why do people mine crap coins? - page 2.

mrstark89

newbie

Activity: 284

Merit: 0

Quote from: philipma1957 on June 26, 2018, 10:38:09 PM

To illustrate I mined 12000 rvn coins.

I sold 7000 of them. That sale turned a profit over power spent so much so that I now have 5000 free rvn coins and about a 50 usd profit.

So even if the coin zeros out I made 50 usd no matter what.

I listed the 5000 rvn at really high prices.

So if I catch a spike they sell for 1000 usd.

So certain 50 usd profit

Possible 1000

I did this with six other coins.

great plan bro
btw price of small-cap coins changes very fast, got double or more in hours. When a coin launched, difficulty still low, if people think that coin is potential to grow, they will mine and store an amount then move to another coin

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

To illustrate I mined 12000 rvn coins.

I sold 7000 of them. That sale turned a profit over power spent so much so that I now have 5000 free rvn coins and about a 50 usd profit.

So even if the coin zeros out I made 50 usd no matter what.

I listed the 5000 rvn at really high prices.

So if I catch a spike they sell for 1000 usd.

So certain 50 usd profit

Possible 1000

I did this with six other coins.

Xazax310

member

Activity: 246

Merit: 24

Well if you cash out daily/weekly, then yes, it makes more sense to mine whatever is profitable. If you HODL "shit-coins" they can easily 10x during peaks/surges making more than if you would cashed in your ETH daily/weekly.

toefu

newbie

Activity: 36

Merit: 0

I've always wondered this question, as it has never made sense to me. Why is profitability so much better on eth vs ubiq and ella, etc...

Eth consistently is about 10-20% more profitable to mine (as per whattomine).

zec/zen is almost always more profitable to mine than btcp/komodo

monero is almost always more profitable than ETN, etc.

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 would think if most people just started mining the big coins only, the smaller coins would ultimately end start profiting within 5% of the big coins.

Topic: why do people mine crap coins? - page 2. (Read 581 times)