Bitcoin Forum

Hi all,

When mining new alt coins how much do you suggest mining as a general rule?  I've heard 50,000 coins and then as the price goes up sell in stages.  Any comments for liquidation, sell at certain price levels or hold all forever?

I think it depends on the coin. I normally mine for a fixed period of time for each altcoin. So, whatever I mine in x weeks is good enough.

This also depends on how established is the coin you're mining and the overall feel of the market towards it.

Not a miner but I've read that there are strategies if the market isn't so good, keep those coins if you truly believe on it you can keep it and HODL until the price goes up.

Set a price on when you'll sell but it all depends on how you can adjust and where you're confident at.

You should be mining new altcoins only if you believe that they will have a great future ahead of them. I personally do not mine these coins but from what I have heard here, people that do mine these kind of coins do so for a minimum time of 24 hours to 7 days, depending on the rewards you make daily of these coins.

If a coin is so new that it gives you like 50000 coins daily , mine it for only 24 hours, if it does give you like 200-300 daily, mine it for a week.

Yes, that's correct, you should only mine coins that have a "future".

It also depends on the strategy you want to use. Some people prefer to mine & sell right after on the other had some mine & hold for when prices increase.

That is the hard part the "future".  I've heard a certain amount of time too, like you said 24hrs.  What strategy are you using and is it working for you?

More like a gambling

I'd just prefer mining top coins and hold

been tried different sh*tty coins at low diff mining 48 hrs

and I can't sell some of them waiting forever

while some continues to fall like no value at all, or like a dead sh*t I remember mining Sh*tty Etn

a lot of factors to consider in choosing decent coins and a bit tiring chasing them

I can't believe this bullshit advice is coming from a "legendary" member.

Here's what I do.

Mine the most profitable coin. With the profits buy your preferred alt-coin for speculating. Bills are paid and you have your coins.

The other way is to mine your preferred alt-coin at a loss, meaning that, you pay more money towards your electric bill, than you would if you bought the coins. Time/money/electricity is wasted and you end up with less coins for your money and a lot more wear and tear on your hardware.

TL;DR, If the coin you plan on mining isn't profitable, buy it instead of wasting resources trying to attain it.

I think it should be strategic whether it's holding or selling a mined coin or bought a coin/token from an exchange to trade.

It's risk free however if everyone goes with the top then who will start the mining next bitcoin  :D

What's up with Electroneum my the way?

yeah, that should be

but if you mined sh*t coins that has almost no market, goodluck for selling


there were no next Bitcoin.. Lol :D

All coins tried to be Bitcoin is Alts


Mined it for months on his initial release

decided to Hold more of them, and that was probably a mistake

must be sell them right away when still high

and now look at its value

Yes, indeed, the waiting & timing part is key. It not enough just to wait it's mostly about constantly following news about your coins and selecting the correct time to sell.

I am a go big or go home type of person so, I'm going to wait for the long run when there are substantial price increases and all the cryptos are on a bull trend.

It depends on the quality and price of the coins. Sometimes you can get millions of tokens, but they cost nothing and vice versa. I do not know if the unknown coins worth to be mined.

Quick related question - how do people manage their wallets? BTC and the bigger alts are easy enough, but sh**coins often have their own wallet, installer, etc. Leads to a lot of clutter... Use a dedicated PC? Paper wallets?

I just have a dedicated, weaker PC to handle lesser-known coins. I have a cheaper Atom PC with a 2TB external hard drive hooked up to it, and though it's slow, the computer's tiny and cost me just $60 (perhaps an Aliexpress pricing error). Really the only option for some coins, because most don't even offer lite wallets like you mentioned.

One thing to consider is the market cap

though checking the whitepaper is really pain, spotting legitimacy and dedicated devs were also challenging

you could also check on their social media and telegram accounts regarding peoples feeds

though a time consuming and a tiring one

Highly depends on the coin, but if you're trying to make it rich, you'll want to look at the total supply that it will have when all coins are distributed. The higher the total supply, the more coins you'll want to mine.

The actual amount of coins really doesn't matter.  I mean, there is no specific number rather it be 50,000, 500, 50, 5, 1, .05 or whatever... These are just numbers that are relative to the supply.  If the coin supply is "1" or "42", guess what... you might be mining for days and get some miniscule amount like .0005.  And if that coin is successful, your .0005 may be worth far more than the electricity you paid to mine it.

If you have free electricity, have a blast!  Mine those sh!t coins like a boss and maybe one of them will get you some money.  But yeah, if you are spending your own money on this stuff then treat it like a business, track all your expenses, and do some research on the coin you are mining.

Well I though all ALTs are THE NEXT bitcoin LOL

Ignoring this ...
;D

Sorry to hear. I solid (ICO) when price was 680ish sat then bought around 750ish then sold at 950ish then bought at 1100ish and thought too hold it for long time and now see LOL

But I am a bit lucky that I made a handsome amount of BTC from the ICO buy and rest was - playing with around 0.1ish BTC to see where it goes.