Monero Viability

[gorillabob1]

If I were to set up a few mining rigs, would the investment in time/space/electricity be worthwhile?

How is this currency performing against the big names right now?

Share your thoughts!

 

[bartosimpsonio]

Check it on coinwarz.com and see. It tells you which ones are profitable to mine.

 

[gorillabob1]

Check it on coinwarz.com and see. It tells you which ones are profitable to mine.

Great suggestion, thank you!

I am considering building a few heavy rigs to mine, this may help shorten the list by quite a bit.

 

[blue_knight]

Monero is the only significant coin that can be mined with the CPU. The advantage of GPU is gone since they made the network update in November, last year. There is no ASIC on the network, so practically, anyone with a CPU can mine. Now, the 'not so good' part: the difficulty is quite high, so you shouldn't expect too much profit. I walked that way in the past and my conclusion is that it's much better to just buy the coins. I am following the Monero project for some time now and it is one of the most serious project in crypto space, in my opinion. Great devs team, great community, constant software updates and so on. Not to mention that is the only coin that is private by default.

 

[gorillabob1]

Monero is the only significant coin that can be mined with the CPU. The advantage of GPU is gone since they made the network update in November, last year. There is no ASIC on the network, so practically, anyone with a CPU can mine. Now, the 'not so good' part: the difficulty is quite high, so you shouldn't expect too much profit. I walked that way in the past and my conclusion is that it's much better to just buy the coins. I am following the Monero project for some time now and it is one of the most serious project in crypto space, in my opinion. Great devs team, great community, constant software updates and so on. Not to mention that is the only coin that is private by default.

This was exactly the answer I was hoping for! I am looking to start investing, and don't want to bite down on the BTC bandwagon too hard with a big investment, it's far too volatile for my liking.

 

[blue_knight]

This was exactly the answer I was hoping for! I am looking to start investing, and don't want to bite down on the BTC bandwagon too hard with a big investment, it's far too volatile for my liking.

You have to keep in mind that if BTC is going down, all the ALTS are going down, too; actually the ALTS will fall more. It's because almost all the coins are linked in BTC pair for trades, even if you can actually buy it with FIAT, most trades are made against BTC.
The good part is that if BTC rise, ALTS look like rising more.
As always, don't invest more than you afford to loose.