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Author Topic: Altcoins: to Mine or to Buy? That is the Question  (Read 4423 times)
uralcryptocoin (OP)
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May 15, 2019, 05:07:49 PM
 #81

Well, now I would like to start an experiment: What will be better from the current moment: buy a mining hardware or buy cryptocurrency.
In real I will not buy mining hardware because I already have it.
So I ask to estimate my mining farm in usd:
The config looks as follows:
GPUs: 8xGTX1070, Tri-slot Palit SJS
MoBo: Asus Prime z270a
CPU: Pentium G4400
RAM: 8Gb DDR4 Kingston
Hard Drive: SSD 120Gb Kingston
Case: myself-made 8GPU case
7 USB Risers, 18 fans 120mm Delta AFB1212ME
PSU: 1600W SuperFlower Leadex Gold

Lets imagine that I bought that hardware now at current corresponding prices.
The same amount of funds I will invest in altcoins
And after year of earlier or later it will be possible to estimate what the way is the best.
I think weekly or monthly reports will be enough

I would like to know your opinion)

I've estimated my config. It's very probable that now I can buy this config for about 2000 $ equivalent at my countryplace.
So the same amount I will invest to cryptocurrencies. But not now. I think current situation with Bitcoin price shows that the correction will occur soon. So before buying alts or BTC I will wait about 2 weeks till the price consolidation.
Also I will think about hardware price ammortization and other maintance costs of mining process and report system of my experiment.
If anyone has suggestions feel free to discuss them

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A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
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May 15, 2019, 05:10:51 PM
 #82

Well altcoin it is OK to mining same like Bitcoin.
This is not about what coin will you mine but how price will you get for a month.
If you have a miner mechine that fine to mining altcoin.
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May 19, 2019, 05:05:08 PM
 #83


I've estimated my config. It's very probable that now I can buy this config for about 2000 $ equivalent at my countryplace.
So the same amount I will invest to cryptocurrencies. But not now. I think current situation with Bitcoin price shows that the correction will occur soon. So before buying alts or BTC I will wait about 2 weeks till the price consolidation.
Also I will think about hardware price ammortization and other maintance costs of mining process and report system of my experiment.
If anyone has suggestions feel free to discuss them

While waiting of BTX price consolidation I estimated my mining costs.
My rig is about 1-1.1 kW power from outlet. For simplify lets consider 1 kW. At 0.05 cents per kWh the rig consumes 0.05 * 24 = 1.2 USD
Also it should calculate hardware ammortization. I think in 3 years the harware will lost 75% of it's current price. Also for simplifying lets consider linear price reduction.
So it will be as follows:
2000 USD * 75% = 1500 USD then
1500 USD / (3 years = 3*365 days = 1095) ≈ 1.37 USD

Total costs for the mining will be: -1.57 USD

At current mining profitablitiy for the config of 5-5.5 USD per day the pure profit is 3.5-4 USD (not so great but also not so bad)

P.S. in nest several days I will prepare pre-analytics for both mining and holding (plots, tables, etc)

BTC   Bitcoin: A Peer-to-Peer Electronic Cash System   BTC
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
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May 19, 2019, 05:50:29 PM
 #84

Analized my experience in cryptocurrency since 2014 year I made a conclusion that PoW mining is less profitable than just buying coins ever. With several exclusions that just confirmed the rule.
So what is your experience?
Cons and pros of both methods to make money in cryptoworld?

Now I prefer holding coins, PoS mining and other methods without noisy and hot hardware

Asides the popular coins, I would prefer mining a new coin with relatively low difficulty.. A friend mines veil and as well staking too. You all need to set up the wallet, leave it open and hold the 13,000 units of the coins in your wallet to PoS mine it. Its listed on coingecko.. Check it for current rate

 
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May 19, 2019, 06:41:45 PM
 #85

I think that you always need to adjust to the market.  Now is such a moment that it is better to still buy and hold altcoins.  Since the growth of the market will be 100%.

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May 19, 2019, 06:43:31 PM
 #86

If you think that the price of coin mining will increase. I think it would make more sense to buy rather than wait long.
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May 19, 2019, 06:46:55 PM
 #87

I agree with you.  Now it is more profitable to buy altcoins than mine.  Because firstly, you do not need to pay for equipment and electricity, and secondly, it is much easier and growth will not matter.

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May 19, 2019, 06:58:05 PM
 #88

I agree with you.  Now it is more profitable to buy altcoins than mine.  Because firstly, you do not need to pay for equipment and electricity, and secondly, it is much easier and growth will not matter.
And not all altcoin can be mined. Maybe if we buy, we can pick either POW or POS coin or maybe Tokens. And we can take profit any price that we want because we know what price we bought and don't need to calculate anything that needed in mining activity.

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May 19, 2019, 08:07:59 PM
 #89

I don't mine but I'm still reaching for that goal to have my own small mining farm in my place. I'm saving to buy more GPU's soon, when I'm asking for suggestions for those miners on social media some are disappointing other asipiring miners and tells the same. What they tell, it's better to buy and hold coins than to mine it because it's more profitable as they've said too. Nothing against with that but for me, do what make you feel comfortable and considere both of it, try and test it on what's more effective.

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May 19, 2019, 11:04:11 PM
 #90

Analized my experience in cryptocurrency since 2014 year I made a conclusion that PoW mining is less profitable than just buying coins ever. With several exclusions that just confirmed the rule.
So what is your experience?
Cons and pros of both methods to make money in cryptoworld?

Now I prefer holding coins, PoS mining and other methods without noisy and hot hardware
altcoins are not valuable than Bitcoin so if you want to mine them then the previous investment is really so buying it will be the right idea to get the profit if it was going successful this is my opinion.

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WALLET




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tunapa
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May 19, 2019, 11:32:46 PM
 #91

I have personally tried it out and discovered it’s nothig that really worth’s it. The stress is too much and the pay is small! So it’s better to buy the coins and keep for long than mining it!
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May 19, 2019, 11:34:36 PM
 #92

Analized my experience in cryptocurrency since 2014 year I made a conclusion that PoW mining is less profitable than just buying coins ever. With several exclusions that just confirmed the rule.
So what is your experience?
Cons and pros of both methods to make money in cryptoworld?

Now I prefer holding coins, PoS mining and other methods without noisy and hot hardware
My friend and me both are in different way of mining he is having mining rig installed in his home he is getting electricity bill which is around the price of coin he was mining at the time of bearish market . At the same time I invested in pos mining coin like neo , devidend paying coins like dropil , sxdt , kcs , Coss these coins are givimgbsome return without any effort till a date once market bull run happens for sure I will get some good return . Atleast I am having only initial investment.
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May 19, 2019, 11:44:58 PM
 #93

I prefer POS solutions over mining as mining depends on difficulty and the token price , electricity cost etc.
plus mining hardware is always improving and it is more and more difficult to have profitable mining.

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muncuss
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May 19, 2019, 11:52:29 PM
 #94

Mining can be very profitable if you have free electricity or choose right coin (new coin still low diff and good project) but it's hard to find. So yes probably POS mining some top coin is more profitable (instead just hold it which give u nothing)
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May 20, 2019, 04:10:00 AM
 #95

Sometimes you can mine a coin that just started, and network difficulty is low, and it is not yet on exchange, I was lucky a few times, but the last time it was a year ago or even more. Most often I mined trash.

It was going to be hard if at this moment you are still going to plan to mine cryptocurrency especially on the place like in the southeast asian countries where electricity is too high to be affordable for mining, what is better is to invest on the cryptocurrency itself and to have the understanding of what to invest when, and why.
Amalker
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May 20, 2019, 04:54:40 AM
 #96

I have a mining experience in 2012-2013 and I think hodl strategy is more convenient and ease for a regular user. You just buy and hodl. And in mining need always to keep rigs live, make tuning and prophylactics, pay for expensive electricity, etc. It takes much time.
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May 20, 2019, 07:21:41 PM
 #97

Definitely, I agree with you, because the complexity of mining has increased many times in that year. In my opinion, it is better to choose several altcoins and just invest in them on a long-term basis and believe you will get much more profit than with mining because in order to make good money on mining need to invest well in equipment.
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May 20, 2019, 08:20:49 PM
 #98

I think any will do and it all depends on the individual, so the choice is your. I think it will be better if mine those you could easily mine and buy those you cannot mine.
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May 20, 2019, 08:41:38 PM
 #99

It is currently unprofitable to engage in mining. It is better to choose promising coins and invest in them. Maybe in a short time the situation will change and it will be good to mining, but not today.
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May 20, 2019, 09:41:00 PM
 #100

I think as crypto currency players who are increasingly experienced, we can become wiser and more professional in playing with crypto currencies. We can weigh whether mining costs are in accordance with the results issued. Not only mining costs but we also have to measure the energy that we spend. If indeed we still benefit, we can do mining. But if the mining capital costs do not match the results we get, then we should just buy it. The process of buying in my opinion is easier. Other than that there is no physical impact afterwards. But everyone has different thoughts.

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