Bitcoin Forum

Hi!

I've been interested in mining for a long time, but haven't really mined yet.  So, supposing that you've got $50,000 and you don't care much about weather you're mining alts or BTC.... What is a cryptotwister to do?

Thanks so much for your feedback and advice. 

the smart choice will be at the moment to buy coins directly rather than buying hardware to mine coins
it is the best sensible choice as of now
because it takes a lot of work and understanding to build and maintain a system

Thanks 0xcosmos!

Advice appreciated.  Maybe I'll steer clear of mining for the moment.

Mining is a much safer investment than buying the coins directly for several reasons but ultimately what you need to understand is your cost of power and can you get it cheap enough to make it worth it. Unfortunately I don't have much time to go through all of it right now but if you can get power at around 10 cents per kilowatt or less let then you may want to look into it further.


Check out mining YouTubers they provide a lot of information I'm sure that you can get what you're looking for.

GL

Thanks Rozo!

I can get power for $.08/kwh.  I've been thinking that I should mine alts with GPUs. 

What do you think?

Any advice on which coins?

Thank you!

Not realy , it depends on what mining hardware you would invest !
GPU rigs or Standalone Asic Miners and what algo you want to mine .

Also the most miners you buy now new losing the Value after few month .
Maybe try to get you some cheap miner and invest the other half in Coins (BTC ,LTC or what ever you want or mean )

Thats not an advice just an suggestion !

The only time mining has ever been shown to be better than flat out buying coins is when there is no liquidity with a coin and the coin price is significantly higher than the difficulty equivalent. Considering that algo switching miners have been around for almost 5 years and that there's tons of exchanges today compared to just MtGox in 2011, it's pretty much impossible for that to occur with the exception of a brand new minted coin - and how many coins in the last 3 years are something worthwhile and not just another "I ran".

This is coming from somebody who has been mining BTC since it was in the $2 range. Of course hindsight is 20/20, but had I know 1 decade ago what I know now, I would have kept buying pretty much all my holdings and would easily have come out ahead.

The only reason to mine these days would be for anonymity of any block you happen to mint.

Yes mining will never be more profitable than buying top quality coins.  Even if you do buy at all time High on a top quality coin you will still come out ahead buying coins compared to mining.

Only reason you should get into mining is,  if you want to get a lot of speculative shitcoins but can't risk losing it all.  

Another good reason is that you prefer to average your cost in by mining and you are horrible at avg cost buying b/c you get too excited buy everything at once and get rekt.

When you mine you also have to be comfortable mining at a loss a lot of the times. Hardware gets outdated fast especially with asics.

I do both.  But i prefer to do 80-90 percent buying coins and 10-20 percent mining for fun and not caring what it does.  Overall buying top 10 coins has been much more profitable than mining in my experience since early 2017.


 Mining tends to be something to suck newbs into crypto that don't know any better and too scared to buy coins and want a hedge.

Some miners you will never get your money back compared to what you spent on them.  Let alone the taxes you have to pay for them for earned income etc.  The electric cost exceeding income revenue. The facility structure cost to cool things down and keep dust out etc.. Whats not to love,  ant miner x3, Batch 5 obelisk sc , obelisk dcr, late batch L3+ , , etc.  The list goes on. I recommend just sticking with the latest bitcoin miner s17


If your not getting 8 cents electric rate or better then don't bother.

If you are paying $0.08 kwh for electricity then there is almost no profitability left in the end. And most likely this investment will lead to a loss.

Only way to make money is maybe to mine ETH and hold it for a few years or mine ETH and trade it for BTC and hold that for a few years, if the value increases then it might pay-off. However it doesn't really make sense to do this since you are almost mining at break-even and you can just use the $50K instead to buy the coins directly.

Just get a hardware wallet, don't leave on an exchange and make sure to backup your seed.