Should I even consider mining altcoins?

vlom

legendary

Activity: 1498

Merit: 1117

ANTI is a good example.

i startet mining at coin launch. diff was low and coins per block was hight. after the 2nd halting i stopped mining.

then i sold my coins. i missed the first pump but was still able to sell with profit.

realchlorum

Quote

But there is no guarantee for it. As example would ive been a bagholder i would lost the whole profit because they went down to 30 or something now.

anti is going up and down between 30 und 90 and sometimes over 100.

realchlorum

full member

Activity: 243

Merit: 100

You definetly can make money out of it.

But its like BTC if you are an early adopter you make profit.
I got early into ANTI and when it went up to 300 sats i sold them (i bought them at 24,56 and 89).
But there is no guarantee for it. As example would ive been a bagholder i would lost the whole profit because they went down to 30 or something now.

Hexception

newbie

Activity: 58

Merit: 0

Quote from: btguydude on December 14, 2015, 03:19:53 PM

Quote from: Kolder on December 14, 2015, 05:51:58 AM

You can mine some altcoin and sell them for bitcoin. Most good altcoins are not profitable to mine if you have high electricity cost.

Any suggestions which I should mine as long as it's not going to be 1eu/month?

Well, exactly that. No-one knows the exact volatility of a crypto currency or we would all be millionaires if we knew something would make money.
As I have pointed out earlier in this thread. You have to decide for yourself what Crypto Currency you want to mine and what risks you want to take.

1) Read the exchanges and see what doesn't fluctuate much or what takes your fancy, maybe you want it to fluctuate.
2) Calculate how much you would be making per month with your hash power, take into account difficulty increases.
3) work out how much you would make off that coin, be conservative.

no-one will be able to give you the holy grail "mine this and you will make thousands of euro in a week"

btguydude

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Activity: 28

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Quote from: Kolder on December 14, 2015, 05:51:58 AM

You can mine some altcoin and sell them for bitcoin. Most good altcoins are not profitable to mine if you have high electricity cost.

Any suggestions which I should mine as long as it's not going to be 1eu/month?

Kolder

hero member

Activity: 896

Merit: 500

You can mine some altcoin and sell them for bitcoin. Most good altcoins are not profitable to mine if you have high electricity cost.

btguydude

newbie

Activity: 28

Merit: 0

Quote from: vlom on December 14, 2015, 04:56:19 AM

if you are mining and don't know what is happening when you mine. then you did not learn something thats right.

and yours answers to my questions show me that you can learn something while mining.

mining is more than just downloading a client and type e.g. ./minerd -a cryptonight -o stratum+tcp:// in terminal.

Then tell me what is there to be learned by mining as a process specifically? The only thing that I can think of is tuning the settings, which is research and trial-and-error based on your hardware. I'm not arguing that there isn't anything to learn - I just want to understand what there is, since I cannot think of anything myself and I couldn't find a definitive answer as of yet.

vlom

legendary

Activity: 1498

Merit: 1117

Quote from: btguydude on December 14, 2015, 04:49:48 AM

Quote from: vlom on December 14, 2015, 04:07:49 AM

Quote from: btguydude on December 14, 2015, 03:59:46 AM

Quote from: vlom on December 14, 2015, 03:38:14 AM

Quote from: btguydude on December 12, 2015, 05:16:06 AM

A lot of them seem unreliable or even full of ****, sometimes just by checking the site you get a feeling that it's probably some type of fraud going on there...

The reason I'm asking is because some altcoins seem to be quite profitable compared to $6/year from Litecoins on my machine, and that's 24/7, meaning more like $2 a year if I keep it on only while I sleep.

Anyway, I'm just considering to consider altcoins, but fear it may be a waste of time and intense frustration at some point, and having loud fans running loud half a meter away from me isn't that pleasant, while sleeping or otherwise.

Any help is appreciated...

sure start mining.
1. start solo mining.
2. join a pool.
3. mine coins with different algos.

you will learn a lot. this will be your profit.

What is this learning everyone's talking about? I mean, what useful is there to learn from mining coins? Setting up software is self explanatory to me so far, even without GUI.

if you already know how thinks work.

then explain in two sentences how a blockchain works. don't copy it from wiki or some site like that.

1. why can a blockchain be used to replace land charge register? explain this to me in a way that my grandmother can understand it.
2. and whats the point of mining in this?
3. what is the difference between POS and POW?

Not 100% confident, but:

1. As far as I understand blockchain is a database that stores currency data (owner of each block).
2. As far as I understand, mining is kinda like a job that pays coins. They gotta get an owner somehow.
3. Not sure, although I believe that POS makes the coins a lot harder to mine but adds security against attacks of some sort. Don't know more about this one.

Although I think you misunderstood my question: how would one learn anything by mining coins? To me, mining them means mining them. And mining means downloading, configuring and running a program. Then you go to a exchange place, trade them to usable/supported coins or real money and buy a dildo or whatever you wanna buy.

To me learning means opening a page (wiki?) and reading up, or maybe asking on a forum. I really don't see anything to be learned by mining them, that's why I asked what is that learning that everybody's talking about here because maybe I'm wrong.

if you are mining and don't know what is happening when you mine. then you did not learn something thats right.

and yours answers to my questions show me that you can learn something while mining.

mining is more than just downloading a client and type e.g. ./minerd -a cryptonight -o stratum+tcp:// in terminal.

btguydude

newbie

Activity: 28

Merit: 0

Quote from: vlom on December 14, 2015, 04:07:49 AM

Quote from: btguydude on December 14, 2015, 03:59:46 AM

Quote from: vlom on December 14, 2015, 03:38:14 AM

Quote from: btguydude on December 12, 2015, 05:16:06 AM

A lot of them seem unreliable or even full of ****, sometimes just by checking the site you get a feeling that it's probably some type of fraud going on there...

The reason I'm asking is because some altcoins seem to be quite profitable compared to $6/year from Litecoins on my machine, and that's 24/7, meaning more like $2 a year if I keep it on only while I sleep.

Anyway, I'm just considering to consider altcoins, but fear it may be a waste of time and intense frustration at some point, and having loud fans running loud half a meter away from me isn't that pleasant, while sleeping or otherwise.

Any help is appreciated...

sure start mining.
1. start solo mining.
2. join a pool.
3. mine coins with different algos.

you will learn a lot. this will be your profit.

What is this learning everyone's talking about? I mean, what useful is there to learn from mining coins? Setting up software is self explanatory to me so far, even without GUI.

if you already know how thinks work.

then explain in two sentences how a blockchain works. don't copy it from wiki or some site like that.

1. why can a blockchain be used to replace land charge register? explain this to me in a way that my grandmother can understand it.
2. and whats the point of mining in this?
3. what is the difference between POS and POW?

Not 100% confident, but:

1. As far as I understand blockchain is a database that stores currency data (owner of each block).
2. As far as I understand, mining is kinda like a job that pays coins. They gotta get an owner somehow.
3. Not sure, although I believe that POS makes the coins a lot harder to mine but adds security against attacks of some sort. Don't know more about this one.

Although I think you misunderstood my question: how would one learn anything by mining coins? To me, mining them means mining them. And mining means downloading, configuring and running a program. Then you go to a exchange place, trade them to usable/supported coins or real money and buy a dildo or whatever you wanna buy.

To me learning means opening a page (wiki?) and reading up, or maybe asking on a forum. I really don't see anything to be learned by mining them, that's why I asked what is that learning that everybody's talking about here because maybe I'm wrong.

vlom

legendary

Activity: 1498

Merit: 1117

Quote from: btguydude on December 14, 2015, 03:59:46 AM

Quote from: vlom on December 14, 2015, 03:38:14 AM

Quote from: btguydude on December 12, 2015, 05:16:06 AM

A lot of them seem unreliable or even full of ****, sometimes just by checking the site you get a feeling that it's probably some type of fraud going on there...

The reason I'm asking is because some altcoins seem to be quite profitable compared to $6/year from Litecoins on my machine, and that's 24/7, meaning more like $2 a year if I keep it on only while I sleep.

Anyway, I'm just considering to consider altcoins, but fear it may be a waste of time and intense frustration at some point, and having loud fans running loud half a meter away from me isn't that pleasant, while sleeping or otherwise.

Any help is appreciated...

sure start mining.
1. start solo mining.
2. join a pool.
3. mine coins with different algos.

you will learn a lot. this will be your profit.

What is this learning everyone's talking about? I mean, what useful is there to learn from mining coins? Setting up software is self explanatory to me so far, even without GUI.

if you already know how thinks work.

then explain in two sentences how a blockchain works. don't copy it from wiki or some site like that.

1. why can a blockchain be used to replace land charge register? explain this to me in a way that my grandmother can understand it.
2. and whats the point of mining in this?
3. what is the difference between POS and POW?

btguydude

newbie

Activity: 28

Merit: 0

Quote from: vlom on December 14, 2015, 03:38:14 AM

Quote from: btguydude on December 12, 2015, 05:16:06 AM

A lot of them seem unreliable or even full of ****, sometimes just by checking the site you get a feeling that it's probably some type of fraud going on there...

The reason I'm asking is because some altcoins seem to be quite profitable compared to $6/year from Litecoins on my machine, and that's 24/7, meaning more like $2 a year if I keep it on only while I sleep.

Anyway, I'm just considering to consider altcoins, but fear it may be a waste of time and intense frustration at some point, and having loud fans running loud half a meter away from me isn't that pleasant, while sleeping or otherwise.

Any help is appreciated...

sure start mining.
1. start solo mining.
2. join a pool.
3. mine coins with different algos.

you will learn a lot. this will be your profit.

What is this learning everyone's talking about? I mean, what useful is there to learn from mining coins? Setting up software is self explanatory to me so far, even without GUI.

vlom

legendary

Activity: 1498

Merit: 1117

Quote from: btguydude on December 12, 2015, 05:16:06 AM

A lot of them seem unreliable or even full of ****, sometimes just by checking the site you get a feeling that it's probably some type of fraud going on there...

The reason I'm asking is because some altcoins seem to be quite profitable compared to $6/year from Litecoins on my machine, and that's 24/7, meaning more like $2 a year if I keep it on only while I sleep.

Anyway, I'm just considering to consider altcoins, but fear it may be a waste of time and intense frustration at some point, and having loud fans running loud half a meter away from me isn't that pleasant, while sleeping or otherwise.

Any help is appreciated...

sure start mining.
1. start solo mining.
2. join a pool.
3. mine coins with different algos.

you will learn a lot. this will be your profit.

btguydude

newbie

Activity: 28

Merit: 0

Quote from: Hexception on December 13, 2015, 07:50:19 PM

Quote from: btguydude on December 13, 2015, 07:15:08 PM

Quote from: Hexception on December 13, 2015, 06:23:51 PM

Quote from: btguydude on December 13, 2015, 05:43:16 PM

Quote from: Hexception on December 13, 2015, 04:28:13 PM

I wouldn't use it as a money making scheme.

You can be lucky though if you get on an early coin and it makes a nice leap forward. I made a bit of money on Piggycoin (2013-2014) I mined at low difficulty with 4 GPU for about a week and had over 4.5 million coins (Bought some for like 15 sat also). It went up to about 850 sat. This was when it was POW and not POS.

You can learn a lot though and it is fun. certainly fun.

So basically the best option is to get in on new coins and hope it isn't a scam?

Quote from: helloeverybody on December 13, 2015, 03:34:26 PM

I asked this same question but it came down to electricity still costing too much and there would be no profit. you would be better just buying the coins with the cash you would have spent on electricity. Unless electricity is cheap where you are.

Electricity is free for me.

well it really depends what YOU want. No-one can tell you what to do.

Sure do that if you want the risk. You could also go for something more stable that has a higher difficulty and hope it improves dramatically.
The altcoin scene seems much more vibrant and active now than ever. There seems to be new coins every day.

I posted this to find out what I want, or rather find out more details and thoughts and ideas. Because without knowing that, how can you know what you want?

Well only you know if you want to be risky or not.

If you want to be risky go for a new coin as it may eventually pay off for you with a high yield.
If you want a stable amount with a lower yield then go for a known coin. It may be higher yield if you lose out on a new coin.

So what do you suggest for stable yield?
Because for nonstable, I should just go with anything that is new as I understand.

Hexception

newbie

Activity: 58

Merit: 0

Quote from: btguydude on December 13, 2015, 07:15:08 PM

Quote from: Hexception on December 13, 2015, 06:23:51 PM

Quote from: btguydude on December 13, 2015, 05:43:16 PM

Quote from: Hexception on December 13, 2015, 04:28:13 PM

I wouldn't use it as a money making scheme.

You can be lucky though if you get on an early coin and it makes a nice leap forward. I made a bit of money on Piggycoin (2013-2014) I mined at low difficulty with 4 GPU for about a week and had over 4.5 million coins (Bought some for like 15 sat also). It went up to about 850 sat. This was when it was POW and not POS.

You can learn a lot though and it is fun. certainly fun.

So basically the best option is to get in on new coins and hope it isn't a scam?

Quote from: helloeverybody on December 13, 2015, 03:34:26 PM

I asked this same question but it came down to electricity still costing too much and there would be no profit. you would be better just buying the coins with the cash you would have spent on electricity. Unless electricity is cheap where you are.

Electricity is free for me.

well it really depends what YOU want. No-one can tell you what to do.

Sure do that if you want the risk. You could also go for something more stable that has a higher difficulty and hope it improves dramatically.
The altcoin scene seems much more vibrant and active now than ever. There seems to be new coins every day.

I posted this to find out what I want, or rather find out more details and thoughts and ideas. Because without knowing that, how can you know what you want?

Well only you know if you want to be risky or not.

If you want to be risky go for a new coin as it may eventually pay off for you with a high yield.
If you want a stable amount with a lower yield then go for a known coin. It may be higher yield if you lose out on a new coin.

btguydude

newbie

Activity: 28

Merit: 0

Quote from: Hexception on December 13, 2015, 06:23:51 PM

Quote from: btguydude on December 13, 2015, 05:43:16 PM

Quote from: Hexception on December 13, 2015, 04:28:13 PM

I wouldn't use it as a money making scheme.

You can be lucky though if you get on an early coin and it makes a nice leap forward. I made a bit of money on Piggycoin (2013-2014) I mined at low difficulty with 4 GPU for about a week and had over 4.5 million coins (Bought some for like 15 sat also). It went up to about 850 sat. This was when it was POW and not POS.

You can learn a lot though and it is fun. certainly fun.

So basically the best option is to get in on new coins and hope it isn't a scam?

Quote from: helloeverybody on December 13, 2015, 03:34:26 PM

I asked this same question but it came down to electricity still costing too much and there would be no profit. you would be better just buying the coins with the cash you would have spent on electricity. Unless electricity is cheap where you are.

Electricity is free for me.

well it really depends what YOU want. No-one can tell you what to do.

Sure do that if you want the risk. You could also go for something more stable that has a higher difficulty and hope it improves dramatically.
The altcoin scene seems much more vibrant and active now than ever. There seems to be new coins every day.

I posted this to find out what I want, or rather find out more details and thoughts and ideas. Because without knowing that, how can you know what you want?

Hexception

newbie

Activity: 58

Merit: 0

Quote from: btguydude on December 13, 2015, 05:43:16 PM

Quote from: Hexception on December 13, 2015, 04:28:13 PM

I wouldn't use it as a money making scheme.

You can be lucky though if you get on an early coin and it makes a nice leap forward. I made a bit of money on Piggycoin (2013-2014) I mined at low difficulty with 4 GPU for about a week and had over 4.5 million coins (Bought some for like 15 sat also). It went up to about 850 sat. This was when it was POW and not POS.

You can learn a lot though and it is fun. certainly fun.

So basically the best option is to get in on new coins and hope it isn't a scam?

Quote from: helloeverybody on December 13, 2015, 03:34:26 PM

I asked this same question but it came down to electricity still costing too much and there would be no profit. you would be better just buying the coins with the cash you would have spent on electricity. Unless electricity is cheap where you are.

Electricity is free for me.

well it really depends what YOU want. No-one can tell you what to do.

Sure do that if you want the risk. You could also go for something more stable that has a higher difficulty and hope it improves dramatically.
The altcoin scene seems much more vibrant and active now than ever. There seems to be new coins every day.

btguydude

newbie

Activity: 28

Merit: 0

Quote from: Hexception on December 13, 2015, 04:28:13 PM

I wouldn't use it as a money making scheme.

You can be lucky though if you get on an early coin and it makes a nice leap forward. I made a bit of money on Piggycoin (2013-2014) I mined at low difficulty with 4 GPU for about a week and had over 4.5 million coins (Bought some for like 15 sat also). It went up to about 850 sat. This was when it was POW and not POS.

You can learn a lot though and it is fun. certainly fun.

So basically the best option is to get in on new coins and hope it isn't a scam?

Quote from: helloeverybody on December 13, 2015, 03:34:26 PM

I asked this same question but it came down to electricity still costing too much and there would be no profit. you would be better just buying the coins with the cash you would have spent on electricity. Unless electricity is cheap where you are.

Electricity is free for me.

Hexception

newbie

Activity: 58

Merit: 0

I wouldn't use it as a money making scheme.

You can be lucky though if you get on an early coin and it makes a nice leap forward. I made a bit of money on Piggycoin (2013-2014) I mined at low difficulty with 4 GPU for about a week and had over 4.5 million coins (Bought some for like 15 sat also). It went up to about 850 sat. This was when it was POW and not POS.

You can learn a lot though and it is fun. certainly fun.

helloeverybody

legendary

Activity: 1008

Merit: 1000

★YoBit.Net★ 350+ Coins Exchange & Dice

I asked this same question but it came down to electricity still costing too much and there would be no profit. you would be better just buying the coins with the cash you would have spent on electricity. Unless electricity is cheap where you are.

btguydude

newbie

Activity: 28

Merit: 0

Quote from: misakama on December 12, 2015, 06:59:18 AM

Do you want to make profit out of mining? If you have free/very low electricity cost, then it is good time to mine Ethereum if you have GPU. But Ethereum will become PoS in about 12 months time.

How can I make sure that they're reliable and not a scam?

I wouldn't mind dumping them (I have no idea how to do that, I know little about cryptocurrencies as of now) before they become PoS. I have no idea what PoS coins are, but I assume it's something bad.

misakama

newbie

Activity: 71

Merit: 0

Do you want to make profit out of mining? If you have free/very low electricity cost, then it is good time to mine Ethereum if you have GPU. But Ethereum will become PoS in about 12 months time.

Topic: Should I even consider mining altcoins? (Read 1743 times)