Opinions about quitting mining - page 4.

robelneo

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Quote from: VDraci on December 03, 2019, 04:56:55 AM

Tell me if my plan is bad, the first time i entered crypto space i started with mining rig setups but after some time its no more profitable so i stopped mining, now i start joining airdrops and bounties but present market condition is not helping, now i decide to sell my rig and find other business to divert the money to, if bull run ever comes i will still have coins to sell since most of my bounties i hold the ones with use cases, is selling my mining rig a good call?

You made the right decision and the timing is just right, I don't know the electricity cost in your area, but buying goods coins with good potential is far more better than running a mining rig now, and you also did the right thing joining bounty hunting, but there are a lot of bad bounties right now, only join when you do a research on the project that you are going to promote.

owengtam09

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Quote from: VDraci on December 03, 2019, 04:56:55 AM

Tell me if my plan is bad, the first time i entered crypto space i started with mining rig setups but after some time its no more profitable so i stopped mining, now i start joining airdrops and bounties but present market condition is not helping, now I decide to sell my rig and find other business to divert the money to, if bull run ever comes I will still have coins to sell since most of my bounties I hold the ones with use cases, is selling my mining rig a good call?

It is not worth to mine if your electricity is too expensive. Mining is for those who have free electricity or low value of it unlike here in our country, our electricity is too expensive that is why mining is really not advisable here. Joining some airdrops is not bad as long as you know you are entering because we all know that there are really a lot of scammers out there.

HabiebRiziq

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Quote from: cichaescut on December 03, 2019, 07:56:07 AM

Right now it is not the best idea to make money on crypto currency. Maybe just investing will bing you some profit in the future, but not bounties or mining, because difficulty is too high, prices are very low and no project is able to collect enough funds.

I don't think that only investment can make a profit. When we invest in a coin, of course we hope that in the future the price of the coin will increase and give us profits, but we do not know what will happen later, we can only get profits and we can also get failures. There are many ways to generate profits from cryptocurrency based on a way that matches what someone wants to do, whether it's trading, investing, mining and also doing bounty hunting.

Pearls Before Swine

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Quote from: VDraci on December 03, 2019, 04:56:55 AM

now i start joining airdrops and bounties

Yeah, good luck with those. With the ico market dead (or at least dying), I have a feeling that bounties are going to become fewer and fewer, just like signature campaigns declined in 2018. And you're lucky if anything you get from an airdrop holds any value before you can sell it.

I would say that if you're not mining anymore and don't plan to ever again, sell the rig. But if you have any reservations about not mining again, keep it because you may change your mind. You never know if altcoins are going to explode through the roof, and mining might become very profitable again.

wxa7115

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Quote from: Brunus on December 08, 2019, 06:34:18 PM

Mining has now become an extremely complex activity, which requires large investments and above all a very careful optimization of processes, otherwise one simply works at a loss and makes no sense.

And not only that if what we are seeing now is in fact the beginning of a bear market then it doesn't matter what you do as a miner you are going to lose money because you are going to have to operate your mining equipment to generate bitcoin and the costs will be higher than the profits that you can get, and there are not many people or businesses around the world that can operate for a loss for a long time.

It is way better to sell whatever mining equipment that you have and wait for the market to keep going down and buy bitcoin for a low price and then wait and hold your coins until the moment the bull run appears.

nicolas1979

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Never regret your decision believe in you this is the best you can do. You only need to share problem in forum/ group to get solutions, we all will help you. Sell your mining equipment is good step from there you will have basic fund to start new strategy. This is red market all method fall but it doesn't mean no solutions. Some people built on line shop, built blog/ web for business and become freelancer, chose which one for you and good luck.

adaseb

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This is pretty much the same cycle for most of the old adopters and some "Legendary" people here on the forum. Many started mining BTC back in 2010 with CPUs, then later with 2011 with GPUs, then in 2012 with BTC ASICs , then in 2013 with GPUs mining LTC, then in 2014-2015 mining various alt-coins like Darkcoin, then 2016 mining ETH, then 2017 mining pretty much anything yielded a profit.

Then eventually mining got unprofitable or they got bored and they sold their rigs and just hodl their coins in cold storage and sell during a crazy fomo rally like we had in late 2013, and late 2017. Most likely this same cycle will repeat again.

But as the time goes on, it gets more and more difficult to make money mining. Too many people in this business. Too high supply of GPUs and ASICs to compete.

TastyChillySauce00

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Quote from: alicecrowl966 on December 07, 2019, 01:22:48 AM

Mining is not profitable on old rigs anymore unfortunatly, your decision is right

With the presence of ASIC, it really destroys the miners who uses ordinary GPU which is a lot less efficient than ASIC that was made for the sole purpose of mining bitcoin and specialized in that. I really agree that mining is just a big no and a waste of time for people with small capital like us. It's like we are racing with donkey meanwhile other people riding a Lambo and to bother with joining the race just doesn't make sense at all.

fauzan Ichsan

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Quote from: Google+ on December 08, 2019, 06:41:05 PM

cryptocurrency mining is indeed a very good step because you can get coins with your own tools and can produce very large amounts without having to buy coins, but you should know that now if you do cryptocurrency mining it's not too profitable because at this time the level of difficulty of mining is increasing, and the cost of electricity is expensive with the results of coins that get very little and the price at the exchange is also very cheap will make mining no longer profitable.

besides that the price of mining equipment is increasingly expensive, so between capital and operating costs with the results obtained are less profitable. of course operational costs such as electricity is an obstacle, especially with the bearish trend, of course, fewer transactions

rdluffy

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We are in a complex time to make decisions about cryptos because we are not heading to an easy future

It's a good idea to sell your rigs if they are not getting any profit to you, so you can put money on another investment
I sold all my rigs because my electricity rate in my country is very expensive, and I put the money on traditional invesments, not on cryptos because I already have a lot of money on BTC and altcoins

So, sell your rigs, make a plan thinking in any scenario and try to make profits, it's not easy but you will have to research for your own

Google+

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cryptocurrency mining is indeed a very good step because you can get coins with your own tools and can produce very large amounts without having to buy coins, but you should know that now if you do cryptocurrency mining it's not too profitable because at this time the level of difficulty of mining is increasing, and the cost of electricity is expensive with the results of coins that get very little and the price at the exchange is also very cheap will make mining no longer profitable.

Brunus

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Mining has now become an extremely complex activity, which requires large investments and above all a very careful optimization of processes, otherwise one simply works at a loss and makes no sense.

Kersh768

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Quote from: VDraci on December 03, 2019, 04:56:55 AM

Tell me if my plan is bad, the first time i entered crypto space i started with mining rig setups but after some time its no more profitable so i stopped mining, now i start joining airdrops and bounties but present market condition is not helping, now i decide to sell my rig and find other business to divert the money to, if bull run ever comes i will still have coins to sell since most of my bounties i hold the ones with use cases, is selling my mining rig a good call?

If you have already foresee that mining does not benefit you at all, you have made the right choice to give up doing mining for a while because if you have already seen that you are no longer taking profit from it, or you can still gain profit but not like the usual, then it is your freedom to decide to sell your mining rig and seek for another profitable ways that will suit your preference and the situation you are currently up to. Do not regret that you have set free your mining rig if you have already seen that it does not work anymore for you and you already need an immediate source of income which you can rely on. Maybe once the hype turn on once again, you can set up buying one again but for now, earn and earn with the new ways you are currently into.

diazepam666

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Mining cryptocurrencies are really not useful now for the miners whoever spending their money on setting up the new rig for buying ASIC miners. Because has rate of the old cards are produced and new colour also capturing the market and bursting the miners whoever doing mining as their business.
We people need to invest on trading or other platform will be giving better returns.

huige007

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Quote from: alicecrowl966 on December 07, 2019, 01:22:48 AM

Mining is not profitable on old rigs anymore unfortunatly, your decision is right

Mining is the most profitable and reliable method of making money in digital coin market. For those people who have doubts regarding this technique, they can Google the monthly earning of miners. The amount obviously depends on the coin being mined too. The thing that keeps people away from adopting this profession is the initial amount required to set up mining machines. That is a bit costly so trading is preferred.

wxa7115

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Quote from: VDraci on December 03, 2019, 04:56:55 AM

Tell me if my plan is bad, the first time i entered crypto space i started with mining rig setups but after some time its no more profitable so i stopped mining, now i start joining airdrops and bounties but present market condition is not helping, now i decide to sell my rig and find other business to divert the money to, if bull run ever comes i will still have coins to sell since most of my bounties i hold the ones with use cases, is selling my mining rig a good call?

Since you are a stating that you are not profitable with your mining operation then it makes complete sense to sell your equipment and get whatever money that people give you for it, the problem is that you are trying to substitute whatever income that you had from mining by joining airdrops and bounty campaigns but the current period that we are experiencing is not really good for bounties.

In my opinion you should get a job, get paid in fiat and then use that fiat to buy whatever coin that you like with a very strong preference on bitcoin and ethereum and if you already have a job then get the second one and do the same.

alicecrowl966

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Mining is not profitable on old rigs anymore unfortunatly, your decision is right

FireBallex

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There will come a time when you will have to dust off your mining rigs and start mining again, if i can remember clearly it was very profitable to mine in 2017 bullrun so that time will come again, keep your rig or sell, the choice is yours

Vishnu.Reang

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Quote from: VDraci on December 03, 2019, 04:56:55 AM

Tell me if my plan is bad, the first time i entered crypto space i started with mining rig setups but after some time its no more profitable so i stopped mining, now i start joining airdrops and bounties but present market condition is not helping, now i decide to sell my rig and find other business to divert the money to, if bull run ever comes i will still have coins to sell since most of my bounties i hold the ones with use cases, is selling my mining rig a good call?

I would support your decision. Whales are entering the cryptocurrency mining sector in droves and they are pushing out the smaller and medium sized players. Never before the mining sector was this much centralized. Giant sized mega mining farms have made life miserable for the smaller players. You did the right thing by quitting mining and selling your rigs.

crazy-pilot

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Mining nowadays is I think of less profitable then it was before. The mining has just slowed down a lot and if you are talking about some airdrops that are new, they have a pretty good chance of turning out to be scams or something like that. So investing and bounty are good as I feel like.

Topic: Opinions about quitting mining - page 4. (Read 1264 times)