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Author Topic: Is it wise to mine Musicoin ?  (Read 291 times)
swogerino
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March 30, 2018, 01:09:16 PM
 #1

Now I am venturing more and more into mining as my colleagues have put their mining computers in our company and I am the IT and watch over them. By looking at their behavior mining Ethereum is still somewhat a bit profitable but not worth all the investment they have done, ROI is quite far away for the moment.

I started reading about low value coins and Musicoin came up to almost every google search that I did, I checked their calculator and you can make a really big amount of Musicoin just in one day with one mining computer with six graphic cards. I also read the walletinvestor website where predictions is that after a few years this coin can give yearly profit of +387%. This was tempting and I told them to switch to mine directly Musicoin but they refused.

What do you say, it is wise to switch or I am wrong ?

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March 30, 2018, 01:56:05 PM
 #2

Now I am venturing more and more into mining as my colleagues have put their mining computers in our company and I am the IT and watch over them. By looking at their behavior mining Ethereum is still somewhat a bit profitable but not worth all the investment they have done, ROI is quite far away for the moment.

I started reading about low value coins and Musicoin came up to almost every google search that I did, I checked their calculator and you can make a really big amount of Musicoin just in one day with one mining computer with six graphic cards. I also read the walletinvestor website where predictions is that after a few years this coin can give yearly profit of +387%. This was tempting and I told them to switch to mine directly Musicoin but they refused.

What do you say, it is wise to switch or I am wrong ?

It has potential, but as everything in crypto there is no guarante. And just a friendly advice, ignore prediction sites like "walletinvestor". They are useles. Check predictions for this year, do you think they will come true? Smiley
Now as for mining, it it depends what hardware do you have. If its AMD then go for it, because ethash is the best algo out there for AMD. Or at least the best without a really deep investigation and a lot of time sniffing out weird coins and algos.

I would say just mine Ethereum a while back, but today...try Pirl or Musicoin, why not. I am for instance mining some neoscrypt coin now and have a masterplan lol. If I make it, is a different story.

Now if you have Nvidia its a different song. Ravencoin is popular right now. Equihash is also good on Nvidia and some other algos also. Just do some research. Won't talk about Nvidia to much, because I only have AMD.

And P.S, now are not the best time for mining, so hang on in there. I hope to get better till the end of the year.

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March 30, 2018, 03:55:33 PM
 #3

Now I am venturing more and more into mining as my colleagues have put their mining computers in our company and I am the IT and watch over them. By looking at their behavior mining Ethereum is still somewhat a bit profitable but not worth all the investment they have done, ROI is quite far away for the moment.

I started reading about low value coins and Musicoin came up to almost every google search that I did, I checked their calculator and you can make a really big amount of Musicoin just in one day with one mining computer with six graphic cards. I also read the walletinvestor website where predictions is that after a few years this coin can give yearly profit of +387%. This was tempting and I told them to switch to mine directly Musicoin but they refused.

What do you say, it is wise to switch or I am wrong ?

It has potential, but as everything in crypto there is no guarante. And just a friendly advice, ignore prediction sites like "walletinvestor". They are useles. Check predictions for this year, do you think they will come true? Smiley
Now as for mining, it it depends what hardware do you have. If its AMD then go for it, because ethash is the best algo out there for AMD. Or at least the best without a really deep investigation and a lot of time sniffing out weird coins and algos.

I would say just mine Ethereum a while back, but today...try Pirl or Musicoin, why not. I am for instance mining some neoscrypt coin now and have a masterplan lol. If I make it, is a different story.

Now if you have Nvidia its a different song. Ravencoin is popular right now. Equihash is also good on Nvidia and some other algos also. Just do some research. Won't talk about Nvidia to much, because I only have AMD.

And P.S, now are not the best time for mining, so hang on in there. I hope to get better till the end of the year.


Good explanation. But a simpler one would be NO, mining musiccoin is definitely not a wise decision. First of all, its not even a good coin if you are a regular day-to-day miner paying for electricity with cash outs. Just mine the most profitable coin and buy musiccion with it. Secondly, the actual product might have a hard time competing with the simplicity of spotify. Its a risky investment to say the least.
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March 30, 2018, 05:35:57 PM
Merited by swogerino (1)
 #4

Seem like I remember who you are, you are the IT man that contacted by your colleague to build mining pool for ETH solo mining, right?

That solo mining plan isn't running?

Okay, let's back to the point asked.
Simple advice based on my experience, coins that called as a profitable coin has a few requirements.

1. Has a good price on the market,
2. Has a low difficulty and of course with a low Global Hashrate (related),

additional requirement:

3. Has a good block reward,
4. Sometimes need to pay attention about coins block time.

Simple explanation.

Coins Prices
This is relative, but this point would be the one of an important thing to calculate how profitable the coins that you want to mine. Also related to the other factors.

Low difficulty and Low Global Hashrate
This is the most important thing to indicated coins profitability (at least in my opinion). That's why I was always smiling deeply when people were asking "which coin that most profitable to mine with..bla..bla..bla". A few people give a specific suggestion, then people who ask, mine the coin that suggested. Means what? When you mine coin with a lot of miners on it coin equal to you mine coin with high difficulty and high Global Hashrate.

Block Reward
Coins with a good block reward, give you more chance to get more coins but also depends and related to point one and two.

Block Time
Coins with a short Block Time, give you more chance to get more coins, This point also depends and related to three points before.


Okay, you asked about Musicoin (Ethash).
So far as I know, Online calculator accusations between +- 10%. And remember, the calculation result is "at this moment" only. So better to do your own research, spend one or may two days for it.

My personal answer: Mine Musicoin wouldn't be better that ETH. (at this moment)  Wink

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March 30, 2018, 08:02:23 PM
 #5

Hi guys,
Do not only look at the todays earings and so on...
Despite all of that you mentionted I think that musicoin is a really good project which can easy lead to mass adoption. Which is something what we all  want. Let the coins spread between the most ordinary people and fuck the whales which ones always make a big profit via pump and dump...
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March 30, 2018, 08:27:10 PM
 #6

Seem like I remember who you are, you are the IT man that contacted by your colleague to build mining pool for ETH solo mining, right?

That solo mining plan isn't running?

Okay, let's back to the point asked.
Simple advice based on my experience, coins that called as a profitable coin has a few requirements.

1. Has a good price on the market,
2. Has a low difficulty and of course with a low Global Hashrate (related),

additional requirement:

3. Has a good block reward,
4. Sometimes need to pay attention about coins block time.

Simple explanation.

Coins Prices
This is relative, but this point would be the one of an important thing to calculate how profitable the coins that you want to mine. Also related to the other factors.

Low difficulty and Low Global Hashrate
This is the most important thing to indicated coins profitability (at least in my opinion). That's why I was always smiling deeply when people were asking "which coin that most profitable to mine with..bla..bla..bla". A few people give a specific suggestion, then people who ask, mine the coin that suggested. Means what? When you mine coin with a lot of miners on it coin equal to you mine coin with high difficulty and high Global Hashrate.

Block Reward
Coins with a good block reward, give you more chance to get more coins but also depends and related to point one and two.

Block Time
Coins with a short Block Time, give you more chance to get more coins, This point also depends and related to three points before.


Okay, you asked about Musicoin (Ethash).
So far as I know, Online calculator accusations between +- 10%. And remember, the calculation result is "at this moment" only. So better to do your own research, spend one or may two days for it.

My personal answer: Mine Musicoin wouldn't be better that ETH. (at this moment)  Wink


Thank you for your answer, yes it is me the IT guy , the solo mining plan , my colleagues are talking with a programmer but I will not be part of it, good for them if they realise their plan.

I am doing like you say, mine one week of Musicoin and also exchange all my Bytecoins into Musicoin and keep them in my wallet. I know many analysts and crypto enthusiasts tell me this is the most wrong decision anyone can make to hold Musicoin but who knows the future, at best I only lost one week of mining.

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May 21, 2018, 09:54:44 PM
 #7

Sadly I’m concerned the musicoin project doesn’t seem to have long term value based on how they have ruined the commercial offering around it
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May 21, 2018, 10:21:25 PM
 #8

@OP - if you are selling what you mine on a daily basis MUSIC isn't the best choice, no; if you are mining for the future then it has an interesting use case which is to provide a new means of compensating musicians for their work in the MP3/streaming age. So, there is some potential here, and it is why I have been mining it off an on for the past 4 months or so.

Sadly I’m concerned the musicoin project doesn’t seem to have long term value based on how they have ruined the commercial offering around it

I looked through the last 2 pages of your post history to see if you explained this position more but didn't find any posts to the Musicoin ANN thread; care to elaborate?

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May 26, 2018, 04:17:59 AM
 #9

As much as i know, if mining is still profitable, as same as you thinking about mining musicoin for now yes that's a big number Smiley , but remember everything in crypto there is no guarante. Check predictions for this year, do you think they will come true? Now as for mining, it it depends what hardware do you have. Any way don't give up and always fight at crypto. Because i still believe if crypto have good future.
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May 26, 2018, 12:22:11 PM
 #10

There is one more question. Are you engaged in mining for the future (2-3 years) or for monthly earnings. If you mine for the future, then there is only to decide what coin to mine. Well, if you want to earn money you can look at the yield. Personally, I do not mine for the future. I get ZEC because it is now the most profitable for my GTX 1070, 1070ti.

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May 27, 2018, 09:20:40 AM
 #11

Basically no matter what coin you mine, the daily profits it's more or less the same. Especially since it's listed already on WhatToMine.

In my opinion I think Musicoin is undervalued and the dev is great. However it needs a large artist to hit it off. Right now most of the songs on their platform are mostly from Indie artists.

So you can mine it and hold it if you believe in its potential. I think in the future the supply will be reduced since lately it's very large compared to its total supply.

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May 27, 2018, 04:15:28 PM
 #12

I always choose the most profitable at the moment, so I would mine Musicoin, it can jump on the first place at Whattomine but only for a maybe few hours in case of price pump. I tried speculative mining in past, but profits were´nt as high as expected. So I stick to ETH and keep it or change it for BTC at weekly basis.
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December 10, 2018, 03:31:38 PM
 #13

Ethereum Classic is the ethhash coin to mine at the moment. If you've only got a few GPUs, you could mine it speculatively but there are so many better coins to mine right now.
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