Topic: Opinions about quitting mining - page 7. (Read 1264 times)
than you sell it better you find another job, maybe the rig will come back useful again when prices have improved because mining requires substantial capital capital. or it's good if you still have some funds, you use to trade, so far trading can still provide benefits.
you said mining isnt profitable anymore ? so you are free to sell those miners that you have since they wont be useable anymore . i heard that old miners can become obselete because the difficulty of mining increase from time to time . with that said , you can sell your old miner and use that money to buy another new miner and you can now mining better . hodl that coins that youl be gettin and sell when the market pumped for more better profits .or you can keep your miner with you if you dont want to sell it and wait for your coins to boom .
If mining is removed, it is necessary to upgrade the technology and create a decentralized network that is stronger than Bitcoin, ethereum, litecoin and some other mined altcoins. Currently, there are many good projects that are developing well with newer technologies and investments, cooperating with larger organizations but the value and popularity of the market cannot be compared with Bitcoin.
The biggest problem with mining is that the algorithm has only allowed mining to create reward-coin and only mined to the limit. As for the technology projects just release and circulate, some projects can modify the source code to increase the number of tokens or coins of that project. That is also the reason for losing the scarcity and desire to own from the user.
If the Libra of facebook actually works and is supported by strong partners as in the announcement, this will be the world's most popular and highly applicable blockchain network.
The biggest problem with mining is that the algorithm has only allowed mining to create reward-coin and only mined to the limit. As for the technology projects just release and circulate, some projects can modify the source code to increase the number of tokens or coins of that project. That is also the reason for losing the scarcity and desire to own from the user.
If the Libra of facebook actually works and is supported by strong partners as in the announcement, this will be the world's most popular and highly applicable blockchain network.
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 u consistent , just go ahead , i also have 2 rigs and well , i still let it alive , still mined a ETH , for make it sure , i am not get any profit from it.
its just for gambling about ETH v 2.0 later ,
i also have a idea to sell my rigs when ETH v 2.0 out of my expetation.
but the point , if you think, you can't do anything else with your mining rig now, just sell it ,because the price will going down day by day.
If you continue to experience losses you better stop mining activities first and for now looking for bounties or airdrops takes a long time to become money. Try to find work in real life if you are still able to find work
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 Bitcoin is going to succeed, then mining has to be profitable for enough miners to send and confirm transactions. So I expect the price of Bitcoin to continue to increase as the mining difficulty increases. Otherwise the system breaks down. However, individual miners could get phased out by large mining farms and corporations that are more efficient.
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 guess the current situation is not bad for mining. It is not a good time to leave the market. Why do not you wait until halving after you have spent so much time on bad prices? There is an expectation of an increase in prices, even if this does not happen just try. The choice is yours, but it will be late when prices are increased. Bounty rewards will not give you what you expect. 
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 your only a small-time miner it is not really profitable now to mine because there is a lot of competitors
it’s obvious that mining is changing very fast. 2020 trend will be mining on POS. there’s no need to buy any equipment. it’s quite simple to buy coins and hold them in your wallet or on some exchange that offers payments for coin staking. all smart miners have already sold their equipment
Whatever decision you have made is good for you, while you are in control and not because of someone else then do what you want to do.
There are many ways to get a piece of cheese in the crypto world.
There are many ways to get a piece of cheese in the crypto world.
I think it's best that you sell your mining rig and find another business that will help you to make a big profit. Because bitcoin mining is no longer profitable and I read an article that would take four years before you could mine 1 Bitcoin.
And I think it's better to invest in bitcoin now
because next year bitcoin it will possible rise due to bitcoin halving that will take place in May 2020
And I think it's better to invest in bitcoin now
because next year bitcoin it will possible rise due to bitcoin halving that will take place in May 2020
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 are not making profits from your investments then its better to sell it off and invest the money into something else which could be profitable.So that's a good call but never invest the money into random dump and bump coin,invest on something which has greater potential or just stick with bitcoin so you have better chance of making profits since we have few months left for bitcoin halving.
it depends on what you are holding. you are holding valuable tokens, it will pay off, but if you are holding tokens that are worthless. no matter what happens, it will not be productive. i tried cloud mining and it failed me. i lost my funds and bitcoins. it was impossible to withdraw my funds. i prefer the airdrops and bounties. but currently, it is worthless. trading might be the only way but it is stressful and dangerous.
In the experience of my friends, small miners for now are not as profitable as they once were, the high prices of electricity and GPUs are also getting expensive. Only large miners can get the maximum profit because they have worked closely with the electricity provider. so it's useless or does not produce if only has 6-12 VGA, my friend said maybe if mining altcoin which has the potential for the future and hold, can still be profitable. or if you are in a tropical climate region can use solar panels as electricity generation. my suggestion for the OP is to choose a coin that has potential and hold. using solar panels as generators. or sell your rig if you are desperate, and look for a more tangible business.
Did you try mining these days and calculate whether you're still earning. If you see it no longer profitable due to electric bill and other expenses it consumes better sell it and use that amount to trade. Try to do day trading or buy alts that have updates that can still be profitable since market really isn't good now in any activities so we need to learn more skill to be profitable.
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 cannot give a final decision
but you have to make sure to yourself,
Do you have a lot of funds? and whether you are a professional miner, at least even if you are not professional you understand how to mine and manage it, so as to minimize losses,
if you don't have both, then you can sell your rig and buy assets like ETH or BCH and then save until the bull run comes,
but if you have both, you can continue mining, or vice versa.
but you have to make sure to yourself,
Do you have a lot of funds? and whether you are a professional miner, at least even if you are not professional you understand how to mine and manage it, so as to minimize losses,
if you don't have both, then you can sell your rig and buy assets like ETH or BCH and then save until the bull run comes,
but if you have both, you can continue mining, or vice versa.
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 are a small miner and that's better to sell your mining rig as more big miners are coming from the major coin like litecoin and bitcoin very soon. The halving becomes the main problem that makes so many medium levels of miners are moving from the major coin to the altcoin. Mining is not worth anymore for them anymore in the major crypto. Remember about ROI that becomes even longer consider about more miners join will increase the difficulty for the coin itself. It's better for you to take that decision by sell your rig and then move to another business.
you do not need to hesitate, as long as it is profitable then do it. there is no point in keeping the mining rig if you do not use it, the hardware price might be decreased(based on the market demand) if you keep holding it and do nothing about it. might as well you sell it right now and use the money to do something that is profitable for you.
think about it financially, we are doing it for the sake of profit.
think about it financially, we are doing it for the sake of profit.
Presently mining is good for those who wants to hodl for long term and sell later, its bad for those who wants to instantly take out their profits because the rewards are too low, not worth it and its wasting of electricity
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