What is the point of mining anything but ETH?

[wheelz1200]

Claiming eth is the most profitable shows a lack of understanding of the ecosystem overall. I have been mining ZEC for the last 14 months over eth because I run all Nvidia stuff and I dont pay for power. Profitability is a case by case thing depending on a number of factors.

You are flat out wrong claiming its the most profitable to mine on Nvidia hardware.

E.G. - GTX 1070 @ 475 sols = $61/mo

         GTX 1070 @ 26 mh  = $50/mo

GTX 1070 @ 26 MH/s? Really?

Most 1070's with Micron memory are easily pushing 30.5 - 31.5 MH/s on ETH.

Lets take average 31 MH/s which according to your calculation gives:
         GTX 1070 @ 31 mh  = $59.62/mo

Now, we get $59.62 at ~105 watts power limit for ETH. I assume you are burning at least 150 watts on ZEC, right?

Claiming ZEC is more profitable than ETH shows lack of understanding....    

There are tax implications with buying and selling as well though.  Mine a coin hold long term and should be taxed at a different rate if you mine one coin, insta sell it for another.  Some people dont like using exchanges, etc.

[1714776564]

1714776564

[1714776564]

1714776564

[1714776564]

1714776564

[EthanB]

The answer is multi-faceted. There is going to be a plethora of reasons for any given person to make the decision to mine something other than ETH. Many people have hardware which performs better on other algorithms, I personally saw a significant increase in my profits switching from ETH to Equihash, ZEC and a couple of others. ETH is more profitable than Bitcoin with my experience and hardware, but certainly it is not the best option for everybody, not even most people. The profitability changes minute to minute as has been mentioned, so sometimes people are just looking for a less saturated market to participate in. Some people have moral objections to ETH, I can't speak for everyone, but even the opening statement is incorrect.

I decide what to mine by comparing benchmarks, difficulties, past performances, price changes and a few other factors. It's an obnoxious, constant question that a lot of people are struggling to figure out all the time. There is no easy answer, but improvements and optimization at every turn has lead me away from ETH and towards certain coins/algorithms. There are programs that compare your profitability across multiple algorithms based on benchmarks and I use these on occasion when I am feeling lazy.

For me though, the point was profit. I am able to use less power, run my cards more conservatively and make more money.

[meru890]

What also nobody pointed out and is pretty important to me is the timeframe. It really matters if you look at profitability on a daily basis or have a more longterm goal let's say over the next 2 to 5 years. So if you would make your books in 2 years you would probably add some other factors (usecase, outlook, technology, community etc.) too, right? I currently only mine ETH but I believe that NEO will probably outperform ETH (not market cap, but bigger increase of its price) since it seems a lot of ICO choosing it over the erc20 token and gains massive popularity. Point is, you could also mine coins that have even a negative cashflow but the value of the coin itself will outperform others. Remember the guys who stopped mining Bitcoin in 2013, because they paid so much for electricity? Guess they wished they had kept those machines up :-)

There a like a million reasons and strategies and possibilities, there is no right and wrong. Nobody knows the future, there will be just some people who do better than others but nobody knows currently if he is on the right side ;-)

/edit: And if you're are talking about profits I can give you a tip for free. Sell all your mining stuff and invest directly into coins. It's the simple truth, buying directly gives you so much more profits than mining.... but that's another topic.

[Jr.Sasha0209]

If you go into mining, it's necessary to drip for perspective and merge on pampas otherwise you will lose a lot of money and it's unimportant that you are dripping, because even the quietest coin can shoot very, very well and give a multiplication by 100

[MinedTangerine]

So ETH is pretty much the most profitable coin to mine most of the time. So why not just always mine ETH and if you don't really like ETH sell it to buy whatever coin you do want even if you could mine it from the get go? What strategies do you guys employ when mining as far as what you do with what you mine and how you decide on what to mine. Im talking specifically GPU's here.

The only reason to mine anything else with RX AMD cards is to find very new coins which are not on any marketplace yet and have low difficulty. Mine them, stock up and wait for them to get listed then dump them for ETH. Its pure speculative mining ofc, but it can yield quite nice profits.

[MinedTangerine]

I'm mostly mining EXPanse because it mines fast and its easier to hit payment threshold on most pools unlike ETH

Also, today EXP was more profitable, too

Do you like expanse as a project or do you just think that it will pump harder than any of the other potential candidates to mine?

Well, seeing how its both low value and low cap, yet pretty good at developing stuff, I hope they'll skyrocket sooner or later.
But their PR has a lot to be desired (for example, almost noone knows they're both POW and POS coin), I guess we'll see next few months

Seems I'm not the only one

https://twitter.com/needacoin/status/969329368031023104

Does anyone know how staking works in Expanse? Could not find anything on it.

[MinedTangerine]

yeah..I make significantly more WITH AMD cards mining "shitcoins" using neoscrypt and lyra2rev2. 4x 580's make me ~8$ a day on average, a little under 9$ a day if dual mining. I am doing 13-14$ a day mining other stuff an exchanging it myself.

Reading this claims daily. They all claim that, but I have not seen a single person backing up their claims with real evidence. I do test on new and different coins daily and let me tell you I have not found a coin that has better earnings per day then ETH for RX amd cards.

So please do tell which coins you talk about that give you 8$ in 4x RX 580. I am dying to know