Opinions about quitting mining

[starblocks]

Depends on the rig you have and what its capable of mining and if its good quality alternatives it can mine, then you could continue to operate it and wait for alt-season to arrive which it will eventually, so no need to fret about low prices at this stage and you can always sell later when the market improves

[topbitcoin]

Tell me if my plan is bad, the first time i entered crypto space i started with mining rig setups but after some time its no more profitable so i stopped mining, now i start joining airdrops and bounties but present market condition is not helping, now i decide to sell my rig and find other business to divert the money to, if bull run ever comes i will still have coins to sell since most of my bounties i hold the ones with use cases, is selling my mining rig a good call?

I think yes, because from what i see when mining really viral in my country, who get profit is who start early. And then after viral and then people start to build mining rigs, they don't know if diff really increased, and the rig itself. And now a lot of people really confused about still mining or not. If me i will movee faster and make a decision because we must look other kind of investment that profitable.

[ije07]

I think mining is no longer profitable, but the question is how big is the rig you use? If the rig you are using now is good enough & still produces good coins then keep it up, you still have a chance as long as you can be patient waiting for the market to improve.
but conversely if your rig does not produce decent coins or the results from as long as you mine is not enough for operational costs then my advice is better to sell.

[yulionoo]

Tell me if my plan is bad, the first time i entered crypto space i started with mining rig setups but after some time its no more profitable so i stopped mining, now i start joining airdrops and bounties but present market condition is not helping, now i decide to sell my rig and find other business to divert the money to, if bull run ever comes i will still have coins to sell since most of my bounties i hold the ones with use cases, is selling my mining rig a good call?

I think your plan is not bad. if you are sure you will not mine then selling the mining rig is the right decision. because I think doing crypto mining is also not very profitable and mining requires a considerable operational cost. it is better to sell the mining rig and then use the proceeds of the sale for entrepreneurship. but even though we already have a business we also have to keep holding bitcoin for long-term investment.

[TanakabZX]

Mining rigs easily get obsolete so i don't think its wise to keep for better days, look at those once fastest Asic miners they are now not profitable anymore, because of this i never dreamt of buying mining rigs 

[hulla]

Tell me if my plan is bad, the first time i entered crypto space i started with mining rig setups but after some time its no more profitable so i stopped mining, now i start joining airdrops and bounties but present market condition is not helping, now i decide to sell my rig and find other business to divert the money to, if bull run ever comes i will still have coins to sell since most of my bounties i hold the ones with use cases, is selling my mining rig a good call?

Firstly, i want you to know that quitting something just because it no more profitable wasn't the right solution and i think you should do is ask others that does the same thing they do and make profit because you might be using an outdated equipment which could be the reason why you're left behind or you might need to do the double mining strategy (i.e mining two or more coins). No advise about the mining is valid now since you have sold the mining equipment but i will advise you not to keep your hope much on the count you get through airdrop and bounties because most new project of these days are a failure.

[Ken_terrance]

If it is true what you say, that undergoing mining is no more profitable anymore. That means the decision made is right, with quitting the
world of mining. But in my opinion, don't sell the mining rig you have, who knows if you change your mind and want to start mining again
doesn't need to buy a mining rig anymore. Now my advice is to stop mining for a while first, while looking at market conditions for the next
few months. Do not be too hasty in making a complete resign decision from the world of mining. For now try searching another way to make
money, maybe try trading who knows in the world of trading luck on your side. But if you want to trade, you have to be careful seeing market
conditions are still bad.

I think its not a bad decision if OP decides to sell mining rig because they get obsolete fast, i have mine too but its too late now because if you mine on the rig its in total loss

[BeManga]

Tell me if my plan is bad, the first time i entered crypto space i started with mining rig setups but after some time its no more profitable so i stopped mining, now i start joining airdrops and bounties but present market condition is not helping, now i decide to sell my rig and find other business to divert the money to, if bull run ever comes i will still have coins to sell since most of my bounties i hold the ones with use cases, is selling my mining rig a good call?

if you only plan to mine bitcoin its not really a good idea if you are a small time miner
the best solution is look for new altcoin to mine or lease your rigs in miningrigsrental

[posi]

Mining rigs easily get obsolete so i don't think its wise to keep for better days, look at those once fastest Asic miners they are now not profitable anymore, because of this i never dreamt of buying mining rigs 

You make a good point but buying  but mining rigs is not a bad idea. However, the OP question was not about mining rig been obsolete and i think the mistake the OP made is not buying the latest mining equipment version which i believe it was the reason he was unable to mine profitably after he sold his old mining rig.

[TastyChillySauce00]

Mining rigs easily get obsolete so i don't think its wise to keep for better days, look at those once fastest Asic miners they are now not profitable anymore, because of this i never dreamt of buying mining rigs 

That's the truth, when the big miners keep on adding new rigs to their arsenal the difficulty will adjust automatically and the profit generated will become a lot smaller as well making those rigs get old really quick. The only way to seek profit from mining is those alternate coin with relatively low difficulties but nowadays it's just too rare because most of alts with low difficulty are just shit coin that have value close to zero.

[JahriMeayer]

yes that is the right decision now mining is very unprofitable because the market is not yet entering the bullrun period and also the bullrun period is not coming soon, it can take several years to sell the  minning rig for other business use that's the right decision

[naikturun]

how much would you lose if you sell the rig now?
yes it is indeed the right choice because it will not produce if mining now.
some of my friends also complain about it, or if you still have more money you don't have to sell it.
because the price follows the price of btc when they fall in price so it's cheaper that's why I asked earlier.

[Zionatin]

Depends on the rig you have and what its capable of mining and if its good quality alternatives it can mine, then you could continue to operate it and wait for alt-season to arrive which it will eventually, so no need to fret about low prices at this stage and you can always sell later when the market improves

I think if the OP can get their money back by selling now that they should. If they lose a fair amount then maybe they should keep it for altcoin season as you say. There still are some good coins out there and the ones that just come out you can mine few days then we there is more popularity and more miners sell. I have made some bitcoins that way. You make more than mining eth mining on the speculation of a coin in my experience doing it.

[Pamadar]

Depends on the rig you have and what its capable of mining and if its good quality alternatives it can mine, then you could continue to operate it and wait for alt-season to arrive which it will eventually, so no need to fret about low prices at this stage and you can always sell later when the market improves

I think if the OP can get their money back by selling now that they should. If they lose a fair amount then maybe they should keep it for altcoin season as you say. There still are some good coins out there and the ones that just come out you can mine few days then we there is more popularity and more miners sell. I have made some bitcoins that way. You make more than mining eth mining on the speculation of a coin in my experience doing it.

Always do deeper study and analyze each decision you made as there's still chances that alts season might happen one again. Tough for everyone who are experiencing great losses from dealing with their mining setups. Quitting or continuing will depends from how you understand the business that you take part. Keep looking for the best outcome of your investment and be positive in anyhow aim for what is best for your money.

[TastyChillySauce00]

Depends on the rig you have and what its capable of mining and if its good quality alternatives it can mine, then you could continue to operate it and wait for alt-season to arrive which it will eventually, so no need to fret about low prices at this stage and you can always sell later when the market improves

I think if the OP can get their money back by selling now that they should. If they lose a fair amount then maybe they should keep it for altcoin season as you say. There still are some good coins out there and the ones that just come out you can mine few days then we there is more popularity and more miners sell. I have made some bitcoins that way. You make more than mining eth mining on the speculation of a coin in my experience doing it.

If the maintenance and electricity fee to keep up requires quite the amount it's better to just sell his rigs tho. There are some people that have no time to speculate random altcoins and the value of mining rigs depreciates over time. But, if he could keep up mining some random altcoins maybe it will give quite profit though I'm not sure it will create an enormous profit like it used to be and there's no guarantee that we'll see altcoin season anytime soon considering that all the hype in the past that goes toward altcoins mainly caused by ICO or IEO.

[wxa7115]

Mining is becoming less profitable for small miners that have outdated equipment. The big mining farms are more efficient than us small guys. It’s almost better to just buy Bitcoins rather than mine them right now.

This happens in all the markets, if you are a small miner you have no option but to buy your equipment at a retail price but those huge farms gets big discounts when they buy their equipment, so even if every single variable remained the same then they will have a huge advantage due to their lower costs and if that was not enough they can get access to cheaper electricity as well.

The only hope of a small miner is to begin to mine coins that no one knows and hope that at some point in the future those coins are worth a fortune, but that is too similar to bounty hunting and it seems to me like a waste of time.

[akirasendo17]

mining became less profitable since 2017 if you are small time miner there is no point on mining coins, electricity cost is too high , at the same time all difficulties are so high,  it will be hard to break even, for small miners, miners with lots of mining machines has the advantage , ofcourse, so I think this applies to small time miners not the big ones

[Crypto5060]

Instead of having the rig sitting around with no added value, I think it'd be better to sell it and put the money into something else you believe will bring money.

[gensol]

Considering the cost of electricity, rig and all required for mining, I would advice you sell the rig invest the money into some offline business or pick up some tokens and hold for bull run.

[stephanirain]

If you do believe that you will never go back to mining, then feel free to decide what will you do in the rig. You can put out the hardware online to offer it to other people. Personally, I prefer other tasks in this industry because mining is beyond my knowledge and understanding. It can be the best decision because you can use the money from selling it to invest in crypto.