I fell for FOMO

[Thanasis]

Back in December 2017 when mining coins are still damn profitable a friend told me about how much he was making from mining and I decided to check it out, I was hooked and I can't keep my mind off it so I venture into setting up my own, the first coin I started mining was electroneum but unfortunately I wasnt able to recover half of ROI back before bears take over the market and now mining seems hopeless, my question to miners like me out here is how are you guys managing? Will mining be profitable again when bulls return???

Mining is one time investment so you can mine later when the coins are profitable,I am not sure what hardware you had used to mine previously,if it has high hash rates then you can use it for future as well.Or you can start mine the low difficulty level coins and then hold it in this bull run to make profits but you might need to wait if you want profits.

[1714912823]

1714912823

[1714912823]

1714912823

[1714912823]

1714912823

[1714912823]

1714912823

[poodle63]

Back in December 2017 when mining coins are still damn profitable a friend told me about how much he was making from mining and I decided to check it out, I was hooked and I can't keep my mind off it so I venture into setting up my own, the first coin I started mining was electroneum but unfortunately I wasnt able to recover half of ROI back before bears take over the market and now mining seems hopeless, my question to miners like me out here is how are you guys managing? Will mining be profitable again when bulls return???

Not sure about it will or not, but you must able to compete with another miner. A bull can return and it looks like there was a lot of miners have already prepared their money to increase their hashrate anytime. The bad thing in mining when you can't increase your hashrate power and your profit will decrease caused by those big miners are putting new rig will rob your profit.

[Wintersoldier]

First, I think this should have been posted at the altcoins mining section. Now, back in 2017, I also got involved in mining and the bear market caught up as well, rendering my investments into losses. I do not lose hope. I believe mining will still be profitable again and its getting better as the bull run commences.

Through this I wonder, which year is the best to start doing mining sets and start mining as well? because most of the comments that I read is saying that in 2017 (Where we all know bull is strong), the mining asset is not doing good in the market. If that so, I think the mining profit at this year is even worse.

[niisarearning]

As if now mining is not at all profitable but I am trying to mfind me some of the well recognise coins like bitcoin , ethereum and holding expecting for next bull run . Until now it’s not profitable over investment.

[alexsandria]

Mining alt is still and will be always profitable if you chose the right equipment and the right coin to mine. But you cant mining ETN with GPU right? what setup did you use for it? you still can sell all those rigs to someone else though. Or move to different coin that still less difficulty and gain more coin.

Yeah that's correct, for example if we are going to mine bitcoin, it was better to use antminer, through that we can imply the best hardware is not always the best specs but those that is directly in line with the best crypto that we are going to choose in order to make profits in mining. I think there are also altcoins profitable using your mining set, just take a look and have a research.

[xvids]

Since you already invested on your mining equipment then I guess you only need to know what to mine while other coins are not profitable anymore.
If the (Electric and internet) Bills are way higher than what you are mining then I think you should just stop.
But if it isn't then just keep on mining and hold those coin that you get and wait for the market to raise up again.

[TechComputer]

Since you already invested on your mining equipment then I guess you only need to know what to mine while other coins are not profitable anymore.
If the (Electric and internet) Bills are way higher than what you are mining then I think you should just stop.
But if it isn't then just keep on mining and hold those coin that you get and wait for the market to raise up again.

I don't think he are not dumb for not mining other coins. As you know that most of the coins are mineable but only 1 of 99 can be sold.

[adaseb]

There is a difference between FOMOing and buying BTC at $20K or ETH at $1400 and buying some computer hardware to mine.

Basically the hardware is probably worth at least 50% of what you paid for it, you said you got 50% ROI so you are close to break-even.

If you bought BTC at $20K you would be sitting at a huge 70% loss and if you bought ETH in the 4 digits your loss would even be higher. And there is a chance that ETH will never go back to 4 digits again. So don't feel bad about your FOMO, it could of been worse.

[xenomorphe1]

I don't think mining is profitable. It costs more money and you take the risk to destroy your hardware. You can look at whattomine to know if is worth to mine a coin. But it is not with a computer.
I have lost one pc because of mining coins. If you are mining, you should take it as a hobby and not as something that might give a better return.
If you are mining with an ASIC miner, it is maybe profitable. But it is easier and faster to buy cryptos at the right time directly and do some trading or just keep it.
Or you can do bounties and airdrops.

[cahbagus555]

I don't think mining is profitable. It costs more money and you take the risk to destroy your hardware. You can look at whattomine to know if is worth to mine a coin. But it is not with a computer.
I have lost one pc because of mining coins. If you are mining, you should take it as a hobby and not as something that might give a better return.
If you are mining with an ASIC miner, it is maybe profitable. But it is easier and faster to buy cryptos at the right time directly and do some trading or just keep it.
Or you can do bounties and airdrops.

For people who live in country with cheap electricity tariff, i think mining is profitable. China is biggest miner in the world and dominating many new project in crypto.
I dont think market condition right now is FOMO, its natural growth and i am believe this continue and hopely bitcoin price will reach $6000 first

[iconoclast]

I always felt that mining entailed a great deal of risk. You have so many things beyond your control such as the price of the coin and advances in miner technology and you have an often lengthy time horizon before you will actually turn a profit on your investment. I always felt that their were easier ways to make cryptocurrency than actually mining.

[slashz9]

you got profit if you already mining minimal 3 or 6 six month before dec 2017, because my brother buy some mining and get lose for now.
he bought and cant earn anything for now, because eth price was drop only get money for 5 month and now cant do anything because the cost for electric is more expensive then earn from mining.
so if you want make bet for mine now and wish late year all coin will pump.

[take_off]

Back in December 2017 when mining coins are still damn profitable a friend told me about how much he was making from mining and I decided to check it out, I was hooked and I can't keep my mind off it so I venture into setting up my own, the first coin I started mining was electroneum but unfortunately I wasnt able to recover half of ROI back before bears take over the market and now mining seems hopeless, my question to miners like me out here is how are you guys managing? Will mining be profitable again when bulls return???

I think there is not much hope for altcoin mining in the future, because the Chinese government recently ordered to restrict mining and start to stop completely by 2022. I think there will be fomo deals for altcoin has good technologies in the future

[Ayobami99]

When i heard aboit mining, i was hyped,  i thought it was as simple as abc. When i knew better,  i understood that mining in my country WILL NEVER be profitable if the power supply remains as we have it now. So I didn't even FOMO.... Mining will continue to be hard and unprofitable for solo miners,  and less profitable for pool miners becausee of the complexity of the calculations to be done will be harder and harder each day

[The Cryptovator]

Topic isn't belongs to altcoin discussion, should be move on Mining Discussion board(reported). It's normal that mining isn't much profitable on bear market. Because eventually we have to convert out coin into fiat for withdrawal. So usually we can't sell it high rate if markets on bear mode. I don't think Electroneum mining will give you much profit. Try some others potential coins. And if possible then try to hold it until next bull. That's why I told don't depend on online earning. If its your passive income then just hold your mining's coin. Hope somedays you will get good return.

[Bitze]

Will mining be profitable again when bulls return???

the bitcoin mining is as lucrative as it used to be when you get the first few BTCs in time.
this train has been leaving for a long time and i hope there are still some who are successfully investing in such a project.
basically i am sceptical about mining for new projects and approaches

[fasdorcas]

Back in December 2017 when mining coins are still damn profitable a friend told me about how much he was making from mining and I decided to check it out, I was hooked and I can't keep my mind off it so I venture into setting up my own, the first coin I started mining was electroneum but unfortunately I wasnt able to recover half of ROI back before bears take over the market and now mining seems hopeless, my question to miners like me out here is how are you guys managing? Will mining be profitable again when bulls return???

A lot of persons and companies still makes millions of dollars from mining and well still keep making more, the only thing I can tell you about mining is that it's capital intensive and you might need a lot of management to run it, I will not advise anyone to start mining at a small scale because it's not so profitable and I see it as a total waste of time, the best for you to do when getting into mining, is to budget a lot of capital for it in order to get machines that could compete with others.

[valek.bruno]

I also noticed this dynamic and the FOMO began to appear, only yesterday I began to notice it, because I saw a mark of 5600. I think that there are a lot of such people and therefore people probably experience FOMO today.

[Boombull]

Sorry for falling for Fomo, it just a part of the lesson you gonna learn in your cryptocurrency journey and am sure you have learnt it which you gonna used in many of your next attempts, so don't let it happen to you again.

[aundroid]

~snip~

Yes mining can be profitable, also in the current market.
Maybe you should give us more information about your setup?
What cards you you have? amd, nvidia?

Why do (or did) you mine electroneum? I mean there are several other projects with better future potential.
How high are your electricity costs etc.?