EWBF - Equihash
ccminer-klaust - neoscrypt, myr-gr, groestl
ccminer-sp - skein
ccminer-tpruvot - everything else
Topic: Why coin switching is a bad idea (Read 813 times)
BTC has swung $1000 in the last month and $500 multiple times. I've profited plenty from the market swings. Also, there is nothing stopping me from buying coins with BTC during the lows and selling on the highs. Made plenty doing that as well. Just different strategies. My mining is for baseline income, not directly for investment. Investment comes in long term holdings for me which I have plenty of. Its always good to diversify no matter what mining method you use.
Consider this; if I multi-algo mine and earn 15-30% more than if I just mined x top coin. That means I can also buy 15-30% more of x top coin as well; and possibly at a lower cost than when it would have been mined. The markets fluctuate plenty to accomplish this.
And the value of my prefered currency (not BTC) has also paid off my gear 10x over . . . but who's counting.
Given that most profits from mining are from deflation, you haven't been making as much as me. I ROId my 4x 1070 and 2x 1080 rig in a month and a half due to the value of my preferred currency going up. Something that can't happen if you switch.
Consider this; if I multi-algo mine and earn 15-30% more than if I just mined x top coin. That means I can also buy 15-30% more of x top coin as well; and possibly at a lower cost than when it would have been mined. The markets fluctuate plenty to accomplish this.
And the value of my prefered currency (not BTC) has also paid off my gear 10x over . . . but who's counting.
Given that most profits from mining are from deflation, you haven't been making as much as me. I ROId my 4x 1070 and 2x 1080 rig in a month and a half due to the value of my preferred currency going up. Something that can't happen if you switch.
Which miner do you use? Because all that I've used don't compare to the specialized miners.
BTC has swung $1000 in the last month and $500 multiple times. I've profited plenty from the market swings. Also, there is nothing stopping me from buying coins with BTC during the lows and selling on the highs. Made plenty doing that as well. Just different strategies. My mining is for baseline income, not directly for investment. Investment comes in long term holdings for me which I have plenty of. Its always good to diversify no matter what mining method you use.
Consider this; if I multi-algo mine and earn 15-30% more than if I just mined x top coin. That means I can also buy 15-30% more of x top coin as well; and possibly at a lower cost than when it would have been mined. The markets fluctuate plenty to accomplish this.
And the value of my prefered currency (not BTC) has also paid off my gear 10x over . . . but who's counting.
Given that most profits from mining are from deflation, you haven't been making as much as me. I ROId my 4x 1070 and 2x 1080 rig in a month and a half due to the value of my preferred currency going up. Something that can't happen if you switch.
Consider this; if I multi-algo mine and earn 15-30% more than if I just mined x top coin. That means I can also buy 15-30% more of x top coin as well; and possibly at a lower cost than when it would have been mined. The markets fluctuate plenty to accomplish this.
And the value of my prefered currency (not BTC) has also paid off my gear 10x over . . . but who's counting.
Given that most profits from mining are from deflation, you haven't been making as much as me. I ROId my 4x 1070 and 2x 1080 rig in a month and a half due to the value of my preferred currency going up. Something that can't happen if you switch.
There is nothing wrong with multi algo/coin mining if done properly. I've been doing it for over six months and have no issues meeting or beating the average daily profits listed for the top coins shown on WhatToMine for my hardware.
NiceHash is a completely separate thing as well. Time is money and nicehash makes it really easy to get moderately good profits based on the market, with no interaction.
If you do as you suggest, you would have to manually switch daily in order to maintain profits. Otherwise when coins inevitably drop, you'll be mining a coin that's significantly less profitable. Most of the coins that are on top today won't be tomorrow (based on 24 hour averages). Some are consistent for longer but there are always fluctuations.
You could literally pick any GPU-mined coin in the top 100, stick with it and make more. Don't switch, find a project that has potential and support it.
NiceHash is a completely separate thing as well. Time is money and nicehash makes it really easy to get moderately good profits based on the market, with no interaction.
If you do as you suggest, you would have to manually switch daily in order to maintain profits. Otherwise when coins inevitably drop, you'll be mining a coin that's significantly less profitable. Most of the coins that are on top today won't be tomorrow (based on 24 hour averages). Some are consistent for longer but there are always fluctuations.
You kind of miss two points that make nicehash appealing:
-it's install and forget. You don't need to chase the market to know what to mine at any given time
-it pays in bitcoins which is, by far, the most convenient way to convert to fiat right now. a huge amount of people auto sell anyway what they mine for bitcoins
Everybody mining on nicehash knows they are doing like 10-20 % less than with normal mining, but they don't have to worry about anything, just check their bitcoin balance and be happy
-it's install and forget. You don't need to chase the market to know what to mine at any given time
-it pays in bitcoins which is, by far, the most convenient way to convert to fiat right now. a huge amount of people auto sell anyway what they mine for bitcoins
Everybody mining on nicehash knows they are doing like 10-20 % less than with normal mining, but they don't have to worry about anything, just check their bitcoin balance and be happy
You could literally pick any GPU-mined coin in the top 100, stick with it and make more. Don't switch, find a project that has potential and support it.
Given that most profits from mining are from deflation, you haven't been making as much as me. I ROId my 4x 1070 and 2x 1080 rig in a month and a half due to the value of my preferred currency going up. Something that can't happen if you switch.
There is nothing wrong with multi algo/coin mining if done properly. I've been doing it for over six months and have no issues meeting or beating the average daily profits listed for the top coins shown on WhatToMine for my hardware.
NiceHash is a completely separate thing as well. Time is money and nicehash makes it really easy to get moderately good profits based on the market, with no interaction.
If you do as you suggest, you would have to manually switch daily in order to maintain profits. Otherwise when coins inevitably drop, you'll be mining a coin that's significantly less profitable. Most of the coins that are on top today won't be tomorrow (based on 24 hour averages). Some are consistent for longer but there are always fluctuations.
You could literally pick any GPU-mined coin in the top 100, stick with it and make more. Don't switch, find a project that has potential and support it.
NiceHash is a completely separate thing as well. Time is money and nicehash makes it really easy to get moderately good profits based on the market, with no interaction.
If you do as you suggest, you would have to manually switch daily in order to maintain profits. Otherwise when coins inevitably drop, you'll be mining a coin that's significantly less profitable. Most of the coins that are on top today won't be tomorrow (based on 24 hour averages). Some are consistent for longer but there are always fluctuations.
You kind of miss two points that make nicehash appealing:
-it's install and forget. You don't need to chase the market to know what to mine at any given time
-it pays in bitcoins which is, by far, the most convenient way to convert to fiat right now. a huge amount of people auto sell anyway what they mine for bitcoins
Everybody mining on nicehash knows they are doing like 10-20 % less than with normal mining, but they don't have to worry about anything, just check their bitcoin balance and be happy
-it's install and forget. You don't need to chase the market to know what to mine at any given time
-it pays in bitcoins which is, by far, the most convenient way to convert to fiat right now. a huge amount of people auto sell anyway what they mine for bitcoins
Everybody mining on nicehash knows they are doing like 10-20 % less than with normal mining, but they don't have to worry about anything, just check their bitcoin balance and be happy
You could literally pick any GPU-mined coin in the top 100, stick with it and make more. Don't switch, find a project that has potential and support it.
bump for informative.
You kind of miss two points that make nicehash appealing:
-it's install and forget. You don't need to chase the market to know what to mine at any given time
-it pays in bitcoins which is, by far, the most convenient way to convert to fiat right now. a huge amount of people auto sell anyway what they mine for bitcoins
Everybody mining on nicehash knows they are doing like 10-20 % less than with normal mining, but they don't have to worry about anything, just check their bitcoin balance and be happy
-it's install and forget. You don't need to chase the market to know what to mine at any given time
-it pays in bitcoins which is, by far, the most convenient way to convert to fiat right now. a huge amount of people auto sell anyway what they mine for bitcoins
Everybody mining on nicehash knows they are doing like 10-20 % less than with normal mining, but they don't have to worry about anything, just check their bitcoin balance and be happy
You could literally pick any GPU-mined coin in the top 100, stick with it and make more. Don't switch, find a project that has potential and support it.
You kind of miss two points that make nicehash appealing:
-it's install and forget. You don't need to chase the market to know what to mine at any given time
-it pays in bitcoins which is, by far, the most convenient way to convert to fiat right now. a huge amount of people auto sell anyway what they mine for bitcoins
Everybody mining on nicehash knows they are doing like 10-20 % less than with normal mining, but they don't have to worry about anything, just check their bitcoin balance and be happy
-it's install and forget. You don't need to chase the market to know what to mine at any given time
-it pays in bitcoins which is, by far, the most convenient way to convert to fiat right now. a huge amount of people auto sell anyway what they mine for bitcoins
Everybody mining on nicehash knows they are doing like 10-20 % less than with normal mining, but they don't have to worry about anything, just check their bitcoin balance and be happy
So miners like nicehash offer to mine the most profitable coin at any given minute and pay in bitcoin. Seems like a good deal, except it isn't. Firstly, you can only get paid in bitcoin. Secondly, those coin switching miners are almost always less efficient at any given algorithm than the specialized ones. Example, Nicehash can't compete with EWBF, it earns 10% less even with Nvidia cards. Lastly, you get paid in Bitcoin. No coin in the top 100 has performed worse over the past few years than bitcoin. I've made more on Myriadcoin than I would have if I'd kept my btc and it's ranked 192.
So stop falling for the scam, you drive up the difficulty and you don't even profit.
So stop falling for the scam, you drive up the difficulty and you don't even profit.
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