they buy more cards with their 30% profits and increase the amount that 30% becomes, if their gpu dies they once again spend it on that 30% profit to buy more. Basically it may not be as profitable as it used to be but at the same time there is still a profit to be made from it as well, maybe less but it is still there.
If the old cards become obsolete, then they buy the newer cards, if they spend 70% on electricity, they buy more cards with their 30% profits and increase the amount that 30% becomes, if their gpu dies they once again spend it on that 30% profit to buy more. Basically it may not be as profitable as it used to be but at the same time there is still a profit to be made from it as well, maybe less but it is still there.
While mining cryptocurrencies can be profitable on the long run there are few things that's making things very hard for miners
1. OBSOLETE
Back in the days when mining was still very profitable I used to have very good GPUs then, like AMD HD7970 6x and it was very fun mining Monero and making good profits within a week but now its impossible and all these cards are useless, I was forced to sell and move on, the fact is GPUs become obsolete faster than Asic miners
2. Cost of Electricity
Most profits from miners now are for electricity fees, I still have friends that mine ETH and by month ending 70% of his profits goes to electricity, he is able to even earn that 30% because he has multiple mining setups
3. Dead GPU
Your GPU can die on you at any time, it happened to me and I was able to fix some but not all, mostly this happens because of heat or failed GPU fans
My conclusion is if you don't want to go through all of this its better you switch to POS ( Proof of Stake) that won't cost you any energy and worries, its all about buying coins and staking them, no hassle at all, the higher the quantities of your coins the higher your reward
Profits from mining also depends on the coin you are going to mine.1. OBSOLETE
Back in the days when mining was still very profitable I used to have very good GPUs then, like AMD HD7970 6x and it was very fun mining Monero and making good profits within a week but now its impossible and all these cards are useless, I was forced to sell and move on, the fact is GPUs become obsolete faster than Asic miners
2. Cost of Electricity
Most profits from miners now are for electricity fees, I still have friends that mine ETH and by month ending 70% of his profits goes to electricity, he is able to even earn that 30% because he has multiple mining setups
3. Dead GPU
Your GPU can die on you at any time, it happened to me and I was able to fix some but not all, mostly this happens because of heat or failed GPU fans
My conclusion is if you don't want to go through all of this its better you switch to POS ( Proof of Stake) that won't cost you any energy and worries, its all about buying coins and staking them, no hassle at all, the higher the quantities of your coins the higher your reward
If you are going to mine ETH you will probably less reward due to the increased difficulty but you can mine other alts with less difficulty then convert them into ETH will probably gives you more ETH than direct mining.
While mining cryptocurrencies can be profitable on the long run there are few things that's making things very hard for miners
1. OBSOLETE
Back in the days when mining was still very profitable I used to have very good GPUs then, like AMD HD7970 6x and it was very fun mining Monero and making good profits within a week but now its impossible and all these cards are useless, I was forced to sell and move on, the fact is GPUs become obsolete faster than Asic miners
2. Cost of Electricity
Most profits from miners now are for electricity fees, I still have friends that mine ETH and by month ending 70% of his profits goes to electricity, he is able to even earn that 30% because he has multiple mining setups
3. Dead GPU
Your GPU can die on you at any time, it happened to me and I was able to fix some but not all, mostly this happens because of heat or failed GPU fans
My conclusion is if you don't want to go through all of this its better you switch to POS ( Proof of Stake) that won't cost you any energy and worries, its all about buying coins and staking them, no hassle at all, the higher the quantities of your coins the higher your reward
Profits from mining also depends on the coin you are going to mine.1. OBSOLETE
Back in the days when mining was still very profitable I used to have very good GPUs then, like AMD HD7970 6x and it was very fun mining Monero and making good profits within a week but now its impossible and all these cards are useless, I was forced to sell and move on, the fact is GPUs become obsolete faster than Asic miners
2. Cost of Electricity
Most profits from miners now are for electricity fees, I still have friends that mine ETH and by month ending 70% of his profits goes to electricity, he is able to even earn that 30% because he has multiple mining setups
3. Dead GPU
Your GPU can die on you at any time, it happened to me and I was able to fix some but not all, mostly this happens because of heat or failed GPU fans
My conclusion is if you don't want to go through all of this its better you switch to POS ( Proof of Stake) that won't cost you any energy and worries, its all about buying coins and staking them, no hassle at all, the higher the quantities of your coins the higher your reward
If you are going to mine ETH you will probably less reward due to the increased difficulty but you can mine other alts with less difficulty then convert them into ETH will probably gives you more ETH than direct mining.
The cost of electricity is the main problem for me, I'm good at keeping GPUs at 60°c always so cards don't die on my watch, in my country electricity is very costly so I don't bother to keep mining, I'm better off promoting new projects through bounties
A mining hardware would need to be multiple purpose or have other valuable purposes aside mining, before I may consider buying it... so that when mining becomes unprofitable, I switch to other things that are profitable. Maybe even allocate some of my miners power to mining, and the remaining to other profitable things.
There are many things to worry about when mining that's why I hate POW, even POS isn't that great too, you have to buy thousands of dollars worth of coins to hold for your reward to be bigger, most POS coins rewards are around 8-15 percent annually
No wounder they fail
There are many things to worry about when mining that's why I hate POW, even POS isn't that great too, you have to buy thousands of dollars worth of coins to hold for your reward to be bigger, most POS coins rewards are around 8-15 percent annually
Returned of investment is not really realistic when it comes to mining and mining now is almost obsolete because companies prefer creating token on Binance or Etherum chain, one token or coin that I recommend to mine id IDENA you can mine it using your laptop you only need to validate every week by solving turing test go check IDENA.
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