Where to go from here

[SolHarvester]

Okay, so I have stuff coming to make my first GPU and CPU mining rig. It's not gonna be anything impressive. So the capability of the rig is not really my top concern. I do intend to mine up to three different coins at the same time for the same duration.

My priority is to diversify, like I have with my other portfolio and has worked well, so I feel to do the some with my crypto holdings.

I'm not trying to chase profits, so the kind of coins I'm after are ICOs/emerging projects. Mine the algorithm(s) for about a month and hold the bags I accumulate long term in hopes one of them will grow in value.
I'm to understand about 90% of new coins will become failed/dead projects.

When it comes to the number of coins out there, it's a veritable ocean. I have seen where I can find lists of new coins, like coin market cap, but it would be hard to know which ones to choose.
I'm looking for some advice on how to look for coins to try to mine and tell which ones to avoid.

[FP91G]

Okay, so I have stuff coming to make my first GPU and CPU mining rig. It's not gonna be anything impressive. So the capability of the rig is not really my top concern. I do intend to mine up to three different coins at the same time for the same duration.

My priority is to diversify, like I have with my other portfolio and has worked well, so I feel to do the some with my crypto holdings.

I'm not trying to chase profits, so the kind of coins I'm after are ICOs/emerging projects. Mine the algorithm(s) for about a month and hold the bags I accumulate long term in hopes one of them will grow in value.
I'm to understand about 90% of new coins will become failed/dead projects.

When it comes to the number of coins out there, it's a veritable ocean. I have seen where I can find lists of new coins, like coin market cap, but it would be hard to know which ones to choose.
I'm looking for some advice on how to look for coins to try to mine and tell which ones to avoid.

If you are talking about new coins, then they may not be added to the coinmarket for a very long time and you will have to look for all the data yourself in the explorer.
I won’t give advice on choosing, because I was almost always unlucky. Even when I guessed right, I did not sell these coins in order to get 200-300% more than mining regular known coins. I wanted more profit and in the end the projects died.

[SolHarvester]

I am looking for new coins and I think I know what you mean by the block explorer, I tried to check it out and I think I need to understand how it works.

Though I have a few problems that throws a wrench in my plans to mine in general for now.

One I didn't consider is security when GPU mining, that when mining new coins and installing the core wallet, you run a big risk installing malicious software.
Which is an additional cost of equipment and a learning curve to consider.

The other is my electrical costs are too high to make mining practical, which also ties in to budgeting constraints.

I have plans to move to a new property where I do plan on installing a solar system at the very least.
Hopefully by then it won't be too late for the home miner to get in on the action.

[Lafu]

One I didn't consider is security when GPU mining, that when mining new coins and installing the core wallet, you run a big risk installing malicious software.
Which is an additional cost of equipment and a learning curve to consider.

Thats not an additional cost of the equipment.
Its always a big risk when you installing Miner Software or Wallets for Coins.
The first you should do is checking the wallet or miner file before you install it on your PC , make some research about it and the project.
Use a VM for it , and maybe dont act to fast for install something when you find a coin you want to mine.

The other is my electrical costs are too high to make mining practical, which also ties in to budgeting constraints.
Hopefully by then it won't be too late for the home miner to get in on the action.

Its never too late for get into mining when you have low electrical costs or even better electricity for free.

[doubletheprof]

check out asic mining you can either mine at your home or use some hosting service

[SolHarvester]

check out asic mining you can either mine at your home or use some hosting service

Oh yes, I do have some small ASICs at home. An S9 and some CompacF's and an R909 miner. Though I have to watch my power consumption which is why I made sure my S9 only uses a few hundred watts.
For now, I'm keeping those running as lotto miners.

[SolHarvester]

The first you should do is checking the wallet or miner file before you install it on your PC , make some research about it and the project.

I'll have to look in to how to verify for myself if a new wallet is safe. I assume you get them from github.
I haven't taken the time yet to see what one would look like, if the wallets have code that is readable, or if it's all in machine code and you need a tool to convert it to readable form to look for anything malicious.

I do still want to get in to GPU mining too and I think that would be a lot of fun, though now, it's a little more than I can tackle atm. At least now I know to be more aware of security and not just go willy nilly with installing new wallets.
Regardless, I would definitely use a VM and make sure the network won't be compromised.

Its never too late for get into mining when you have low electrical costs or even better electricity for free.

I still have loftier ideas and haven't given up on mining. I do really hope to have a decent mining farm someday, like after I have a solar system installed. It might take a while.

[Lafu]

I'll have to look in to how to verify for myself if a new wallet is safe. I assume you get them from github.
I haven't taken the time yet to see what one would look like, if the wallets have code that is readable, or if it's all in machine code and you need a tool to convert it to readable form to look for anything malicious.

The most you will get from Github thats right but there are also some other sites where you can get it!
Here are maybe something that helps you for it : Guide and advice for new Users before you Download anything from the Forum !
There are also a site called Virustotal for checking things : https://www.virustotal.com

At least now I know to be more aware of security and not just go willy nilly with installing new wallets.
Regardless, I would definitely use a VM and make sure the network won't be compromised.

Thats for sure a very good thing to use a VM when you install a Wallet

[JayDDee]

At least now I know to be more aware of security and not just go willy nilly with installing new wallets.
Regardless, I would definitely use a VM and make sure the network won't be compromised.

Thats for sure a very good thing to use a VM when you install a Wallet

It's always a good idea to sandbox your wallets and mining software.
With Linux seperate users works well as long as you never run anything as root.
Download only from reliable sources, preferably directly from the developer.
Open source code is also a bonus for transparency. Wallets provided by the developers are usually open and give you the keys.
If not the coin is probably a scam and should be avoided
Web wallets offer convenience but often keep the keys. Remember: not your keys, not your wallet!

[FP91G]

At least now I know to be more aware of security and not just go willy nilly with installing new wallets.
Regardless, I would definitely use a VM and make sure the network won't be compromised.

Thats for sure a very good thing to use a VM when you install a Wallet

It's always a good idea to sandbox your wallets and mining software.
With Linux seperate users works well as long as you never run anything as root.
Download only from reliable sources, preferably directly from the developer.
Open source code is also a bonus for transparency. Wallets provided by the developers are usually open and give you the keys.
If not the coin is probably a scam and should be avoided
Web wallets offer convenience but often keep the keys. Remember: not your keys, not your wallet!

I've never cared much about wallet security for new coins. For these purposes, I used only a separate computer and standard precautions.
It will be difficult for a beginner to mine many coins, and I myself try to choose a few coins rather than try to mine all the coins that appear in announcements.

[JayDDee]

It will be difficult for a beginner to mine many coins, and I myself try to choose a few coins rather than try to mine all the coins that appear in announcements.

That's the lure of web wallets that support many coins, but as I said using them is at the risk of not controlling the keys. A web wallet isn't much better
than storing coins on an exchange.

[Altcoiner007]

One I didn't consider is security when GPU mining, that when mining new coins and installing the core wallet, you run a big risk installing malicious software.
Which is an additional cost of equipment and a learning curve to consider.

Thats not an additional cost of the equipment.
Its always a big risk when you installing Miner Software or Wallets for Coins.
The first you should do is checking the wallet or miner file before you install it on your PC , make some research about it and the project.
Use a VM for it , and maybe dont act to fast for install something when you find a coin you want to mine.

The other is my electrical costs are too high to make mining practical, which also ties in to budgeting constraints.
Hopefully by then it won't be too late for the home miner to get in on the action.

Its never too late for get into mining when you have low electrical costs or even better electricity for free.

Yeah, Electricity is a major issue when considering mining except you want to settle for a virtual server which could come with it's own challenges

[Lafu]

I've never cared much about wallet security for new coins. For these purposes, I used only a separate computer and standard precautions.
It will be difficult for a beginner to mine many coins, and I myself try to choose a few coins rather than try to mine all the coins that appear in announcements.

I think thats a bit careless when you write that you dont care much about wallet security even the coins are new.
Using a other computer hopefully without internet is ok but the chances are still there that you get infected with USB Sticks or what every you use for getting the files.
Mining coins is not difficult, especially if you are a beginner, it might be a good thing to try it so that you can get familiar with the things like software and stuff.

That's the lure of web wallets that support many coins, but as I said using them is at the risk of not controlling the keys. A web wallet isn't much better
than storing coins on an exchange.

I fully agree on that.

[FP91G]

I've never cared much about wallet security for new coins. For these purposes, I used only a separate computer and standard precautions.
It will be difficult for a beginner to mine many coins, and I myself try to choose a few coins rather than try to mine all the coins that appear in announcements.

I think thats a bit careless when you write that you dont care much about wallet security even the coins are new.
Using a other computer hopefully without internet is ok but the chances are still there that you get infected with USB Sticks or what every you use for getting the files.
Mining coins is not difficult, especially if you are a beginner, it might be a good thing to try it so that you can get familiar with the things like software and stuff.

That's the lure of web wallets that support many coins, but as I said using them is at the risk of not controlling the keys. A web wallet isn't much better
than storing coins on an exchange.

I fully agree on that.

I don't use USB flash drives on a separate computer. A new coin usually does not have a wallet, and therefore you have to run a node on a separate computer. The problem is that I don't know how reliable this software is because the coin is new. This is why I don’t care much about security and use the software that the developer provides.
WEB or GUI wallets appear a little later.

[JayDDee]

A new coin usually does not have a wallet, and therefore you have to run a node on a separate computer.

Yes they do. "Wallet" really means the full node. Any other use of the term is only for marketing purposes to mislead.
If you don't have the keys it's not a wallet.

Just like "ASIC", the name has been corrupted by marketing and now many people call any mining appliance
an ASIC even when they don't use any mining ASIC chips.

[FP91G]

A new coin usually does not have a wallet, and therefore you have to run a node on a separate computer.

Yes they do. "Wallet" really means the full node. Any other use of the term is only for marketing purposes to mislead.
If you don't have the keys it's not a wallet.

Just like "ASIC", the name has been corrupted by marketing and now many people call any mining appliance
an ASIC even when they don't use any mining ASIC chips.

Usually, in this option, a new wallet is created and a seed phrase for it, but I don’t know a single miner who can check the reliability of such a wallet generation. Usually everything works on trust and most projects do not survive.
Later, more accessible wallets appear, but the biggest profit can be obtained when the coin has only a node, and few miners mine it.

[JayDDee]

At least with a full node the SW is provided by the coin's developpers, the same SW that runs their blockchain, so if you trust the coin you trust their SW.
Secondly with a full node you generate your own keys so you can be confident no one else has a copy.
Third party wallets, even if non-custodial, require additional trust in that third party.

[FP91G]

At least with a full node the SW is provided by the coin's developpers, the same SW that runs their blockchain, so if you trust the coin you trust their SW.
Secondly with a full node you generate your own keys so you can be confident no one else has a copy.
Third party wallets, even if non-custodial, require additional trust in that third party.

Usually new projects have anonymous teams. To set up a node and the mining process, you only need 1 programmer. But viruses very often came with miners or with new wallets, and some of my colleagues lost coins like that because they stored everything on one computer.

[philipma1957]

At least now I know to be more aware of security and not just go willy nilly with installing new wallets.
Regardless, I would definitely use a VM and make sure the network won't be compromised.

Thats for sure a very good thing to use a VM when you install a Wallet

It's always a good idea to sandbox your wallets and mining software.
With Linux seperate users works well as long as you never run anything as root.
Download only from reliable sources, preferably directly from the developer.
Open source code is also a bonus for transparency. Wallets provided by the developers are usually open and give you the keys.
If not the coin is probably a scam and should be avoided
Web wallets offer convenience but often keep the keys. Remember: not your keys, not your wallet!

I've never cared much about wallet security for new coins. For these purposes, I used only a separate computer and standard precautions.
It will be difficult for a beginner to mine many coins, and I myself try to choose a few coins rather than try to mine all the coins that appear in announcements.

I second using a second computer for a new wallet.

also turn it offline most of the time.