Topic: Overwhelming - page 3. (Read 3377 times)

Shakezula, I hear what you're saying, but I feel like I got into all of this too late, so I'm thinking I need to mine other coins to potentially make the large gains that early miners of Bitcoin made.

Looking at Coinwarz it seem like the profitability of coins changes drastically from day to day, so it's really hard to just pick one and mine it. Litecoin seems to be the only one that is consistently more profitable than Bitcoin, but not by much.

Haha... Coinotron was where my journey as a miner began also back in April.  Was there mining for a month until I found this forum.  Now, it's all about chasing altcoins...   


-tb-

Thanks guys. This is very helpful.

http://dustcoin.com/mining
http://www.coinwarz.com/cryptocurrency

Check these website daily.  They will tell you the most profitable coin to mine and give you a general idea of the returns you can expect.  For instance, if you are interested in generating BTC then it isn't necessarily best to be mining BTC.  You can mine an altcoin like DGC which will currently give you 151% of the profitability of mining BTC.  Then trade the DGC you generated for BTC on an exchange.  Just be careful to watch the price of the coin you are mining, as many altcoins are very volatile.

You can't go wrong with BTC. It converts in to cash pretty much directly but its not high-numbers mining like some of the coins with lower diff. FRC, LTC, PPC, and TRC have quite a few exchanges so turning them in to BTC should be no problem--but each of these coins earn a very similar profit to BTC. Some of the 'scrypt' coins can be more profitable, but currently BTC mining is a pretty painless and direct route to some extra change.

If you decide on BTC only mining, you may as well get the merged mined coins (DVC, iXC, and NMC) they are a bit more obscure and not very valuable, but can be used for cool things like .bit domains. I primarily mine at mmpool.bitparking.com but I think a few BTC pools offer merged coins (or at least some of them).

Oh, sorry, forgot to add one more item:  I am also VERY wary of any coin that keeps any % of coins mined, regardless of the given reasons.  (Pools charging a fee % is a different deal altogether - they should be able to at least cover their costs).  I want to mine an coin, earn those coins by mining, and chose what I do with them.  I don't have any interest in being part of a 'collective' that has some group that decides where some of those coins are allocated, when, or why.

Other obviously believe differently.

Thanks for the advice MashRinx. I haven't invested much in this as it's just a hobby and I'm willing to lose my investment. Keeps me occupied and not out chasing skirts.

Ok, I'm mining FRC on Cointron right now with one GPU, but debating about moving everything over from BTC to LTC, FTC, or FRC. Kinda scary though considering these don't really have a marketplace like BTC.

First, best of luck in whatever path, or paths, you choose.  Also, might I suggest that it doesn't need to be a single path, and mining across different coins at different times is definitely something that you might want to consider. 

For what it's worth, some of the rules that I have established for myself are:
     - try to gauge as best you can the intent of the creator/poster of the coin:  is it going to be premined, instamined or a clear pump & dump play?
     - Is there any real development behind the coin that might hint at any possible future beyond the short-term?
     - I personally think pre-mines are almost 100% BS, although I think stable coin may have the most valid reason to have one, although you have to trust that the creators of the coin mean what they say. (not saying they don't)
     - was a coin announced with enough notice to be reasonably fair?
     - do the parameters make sense (coins per block, block timing, difficulty re-target time, and starting difficulty) ?

There are many people on this forum that would say ALL alt-coins, including LTC are all 'scam coins', but then there are also a lot of people around the world who would tell you that so is Bitcoin, so who knows.

I think what Gavin said about Bitcoin applies more here than even for Bitcoin:  Don't invest what you are not 100% willing to lose  (my edit: that includes money invested in coins, hardware, or the power needed to run that HW.)

I would only add, try to have some fun & learn what you can while you're at it...

This is an excellent piece of advice. Coinotron is stable and reliable with high hashes across the board.

You should keep reading while mining, and then you can feel free to diversify

Stick to what's on Coinotron.com and you'll be just fine.

As a newbie who just started mining Bitcoins at the end of April and now looking to diversify into other coins, this forum is overwhelming. I was hoping to get some information on which coin to mine, but wow!, didn't realize that new coins were being released every day and many failing in the same day. So, after many hours of reading the threads here, I decided to try these:

Litecoin
Feathercoin
Freicoin
Stablecoin

Seem like logical choices?