wish these coins would stay profitable for more than a day
Just shows you how many miners are out there. Vanilla was great for about half a day, then people hopped off of other big coins or ones with private miners (like x11) and wrecked it, then they went back to their more profitable private miners.
if people weren't dumping like crazy right after mining, it would profitable longer...
hence stop dumping... have some vtc, it went several time from not profitable to very profitable, if you are patient enough
you can get an interesting deal... that the way altcoins work, but since a year it is the "dump directly on exchange" which seems to prevail hence the low profit... well sorry but this is a bit on you... (please spare me the "I have electricity bill to pay..." which isn't a good excuse...
It's not profitable UNLESS you exchange them for BTC. Otherwise you're just a bag holder. Artificial coin pricing based on people not selling coins is not a market you want to be in (happened with Burst). That means when people sell, the whole market will collapse. The coin will equalize at whatever the daily mine rate is for the coin, minus buy support. Which is usually about the same for all coins as the market and mining profitability equalizes.
The only people the coin would stay profitable for if people held coins are the people actually selling. It's a good way to screw over your fellow miners.
I have electricity to pay for is a great excuse. Miners don't mine to be bag holders. They aren't investors, that's a completely different job title. Investors buy the coin and hold it for value to increase.
It's human nature and it will be done whether I do it or not. It's up to the coins to have a difficulty retargetting
algorithm that can compensate for drastic changes in in network hash rate caused by profit switching multipools.
I know I'm talking about minig, not exchange rate but hey are linked. Diff is low, multipools jump in, score a pile
of coins and dump them on the market driving the price down.
I dpn't know why coin diff swings so wildly if it just stayed stable, moving by fractions to compensate for changes
in hash rate. If they don't make dramatic changes in diff the multipools won't be jumping in and out, the net hash
will be stable and so will the price, or the price will be driven by other factors.
It's just a matter of adapting to the environment.
I guarantee you that Vanilla isn't on a multipool yet due to the weird algo it uses. That being said, multipools are really no different then miners. Miners mine whatever is most profitable and profitability changes based on difficulty. If you sit on a coin for like 24hr it'll start to normalize with a multipool and all the other coins.
That being said there aren't many multipools available for altcoins anymore. Haspower.co is one of the few that does weird algos and it's not super popular. Multipools sorta ended with Scrypt. Nicehash could qualify as a multipool as well as the bots running on it usually target whatever is most profitable, it does the same thing. Since it's not run by one person either, that means it gets any of the small coins that everyone else misses.
Nicehash was really what ruined mining for most small miners, mainly the fact that it's just run by a handful of people with good pricing bots and it's impossible for a normal user to use anything but fixed orders. And even fixed orders are now being run by bots too.
And yup, miners will dump on exchanges because that's what they do. Don't expect miners to be investors.
