Is mining even still profitable anymore?
From what I understand, you need an extremely expensive rig or ASIC to even compete.
And the cost of running it all all adds up to no profit.
And like you said, you should only go for popular ones.
Well, those are all dominated by huge mining pools and you can never compete unless you join one.
And the bigger they are the lower the payout.
For me, I can personally say that all of my friends have quit mining except one.
It just isn't worth it anymore.
Well, you oculd always mess around with those shitcoins, who knows, maybe one will make it big someday.
Topic: Mining misguided (Read 175 times)
It's all about electricity. It very strongly affects production. And if there is a benefit you should continue but to produce popular coins. If not, it is better to sell the equipment and invest in promising coins.
Even if you are mining a popular coin, your returns will be so low that it will not be manageble anymore. I think you should try staking instead.
~snip~ ALWAYS GO FOR POPULAR COINS TO MINE
Indeed. Why we should mine new coins if there are some popular coins to mine. I think there are no big reasons to mine new coins nowadays. Just look at the investors, they prefer to buy and hold top coins now. They know to have new coins as assets are too risky because when they are listed on exchanges, the prices will drop very much or even no values at all. For me, it is the same with mining, to mine Bitcoin and other popular coins are much better than new coins. Even if we don't get high profits but at least, it must have values on the market.
At least you've learned the lesson though it is on a hard way. Mining isn't for everyone that thinks it is profitable and I've read a testimony of a miner that he don't stop mining and never stick to one altcoin. He's into risk, mining a new coin for few weeks to months and when it hit exchanges or reaches certain price, he'd sell. He's mining to hold and later trading it on exchanges, he's not looking into daily profit.
Since I bought myself mining rigs last year i realized that many coins I want to mine already have high difficulty and we all know that high difficulty will only gives you low payout so I started looking for new coins to mine because they have low difficulty rate ,that's when I found many cryptonight coins but alas many of these coins arent doing fine today and they've turned to shitcoins ,I've learned the hardway ,I wasted a whole year gathering shitcoins ,mostly cryptonight coins,do not be fooled if you are new to mining ,ALWAYS GO FOR POPULAR COINS TO MINE
Monero is best for small miners. Liquid and will stay with us for a long time. And dont let ASIC producers to eat us alive.
Since I bought myself mining rigs last year i realized that many coins I want to mine already have high difficulty and we all know that high difficulty will only gives you low payout so I started looking for new coins to mine because they have low difficulty rate ,that's when I found many cryptonight coins but alas many of these coins arent doing fine today and they've turned to shitcoins ,I've learned the hardway ,I wasted a whole year gathering shitcoins ,mostly cryptonight coins,do not be fooled if you are new to mining ,ALWAYS GO FOR POPULAR COINS TO MINE
of course must like that,
however,stable income is better than jackpot income,because we must pay high of electricity.
well,what i know about mining is we must have some management about it.
i dont care about pre-mine about some shit coin because in the end, it just a shit coin.
with small exchange and dev joined to sell their coin on first.
That's not a new problem in mining world. You have so much money to build and earn decent popular cryptocurrency. With low money you can only mine early stage coins, but these likely shitcoins are also have potential to be a popular coins in the future.
Yes, that happen, i also pay some good amount of money for some script miners, and i mine but i not recover money because the price of LTC drop, and i pay more on electricity than i made, but i still hold the coins, and maybe i will stop mining.
Since I bought myself mining rigs last year i realized that many coins I want to mine already have high difficulty and we all know that high difficulty will only gives you low payout so I started looking for new coins to mine because they have low difficulty rate ,that's when I found many cryptonight coins but alas many of these coins arent doing fine today and they've turned to shitcoins ,I've learned the hardway ,I wasted a whole year gathering shitcoins ,mostly cryptonight coins,do not be fooled if you are new to mining ,ALWAYS GO FOR POPULAR COINS TO MINE
Why panic? When naturally we are all aware that mining bitcoin etherum litecoin or dash are the best tokens to mine
You played a gamble taking time to mine other coins
Not too late to retrace and do the right thing
That's why you must consider to mine if it is a great and a legit coin or not. People can ultimately really easy to make their own coin without even a single knowledge of coding.
I have never done mining, because I personally do not have a mining tool and of course it can be done even though there is an intention, only when you explain the difficulty of mining that my intentions begin to disappear for that, meaning it's still good to choose a trading path by buying a few coins which is already popular.
I was actually like you ,I mined coins without checking out the roadmap or the teams so I have too many shitcoins sleeping in my wallets ,but I'm glad I quickly start learning how to get good coins and tokens instead of mining new coins that later turn to shitcoins,I think you should switch to better popular coins to mine and be happy with whatever you get in mining
Since I bought myself mining rigs last year i realized that many coins I want to mine already have high difficulty and we all know that high difficulty will only gives you low payout so I started looking for new coins to mine because they have low difficulty rate ,that's when I found many cryptonight coins but alas many of these coins arent doing fine today and they've turned to shitcoins ,I've learned the hardway ,I wasted a whole year gathering shitcoins ,mostly cryptonight coins,do not be fooled if you are new to mining ,ALWAYS GO FOR POPULAR COINS TO MINE
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