Maybe a good strategy would be to mine a coin _before_ it is on any exchange, and the difficulty is low, and then dump it during the initial spike. That doesn't help the coin one bit, but it might be a good way to make a buck.
This is in general the best strategy as the difficulty is lower, however not all coins become successful either...
OK, you piqued my curiosity. As an exercise, I pointed my rig at the latest quark coin (SED). I caught it at block 92, pretty much right at launch.
The POW phase should last 3 days. Which would have made around 0.04BTC on Nicehash.
Let's see how it fares :-)
You win djm34, I made 30% more than I usually do on NiceHash today, by only exchanging a third of my SED. Keeping the rest for staking and having fun later.
So, to Joblo, that's a 300% difference. Not really minimal in my book
![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
Granted, if you factor the time in, I spent a few hours for about 4€. But that's because my rig is ridiculously small. If I had a chrysx-sized farm, that would definitely be worth it.
Look at me, diverging from my own post's subject, while asking everyone to stay on it. I need help.
But you guys gave me a good view of the landscape: I should mine a coin I believe in. And there are no coins worth believing in. I guess when I finally find a coin I believe in, I'll be able to just buy it with my mine&dump dirty profits...
Shit, I'm in a trolly mood today
![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
I didn't know it was a competition but I'll concede. Well done.
There doesn't seem to be anything special about this coin, not in the ANN anyway, yet you
were able to turn a good profit.
I agree scale would decrease the time investment cost relative to payout. It would also allow
diversification where some of the hash could be earning income in a multipool while another
portion could take higher risks by playing the IPO side. If I ever get big enough I might just
dabble.
I presume you will be repeating the exercise, I wish you success.