Junior Miner, Need Honest Advice-Which Coins to Mine!!!!!

[johnnyblack80]

Good Day Guys,

I know it may be a repetitive and boring question, but I really need some help here

I'm new to mining (2-3 weeks at most) and the number of coins to choose from are countless

I'm having a max hash power of 1.4 KH/S and been doing some scrypt mining

Started with litecoin and feathercoin but they were very slow and soon realized can't make any

So I switched to some easier ones (IFC, Moon, Doge, nexus, coiney, etc...) and well you know all such coins already have a high level of difficulty and Moon has no value to it (at least for now it looks like going nowhere)!

I came across http://coingen.io/ and soon realized anyone can make their own coin with just a little bit of bitcoin (less than 300 dollars!)

I look at the Announcement forum and I see there are tonnes of new coins everyday,

Knowing the fact that any common person can make their own coin, and anyone with some knowledge of programming and some customizations can make an awesome new coin! (at least look awesome),

HOW DO I KNOW WHICH COIN IS REAL AND WHICH COIN IS JUST A (so called) pump and Dump?

Are all these new coins or most of these new coins just a mean to dilute bitcoin market or this is a lost ground and a hype and just a game to keep people busy and continue mining as anyone with some invested money in

hardware won't be happy (definitely I won't be happy either! ) to realize it is all a game and the real winners are those who hold substantial amount of bitcoin (litecoin to some extent), and the rest of the coins are just out there

to keep others busy and divert attention !

I do appreciate some honest answers here, I'd already made some IFC and MOON and I do realize its not a good feeling to hear any bad news regarding the coins I'd already mined, but I believe the sooner I realize what is

really happening here the better it is,

Many Thanks for your help and excuse me if I'm making any mistake

Cheers

[FreedomCoin]

HOW DO I KNOW WHICH COIN IS REAL AND WHICH COIN IS JUST A (so called) pump and Dump?

You need to do research on coins and find one that has beneficial features, or features other coins do not... most are copies of other coins.

what hardware do you have that is getting 1.4kh?

[johnnyblack80]

Many Thanks for your help,

Sorry I meant 1.4 M hashes,

 I have one gigabyte 7990, 8G RAM , windows 8.1, SSD 120 G

[Hellionator]

I usually refer to coinwarz.com for profitability however you have to think about which coins are going to survive and which are going to increase in value.  You could just mine the most profitable and then exchange it on cryptsy.com immediately for what ever you want but that's a lot of overhead to manage.  I've done quite well with BitBar and just opened up a pool so my biased advise would be to mine that. 

Another good strategy is to monitor the new coin announcements here: https://bitcointalk.org/index.php?board=159.0 and try to mine one of the new coins that you think will survive.  You won't be able to trade out of the new coin until it hits an exchange or can find a private buyer so it's best in my opinion to be an early miner of a coin you think is going to survive long term however this strategy is risky and also requires overhead.

Best of luck in your decision!

[johnnyblack80]

Many Thanks for your reply and great advice,

I'm doing some research on various coins, but its really hard to tell which coin has a future

Thanks anyway

cheers

[juggs]

Look into the various pools that mine multiple coins. You point your miner at the pool, the pool owner takes care of switching the pool to the most profitable coin (of course they take a %ge cut one way or another).

Some coin switching pools pay you out in the myriad of coins that have been mined that you then have to trade on exchanges or by private sale for the coin of your choice, while a few auto exchange to Bitcoin and payout to miners solely in Bitcoin.

Middlecoin (www.middlecoin.com) is one of the latter that jumps coins, auto-exchanges and pays out to miners in BTC.

Some other coin switching pools:
hashcows
trademybit
alternatepool
tompool
wafflepool
switchercoin
hash.so


It really depends how much time you want to spend keeping up to date with the latest coins, keeping track of what is about to come live and could be good for a few days (pump and dump), what coins are likely to be actually exchangeable by anything other than private sale, keeping a gadzillion wallet applications updated along with the blockchain for each.

As a newcomer to the whole thing I would strongly advise pool mining on a multi coin, auto exchanging pool that pays out in BTC. That way you don't have to give yourself headaches and your miner can be doing something productive whilst you find your feet in the crypto currency world and gain a better understanding.

Good luck!