Time to get back into mining? - page 9.

NathanJB

sr. member

Activity: 756

Merit: 251

Quote from: Kvalentine on October 27, 2019, 06:12:45 AM

Since all this while that mining altcoins have not been profitable like before i don't bother to keep mining coins so i just lock my mining rig in a room and now that bitcoin halving is knocking on the door i think its a good time to start mining even if its not profitable? i believe if bitcoin surge over 30k altcoins will take the ride we've been waiting for, anyways, what do you guys think? good idea or bad ?

It depends on the condition of your place. If your place has a high price for electricity, and you need to install some more appliances such as air condition for it, and the reward that you get from your mining is still much lower than the cost, I think it is better for you to wait for the much better altcoin days. It is not far from happening anyway. But if you can still make a little profit from it, not bad to get back to mining right now.

Red-Apple

hero member

Activity: 1470

Merit: 655

mining altcoins in general is only profitable if you are a big miner and have super cheap electricity. in other cases for small time miners and with medium electricity cost you can only make profit mining during the large scale altcoin pumps and they are not starting any time soon. and if bitcoin starts rallying up like what you said to $30k the altcoins will have a lot of dumps and lost a lot of value which makes mining that much harder.

Pearls Before Swine

sr. member

Activity: 1190

Merit: 306

Quote from: btcdie on October 27, 2019, 06:22:45 AM

in my opinion it is very difficult to mine like bitcoin, because the supply is decreasing every day and mining results are also decreasing.

He's not talking about mining bitcoin, but altcoins. And I agree with him that if bitcoin were to hit a level as high as $30,000 that altcoins would increase massively as a result. I don't know if it's actually going to get there soon, but I think it will eventually.

If you can find an altcoin you have the equipment to mine, I would do it...but only if you have cheap electricity, and that's an obvious point. You don't want to be losing money mining a crappy altcoin that you're *hoping* will go up if bitcoin does.

A better idea would be to find a good proof of stake coin and earn that way. At the very least it doesn't have as high an electricity cost, and it's also a lot simpler to do it. But I do think now is as good a time as any to do either one. Best of luck to you, op.

barnes13

hero member

Activity: 1274

Merit: 521

7enius - Your Cryptocurrency Marketing Consultant

I think that's a pretty good idea to start mining again. But you have to prepare funds to pay electricity bills as long as it's not profitable. After getting a coin through mining, I suggest not to sell it at this time because BTC has the potential to touch even higher prices and alt will follow it. You just need to hold it until the right time comes or exchange it for BTC and hold it until we reach the top. To calculate costs and see the profitability of good coins to be mined, you can check them here https://whattomine.com/ and for further discussion about mining altcoin, you can join here https://bitcointalk.org/index.php?board=160.0

btcdie

sr. member

Activity: 784

Merit: 251

in my opinion it is very difficult to mine like bitcoin, because the supply is decreasing every day and mining results are also decreasing. only large mining companies are able to generate profits from mining. maybe if in 2013 it was very profitable to mine bitcoin, even though it only had 6 GPUs. for now I think altcoin mining is more profitable for small mining, choose altcoin which has the potential for the future and produce it later in my opinion.

Kvalentine

member

Activity: 504

Merit: 25

Since all this while that mining altcoins have not been profitable like before i don't bother to keep mining coins so i just lock my mining rig in a room and now that bitcoin halving is knocking on the door i think its a good time to start mining even if its not profitable? i believe if bitcoin surge over 30k altcoins will take the ride we've been waiting for, anyways, what do you guys think? good idea or bad ?

Topic: Time to get back into mining? - page 9. (Read 1089 times)