My crypto mining advice | Bitcointalksearch.org

VRExpress

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Activity: 263

Merit: 15

Quote from: magneto on March 21, 2022, 04:30:59 PM

Quote from: YellowSwap on March 21, 2022, 04:50:44 AM

Are you new to crypto space and you've already purchased your first few graphic cards for crypto mining and now you heard that ETH (the most profitable coin to mine ) is now switching to PoS algorithm? Do not worry yourself too much because

1. Vitalik buterin can extend the merge once again in June
2. It's like 2017 all over again, don't lose guard because crypto miners became the real winners when every left mining.

Even if the merge do happen and profit isn't looking good anymore pls care more about the quantities of the coins you mining not their USD value, in such time mining difficulty will be lower, this was how some turned into whales in 2018 and 2019 bear market while others are busy selling their GPUs.

Sell only if your electricity bill is way too high

Terrible advice.

If you are not breaking even on your miners then you shouldn't run them and should sell them. Sunk cost fallacy at its best.

Also, even if you were making a profit (supposing that Buterin is delaying the merge), how much time are you spending on maintaining your miners? And is it worth the little money that you're getting? Probably not.

A hardcore miner aims to get more ETH when difficulty is low, USD value shouldn't matter to a smart miner and hold your ETH for a long time, one ETH costs 90$ in the first quarter of 2020 and by 2021 one ETH costs 4000$.

tygeade

legendary

Activity: 2086

Merit: 1058

Quote from: YellowSwap on March 21, 2022, 12:28:02 PM

The fact is other coins will lose value once all those huge miners switch to other available coins, this will bring new bear market for miners and the weak ones will have no choice than to sell their mining machines.

‘Which coins are going to lose their value’, do you say that in reference to ethereum? ETH is not going to lose its value after transitioning to POS. It is still going to keep on growing in value and nothing is really going to change apart from the fact that it will no longer make use of the proof of work system.

It’s not like ethereum is the first cryptocurrency that makes use of proof of stake, there has been so many other cryptocurrencies that are making use of proof of stake before now. And they have all been increasing in value so that’s definitely going to be the same thing with ETH, it is not going to lose its value. The burning question right now is what the Miners are going to do with their GPU once Ethereum moves to PoS?

BitKongy

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Activity: 405

Merit: 19

Quote from: magneto on March 21, 2022, 04:30:59 PM

Quote from: YellowSwap on March 21, 2022, 04:50:44 AM

Are you new to crypto space and you've already purchased your first few graphic cards for crypto mining and now you heard that ETH (the most profitable coin to mine ) is now switching to PoS algorithm? Do not worry yourself too much because

1. Vitalik buterin can extend the merge once again in June
2. It's like 2017 all over again, don't lose guard because crypto miners became the real winners when every left mining.

Even if the merge do happen and profit isn't looking good anymore pls care more about the quantities of the coins you mining not their USD value, in such time mining difficulty will be lower, this was how some turned into whales in 2018 and 2019 bear market while others are busy selling their GPUs.

Sell only if your electricity bill is way too high

Terrible advice.

If you are not breaking even on your miners then you shouldn't run them and should sell them. Sunk cost fallacy at its best.

Also, even if you were making a profit (supposing that Buterin is delaying the merge), how much time are you spending on maintaining your miners? And is it worth the little money that you're getting? Probably not.

Terrible advice.

It makes no sense to sell your graphic cards because ETH is going to proof of stake algorithm another altcoin will take its place and become profitable I think, in 2018 few miners still continue to mine and they make the biggest money on the long run in 2020, also it's possible that a fork will happen where mining ETH will still be possible.

tbterryboy

sr. member

Activity: 2030

Merit: 323

If the new development of Ethereum is successful and it becomes a PoS (Proof of Stake), mining will no longer be profitable at all because there will no longer be any transaction fees or whatever that is going to benefit the miners.Mining is going to become obsolete when this happens. So, the best thing that anyone could possibly do would be to either sell their GPU and start staking or they can decide to look for other cryptocurrencies that are profitable for mining.

I have heard of other cryptocurrencies which can be profitable for miners such as Cortex and Ravencoin. So, it will be good to look into any other cryptocurrencies that would be worth mining and if after looking into it and you feel that it is a good choice and also after you have calculated the electricity bill that you'll be paying then you can go for that or make whatever decision is best for you.

magneto

hero member

Activity: 1666

Merit: 753

Quote from: YellowSwap on March 21, 2022, 04:50:44 AM

Are you new to crypto space and you've already purchased your first few graphic cards for crypto mining and now you heard that ETH (the most profitable coin to mine ) is now switching to PoS algorithm? Do not worry yourself too much because

1. Vitalik buterin can extend the merge once again in June
2. It's like 2017 all over again, don't lose guard because crypto miners became the real winners when every left mining.

Even if the merge do happen and profit isn't looking good anymore pls care more about the quantities of the coins you mining not their USD value, in such time mining difficulty will be lower, this was how some turned into whales in 2018 and 2019 bear market while others are busy selling their GPUs.

Sell only if your electricity bill is way too high

Terrible advice.

If you are not breaking even on your miners then you shouldn't run them and should sell them. Sunk cost fallacy at its best.

Also, even if you were making a profit (supposing that Buterin is delaying the merge), how much time are you spending on maintaining your miners? And is it worth the little money that you're getting? Probably not.

crzy

full member

Activity: 2128

Merit: 180

Quote from: DevFile90 on March 21, 2022, 02:35:35 PM

ETC will add more value and I'm already suspecting that the recent surge of ETC is because of the upcoming ETH 2.0 as ETC looks like the better alternative to mine, very soon ETC will cross over to three figure.

Its possible on a bull market but for now, we have to deal with the sideway trend and wait for the good momentum to come. ETC can be a good option to mine but you have to compute everything to know if its worth it or not, miners will always go for the best alternatives so we can’t expect them to stay in one coin especially if there’s other option to mine.

FirmWars

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Activity: 242

Merit: 86

ETC will reach 100$+ if ETH goes POS and as time goes on this move might give ETC better height in Proof of Work space, it's all well and good either you using AMD or Nvidia cards there are more coins to mine right now.

tomahawk9

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Activity: 2086

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Cats on Mars

Quote from: YellowSwap on March 21, 2022, 04:50:44 AM

Do not worry yourself too much because

1. Vitalik buterin can extend the merge once again in June
2. It's like 2017 all over again, don't lose guard because crypto miners became the real winners when every left mining.

"do not worry" So, according to you they should chill and simply speculate about an event that may or may not happen (the Vitalik buterin part), and they can also rely on past experiences/events to repeat again ("real winners" after 2017). All in all, the decision-making will be based on past events, pure optimism and whether the electricity bill is high or not. I don't know man, i think they should prepare for worst-case scenario instead of relying on hopes and dreams

Flexystar

full member

Activity: 1092

Merit: 227

That’s completely fine as long as they are able to mine another coins really. Profitability can be taken out with switching algorithms and mining multiple coins at same time. Things have changed a lot after release of all new graphic cards. They are more powerful and energy efficient giving more money back guarantee for the period they will run. I have seen stories where miners are still using old cards like rx 580 with 4 and 8 gb rams. They are not able to mine ETH anymore but they are able to switch it to the new coins and store them and sell them at higher values.

So only big farms have to worry about the switching since they will have huge cost for set up and shit.

DevFile90

member

Activity: 227

Merit: 12

ETC will add more value and I'm already suspecting that the recent surge of ETC is because of the upcoming ETH 2.0 as ETC looks like the better alternative to mine, very soon ETC will cross over to three figure.

boyptc

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Activity: 3024

Merit: 680

★Bitvest.io★ Play Plinko or Invest!

Quote from: stompix on March 21, 2022, 05:14:45 AM

Quote from: boyptc on March 21, 2022, 05:01:31 AM

And it's not only Ethereum that you can mine with those GPUs.
What's going to happen is that GPU miners are going to switch to another PoW coin that they can focus on once the switch of PoW to PoS is done.

Quote

Reward last 24h
ETH $41,060,520.93
LTC $831,545.35
DOGE $1,626,493.22
ETC $823,215.92

Can you spot the problem?
Anyhow, this is altcoin talk, bitcoiners don't care what Buterin dreams at night!

Rewards for the other altcoins are nothing compared to Ethereum. But that's going to change and will no longer be a factor when it's already PoS.

That's what I'm seeing in the other mining community that they just keep going while they can until it lasts. So while they're can still able to use those graphics cards, they'll just do what they've started.

And when it's done going out as a PoS, that will be the time that they'll pump the hash rate of their chosen new altcoin to mine.

Outhue

sr. member

Activity: 686

Merit: 403

Time to start buying sha256 ASIC miners instead? There will be no need of all this panicking since BTC will forever remain a PoW coin Grin

.

YellowSwap

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Activity: 201

Merit: 31

KUWA.ai

The fact is other coins will lose value once all those huge miners switch to other available coins, this will bring new bear market for miners and the weak ones will have no choice than to sell their mining machines.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: boyptc on March 21, 2022, 05:01:31 AM

And it's not only Ethereum that you can mine with those GPUs.
What's going to happen is that GPU miners are going to switch to another PoW coin that they can focus on once the switch of PoW to PoS is done.

Quote

Reward last 24h
ETH $41,060,520.93
LTC $831,545.35
DOGE $1,626,493.22
ETC $823,215.92

Can you spot the problem?
Anyhow, this is altcoin talk, bitcoiners don't care what Buterin dreams at night!

boyptc

hero member

Activity: 3024

Merit: 680

★Bitvest.io★ Play Plinko or Invest!

And it's not only Ethereum that you can mine with those GPUs.

What's going to happen is that GPU miners are going to switch to another PoW coin that they can focus on once the switch of PoW to PoS is done.

But as long as it's still there and the transition isn't happening yet, just keep going with mining ethereum with those graphic cards that you have.

YellowSwap

member

Activity: 201

Merit: 31

KUWA.ai

Are you new to crypto space and you've already purchased your first few graphic cards for crypto mining and now you heard that ETH (the most profitable coin to mine ) is now switching to PoS algorithm? Do not worry yourself too much because

1. Vitalik buterin can extend the merge once again in June
2. It's like 2017 all over again, don't lose guard because crypto miners became the real winners when every left mining.

Even if the merge do happen and profit isn't looking good anymore pls care more about the quantities of the coins you mining not their USD value, in such time mining difficulty will be lower, this was how some turned into whales in 2018 and 2019 bear market while others are busy selling their GPUs.

Sell only if your electricity bill is way too high

Topic: My crypto mining advice (Read 151 times)