Mining New Coins Can be Deceiving - page 2.

tsaroz

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Quote from: Bitbtc8 on August 17, 2019, 02:06:14 AM

I think Cryptonight coins are very easier to build than ETH Erc20 tokens because 99% of cryptonight coins i mined are all dead now,i started mining the following some months back and now they are all dead.
1.TOKL
2.FEST
3.SnOWFlake
4.ReCoal
5.Bbs coin

I mined this coins back then because they are new and new coins always have low mining difficulty thinking to myself that the wuickly i start mining new coins the more quantities i will owned but i was wrong, any advice will be fine thanks

Mining is not for the people with just CPU or a few GPUs. I did the same but almost all of the new coins were worthless. Cryptonight is CPU and GPU friendly and most of the cryptonight algos are changing to render any ASIC development useless. Most of them don't even make it to the exchange and the ones that does doesn't have any value.

OasisDre

member

Activity: 532

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This reminds me when i used to mine electroneum coin, the mining difficulty was very low for a month and half but due to the popularity of the project the mining difficulty rise up so high in just few months and it became non profitable anymore, the lucky ones are the early miners, they are able to mine huge numbers of the coin so what you are doing is not a bad idea but you just picked the wrong coins

btc_angela

hero member

Activity: 2660

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Sorry for you lost, yeah I would have to agree that getting early was a good decision. Unfortunately, those coins you choose are not that profitable because those are unknown, or at least only few people invest on them that's why they suddenly die. Also, we're still in the bearish trend so obviously, no money is coming right now in the alt market. I just you just have to hold on them or choose another coin to mine. Lots of trials and errors here in crypto sphere and I'm sure you are not the only one who has experienced this as well.

badykvik

sr. member

Activity: 895

Merit: 250

Mining new coin with low difficulty would be great if the coin have a real life usage that can bring about value.

Gone are the days that every new coin generates profits to the early miners, it is better to mine a listed coin that you can determine their profits before you start nowadays.

Ayiranorea

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Activity: 1246

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Quote from: vanya.pronin.1983 on October 02, 2019, 03:49:24 AM

The majority of ERC-20 tokens are dead and I would stay away from them, but I believe that mining ETH is still profitable at the moment, so I never mine tokens, but only coins. Anyway, sooner or later, ETH will boom.

It depends on the location, mining of ethereum based tokens were all dead. Maybe if lucky will get an opportunity to sell at a higher price same as that happened in 2017. Mining new coins will be having low difficulty which is the only advantage, but we cannot believe that the market for such coins will boom. When it comes to top altcoins, it'll give promised profit at least in the long term. I have mined ethereum when it was above $1000, further I was unable to pay for electricity. Based on the location of we can bear the expenses now surely we will be profited later.

Byakuga

member

Activity: 518

Merit: 28

Quote from: vanya.pronin.1983 on October 02, 2019, 03:49:24 AM

The majority of ERC-20 tokens are dead and I would stay away from them, but I believe that mining ETH is still profitable at the moment, so I never mine tokens, but only coins. Anyway, sooner or later, ETH will boom.

No one is talking about erc20 tokens on here and i haven't seen any minable erc 20 tokens before, the following coins on the OP list are all cryptonight based algorithm coins and i am not sure that this person mining rigs can mine ETHASH based coins

vanya.pronin.1983

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Activity: 378

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The majority of ERC-20 tokens are dead and I would stay away from them, but I believe that mining ETH is still profitable at the moment, so I never mine tokens, but only coins. Anyway, sooner or later, ETH will boom.

jmigdlc99

sr. member

Activity: 784

Merit: 282

Quote from: Bitbtc8 on August 17, 2019, 02:06:14 AM

I think Cryptonight coins are very easier to build than ETH Erc20 tokens because 99% of cryptonight coins i mined are all dead now,i started mining the following some months back and now they are all dead.
1.TOKL
2.FEST
3.SnOWFlake
4.ReCoal
5.Bbs coin

I mined this coins back then because they are new and new coins always have low mining difficulty thinking to myself that the wuickly i start mining new coins the more quantities i will owned but i was wrong, any advice will be fine thanks

You took the risk, and that is the result. That is why mining is not meant to be a simple hobby but treated like a business which has to be researched and analyzed. There are different ways to go about mining and you need to make sure you know what you are doing.

Some strategies are mining only "blue chip" coins (like ETH, RVN, and the like), immediately selling mining proceeds, or even holding immediately trading mined coins.

NeuroticFish

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Quote from: mersal on October 01, 2019, 03:27:47 PM

Anyway more people go with mining new coins,I am surprised why you did,just only because of low mining difficulty or you researched about that project?

Low difficulty and a coin listed at an exchange can make you some quick bucks if you manage to sell fast or the coin is indeed good. Of course, in a vast majority of cases these conditions are not met.
So the answer is, as usual, human greed. Wink

Byakuga

member

Activity: 518

Merit: 28

Quote from: aysg76 on October 02, 2019, 01:23:38 AM

Quote from: mersal on October 01, 2019, 03:27:47 PM

Mining something with no real value is like double edge sword,it may give huge profits or you will be in vain.

Anyway more people go with mining new coins,I am surprised why you did,just only because of low mining difficulty or you researched about that project?

Mining new coins is stupidity. I never heard someone mining coins which are not even listed on any exchange. Only project devs do that for their coins.
Mining is not as easy as it appears. It took 17 months for my friend to recover his machinery cost he set up to mine Ethereum. One has to calculate cost and reward before starting and I see no intelligence in mining coin which is not even listed.

Sorry to say, you know nothing about mining advantages, every money making ways have their disadvantages but mining new coins can give you big rewards you never expected, once a new coin is released the difficulty will still be very low so its a good advantage for the early miners, in a short period of time the early miners will have large quantity of coins and once the coin get listed on exchange they will see good profits, the problem here is not all these new coins will ever get to exchange, its a risk but sometimes its worth it

DaMut

sr. member

Activity: 1274

Merit: 263

Quote from: aysg76 on October 02, 2019, 01:23:38 AM

Mining new coins is stupidity. I never heard someone mining coins which are not even listed on any exchange. Only project devs do that for their coins.
Mining is not as easy as it appears. It took 17 months for my friend to recover his machinery cost he set up to mine Ethereum. One has to calculate cost and reward before starting and I see no intelligence in mining coin which is not even listed.

Seriously? ever heard Raven or Grin?
many people mined it even though it has yet to get listed on any exchange before, it is not stupidity but it is an opportunity. Yes, a lot of them are a scam but it does not mean all of them are. You can find a good project from all of those.
there is a strategy to find out whether it is worth to mine or not, first of all, check the repository. It is a full fork or not, and check the activity of the team on their public channel.
if it is not a full fork based project and they act professionally, you can try to mine it. Because it might bring you a fortune,
not only that try to figure out the authenticity of the team member and their social media if everything is real. It is very likely for you to spot on a good project

ivaf

full member

Activity: 980

Merit: 109

Quote from: Bitbtc8 on August 17, 2019, 02:06:14 AM

I think Cryptonight coins are very easier to build than ETH Erc20 tokens because 99% of cryptonight coins i mined are all dead now,i started mining the following some months back and now they are all dead.
1.TOKL
2.FEST
3.SnOWFlake
4.ReCoal
5.Bbs coin

I mined this coins back then because they are new and new coins always have low mining difficulty thinking to myself that the wuickly i start mining new coins the more quantities i will owned but i was wrong, any advice will be fine thanks

Where do you find this bullshit?

What for? All of these garbage coins have no chance. They are not needed, they have no use, they are not interesting.
Tip: finish with mining, go to staking.

Greatchu

member

Activity: 490

Merit: 10

Quote from: Bitbtc8 on August 17, 2019, 02:06:14 AM

I think Cryptonight coins are very easier to build than ETH Erc20 tokens because 99% of cryptonight coins i mined are all dead now,i started mining the following some months back and now they are all dead.
1.TOKL
2.FEST
3.SnOWFlake
4.ReCoal
5.Bbs coin

I mined this coins back then because they are new and new coins always have low mining difficulty thinking to myself that the wuickly i start mining new coins the more quantities i will owned but i was wrong, any advice will be fine thanks

TOKL coin is not a scam coin but its been managed by just a single developer, it has no teams and the project have no guarantee that it will survive for long, the last time i was on their telegram channel many users are complaining of wallet errors and coins missing in wallets, i stopped mining new coins because 99% of them always end up abandoned at last

o48o

legendary

Activity: 3038

Merit: 1166

Leading Crypto Sports Betting & Casino Platform

Quote from: Bitbtc8 on August 17, 2019, 02:06:14 AM

I think Cryptonight coins are very easier to build than ETH Erc20 tokens because 99% of cryptonight coins i mined are all dead now,i started mining the following some months back and now they are all dead.
1.TOKL
2.FEST
3.SnOWFlake
4.ReCoal
5.Bbs coin

I mined this coins back then because they are new and new coins always have low mining difficulty thinking to myself that the wuickly i start mining new coins the more quantities i will owned but i was wrong, any advice will be fine thanks

Are you trying to mine every new coin because of low difficulty for speculative reasons or were there some special reason for picking those ones?
Problem with low mining difficulty is that there is no interest to mine them probably for a good reason.
One of them is that there's no buyers. Other reason can be that the coins are useless.
Some coins can turn out to be gems later but you would probably have to have inside information from devs to pick those.

Ken_terrance

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Activity: 574

Merit: 18

Making Smart Money Work

Quote from: Bitbtc8 on August 17, 2019, 02:06:14 AM

I think Cryptonight coins are very easier to build than ETH Erc20 tokens because 99% of cryptonight coins i mined are all dead now,i started mining the following some months back and now they are all dead.
1.TOKL
2.FEST
3.SnOWFlake
4.ReCoal
5.Bbs coin

I mined this coins back then because they are new and new coins always have low mining difficulty thinking to myself that the wuickly i start mining new coins the more quantities i will owned but i was wrong, any advice will be fine thanks

Recoal coin claimed to be a refork of the old BitCoal coin but it was all a process of scamming people and dumping the coin on them, bitcoal ATH was 0.30 and now its trading at 0.0003 which suffers 94% lose, this coin have no real use case and was able to achieve the ATH in last bullrun of 2017 and 2018, i pity all those who invested in such coins

VDraci

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Activity: 560

Merit: 28

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Quote from: Bitbtc8 on August 17, 2019, 02:06:14 AM

I think Cryptonight coins are very easier to build than ETH Erc20 tokens because 99% of cryptonight coins i mined are all dead now,i started mining the following some months back and now they are all dead.
1.TOKL
2.FEST
3.SnOWFlake
4.ReCoal
5.Bbs coin

I mined this coins back then because they are new and new coins always have low mining difficulty thinking to myself that the wuickly i start mining new coins the more quantities i will owned but i was wrong, any advice will be fine thanks

I think its all your fault, are you mining this coins to hodl? if yes then you are the one that brings yourself the losses, these coins you made mention on your lists had their time when they have good value and good volume as well, for few months snow flakes was very high in price and those who are mining the coin always sell in instant on exchange, you can't keep these kind of coins for long, since you are a miner you should be dumping them straight away

aysg76

legendary

Activity: 1960

Merit: 2124

Quote from: mersal on October 01, 2019, 03:27:47 PM

Mining something with no real value is like double edge sword,it may give huge profits or you will be in vain.

Anyway more people go with mining new coins,I am surprised why you did,just only because of low mining difficulty or you researched about that project?

Mining new coins is stupidity. I never heard someone mining coins which are not even listed on any exchange. Only project devs do that for their coins.
Mining is not as easy as it appears. It took 17 months for my friend to recover his machinery cost he set up to mine Ethereum. One has to calculate cost and reward before starting and I see no intelligence in mining coin which is not even listed.

akirasendo17

sr. member

Activity: 1106

Merit: 310

it will depend what coin it is and how the profit is , if the coins can give you a profit of 20usd a day why not, miners needs profit and to pay electric bills, for it to run for a long time, if there is no profit it is useless, new coins can bring furtune to miners simetimes when coins go up and miners have lots of them.they will be millionaires
it.will.only depends on the coins plans

mersal

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Activity: 1204

Merit: 38

Quote from: Bitbtc8 on August 17, 2019, 02:06:14 AM

I think Cryptonight coins are very easier to build than ETH Erc20 tokens because 99% of cryptonight coins i mined are all dead now,i started mining the following some months back and now they are all dead.
1.TOKL
2.FEST
3.SnOWFlake
4.ReCoal
5.Bbs coin

I mined this coins back then because they are new and new coins always have low mining difficulty thinking to myself that the wuickly i start mining new coins the more quantities i will owned but i was wrong, any advice will be fine thanks

Mining something with no real value is like double edge sword,it may give huge profits or you will be in vain.

Anyway more people go with mining new coins,I am surprised why you did,just only because of low mining difficulty or you researched about that project?

aces777

sr. member

Activity: 686

Merit: 250

True that. You are made to believe that the process is not so draining, and that you will make a valuable profit out of it, but in the end, it is mostly all faux. A lot of times, it ends up being a total waste of time. Firstly, you might spend some funds and a lot of time getting the device for mining on your phone, and even with the risk of losing your phone and losing your mines coins, you might still not get the value for the coins that you expected.

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