Mining Altcoins Vrs Mining Bitcoins

[TheShire]

        Mining Altcoins Vrs Mining Bitcoins


What is the benefit to mining Altcoins over BTC

Why do people mine for altcoins. I dont see much profit in mining Altcoins, with the kit you have to buy for decent hashrate why would people not just buy asics kit to mine BTC

Please if anyone could explain the basic benefits of mining Altcoins, much appreciated

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[Troy1307]

One big argument people will give you is that if you buy an asic, and BTC crashed, you are left with a paperweight. On the other hand, if you buy GPUs, and the altcoin you are mining crashes, you can switch coin. Or even if the entire market crashes, you can still sell the gear and make some of the money back.

There is also the fact that you can start mining altcoins with your gaming rig. Starting to mine slowly 1 GPU at a time. You don't have to start with buying a $3000 machine.

And finally, while BTC is a coin meant to be used as a currency, not all altcoins are the same. Many have a purpose, application, goal for the future. Alot of people simply believe in the projects and mine to support them.

[makomako]

its easier to mine different coins(altcoin) that are going up then trade it to bitcoin for profit. GPU is more versatile than Asic

[TheShire]

One big argument people will give you is that if you buy an asic, and BTC crashed, you are left with a paperweight. On the other hand, if you buy GPUs, and the altcoin you are mining crashes, you can switch coin. Or even if the entire market crashes, you can still sell the gear and make some of the money back.

There is also the fact that you can start mining altcoins with your gaming rig. Starting to mine slowly 1 GPU at a time. You don't have to start with buying a $3000 machine.

And finally, while BTC is a coin meant to be used as a currency, not all altcoins are the same. Many have a purpose, application, goal for the future. Alot of people simply believe in the projects and mine to support them.

thanks for the reply Troy

***  And finally, while BTC is a coin meant to be used as a currency, not all altcoins are the same. Many have a purpose, application, goal for the future. Alot of people simply believe in the projects and mine to support them.

thats a good point and a fair one ...    believing in the projects and supporting them does interest me ... profit does aswell though

i bought one M3 on order ... still very much interested in alt coins and i think i missing atrick somewhere

lots of folk on the forum seem to play there cards tight to there chest with their mining activities

[TheShire]

its easier to mine different coins(altcoin) that are going up then trade it to bitcoin for profit. GPU is more versatile than Asic

makomako thanks for the help I appreciate it


is that something that you do ?   maybe on nicehash

from the reading i have done (lots) and reaading peoples posts ect ... it seemed to me that there was no point in mining Altcoins , but why would so many people do it if it was pointless , hense the thread question

when you says its easyier do you mean easyier to get started    and/or more effient in turning over BTC coins than asics machine

[sergio red]

        Mining Altcoins Vrs Mining Bitcoins


What is the benefit to mining Altcoins over BTC

traditional bitcoin mining requires high cost. on the other hand altcoin mining requires fund and research. if you are a low risk investor and you are willing to research into multiple cryptocurrencies , mining altcoins is for you.as losses are minimal because, if you don’t make the right decisions on what coins to mine you are only going to loose a few percent.and if some coins’ price go down you will still have other cryptocurrencies to balance the losse.on the other hand, if you are looking for fast money at all cost, mining altcoins on launch might be a solution for you.I think these are the benefits of altcoin mining over bitcoin mining.

[Vann]

One reason is because the BTC marketshare is clearly in a downtrend as the marketshare of alts continues to grow.

https://coinmarketcap.com/charts/#dominance-percentage

Another reason is ASIC's are loud. Would you want this running in your living space? LOL

https://www.youtube.com/watch?v=1uA3c9fjOSc&feature=youtu.be&t=75

[TheShire]

One reason is because the BTC marketshare is clearly in a downtrend as the marketshare of alts continues to grow.

https://coinmarketcap.com/charts/#dominance-percentage

Another reason is ASIC's are loud. Would you want this running in your living space? LOL

https://www.youtube.com/watch?v=1uA3c9fjOSc&feature=youtu.be&t=75

marketshare is something i had not considered ... thanks

loud ....  hahaha me and my mate will find out come end of Febuary ... due to go in his cellor

[TheShire]

        Mining Altcoins Vrs Mining Bitcoins


What is the benefit to mining Altcoins over BTC

traditional bitcoin mining requires high cost. on the other hand altcoin mining requires fund and research. if you are a low risk investor and you are willing to research into multiple cryptocurrencies , mining altcoins is for you.as losses are minimal because, if you don’t make the right decisions on what coins to mine you are only going to loose a few percent.and if some coins’ price go down you will still have other cryptocurrencies to balance the losse.on the other hand, if you are looking for fast money at all cost, mining altcoins on launch might be a solution for you.I think these are the benefits of altcoin mining over bitcoin mining.

interesting Sergio .... not looking for fast money rather regular decent longterm return ... but I will defo look into mining on launch thank you

looks like I will start looking deeper into 1080 cards available in UK or maybe get ripped off on ebay haha

[bakhbtc]

there is all kitchen in cryptocurrency encrypting algorythm, btc use sha256 for this algo created very profitable specialized integral circuits.
altcoins use other algos mostly high depended from big memory amount, due to momery dependance creating specialized circuits will be very expensive.

[nsummy]

Probably the main reason is that asic miners are expensive and hard to buy.  If you are lucky enough to place an order, then you have to send bitcoin (or bitcoin cash) to some company in China that will hopefully mail you a miner 2 months later.  On top of that, once newer asic miners come out, your model is obsolete and absolutely worthless.  With video cards you can at least buy them one at a time and they still have resale value, not to mention you can use a credit card.  I'm guessing most people got start mining altcoins when the profits of mining Ethereum were so huge.  After that its just a big rabbit hole.

[TheShire]

thank you for all the comments - its v.usefull to hear everyones opinions when starting out

i have a miner on the way in a month as the gent said !

i will spend further time looking into Graphic cards,  i think if Proof Of Stake type transactions come into play in the future things will change dramitically

i know a lad who works for a big retailer laptops direct , so getting 1080 cards and bits is easy enough 


Could anyone experienced in mining altcoins and trading them for BTC on nicehash (or similar) please explain how it costs in, is it more effiecent than mining via asics