Topic: why do people mine crap coins? (Read 573 times)
I generally think they do it due to the fact they will get a lot more coins for their mining time and then are hoping that the coin they mine will be the next bitcoin or just have a massive price increase. So basically they're just taking a gamble on the market of the mined coin.
I think they aren't "crap coins". Maybe some day they will be good coins like monero or ETC e.g. And the reason why a lot miner mining them, because for now the diff is still low, so we can get a ton of coins. But not all "crap coins" can be good future, you must have to looking for the "crap coins", especially who the dev team.
first of all, every coin ever released has been a crap coin until it has been proven otherwise. There are still plenty of people in the world who would say they are ALL crap coins.
Now, as to why anyone would mine such a thing... Well, there can still be profit involved regardless of the outcome or determination that any coin is crap or not crap. There is a lifecycle for all coins that often times includes hype. The trick is to find coins with obvious hype and to capitalize on that... at least to some degree. If you really believe in the coin you might hodl all of it until it is a value of your choosing.
I know a guy who always said bitcoin would be $10,000 before he sold it. You can imagine all the rofl he got from people... right up until 2017 hehehehe. Yeah, that guy is pretty rich right now and I'm like telling this guy, "I'll follow you anywhere!" lol
And I will also add that any coin I choose to advertise in my signature is going to live far beyond the usual hype cycle.
Now, as to why anyone would mine such a thing... Well, there can still be profit involved regardless of the outcome or determination that any coin is crap or not crap. There is a lifecycle for all coins that often times includes hype. The trick is to find coins with obvious hype and to capitalize on that... at least to some degree. If you really believe in the coin you might hodl all of it until it is a value of your choosing.
I know a guy who always said bitcoin would be $10,000 before he sold it. You can imagine all the rofl he got from people... right up until 2017 hehehehe. Yeah, that guy is pretty rich right now and I'm like telling this guy, "I'll follow you anywhere!" lol
And I will also add that any coin I choose to advertise in my signature is going to live far beyond the usual hype cycle.
I wouldn't say every new coin is a crap coin by default. There are new coins that bring a good idea or good use that are unproven but the true shitcoins are the ones that really solve zero purpose other than a glorified pump and dump. I'm talking the ones that are more concerned with getting listed on an exchange than developing their profit. Then there are coins like this: http://phoenixcoin.org/ I mean look at their website. What sort of value could this coin actually provide? Yet its still mined and traded!
Also your story about the guy who said bitcoin would have to be 10k before he sold it makes me laugh. Reminds me of when I sold a bunch at 10k and then felt like a sucker when it went to 20k. Now I'm happy I sold it when I did haha
Mining the most profitable coins is the way to go if you are comparing it vs mining established old coins but with less profit . But mining totally new coins that have no base and very low difficulty might be much more profitable than mining what is at the moment top profitable coin.
mining new coins with low difficulty and hold them might end up with pretty good ROI% but it is still risky game since this new coins might never see the light and just fail .
I never believed in mining coins such ETN, UBQ, and coins likes this, they are nor profitable and the same time high difficulty and not new coins ( the chance for good ROI% is pretty low ) .
mining new coins with low difficulty and hold them might end up with pretty good ROI% but it is still risky game since this new coins might never see the light and just fail .
I never believed in mining coins such ETN, UBQ, and coins likes this, they are nor profitable and the same time high difficulty and not new coins ( the chance for good ROI% is pretty low ) .
Maybe because it's way cheaper than buying or humping on speculation. If they do mine and it turns out to be shitty, well, it's all a gamble then. I think people tend to think the lesser of the two evil is mining than having to regret you bought a coin that was headed no where in the first place. Usually, they may think merge-mining is a way out.
first of all, every coin ever released has been a crap coin until it has been proven otherwise. There are still plenty of people in the world who would say they are ALL crap coins.
Now, as to why anyone would mine such a thing... Well, there can still be profit involved regardless of the outcome or determination that any coin is crap or not crap. There is a lifecycle for all coins that often times includes hype. The trick is to find coins with obvious hype and to capitalize on that... at least to some degree. If you really believe in the coin you might hodl all of it until it is a value of your choosing.
I know a guy who always said bitcoin would be $10,000 before he sold it. You can imagine all the rofl he got from people... right up until 2017 hehehehe. Yeah, that guy is pretty rich right now and I'm like telling this guy, "I'll follow you anywhere!" lol
And I will also add that any coin I choose to advertise in my signature is going to live far beyond the usual hype cycle.
Now, as to why anyone would mine such a thing... Well, there can still be profit involved regardless of the outcome or determination that any coin is crap or not crap. There is a lifecycle for all coins that often times includes hype. The trick is to find coins with obvious hype and to capitalize on that... at least to some degree. If you really believe in the coin you might hodl all of it until it is a value of your choosing.
I know a guy who always said bitcoin would be $10,000 before he sold it. You can imagine all the rofl he got from people... right up until 2017 hehehehe. Yeah, that guy is pretty rich right now and I'm like telling this guy, "I'll follow you anywhere!" lol
And I will also add that any coin I choose to advertise in my signature is going to live far beyond the usual hype cycle.
Most coins coming out today are crap. I mine some of the newer ones just to exchange them to LTC. I don't know why people still mine the old crap ones though, especially if they aren't worth anything.
No one here has really answered OP's question. He isn't talking about speculating with new coins and projects, he is referring to long term coins that may not necessarily be shit coins, but are consistently less profitable than other coins in a certain algo. Coins like Orbitcoin that have been around forever yet are going nowhere. Whattomine is only going to list an established coin on its front page. If you look at the bottom, all of those coins are being mined despite much more profitable (sometimes 2x-3x) alternatives
some coins were dead or never reached any exchange. It can be called bad luck. We can't avoid that but still reduce the chance by reading and investigating, start with ann thread, then the white paper or at least the website
We are speculating because while mining sure thing coins like ethereum is bringing you constant profit shitcoins have way bigger chances for higher profit if you did you math correct,i used to be all amd eth miner but seeing what 1080ti as able to do and how much $ you can earn with them i went full nvidia.Most of those shitcoins are small cap coins and they can easily go x2-10 over night because they dont need a lot of $ to be pumped because of low marketcap
many small miners just to speculativ mining, a 1 sat coin just needs to bump to 10sats or more and you have huge profit...happened many times with "crap" coins
quit mining crap coins and start mining turtlecoin 
Iwant to howprice lite coin now pleas help me to know that
mrstark89 gave the most reasonable approach here. The unknown no-name coins are mined and stored in case they do 50-100x later on; I don't think any serious miner is
consistently mining a less profitable junk coin. In the case of Komodo, it's a surprisingly versatile and robust project, so if people are mining it with relatively little profitability,
it's because of the uniqueness and strength of this particular coin.
consistently mining a less profitable junk coin. In the case of Komodo, it's a surprisingly versatile and robust project, so if people are mining it with relatively little profitability,
it's because of the uniqueness and strength of this particular coin.
The problem with this mrstark89's strategy is what if none of the coins you picked ever does gain value?
You not only not earn anything, you also LOSE the cost of electricity you spent to mine those coins. I still stick with what jmigdlc said about mining the most profitable coin then simply convert into low cap low value coins with great potential.
because miners believe in the pump of these crap coins.
As you can see price was very crazy for ETN and bring miners the most profit from it.
So if you have 20 rigs you should use 15 rigs to mine safe coin such as ETH, Monero etc. and use remain 5 rigs (as profit) to mine crap coin and wait for it pump
As you can see price was very crazy for ETN and bring miners the most profit from it.
So if you have 20 rigs you should use 15 rigs to mine safe coin such as ETH, Monero etc. and use remain 5 rigs (as profit) to mine crap coin and wait for it pump
mrstark89 gave the most reasonable approach here. The unknown no-name coins are mined and stored in case they do 50-100x later on; I don't think any serious miner is
consistently mining a less profitable junk coin. In the case of Komodo, it's a surprisingly versatile and robust project, so if people are mining it with relatively little profitability,
it's because of the uniqueness and strength of this particular coin.
consistently mining a less profitable junk coin. In the case of Komodo, it's a surprisingly versatile and robust project, so if people are mining it with relatively little profitability,
it's because of the uniqueness and strength of this particular coin.
yeah, most examples here are brand new coins, and i've done just that numerous times, sometimes it works out, sometimes not, but that's the risk game you are playing...
but like komodo, this coin is consistently 15% less profitable than all other equihash coins to mine. And it's pretty much all over the place in terms of exchanges. The odds of riding a wave are pretty low here. I'd like to mine coins like komodo or btcp, but makes no sense to take a 15-20% drop in daily revenue to mine such coins in hopes of catching a wave. I could justify the speculative mining play for 5-10% less profit, but 15% is a bit outrageous.
but like komodo, this coin is consistently 15% less profitable than all other equihash coins to mine. And it's pretty much all over the place in terms of exchanges. The odds of riding a wave are pretty low here. I'd like to mine coins like komodo or btcp, but makes no sense to take a 15-20% drop in daily revenue to mine such coins in hopes of catching a wave. I could justify the speculative mining play for 5-10% less profit, but 15% is a bit outrageous.
Isn't mining the more profitable coin safer? or do people just constantly mine the less profitable coin and try to trade the volatility of it hoping to catch a swing? I get spec mining when you are mining a brand new coin and difficulty is non existent and value of a coin is completely unknown, but we're talking Ella and Komodo here.
You got the right strategy in mind. Mining the most profitable coin is usually the simplest and the best because you can simply buy speculative coins with it anyway. The thing is some people go balls deep into speculation that they mine coins that aren't even listed on any exchanges yet. Those are the coins where people expect to gain significantly.
When you think of it, its almost like gambling already.
All about speculation now that simply switching to the most profitable algo or mining one coin isn't incredibly profitable. Some low-cap coins go up high and crash right back down, some just sit for months and finally go up one satoshi. I've even heard a while back about a guy who was mining a fairly low-volume and unknown coin with all his rigs and managed to, in the end, break even on all his machines in one or two days. High risk but high reward because of volatility in pricing and all. You might get lucky and make thousands, you might just get a few pennies.
It's all about "catching the big fish" and "riding the waves".
As soon as a coin is released its fresh out of the box. Miners mine and hoard them for a shorter period of time until the coin gets listed on an exchange. Then they place sell orders that are way above their overall profit margin.
Miners already leave the scene when a certain coin becomes less profitable.
As soon as a coin is released its fresh out of the box. Miners mine and hoard them for a shorter period of time until the coin gets listed on an exchange. Then they place sell orders that are way above their overall profit margin.
or do people just constantly mine the less profitable coin and try to trade the volatility of it hoping to catch a swing?
Miners already leave the scene when a certain coin becomes less profitable.
Jump to: