Opinions about quitting mining - page 5.

fortunecrypto

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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?

only the brave and the experts do this know, but if you cannot keep up anymore, your decision is correct, mining is not profitable nowadays and there are too many things to monitor, compare to bounty hunting and trading the cost is a way too lower, you have nothing to regret you did the right thing, if I am in your case I'll also do it.

Spaffin

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Quote from: Coltpython on December 06, 2019, 10:41:37 AM

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?

Instead of selling your rig, maybe you should think of moving to a location where mining will be profitable. I believe the main downside of crypto mining is the electricity costs. So, perhaps moving to an area with low power costs can help keep you profitable once more

You are really right, because it is electricity that takes a significant part of the profit. To remove this problem, you need to think about alternative energy sources and, first of all, you can think about wind power plants or solar panels, which you can not only buy, but also build on your own. In order not to worry about your equipment, you can purchase convectors that will stabilize the flow of electric current.

Coltpython

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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?

Instead of selling your rig, maybe you should think of moving to a location where mining will be profitable. I believe the main downside of crypto mining is the electricity costs. So, perhaps moving to an area with low power costs can help keep you profitable once more

BlackboardTrade524

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Nice point to discuss. I was at the same point which to take and which to leave. Mining is costly than swing trading or bounty activities with airdrop or anything. I decided to close all the mining tools and concerned about trading daily rather than holding a coin or token periodically. I wait such long to make an entry but never being greedy. But if you do airdrop or bounty activities with your own skills, I think that would be a good choice for sure. Am also trying to enter in this space as well.

lousie9

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if what you ask about selling your mining rig then the answer depends on you. such as your initial capital expenditure when purchasing mining equipment and the percentage of profit / loss when you mine. if you want another business then you can still do it like trading or crypto investments.

lunobird

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Ya what's bad about mining is that your gear depreciate in value along with the altcoins you mined. Anybody that mined altcoins and held lost over 96 percent in value plus equipment depreciation

A lot of miners will never get back the cost of electric they spent.

Even if you mined top quality alts it did not matter. Zcash, Ltc, kmd, zcoin, etc loss tons of value over the past 2 years and making new lows every week. Even if a recovery happens your still making pennies after electric due to too many moonboys that think it's cool to earn a few pennies a day.

Mining is for losers and the quicker you realize that you can move on with your life and put that money elsewhere into other skills and better yourself

If you would have mined btc only you would be okay if you got cheap enough electric like 6 cents.

pixie85

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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,

Don't mine if it's unprofitable. Nobody is going to tell you to mine at a loss.

Quote

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?

Tell us what are those coins that you're holding. The coins with use cases that you got from bounties. I'm interested because 99,9% of all new coins are junk and have no use cases so I'd like to know your opinion.

istiak2277

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Mining is no longer profitable during the year-long bear market of 2018.Mining won't be profitable at a small scale unless you have access to free or really cheap electricity. I think selling rig and invest it to any good project will give you more benefits.

tabas

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If switching business from mining to something else is lucrative to you, go switch and do what you think will do better for you.

Quote from: Shepard777 on December 05, 2019, 10:19:38 AM

I think this is a bad idea, because when a new cycle of market growth begins and everything flies to the moon, no one will sell you back for the same money that you will give now and you will regret it, since you could make a lot of money , I think that you need to weigh everything so that later you would not complain and not whine.

I don't see it as a bad idea. We should look for other things not just for the future while he's suffering currently and can no longer take the pain at these moments, that's the solution that he came up with.

Shepard777

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I think this is a bad idea, because when a new cycle of market growth begins and everything flies to the moon, no one will sell you back for the same money that you will give now and you will regret it, since you could make a lot of money , I think that you need to weigh everything so that later you would not complain and not whine.

Ridwan Fauzi

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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?

First of all, before you start everything you need to make an analyst first. It was not your bad idea to choose mining for the first time you came to this industry but seems like you just wrong to choose an altcoin to be made as mining place. You have to make an analyst first to the coin that you choose to mine, see the fundamental analyst and its movement price I guess you won't wrong to become a miner.

So now you decided to be a bounty hunter right? It needs an analsyt too, don't just pick the bounty campaign but randomly or based on the token that will you gained. But it will be good you see the coin's function first before you participate on the project. Take a look to the market how many bounty hunter who complains that the coin that they get just didn't have a value and become shitcoin.

BChydro

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Quote from: Bitbtc8 on December 04, 2019, 12:52:38 AM

The truth is if you want to sell your mining rigs today it will be for few pennies, i suggest you hold on to them and find new coins with low difficulty rate to mine and sell once they get listed or have good value, presently market condition is the reason why everything looks impossible in crypto space, hopefully things will change

What is he going to do with a mining rig that is not giving any profit, mining is not an easy process now a days and if he finds that it is a burden it is better that he sells those and invest those amount in the coins rather than holding it for a long period of time which will depreciate the value of the hardware.
@OP if you are getting a good buyer it is better to sell the hardware rather than holding it.

jrrsparkles

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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 have two options.

Either you can choose a coin which has low mining difficulty and has better potential over the shitcoins so you can able to reap profits from that mining but it will take time.

Or you can sell those rigs and invest on a coin which is doing good at the moment.

Saisher

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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?

There's no more thinking about the electricity cost, and besides bounty campaign only involve time and effort, of course, less electricity consumption, so you have done the right thing in disposing of your mining rig and just concentrate in bounty and airdrop.

mirgo1791

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as uses with different option on working on customs with bitcoin investment helps to improve returns with decision on expends partisan with the field of altcoin gains as the customs on arrange to modify on use to run with plan on extensive modulation following terms with work on major compliance as the chance of attains on field of business with the crypto finance.

jcpone

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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 your not interested to use your own mining rig, I think it is very much better to sell it now. However, if you still double mind about your mining rig to sell it I suggest you to use once more, because for me in my opinion, I doubt that mining rig is not profitable anymore, it is still profitable maybe you just became impatience only because the market was in red situation now. Why not give more a little to wait for this, just a thought only.

wheelz1200

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Quote from: X-ray on December 04, 2019, 03:17:46 AM

Quote from: Novatech8 on December 04, 2019, 01:21:38 AM

Though its your choice to make, i sold all my mining rigs and i never regret it, though i sold for lesser value but i still don't regret selling and i divert the money on ETH, locked away in my offline wallet thing market takes a good turn

Well you will hear a good news regarding ETH switching to PoS so that you could grow your stored ETH by staking it and that could probably drive the prices up since people potentially sell their rigs for ETH to stake. Also I must agree that the difficulties right now is too high it's ridiculous and there's no chance for small miners to even get their return of investment.

Ethereum switching to pos will get a price raise from people selling their rigs and putting their money into eth. I hope you really arent telling people this, there are many ways that funds will come and go into a coin. But switching proof and banking on used mining rigs sales, then that being converted into market buys is straight ludicrous.

bitblade

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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?

Depends on many factor such as "when do I want to profit? do I stock up? do I wanna take this risk?" and so on. Mining in general isn't that lucrative anymore so weigh out pros and cons and decide carefully.

X-ray

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Quote from: Novatech8 on December 04, 2019, 01:21:38 AM

Though its your choice to make, i sold all my mining rigs and i never regret it, though i sold for lesser value but i still don't regret selling and i divert the money on ETH, locked away in my offline wallet thing market takes a good turn

Well you will hear a good news regarding ETH switching to PoS so that you could grow your stored ETH by staking it and that could probably drive the prices up since people potentially sell their rigs for ETH to stake. Also I must agree that the difficulties right now is too high it's ridiculous and there's no chance for small miners to even get their return of investment.

masterrex

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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?

In my opinion, if you feel that mining is not profitable anymore then why did you remain in that field, cryptocurrency investment has many options, you can divert your funds to a profitable one in the case of your mining rig if you don't want to go back into crypto mining anymore it means that those rigs are no use at all so its better to sell it and use the funds for additional capital but the decision still yours you can do better judgement then stick to it.

Topic: Opinions about quitting mining - page 5. (Read 1264 times)