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this is for new people that wants to become a miner ,if you are from a country where electricity is an issue I'd say this is for you ,this is about having more coins at your disposals in a short period of time ,all you need to do is follow my leads ,last year when electroneum coin was launched i quickly jump in and starting to mine and I mined it for two days with 2000H/s and I got 23000 etn already ,the question is how? well always mine coins that are still days old because the difficulty rate will be so low that you would have acquire a lot of it already before the difficulty rate skyrockets, more coins more profit ,this is good for the ones with old GPUs too ,I did the same with other coins like Niobio Cash ,Festival coin and Havven ,mining coins at earlier stage is more profitable ,if you want to choose goodcoin to mine because you don't want to waste your hashrate and time then drop me a message.

That's pretty sound advice, especially because it can make old-ish GPUs relevant. How do you choose which coins to mine though? I'm sure you've wasted time mining some coins that didn't take off as well, with so many useless coins popping up. You should probably share your experiences with those too.

I'm not sure if this should be here or in Mining altcoins but your advice is good. How long are you going to mine the coin you choose? do you set a timeframe or when the difficulty for that coin increases, you'll look for another one?

It's not easy to choose an altcoin that you will mine, so you just choose the new ones and spend a day or two with it?

Its your calls to do your research before you start mining , yeah I did mine shitcoins  before i started getting advanced in cryptocurrency in general , Loki ,haven ,festival ,etn these are no shitcoins guys and infact I've make profit mining them on launched already ,haha

For analyzing what coins might take off in the future, try looking at the roadmaps for coins and what may happen in the future with certain coins- that helped me out a lot when I was mining multiple coins, and it really didn't take me more than a few minutes to read through news and information about a particular coin. For the timeframe of how long you're going to mine, that's all up to you and how much you want to diversify. You could try mining one coin a day, or sticking to one for two days and switching to another after that. It's really up to you in the end to experiment and see what's the best.

It is interesting to consider the various strategies for mining efficiently.  Of course, a default response from so many reading these boards is, "how much is your electricity?"  And they have the best intentions despite how irrelevant their comment may be to the miner who is simply aiming to gain worthwhile assets when they cannot be purchased on an exchange. 

Another point that's interesting is hash power as a finite resource.  It isn't like there is an infinite supply of hash power and look at what happens to various older coins when new coins and new algorithms come out.  There is a waxing and waning of popularity to one coin or another depending on all sorts of things. 

So what is typical?  People read the various websites listing coin values and profitability and from there decide to mine what's profitable.  I still do that too as it steers me towards reading about what may already be proven as a safe bet.  But another thing I do is to read in the announcement pages here and other new coin announcement outlets to see what may be coming.

We are pretty much inundated with information and it's up to all of us to chat about what we see and why it looks good for POW mining.

Your advice sounds good and interesting. Now, I have an idea on how to mine tokens with a high percentage of profit. If we are going to mine on a newly launched tokens, then how can we assure that it will be successful in the process?

I won't call it a leap of faith, i did mined bbscoin which is still useless at the moment but when I saw Haven at launch I know its a promising one ,all I did was read through the roadmap ,same thing Loki and etn too ,its just a great experience all over

That is great advice but most miners are too lazy to search out new coins.  Most of them just mine the established coins or point their hashing power to nicehash..  Mining new coins can be extremely risky but the potential rewards will be very high.

Early birds catches the worm

However you have to choose a decent worms as some of them might not as juicy as you think

More often on the early stage a mere challenging buggy coin wallets is a headache

However I agree on the benefits as it would pay a great profits

@Fluxtorrence9,
Hi.
That sounds very interesting and promising strategy for people who have nerves to wait.
 Id like to learn more about it. Do you have a website, vlog  or something?
I can't send you messages, it says your acct is set to block newbie's messages.
thanks

yupp that's what i do but not on a regular basis.
you can really mine a lot of coins while that difficulty is extremely low.
worth doing but needs effort to source for new coins either daily or weekly.

I used similar strategy just before I stopped mining.
I mined several different coins with low difficulty and I am not planning to sell them for 1-2 years, depending on the market.
I hope one on these coins will have some value in few years.

You have some promising coins in your portfolio then you don’t need to worry about their future. Cause price will increase and you will get profits for your hard work.   

That will good for people who are lived on the country with the small electricity fee because they can use it for mining so many coins. But before they can do that, they need to have good hardware because, with good hardware, you will get a big reward like you.

Yes, mining in the earlier will be more profitable because there are not too many people who were mining that coins but still, we need to think about the electricity fee that could cost too higher for us. So maybe we can calculate first how much it cost so we can decide to mine or not.

Totally agree. I stopped mining shitcons as 95 percent of them just wasted my electric. and yes you might get lucky but it's rare .

Only new coins I mine right now is grin and beam but they are well respected.

I only mine decent coins with medium difficulty. Zcoin, aion, etc, beam and grin and bitcoin gold

Once I'm done accumuling a decent bag I will just do eth or auto convert to btc.

I found mining medium difficulty coins or hard difficulty coins overall more profitable than mining shitcoins In the long run.

Sorry no more buying lottery tickets. I treat my mining as a business. If my hardware is obsolete I may mine shitcoins for fun but never my core business model

Earlier the better, but you got to be cautious that you are not mining scam coins. Profitability is high but also project being scam is also high.

It depends on your style and temperament. If you want to risk for more potential, then you can mine crap. Sometimes it turns into candy ;D. Now you have a more conservative stile.
OP gives the right advice for beginners who do not have the new equipment ability to mine. As in investing, in mining to earn well with small start, you need to take risks.

Couldn't agree more, finding new coin to mine can be very profitable. Look Grin for instance, anyone who mined it before the coin was online in exchange can sold it for like $200 for just one coin. But many coins nowadays turned out scam, need to be more cautious.

I think this is a great advice i mined etn also before the difficulty rised and make a good profit from it, better to target coins that has low difficulty but has great potential in market ;)

Now is such a time that it is better to invest money not equipment for mining and just buy for this money cryptos. if you already want to retrieve cryptos then look for new coins that just started mining and their miners have little miners. You will be able to mining a lot of coins and there is a probability that this coin will grow strongly

Good advice I think for most projects coming in early can be a game changer. I have some friends who are passive miners and they all swear by what you stated.

That only lasted for like less than an hour and probably only a few coins we're sold at those levels due to a dumb buyer. 99.9 percent of miners did not get that sell price on day 1

This is really a wonderful post, self explanatory and informative. If am to suggest, it is also neccessry to try new or potential projects just entering the market. Getting associated with them when there are less miners means more profits too.

I think such a strategy is risky. I think it is very difficult to guess which coin will become popular. You run the risk of mining a coin that will not be worth anything.

Nice one dude,  but to get to know which profitable coin to mine is the problem not to just waste time in mining will be glad if you can be updating us on which coin to mine

You really made good points, but the issue has always been a way to identify a good coin to mine so that one don't end up wasting resources. Nevertheless, things might turn up positively as time goes by.

An interesting concept, but the question- how many coins do you have that have grown in value relative to others?
an example - 10 coins can be minted so much, how many of them have merged or, for example, haven't even been traded?
And yet - how many days do you mine one coin?

This strategy seems very good because it follows an elementary and apparently simple logic, however there will always be uncertainty regarding the viability of the new altcoins that continually emerge in the market, because given the high percentage of failed cryptos during the first year of existence, the chances of having a lot of worthless coins in the long run is very high.

This strategy looks like something worth a try but the only problem I have is identifying the altcoin worth my mining power? I mean in a market that's constantly being flooded with different cryptocurrencies I think it's better to stick to mining notable names in the industry which have a working project than jumping from one project to another in the name of quick returns.. Veil happens to be one of such projects that has gotten my attention lately.. Still relatively cheap and easy to mine compared to the bigger names...

I agree with your suggestion :) This is also what im doing now with my old computer....
To join in an earlier phase is the only chance for my poor hardware  :P

right, mining at the beginning of the project does have a large potential profit but what if the project fails or the coins we mine are unable to cover costs and even incur losses  ???

Bit unsolicited advise. No one knows which coins will take off and which won't, what one can do is to try his/her best judgement and hope for the best.

Usually the github progress, community, presentation of coin say a lot about coin but still you can never be too sure. Projects you think worthy could go away in an blink of an eye (you are a high ranked member, so I guess you would know it very well :D).

Mining and other thing actually need research before we do it. But in my country sometime people share (actually not much) which coin that can mined and profitable. But it is good to discuss about coin that we want to mine first than get nothing after mine wrong coin.

indeed there are many new people who see the advantages of mining but they don't know the good and right way of mining so that today there are so many miners who are out of business because it is no longer profitable, some cases are the cost of repairs and electricity that is greater than income.

You've got a point on those you mentioned and somehow it can help new miners by doing that but for me, I'd rather go invest rather than buy high-end GPU for mining then profit from investing is where I will use for mining even not so high-end GPU.

indeed. It is very important to find a good coin. The project has just been released. At that time, computing power was very low. There are not many people mining, and there are not many mine miners. Therefore encryption requires a different perspective. Is it good or bad.

When not so many people know about mine crypto and the difficulty is so easy. I remember someone able to mine more than ten thousands of bitcoin just in short time with pentium 3 computer.

But this time our poor hardware will have exploded if we are using it to mine crypto. Lol The fact those people caught the bottom line gets a huge return right now.

In my country, when electrcity is not free some of my friends jump into mining and buy a lot GPUs. And now they are suffer because diff, electricity that greater than income, GPUs that have cheap price especially if ex mining sometime hard to sell.

In the end the OP doesn't share what makes OP choose to mine something in an earlier stage, just a hint with experience and a great roadmap. Ultimately it lies with experience, trial and error you named it.

it's like collecting an old and exclusive pokemon/DnD card that worth 1000x a few year after their first sale I guess. The problem with cryptocurrency, you don't know for sure which alts that last long enough.

totally, it's a mix of game theory, good analysis and a bit of luck.
there's no sure way to say a project will succeed but after analysing tons of projects you get a feeling.

it can be quite profitable when you hit a homerun.

i have the same problem when I am a newbie. i always look for newly born coins. it gives me a good income, even if I still use GPU mining. such as: veil . Veil is integrating best-in-class anonymity technologies to become the first cryptocurrency that provides uncompromising, always-on privacy

Well this home run you talk about is something that can last for years. You invest some money, or some of your time, and than you just wait for years, it can be success or failure, but that we will know only after couple years. It`s a game, it`s gambling, you need to choose your investment and you need to pick the right one among so many of them, it`s impossible to invest in all of them.
I wonder what OP is mining now, is there any interesting project that he would like to recommend.

In as much as i love your advice i think its important that you take out time to highlight the various steps and procedures invloved in the minning process so that newbies that would love to mine crypto tokens can have a clue of how it works before venturing into it

Yeah I feel that too on bounty hunting on making an article, I got a gist like you said, which one will make a good profit etc.

Not a miner obviously, but I tried mining in the past. Rent some hash and mining some hype stuff on twitter, it ended not so bad actually, but not looking good either, I mean I barely breakeven.

OP, if you don't mind, I'd like to ask some questions.

1. What is the cheapest hardware gear setup (doesn't consume a lot of power) for those that want to venture into mining for the first time.

2. How do you make your research for good coins to mine that won't seem as a wasted effort at the end of your mining activity?

I really appreciate your advice. It is so straightforward and full of enlightenment. I got a little knowledge on how how to make mining more profitable and not too expensive.

Well, that does sound pretty reasonable to mine new coins and earn more. But still, the question is how we identify if this is a coin with potentials?

It's all risk reward.  Everyone's threshold is different.  It is true it's better to catch a coin early in release but knowing when to hold/sell is critical in this kind of mining.  It's not as easy as just mining new coins.

I have always adhered to the tactic of investing in young crypto startups and storing coins for several years without movement. But unfortunately most of my investments have turned to 0 in recent years.

Without putting your portfolio in some of the stronger established coins this will most of the time be the case.  Again its risk reward, if they plan out it could end up really profitable but 99/100 you will just lose your money or even if you dont lose money will have an opportunity cost loss in that you would have made more by keeping your money in btc.  Risk what you can lose holds true

I once tried my hands on electroneum and havven. I got in late when difficulty was high and got little of those coins. I need help on a privacy coin called Veil, it is not yet six months old but with lots of potentials. What do you advise

In fact, as time passes it will be increasingly difficult to make significant amounts of money through cryptocurrencies: mining does not seem to be so profitable lately and only large investors seem to dominate the scene; trading means dealing with the unpredictability of the market and an increasingly reduced volatility, and holding cryptos is nothing more than a risky bet. Even so, I prefer to try at least partially with trading and holding btc.

I'm not by any means saying that it cant be profitable, I'm just saying there is more to it than just mining all new coins.  As with anything it's a multi prong attack between mining right, trading right and holding right.  It's a fine balance and more so with unpredictable new coins.

There should be a certain balance of the portfolio consisting of bitcoin,stable coins and new promising coins with high potential .
We must build on the realities of today , and not just hope for mining or buying new coins that have not yet shown themselves on the market.
The time for easy money is over.Now, to earn in the cryptocurrency market-you need to think like never before.)

That was a good advice for us for beginer in mining,now i am going to follow you honestly i am a miner of electroneum but not like you get in your miner so i want to learn more about it.

First of all congrats for your post, people usually just go around and say that mining is not profitable anymore, or that the only option are ASICs... some of them trully believe in this, others are just being selfish trying to keep difficulty low...
It is a fact that one of the tricks for a successfull mining operationg involves a lot of work and to be on top of things constantly... and as a consequence you find worthwhile projects that are just newborns with almost zero difficulty

it really depends.

Last year Ravencoin (RVN) went up more than 200% in a couple of days
GIN made a x10 in a couple of months.

not necessarily years.


definitely possible.
and sometimes it's a shot onthe dark as well.

Risking up in all possible angles will really give the possibility of profitability.We do have our own views and beliefs when it comes to thinks but if we do try to see it deep through
We can really say that profiting is possible it would really just depend on how you do deal with it. Diversifying is always been recommended when it comes to investment
but this wont be an assurance thing that you would able to take advantage anytime.

Is project bringing something new to the table, how are community mangers/admins — do they care for what community asks and answers them with honesty or ignores it.

Yea in the end the only handful of coins goes to the moon I guess. Do you hit some of that home run by yourself?

I think one of the important aspects was networking perhaps? I mean good friend can inform you of some a good coin to mine, it's better to have more eyes and more ears in this fast-dynamic environment. 

to mine the new coin, in my opinion, is very risky because I used to do it before, but it's just that I didn't do the research first, the coin I mine is bitcoin nano and it turns out that the coin only becomes garbage even the price is far from the estimation that I expect now officially entered the category and scam, and since then I did not dare to mine new coins

On the other hand, to extract already known coins is not very profitable. On the new coins are more likely to earn. I prefer to mine new coins.

But the fact some new coins are even no profitable to mine. Look at the market there was a lot of new crap coins that give nothing for us as the result after we have been doing a lot of efforts to mine it.
I just try to mine any coin which was having enough liquidity and brings me a good amount of pennies. that's better rather than better on something that looks vague.

PoW is in a very difficult condition, we must beat ICO/IEO with using ERC20 Tokens only. the main problem at PoW coin is Dev not have much money to development coin and to listing at bigger exchange, and community not help.
there are only a few coin pow that can listing at large exchanges, RVN XMR BEAM GRIN

Yes, i have seen many coins failed to reach their desired target because they will not follow the roadmap and this makes people lose their money. That's why it is always very bad to mine the coins because they seem to be very huge potential in the beginning but when we start mining we won't even make money for electricity bill payment.

This explains why many PoW coins fail or end scams, because now it's so difficult to listed in an exchange especially to expect help from the community. But the specialty is that some PoW dev dares to start from scratch without any funds to develop their coins.

Taking the risk without involving anyone who will call them  scammers, they choose to start the project from scratch and try harder to win investors trust, it's better than promise things that can't be achieved if there's no community support to backed up the project, it's always about how you trust the project and how it can be usable in the long run.

I think the risks you can encounter anywhere and everything you do will definitely have risks that will haunt you, but you must be able to deal with that risk, if you are still sure you can benefit from what you choose then do it, but if not then leave it.

Thanks for the advise, sometimes knowing the coin that will eventually do well in the long run before the difficulty level increases can be another big task to determine. I have electricity problem in my country, but there are some areas that have constant power supply, when I make some money from trading, am thinking of setting up a mining farm with a friend so we make it a long term stay.

Ask me again in 5 years and VEIL will be a homerun ;)

this is a 30 million market cap minimum.

You describe scam. Such kind of coins are creating for several hours without any idea. They have just one goal - get money to the devs. Its doesnt matter in what a way - move to any noname exchange or sell masternodes, premine in discord. But in such kind of scam you are losing just mined coins, not the money.

lots of junk coin like that, they created coins as it was used to make investors easy to be fooled, I suggest you can be careful when buying coins not to buy the wrong coin

All good valued coin with great potentials already have great difficulties in mining, the reward in this aspect is very minimal, mining valueless coin on the other hand is way cheaper i.e less difficult but it could end up been a waste of time and resources if that project couldn't get listed, with so much difficulties in mining now, pos and nodes will become a better option for many.

Finding your self a coin that will generate you profit  even if its a long term or short term disposap is experimental,you cant just think to mine a coin and hope to dispose it soon to cover exepenses as a miner you should have a backup budget for everything

This is not only so. The good valued coins are coins that already have been listed to some exchange. That time mining is really difficult. But untill they havent been listed - they can be mined easily.

You are absolutely right. The biggest profit can be obtained from mining young and unknown coins. Of course, this is very risky, but still, in case of luck, the profit will be huge!

Thanks for sharing. This is really insightful. My question now is, how can you decide what coin to mine with the recent surge of coins coming out each day. What do you look out for? Also can you recommend the minimum mining set up cost for someone going into mining for the first time?

Everyone decides by himself. For someone $1000 is maximum that are ready to spend, it will be one set, for another - $5000 - it will be another set. Power, placement, ventilation - for each one these conditions are different. If you bought equipment and dont know what to mine - nicehash or ETH and read and search.

Yeah I agree, look Grin as another example. Some miners manage to sell it for $200 a coin and I'm sure it give them a huge ROI from their mining investment and if you hold your mined coin the ROI is decreasing everyday so yeah mine coin only for short term is nice.

The idea behind OP is right but I don't understand it completely; he says to choose little-known or new coins, with low hash, etc. and that's what I always support too, but I also add that you should identify and find the coin when it is not yet on the market, because when a new Coin, even with low hash, arrives on the market, its price changes in 24 hours, and after extraction and purchase on the exchanges are almost the same.

Buying a Coin like Veles, Veriblock, IxiCash, Safecoin, and many others, when they were not yet on the market makes a huge difference compared to when they will be on the market; to do this you need to find and search not here on Bitcointalk but directly on GitHub and Discord.

Before mining any coin we have research a lot about the speciality and identification in the current trend. Some coins seem to be very good in the beginning but at the end, they become a scam and no value to the mined coin. So mining is not much benefit to the people who are mining the coins.

This research often costs more than profit from him. Till past summer i saw lots of coins that would be "new ETH/BTC/LTC" etc. But i can even remember just names of more than half of them. And RVN is still on fire.

I agree, getting in early and stacking up on new coins is the best. I recall mining Nimiq on the first day the mainnet went live and I mined it for a few months. Now I'm sitting on a good stack of coins.  ;D

But those people are seeing anothe miners before they can decide the best decision. This day it looks like there was a lot of platform have been planned to move POS rather than keep use POW.
It's so difficult to decide which is the best one and consider ethereum has already planned to move POS. Block reward was decreasing very fast compared with another coin.

The idea behind OP seems plausible and strategic yet there are also many factors to consider when choosing what profitable coins to mine currently. For me, these are the factors to consider that will serve as criteria in deciding whether to mine that particular coin or not.

1. Is your mining equipment capable of mining that particular coin?

2. Does the coin offers unique and promising technology and not a copy pasted code from other projects?

3. Do the developers shows high level of competency and professionalism?

4. Does it satisfy convincingly the conditions in the following list of additional criteria discussed on  https://bitcointalk.org/index.php?topic=5144508.msg51103208#msg51103208 ?

You need enough knowledge about mining or unless your time just wasting or waiting for none,actually i already mined etn and currently i still mine on it and absolutely i have passive income on it.

Of course this option looks interesting, but before the abundance of new projects that promise immense profits to attract miners it is difficult to make a good decision about it, because so many new altcoins have emerged as many others have fallen into neglect. That is why although the idea seems good, it is easy to understand the interest of the majority to continue to mine the most popular cryptos since they are the only ones that guarantee a return, although minimal, in the long term.

this is good advise that help people like me who have a lot of problem with electricity cost issue when taking mining coin as investment. i would like to add more suggestion to everyone, mining any coin when difficulty level was low isnt enough for us to jump in directly without any research, so exploring and knowing exactly which coin you want to mine was very important, so you will not get trash coin and can easily take your profit.

It is always better to start mining a coin at the early stages when the project is newly launched. It is easy and more profitable. It always gets tough as the project gets old and more mining experts get on board.

Yep yep...that's true. In crypto, the earlier you do your things the better your earning. So i think your advice is cool, mine coins at their early stages f release before difficulty shoots up...so in a way, you accumulate as much as you can as early as possible.

Actually, it's much easier to make decisions for such projects, don't mine it. Guaranteed profits, a big red flag!

well, in the past, maybe mining bitcoin is still quite easy. but, for now, all new hardware is needed, and of course there is a lot of mining for bitcoin. because it is currently a lot of people turning to altcoin, and even that is not easy. maybe mining veil coins can be a good solution for new miners now.

It is impossible to guess which coin will bring you profit. A lot of random factors can affect its price in the future. I suppose it's like a lottery. :)

Good idea, this is just like saying buying coins when their prices are very cheap. I am sure those that started mining bitcoin earlier are those that have a lot of it and should be among the crypto whales we have now. Veil is another good one with relatively lower difficulty.

This is a completely true statement. I don’t understand why everyone persistently mines only Bitcoin and Ethereum, when you can make huge money on new coins.

they do it because it's easier (more documentation online) and they don't want to bare with the risks of mining new launches or shitcoins (malwares, risk of losing all the investment, so forth and so on...)
in the end: the wild west is not for everybody.