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Author Topic: Mining during the correction  (Read 522 times)
geekcryptogal (OP)
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January 17, 2018, 10:01:39 PM
 #21

The really important thing to watch - at least for this relative noob - is the mining difficulty vs. coin price; if both are going down then I'll keep mining the same coin, but if price is cratering and difficulty hasn't budged then I point my hashpower elsewhere.



Currently I just use Nicehash -- it benchmarks, optimizes and auto switches for me.  Literally no substantial activity involved.  Just install program and run it.  Also they now allow you to transfer internal Nicehash wallet to Coinbase, each and every day, instantly and without fee -- so that alleviates the concern I had with respect to the hack last month where $67 million was stolen.  Set it and forget it, leave it in the corner, and just cash out each day. Literally 3 mins of non-substantial work per day (i.e. the wallet transfer to coinbase).
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juanichiloco
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January 17, 2018, 10:17:46 PM
 #22

As others have said I think the main thing is to keep hold of your coins when corrections occur and wait for the next big run up and sell then if you want or just hold them long term.

The price only matters when you sell Wink

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January 17, 2018, 10:18:26 PM
Last edit: January 17, 2018, 10:32:06 PM by MagicSmoker
 #23

The really important thing to watch - at least for this relative noob - is the mining difficulty vs. coin price; if both are going down then I'll keep mining the same coin, but if price is cratering and difficulty hasn't budged then I point my hashpower elsewhere.



Currently I just use Nicehash -- it benchmarks, optimizes and auto switches for me.  Literally no substantial activity involved.  Just install program and run it.  Also they now allow you to transfer internal Nicehash wallet to Coinbase, each and every day, instantly and without fee -- so that alleviates the concern I had with respect to the hack last month where $67 million was stolen.  Set it and forget it, leave it in the corner, and just cash out each day. Literally 3 mins of non-substantial work per day (i.e. the wallet transfer to coinbase).

Aye, NiceHack <cough> is a success precisely because it is so easy, and for sure that fee-less transfer to Coinbase is nice (although, you don't have much choice of what to do with BTC once it gets to CB), but it rarely is the most profitable use of your rig.

Right now, according to whattomine, (5) 1070 Ti will bring in ~$21 mining ZClassic (ZCL) based on average difficulty and profitability over the last 24 hours. Or if you want to go with a more exotic coin only tradeable on smaller exchanges there's GoByte (GBX) at ~$25/day.

Disclaimer - I'm fairly new at this myself so not exactly a font of wisdom nor even remotely an authority... Also, chasing profitability on whattomine can be an endless task if you let it. Sometimes I just want to mine a specific coin and damn the torpedoes if it isn't the most profitable. Like I have (3) GTX 1060s mining ZEN even though it is not even close to the most profitable coin for them (ZCL again, but I don't have any ZCL and I do have ZEN, so to minimize transaction fees it is better to mine more of the coin I already have).

EDIT - changed example to (5) 1070 Ti to match OP's rig.
geekcryptogal (OP)
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January 17, 2018, 10:27:18 PM
 #24

I tried nemosminer with ahashpool for a day.  It was supposed to chase the most profit.. autoswitch.  At the time it said I could make like $50 per day on what I was mining.. well it turned out to be just about the same as what nicehash was giving me.. so I didn't see the point.  Besides the x17 and sib algorithms on nemosminer cause some nasty coil whine on my 5 x 1070 Ti's -- whereas Nicehash doesn't at all.
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January 17, 2018, 10:57:05 PM
 #25

Just keep mining and maybe think of moving away from nice hash. Although it is nice to be paid out directly in btc but it is also nice to speculative mine a coin that could do better in months to come.

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