Mining Strategy

[scoce]

Hi All!

As a relative newbie to mining, I was wondering what the general consensus was to mining strategy for profits.  I understand that coinwarz can give you what alt coin is profitable, but that really only gives you what is profitable right this second and not after x amount of time of mining.

I thought of perhaps doing a daily check.. beginning of the day, mine what is hot.. the next day trade it to LTC or BTC and re-evaluate what coin to mine for that day. 

Only problem is, trading fees would add up over time.  I could do it weekly and watch to see when that specific coin would be trading high for BTC or LTC, but eventually I'd just be bag holding on a hot coin that turned sour.

Thoughts?

[bumblebee33]

I understand that coinwarz can give you what alt coin is profitable, but that really only gives you what is profitable right this second and not after x amount of time of mining.

That is correct, it will only show you what is profitable for a relative short period. It changes all the time.

I think you should research the market, find a coin that has medium profitability and just stick mining it. But let's hear what other people have to say...

[mrmork666]

Hi All!

As a relative newbie to mining, I was wondering what the general consensus was to mining strategy for profits.  I understand that coinwarz can give you what alt coin is profitable, but that really only gives you what is profitable right this second and not after x amount of time of mining.

I thought of perhaps doing a daily check.. beginning of the day, mine what is hot.. the next day trade it to LTC or BTC and re-evaluate what coin to mine for that day. 

Only problem is, trading fees would add up over time.  I could do it weekly and watch to see when that specific coin would be trading high for BTC or LTC, but eventually I'd just be bag holding on a hot coin that turned sour.

Thoughts?

Look at the 14 days averages on coinwarz
and its a gamble whether to convert the coins to btc or not
if you mine some coin you really believe has a potential then do not convert but if you are looking for steady income of what the coinwarz says then convert it to btc at the spot

[scoce]

I didn't think about looking at the averages. Thanks!

Is it safe to assume that most people are picking coins that they believe in as opposed to mining strictly for profit when it comes to alt-coins?

I mean.. I believe in BTC, which is why I want to convert to BTC and hold, so in that case, I don't much care what alt-coin I mine.

That is just my current mode of thinking.  If it's more profitable to mine and hold altcoins and then convert to BTC later when the alt to BTC percentage increases, then I could go that route too.  Just wondered what others here were doing.

[mrmork666]

currently i am mining lotto (2nd most profitable on 14day averages)
i try to hold about 40-60% of all mined coins and sell rest to btc even thou the price is kind a low at the moment

[looter]

If your rationale is to convert to BTC immediately, then wouldn't you be better off mining in one of the multipools or middlecoin?

What I do is I mine based on coinwarz and I hold a portion of coins that I actually believe. Those I don't believe in get traded at the end of the day to BTC or LTC.

TBH, there is no way to speculate whether this is more profitable than converting immediately since who knows what's going to happen to these altcoins a couple of weeks from now. The only thing that seems to be constantly profitable for me is mining hyped up coins then day it drops.

Just my BTC0.00002