Bitcoin Forum

I have a mining rig with 8 graphic cards that I build in December of 2021 and I have made most money back but now that almost all the good altcoins have lost high amount of value I feel like selling my rig and buy coins but.....

I look at the long term, if I use the money and buy coins, let say I have 5 different coins in a wallet, that's going to be it, but if I keep my rig I can keep accumulating coins that I want for like forever, till mining is dead.

One thing strikes my mind again, bear market don't stay for long, highest is 2 years, so what is the right state of mind for you.

I have told several times my story of 2018-2019 here.Back then coins crashed really big while I had the rigs built with the Rx 580 cards in late 2016 early 2017.At that time most people decided to turn off or liquidate completely their rigs.I choose another route,I thought to myself since I am always a believer in new ATH (all time high) of prices of crypto to keep mining even at big loss because of my energy costs.I kept doing so until late 2019 when I turned off the rigs that through Nicehash had made me a nice amount of Bitcoin and was just following the news as always.

At February 2021 when the price hit near 60.000 for a Bitcoin I sold most of them,build a new powerful rig I still have now and got some nice amount of money for myself.I continue mining even in the bear market again,not yet at a loss but even if I will be with price increase of energy in October most likely I will continue mining.

The conclusion is that is better to keep mining rather than buying coins,as buying coins will not keep you as busy as mining so you may do some wrong moves that you normally don't when you are getting small amount of your favorite cryptos through mining.

Mining is like killing two birds with one stone, you don't need to sell whatever coin you mining, just hold and it's same thing as buying altcoins with money and with mining you still have your rig in tact, it's wiser to keep your rig and use that to keep accumulating coins.

If you do not need money, if the mining farm does not cause problems and you can pay for electricity without problems for your budget, then continue to mine cryptocurrencies.
I advise selling a mining farm when for the money that you spend paying for electricity, you can buy more coins than your farm mines.

Honestly you are better off just selling your GPUs now. The merge is in like 2 weeks and mining profitability will be almost nothing. Every miner will give it a few weeks or so. Hoping that a coin like ETC goes up in value, however there is no gaurantee.

Just like a bitcoin halving event, your profits will be halved, nobody knows how much. However the profits are bad now, it'll be even worse. If the GPUs are worth a decent penny, just sell them to some gamer and buy coins like BTC and ETH and hodl.

It's not going to last forever, a new altcoin will balance things up, also Ethereum PoW coin might be the next big thing, the situation is nobody knows what will happen after the merge we can only wish for the best.

We are in the accumulation phase so you should be accumulating Bitcoin.  It's likely that prices will trend down for another few months, so don't go betting with leverage or selling your personal items just yet...  We're closer to the bottom than the top though.  Mining is a great way to dollar cost average so just stick with it and when we hit new highs you'll be glad that you did.

The time to sell a rig has past or has not yet come.

He would be better off mining til the end of eth mining then shut the gear off and hope for a rally of a
new coin.

No one should sell gear now , unless of course they do not have it paid off and on a credit card.

I have a lot of gear hundreds of cards, but I am paid off. I will mine at break even or I will shut gear down and wait for action to get better.

I may even buy gear if it drops lower.


And of course Mr V.B. Has about 11 days to blink and delay the diff bomb for 300,000 more blocks about 100 days or so.

Maybe this is the most discussed subject on this sub haha, but it's interesting to know about everyone's plan to help us make ours.
I sold some older gpus like 5600 and 5600, still selling rx 6600 but for now I'm holding some RTXs, 3060ti, 3070, and still holding me ETH mined for months
I'll wait some days after eth pos to decide what to do
I know it's obvious for some people that market will be flooded of used gpus and coins will suffer from all cards pointing to them, but cryptos some time can surprise us, maybe some potential coin rises 10x, 50x, nobody knows yet.
So I'm holding and waiting, no final decision yet

It's too late to sell unless you find good buyers that are ready to buy at a good price, I've sold some GPU too but that's when the first BTC dip took place at @17k and I bought some coins with the money, I won't dare sell the rest because having mining rigs pays on the long term.

This looks like the same mistake I made in 2018  :( I sold all my graphic cards without thinking a bit, later mining isn't profitable anymore but difficulty became so low, that's the opportunity I failed to understand at the time, when mining makes no sense anymore many will move on or shut down their rigs, that's the best time one should be accumulating. Be wise OP.