Bitcoin Forum

Just some friendly advice for new miners...

There are lots of threads where people are worried about "current mining profits".  There are lots of threads where people are searching for the "next big coin".  There are lots of threads where folks get kicks predicting the doom and gloom coming.  You are a miner, and just like real-life miners... there are periods of boom and bust.  I actually work for a company that produces mining equipment, so I'm familiar with these cycles.  The parallels are uncanny.

One of the lessons learned in the mining industry is that you have to be able to position yourself to be successful in the lean times.  You reduce spending where you can, you work on efficiency, and you prepare for the next boom.  This requires patience.  As a cryptocurrency miner, you are already familiar with certain types of patience.  You purchased mining equipment rather than a coin, so you are hedging your costs with the potential resale of the equipment.  Mining a coin and purchasing a coin have the same amount of risk.

Another type of patience you may have already, is watching a slow dribble of coins or "profits" come in over time.  It can be hard to watch this during the boom and bust cycles.  My suggestion for the bust cycles is stop trying to chase the hottest coin, and mine a solid coin.  Or, you can cycle through days or weeks of mining promising coins.

I'm not a fan of profit-switching... I can state my reasons if you haven't read those in other threads.  Chasing the hot coin will drive you crazy.

;TLDR - Patience grasshopper... there are no shortcuts in mining in real life or in cryptocurrencies.

It has been more than 12 months since my friend which is a miner bought a gpu and the last price he paid was $210 for a rx 580. So yes, patience is a virtue, when we talk, he tells me, he always laughs when he sees people paying $1000 for a rx 580 hehe

That patience sometimes is bad especially if the person is a total newbie or a no-brainer.
There are times when you are patiently waiting for the payout, something will came into your mind like "I could have getting more than this". And it could be true if we know the right configurations to maximize the profit, which makes patience not the key to mining.

All a miner things need is a complete plan backed up by patient and extensive research right before the plan.

That's not the "patience" he's talking about, but still agreeable :D

yeah.
in the process, mining can't the instant ROI. the miners must have the patience like what you say. the patience, needed when at this time, for new miner because they looking the increased price of device such (GPUs) and currently, coin prices current decrease. and the business any, the patience very need.

like us who initially can't walk even run, because of the patience of a mother or babysitter, in teaching us to walk or run.until we can that do it.

Very well said.

I would just like to add that "chasing a hot coin" could be more profitable, IF IF IF, like the op said, you have the time and patience to deal with it. If you are a more casual miner and don't feel like you have time to do research and constantly be configuring your miner, then it may be better to stick to solid coins.

Good advice buddy.

Miners have a different fashion to maximize their profit. Sometimes hot coins give them more benefit, but as we know, hot coins would invite many of miners to mine it. Major coins mining also didn't have a guarantee to maximizing the profit. But time to time would give Us more experience doing better. We would know when to start, when to stop, when to move. Yes, patience is one of the keys.

Chasing the hottest coin makes little sense imo.

It's better to spend a bit of time researching coins that have a big potential and are easy to mine while everyone's chasing the profit in this bearish market. This coin might not be in the top 10 of wtm, but when it booms, you'll be the one with a wallet full of those coins while all the other sheep are trying to grab a slice of the pie.

I did this both with SUMO and ETN and was able to procure myself I nice stash of both that would take me like 2 years to mine today.

Masternodes or POS coins are a good way to generate extra cash too, just gotta find the one's that are worth it!

Ive never really understood this mining profitabilty factor. It all depends on when you sell, and obviously you wont sell when the price is at its lowest right? Just keep on mining and dont sell during bad times, your profits wont change.  :)

If you are mining with the intension of of selling immediately then yeah mine the most profitable coin at that time. Most miners are also hodlers waiting for the right opportunity to sell the coins they have mined.

If you really want to understand why what the OP is saying is true, go look at mining threads from just a 2-3 years ago. See how many people go on and on about how it's not profitable, not worth it, look at the current profits, etc. Then think about the miners who quietly sat and mined month after month and month, and think about how they are doing in 2018.