Bitcoin Forum

Don't waste your time mining new coins, if a coin have real purposes many will forward their hashing power to such coin, in a week the Mining difficulty will rise alot, I've mined over 20 altcoins in the past mainly cryptonight coins and only 4 of the coins survived till date, that's haven, loki, dero, and turtle coin, others are abandoned,

May be it depends on what coins to mine? I`m mining only ETH for 6-8 last months. Before it i mined various coins and most of them were more profitable than ETH. Only TRTL and RYO were cryptonight coins.

Some do not even reach some decent exchanges or worse it can't even get listed to any exchange LOL

This market cycle has not procduced a next best thing POW coin.

Anon is XMR, platform is ETH....what's next? Enjoy while this mining goodness still lasts.

Do you mind sharing how you get details on new proof of work coins when available? I got lucky to have mined Electroneum and graft coin only, other failed or got abandoned, new coins are very dangerous but can be more profitable than old coins if they end up on exchanges

New altcoins can be profitable at times if you can do good reviews research on them before pointing your mining rigs to them, I could remember how profitable ETN was in 2017, I made some money in a week before the mining difficulty grows bigger and become less profitable

You may have had a bitter experience, but today it is really better to mine ETH, taking into account its price and the price of the transaction, miners now produce good blocks, but people have a GPU that will soon not mine ETH, because the DAG file with each block is more and more, so you have to look for an alternative.

DAG files takes time to get filled up, before 6gb DAG gets here we will be in 2023 or 2024, I'm sure those that are buying 6gb VRAM cards would have earned their return of investment highest in a year time, also if Eth stop pow some day other coins will surely be profitable too

I fell for bad Pow coins in 2017 because I don't have the idea about fake and real projects that I have now back then, I sucks at doing good research on projects, in 2017 there are so many new proof of work algorithm coins but majority of them died, I'm not sure if we still have new coins that are still using Pow algorithm today, the only one I know is Conflux token

well its to many clone on cryptonight algo and fpga hit all of them, xmr switch to cpu algo, and many other follow the trend

its nice at the time mining those coin with rx vega massive profit 20$/day/gpu that was i remember at the peak

I don't blame you, too many new POW coins are like experiment from developers who are still upcoming, they pretend to have good intent for the projects but that's not what's happening, it's very easy to close Monero so before mining any new POW coin it's better to do good research, not all new POW altcoins are that bad but majority are

There are some good proof of work altcoins in the past, around 2017 and 2018 but as time passes by POw coins became limited, I still remember when graft, turtlecoin, loki, Electroneum came into crypto space, those who quickly mined them for a week max made huge amount of money from these coins, now it's DeFi here and there, we have limited PoW coins now so if you find any make sure it's going to worth your time

There is nothing to worry about if you know how to identify serious PoW coins to mine, honestly I've seen a friend who made thousands of dollars from a Pow new coin in 2017, it's a privacy coin but I've forgotten the name, when the coin get listed it has good value and he dumped the mined coins straight up, it was a life changing experience for him, but this opportunity comes once in a while sometimes you gotta take risks you know

Mining is dangerous. And does not matter what coin do you mine. Situation in 2021 is not the same that was in 2017, mining changes, but you can find new perspective coins yet, there are web-sites that can help you.

Not all new coins are bad, I'm not saying you should start mining new coins but I saying you should be on look out for new POW that makes sense, no one expected ETN to be this good and I missed a good opportunity to mine that coin even when I could, a friend made 10,000$ from ETN through mining, good project is all that matters

Yea sometimes new coins are worth the risk, I've seen many making more money from mining new pow coins and most of them don't last for long before the lose value, the trick is make your gains and sell the coins because you can not tell what will happen to such coin later

As far as costs are not excessive it is a bit like gambling with fewer risk. But in the case electricity is expensive in your country or, like mine, you have to pay $350/montly just to get "permission" to mine, it is possible that with most of the altcoins mined you can't cover the costs because they'll not even be listed in any exchange. If your situation fits more with the second example, it could be better to simply buy and hodl crypto with the money you were thinking to invest in mining.

Do your maths taking into account that the risk is high. Don't spend mining the money you can't afford to lose.

What? Are people actually paying 350$ per month on electricity in some countries? That's a killer bill I would rather so build inverter and solar panels, in my country electricity costs around 15$ to 25$ per month

No, not for the electricity, but in order to be able to "work". In Spain, if you want to work as a freelance, or have a little business (and crypto mining is now considered little business by the tax agency) you have to pay this monthly bill of almost €300 (more than $350). You can always do it illegally, but the fines are quite high also.

Electricity and equipment are different expenses, not included in the one above.

I don't know any other country where this happens, but it is good to remember to check local laws before starting, just in case.

That's crazy honestly, what if my rig can only do 50$ per month will I have to pay 350$ every month? It doesn't make sense, the billing should be based on what miners are earning, I'm glad I'm not living in such country

That's it, so you have to calculate very well the numbers before running any professional activity on your own, or business, here. The decision of the tax agency to add "crypto mining" to the list was more by ignorance that reasonably justified, because little/medium miners get out of the game straight away.

In most other countries your pay is based only in your earnings, or have a very low fee in order to be able to work, and it is something that we are asking for since ages here. But, on the other hand, we have quite good social security services, which I do not know to what extent justify the expense.

If you are good with crypto projects very well you will know if a coin is worth mining or not, I believe the reason why OP mine those coins was because he or she has less experience about crypto projects, talk about Electroneum or Haven protocol, these coins are cryptonight coins and they are damn good

Choose new altcoins to mine only if they are really good and attractive, look at their use utilities if it's going to benefit the masses this is the only way to know if the coin is worth mining and holding it they list on exchanges, LOKI was damn good, even havven was good too, DYOR

Damn I should have mined RYO instead of stellite coin that ends up dead months later, these new cryptonight coins are too damn tricky, I guess the fault was mine, I don't do good research before promoting the project, anyways that's in the past now, I can't seem to find new POW coins anymore, if you have link pls share

New coins are still worth the try, just make sure they coins have good utilities, this is what makes new coins well adopted by investors and probably third-party partnerships too, if you can't even tell the difference it's better to start mining eth and other popular altcoins instead

I will only stay away if the coins are not very good, I've seen low rated pow coins bringing good amount of money to early miners, electroneum was a hot cake when it came out in 2017 I still managed to mine with old gpu and get around 50k coins and sold for good amount of money, another good new coin I mine then was dero, till this day dero is still alive

Back in 2014 you had maybe a dozen or so coins to mine. LTC was the most profitable but from time to time there was Dogecoin, Darkcoin (now DASH), Maxcoin, etc. And every week or so there was 3-4 new coins released that you could mine for a few days with low difficulty, then usually in a few days they almost always got listed on some exchange. And usually sell for a large profit when it hit the exchange.

These days thanks to ETH and their ERC20 tokens. Most projects go straight into an ICO. You need to pay for the tokens, you can't mine them. Hence ETH is the most profitable for GPUs and XMR for CPUs and if there is some other coin out there the profits will more or less be the same since there are bots which hop from pool to pool based on profitability. So these days just save yourself the hassle and just mine ETH.

Well said, why look for a new coin to mine when 99% of new projects today are going for smart contract? If POW algorithm is still a big thing like that of 2016 we will keep seeing new PoW coins almost every day, stick with Ethereum and make your ROI back faster

Today Conflux (octopus algorithm) is the most profitable, it surpass Ethereum in mining reward today and I'm not so sure that many knew about this new altcoin, few PoW coins are still showing up, the thing is there isn't any hype on PoW coins anymore