Topic: If you are just starting out I bet you will learn one or two from me (Read 327 times)

Learning is a continuous process. One has to learn, un-learn and re-learn in the Space. Am in.

Even the best ssics for mining Ethereum Classic have a very high payback, because there is a lot of equipment and the price of the coin is low. And with video cards on this coin, there is really nothing to do even with free electricity.

Ethereum classic could have taken over easily but ETC algorithm supports Asic miners which makes it less profitable for GPU miners and better for those who can buy expensive Asic miners, it is such a shame.

If you are not finding those GPUs for discount price right now it is a waste of money, the cheaper you got them the better, I've walked on this path for few years to understand some things, GPU mining seem profitable in a bull market and that is it, once bull market is over you are left with nothing until the next bull market again.

Asics can burn or break down in the process of mining, and given the high cost of mining equipment, there are additional risks.
The higher the power consumption of the equipment, the less chance of finding free electricity, and if you consume electricity illegally, you have a high chance of being caught by the energy authorities and paying huge fines.

No where in the world can one find free electricity, that's strictly utopian in any society it's either you could be paying for it directly or indirectly, however, I think miners should focus on looking for  free electricity but in affordable electricity that they too could be in profit at the end of the day

Just my view here, I assume that much of why we have many persons into trading than it is with mining is how non-cost demanding to began trading and you literally need no machines to start with, just be an enthusiast and willing to accept losses as much as profits. Been that a lot of people can afford getting miners they make trading the next stop since both has the ability to generate profit while having their different risks too.

Wow!! I do appreciate how you have shared your story and maybe it is a great effort to help out the newbies ... but still its too early for me to comment on the situation - as in I'm also no pro... just digging into crypto stuff as DYOR so that I get lesser blows initially. Like someone suggested starting with altcoins... so i was out here but still confused as to which are the best altcoins to look into, maybe i can get hold of a list of meme coins ... IDK.

But your post has made one thing clean and clear to me that:
 

• Mining can be a profitable hobby for some, but it's essential to approach it with the right mindset.
  
• While newer coins can offer high rewards initially, they often come with higher risks of volatility.

So overall good advice ... thanks mate!

Right now the kaspa mining can be very profitable if you use hosting. For example I use oneminers bcs of the electricity price and I mine Alephium and Kaspa and on their app converting into btc --> withdraw and HODL. Most simple and profitable aswell

I can say that by ending etherium mining GPU mining has changed. Profit on video cards of course, but it requires a lot of time to find new coins.
And when the information becomes known to many people, the profit ends immediately.
If you want to mine now, I would recommend learning asics. Even for home and flat for altcoins there are very quiet options, but it does not guarantee profit.

Timing is important. At least you must know when to sell and buy. People thinks emotionally that why we do msitakes. In big businesses there is no human controlling it, no emotions no problem. I think best way is get usefull working bot even it is expensive.

asic is regret, the nature of crypto is the logic of contributing to the network with low power and generalization is the essence of the event. ASIC centralizes this work. Asic, FPGA and even GPU processor logic is the best in my opinion. It is resistant to Asic and FPGAs and with its low power consumption that is widespread in general, it may be logical to consider processor + POS networks without requiring a large amount of investment that anyone can do. Are there those who are making some kind of hybrid system? Their only problem is the necessary advertising and the necessary support of the communities. If we do not support these projects as a community, we will make the ASIC company richer.

In principle you are right with the energy is never free , but if you got some offer where you dont have to pay for it to use it its free for you.
Its just a friendly offer from one of my friends , for sure the costs are on my friends side , but I never accepted the offer.
The reason why i never accepted it is that maybe at some stage wants some for it , people change at some stage when it money is involved.

Mining is an act of another DCA method but trust me, many people don't see it this way until its too late, this is why I shared on here, some people just use mining profitability calculator and go ahead to purchase the equipments.

I stand my ground about the free electricity, stop saying this is impossible when a ks0 Ultra only need 100watts to run, and I am using a home solar setup where I have lots of power available, I can power 1500 watt appliance around the clock, I mean 24 hrs per day.

Theoretically energy is never free, there's always a cost, either directly or indirectly. Even if you produce your own there's still capital cost to build the plant and operational costs
to run it. There's no profit unless revenue exceeds operational and until all capital costs are paid back.

Why should it not possible to get free electricity , even here in Germany i know a few people that offered i can use there electricity for free as they have their own solar systems.
So its possible , of course this only works up to a certain point and you cant use an infinite number of miners.
But with a few devices it shouldnt be a problem , its a trust thing here and the maintenance of the Miners have be done by yourself.

There is never free electricity but I think OP would mean the cost of electricity will be very low to the extent that it is more or less free. And this is one of the basic requirements of setting up a mining rig, the environment should be where electricity is less costly.


The thing here is ASIC mining developers are the ones surely considered to be profitable, the miners wouldn’t be losers but they are not all going to be profitable reason been that not everyone can get to mine. But those selling will definitely find buyers. So for the miners it’s a 50/50 chance which is not so for the inventors.



This can be attributed to the amount also needed for setting up mining farm or rig, many people do not have that capital to go into it or there environment isn’t friendly to miners, whereas trading requires just little amount of capital to trade

Of course mining can be very exorbitant and overwhelming when considered the taxes involved and the basis you can generate incomes. This is why there're less miners to traders and trading too is more technical to investment so there're also more investors to traders.
It's all to individual conveniences.
Today's mining is really more profitable when considering the old coins because the rewards or even legitimates of new coins can as much be inevitable consolidated where the aim is to make profit.

The profit went down because the mining difficulty is increasing, especially in this month, just in 10 days the difficulty went up from 400P to 500P. Mining is basically similar to DCA-ing, you're earn the coins everyday and you're hoping the price of the coins will rise in the future.


https://2miners.com/kas-network-difficulty

Free electricity is impossible in the first place.

If the company who create the ASIC miners are the winner, then all miners are the loser, which is not correct. There are still people who become miners.

I was never new in this field called mining, I have bought some GPUs in 2020 for mining Ethereum and getting paid in BTC.

I forgot every reasons why I sold all those GPU back then and today I found myself in the same mess again, fast forward to today, things started getting a bit harder in my business and food price are skyrocketing, I needed something to bring in passive income for me and since I am not that good in trading I decided to do some research online.

I saw how big Kaspa mining has become, many are hailing about how fast they made their ROI back with Kaspa home miners like KS0 and KS0 pro, then I had spare money on me, I could have use that to buy some foods at home but I like the slower steady income, which makes me start looking into Kaspa home Mining.

So I decided to buy ks0ultra, I did have my regrets.

1. The reviews that I read are from those who bought the miners on day one, they are all good feedbacks.
2. The day I purchased ks0ultra the reward monthly was $50 and even before I got the miners delivered to me its down $30.
3. I learnt that you won't be the only one ordering for the miners as well, many people will order huge numbers of these miners.



Later I started seeing new reviews and many are not happy with their purchase anymore, because the returns gone down so fast, this includes Alephium miners too, if you are looking forward to start miming you should consider ....

1. Older coins, like LTC, BTC, Doge, I learnt that they keep up their rewards for long unlike new altcoins in the space, a Bitcoin miner can be profitable and maintain a return range for a year or two but new coins can be $90 today and go down -$90 tomorrow.

2. If you don't see mining as an hobby do not even bother.

3. You will always make money if you have free electricity, I think free electricity fits mining more than anything, because even if your miner becomes obsolete you will still make money since you are running on free electricity.

4. The last advice is those who are making these new Asic miners are the winner, they are just selling the shovels to you, the digging for gold is your problem and you might never found any gold in the ground.