Advice to new crypto miners

[LostEcho]

Are you new to crypto mining? Well here is a advice for you, If you can afford to cover the electricity bill and keep on mining at a loss ( in USD rate ) hodl the coin untill value goes up it will be worth it and you will recover electric cost and more but if you can't afford electricity bill switch of the rig untill there is a coin to mine that is profitible, don't go and sell your rig because mining isn't profitable anymore unless your electricity bill is very high. The best time to mine coins is when profit is down in USD value, less profitseans more quantities of coins due to less difficulty, be smart

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[Jawhead999]

sell your rig because mining isn't profitable anymore unless your electricity bill is very high.

What do you mean?

The thing is when you live in country where the electricity bill is high and you can't afford it, you'll not earn instead loss when mining. Especially you're mining shitcoins, mostly you're speculating the coins will pump while the fact the more you mine the more coins will be able in the market (supply), if the demand aren't high obviously the price will decrease.

[dimonstration]

Are you new to crypto mining? Well here is a advice for you, If you can afford to cover the electricity bill and keep on mining at a loss ( in USD rate ) hodl the coin untill value goes up it will be worth it and you will recover electric cost and more but if you can't afford electricity bill switch of the rig untill there is a coin to mine that is profitible, don't go and sell your rig because mining isn't profitable anymore unless your electricity bill is very high. The best time to mine coins is when profit is down in USD value, less profitseans more quantities of coins due to less difficulty, be smart

Why not directly buy the coins you are mining using the money use for purchasing the mining rig if your strategy is just to wait the value of coin to rise while mining it on a slow phase. It will be economical and less hassle if you will just purchase tokens if you can mine a tokens in profitable way. Holding the tokens that you mine while you are consistently paying for electricity bill will just gonna make a miner completely wasted once the price go to the wrong direction.

[FP91G]

The best advice for beginner miners is not to mine if electricity is expensive in your country, for example more than 10 cents. If you still pay mining taxes, then this is an additional minus. It is better to buy cryptocurrencies when the price drops.

[jackg]

It's probably also a bad idea to get into crypto mining when we're expected to be in a bull run because there's a lot more uncertainty in the price and miners will price in selling peaks when they sell the miners/list them on market places (because some people will expect to be able to time the market well).


You're likely better off just switching off the miner and hoping you can affect the difficulty so you'll be able to mine more the moment it becomes profitible.

[Metroid]

Are you new to crypto mining? Well here is a advice for you, If you can afford to cover the electricity bill and keep on mining at a loss ( in USD rate ) hodl the coin untill value goes up it will be worth it and you will recover electric cost and more but if you can't afford electricity bill switch of the rig untill there is a coin to mine that is profitible, don't go and sell your rig because mining isn't profitable anymore unless your electricity bill is very high. The best time to mine coins is when profit is down in USD value, less profitseans more quantities of coins due to less difficulty, be smart

That is a terrible advice, but you do you, if it works for you then is all good.

It's probably also a bad idea to get into crypto mining when we're expected to be in a bull run because there's a lot more uncertainty in the price and miners will price in selling peaks when they sell the miners/list them on market places (because some people will expect to be able to time the market well).


You're likely better off just switching off the miner and hoping you can affect the difficulty so you'll be able to mine more the moment it becomes profitible.

The bullmarket syndrome gets inside their brains and stay there till they see reality but when they see reality is already too late. Sheeps will never learn.

[Looper_U]

Alright fellas 😜 here is my own point, in 2018 I mined so many turtle coin yes this is one of the shitcoins back then will many zeros in the value but last year this coin killed many zeros and I have millions I mined at loss years ago, sold in 2021 for 8000$, this was a coin I just mined at loss hehe

[bhadz]

If you're in a country that does have a cheap electricity, you can mine as much as you want. But not every countries have cheap electricity, if you live in a country that has expensive cost of electricity but you still want to mine, there's still a way, you invest into solar energy.
I know the strategy of what OP is saying about keeping the mined coins and sustaining your bills by paying it with another source of your income. But it is not applicable to everybody.

[Metroid]

Alright fellas 😜 here is my own point, in 2018 I mined so many turtle coin yes this is one of the shitcoins back then will many zeros in the value but last year this coin killed many zeros and I have millions I mined at loss years ago, sold in 2021 for 8000$, this was a coin I just mined at loss hehe

Okay probably you will not like to hear this but if you had taken the money that you paid to mine that shitcoin and bought it directly, and then sold at the same price then you would have more money than you have by having sold it because from november 2018 to july 2020, people paid to mine, meaning the coins they mined could not pay for the electricity itself, meaning, at loss, meaning, why bother, why waste your time and efforts for nothing? You could have bought and called a day and waited till bullmarket and then sold, mining only works on bullmarket and you have to get the perfect timing for that but pay attention, if you buy that coins before the bullmarket starts you will get many many times more money than mining the coin, meaning, mining anyway you see is much much worse than buying the coin directly, not saying mining is useless, mining is better than doing nothing, yes it gives you good returns but you are locked, buying the coin directly is millions of times better. The issue here is that bulltraps happen all the time, so waiting some good price can be tough for many people, you did and you were successful, many would have sold before you have and would not gain as much, so the timing to sell is also very important.

[adaseb]

At the true bottom of the bear market, even if you got cheap or free power, most of you will not bother to mine at all.

In 2019 when ETH was $100, the rx580 made about $0.20 a day in profit with 10 cents electrical it made a total of $0.00 in profit.

So even if your power was 5 cents or free, most wouldn’t bother doing this to make a dime a day per GPU. If you really believed in crypto you would just buy it directly instead of mining it.

[Metroid]

At the true bottom of the bear market, even if you got cheap or free power, most of you will not bother to mine at all.

In 2019 when ETH was $100, the rx580 made about $0.20 a day in profit with 10 cents electrical it made a total of $0.00 in profit.

So even if your power was 5 cents or free, most wouldn’t bother doing this to make a dime a day per GPU. If you really believed in crypto you would just buy it directly instead of mining it.

Even though they know we are saying the truth which we are, they always think this time is going to be different. They think bear market now will be like bull market hehe, everybody always buying crypto, demand always high, if you trolls think that then this is not the bear market, bear market has no demand, more sells than buys and for people to buy sometimes then coin prices need to crash a lot more for somebody to be interested to buy coins, so meaning bear market is buyers market and bull market is sellers market.

[socks435]

I decided to stop mining due to electricity cost it seems I need to wait again after block halving to start my miner again.

Unless if there is someone knows a coin to mine which still profitable for gtx 1070 and 1080ti I will stay mining. I cant afford to continue even holding them because it would be much better if I buy the coin instead of mining them.

[Metroid]

I decided to stop mining due to electricity cost it seems I need to wait again after block halving to start my miner again.

Unless if there is someone knows a coin to mine which still profitable for gtx 1070 and 1080ti I will stay mining. I cant afford to continue even holding them because it would be much better if I buy the coin instead of mining them.

I think coins will crash a lot more than they already have done, I think will be worth the wait.

[meanmachines]

You sound like chumpchange.

[Williamm07]

At the true bottom of the bear market, even if you got cheap or free power, most of you will not bother to mine at all.

In 2019 when ETH was $100, the rx580 made about $0.20 a day in profit with 10 cents electrical it made a total of $0.00 in profit.

So even if your power was 5 cents or free, most wouldn’t bother doing this to make a dime a day per GPU. If you really believed in crypto you would just buy it directly instead of mining it.

I as a person cant accept this, I have already made my ROI back mining ETH and I decide to keep my GPUs but since I'm running on solar energy bro it's smarter to just keep mining, it's not about the dollar it's about how many ETH I can get for future sake.

[Looper_U]

Alright fellas 😜 here is my own point, in 2018 I mined so many turtle coin yes this is one of the shitcoins back then will many zeros in the value but last year this coin killed many zeros and I have millions I mined at loss years ago, sold in 2021 for 8000$, this was a coin I just mined at loss hehe

Okay probably you will not like to hear this but if you had taken the money that you paid to mine that shitcoin and bought it directly, and then sold at the same price then you would have more money than you have by having sold it because from november 2018 to july 2020, people paid to mine, meaning the coins they mined could not pay for the electricity itself, meaning, at loss, meaning, why bother, why waste your time and efforts for nothing? You could have bought and called a day and waited till bullmarket and then sold, mining only works on bullmarket and you have to get the perfect timing for that but pay attention, if you buy that coins before the bullmarket starts you will get many many times more money than mining the coin, meaning, mining anyway you see is much much worse than buying the coin directly, not saying mining is useless, mining is better than doing nothing, yes it gives you good returns but you are locked, buying the coin directly is millions of times better. The issue here is that bulltraps happen all the time, so waiting some good price can be tough for many people, you did and you were successful, many would have sold before you have and would not gain as much, so the timing to sell is also very important.

don't have the cash at the time, also difficulty was so damn low at the time too, i also wasn't ready to sell the GPUs for coins and I'm glad I don't, I keep the damn rx580 which cost me roughly 120$ each then see what happened in 2020 and through out 2021? Mining became profitable again and I kept getting my ROI back and back again, try to understand me I got them for 120 each and mined shitcojns and still keep mining till another bull season came in 2020/2021

[FP91G]

I decided to stop mining due to electricity cost it seems I need to wait again after block halving to start my miner again.

Unless if there is someone knows a coin to mine which still profitable for gtx 1070 and 1080ti I will stay mining. I cant afford to continue even holding them because it would be much better if I buy the coin instead of mining them.

You stop mining early, because even at 25 cents electricity cost, your video cards are still profitable.
You can mine Ethereum while you can, because this coin has a future. And in a few years, your video cards may become useless in mining at your electricity prices.

[Hurtman]

Are you new to crypto mining? Well here is a advice for you, If you can afford to cover the electricity bill and keep on mining at a loss ( in USD rate ) hodl the coin untill value goes up it will be worth it and you will recover electric cost and more but if you can't afford electricity bill switch of the rig untill there is a coin to mine that is profitible, don't go and sell your rig because mining isn't profitable anymore unless your electricity bill is very high. The best time to mine coins is when profit is down in USD value, less profitseans more quantities of coins due to less difficulty, be smart

Yeah dude, absolutely

[arielbit]

let's face it. The pump the youtubers have been giving to mining, the enormous amounts of videos in Youtube showing you how to do it (destroying the access skill necessary to set up a rig) and plus telling them how much money they were making for doing nothing but sitting in front of their computer watching their bank account grow bigger, HAS DESTROYED all the rest. Every single one of you is making less money every day, since we are getting less ETH everyday. There is no point in telling you my example. Everyone knows this is a fact.

Those youtubers are evil, most of them work with scammers and scalpers.

Anyway, enjoy the last bulltrap, because after that the only thing certain is hehell, misery and death for eternity concerning mining if eth goes to pos. You trolls have no idea how many gpus are in ethash right now, where that hashrate will go? nowhere, people will stop mining and sell their 6x msrp overpriced gpus they bought at huge discount of 80% or more because it will be millions of gpus to be sold and nobody to buy because there will be no profit, the 0.1% of miners that will stay/survive, will mine ravecoin and other pow coins at negative profit till next bullrun and dont expect those pow coins to be as profitable as eth next bullrun and i'm not even sure if any of them will be pumped next bullrun, scammers love pumping new coins, lots of tokens created from thin air in few months gone up to such extent that showed scammers that is the way to go, aggressive marketing to get sheeps/idiots in their project then wait bullrun end and then dump/kill that token and then next bullrun create new token, hype, market it and then scam sheeps again, rinse and repeat.

i'm preparing/already have other sources of income, since i like mining the places where is do things have always "mining" in mind so when/if the next scam POW pump happens, I'll be ready to scale up again.

this mining thing is not constant it comes in ebbs and flows. agility and flexibility is key.

there is a person whom i haven't met in years, asking how to send BTC to a scam ponzi of some type, they told me it is just a small amount of money they are willing to gamble on and lost that money..........i said to my self.. "the top is near or it already topped" LOLOL

I hope a lot of you took profit.

[7deadlyBTCIN]

Bear market can lasted for 2/3 years and this long period of time is enough to torment the weaks, honestly you need to understand how crypto works in the first place to know that holding makes more sense than any other in this space, every newbies thought is once bear market is here crypto might never recover again this is why many sell of their rigs, some even give out their GPUs for free, HODL is the real GOLD.