BeerMasher
Newbie
- Dec 2, 2023
- 2
- 0
I think most of those that want to get into mining do not realise that they missed the train. I think mining overall is unprofitable today. Those that jump into the opportunity earlier can sustain it.
Indeed as @zawali said XMR is probably the best right now if you want to get into mining. But there is a learning curve as with anything else. Also best way to mine XMR is by joining a Pool
Indeed as @zawali said XMR is probably the best right now if you want to get into mining. But there is a learning curve as with anything else. Also best way to mine XMR is by joining a Pool
moonshine7000
Elite Member
- Mar 4, 2013
- 4,356
- 4,006
Yep ETH when ethereum moved to POW to POS.You can look into chia mining
- Jan 17, 2015
- 5,263
- 4,956
Mining is another type of investing after all. With ETH as already said, this is impossible because they are not giving away ETH as they used to, through mining processors. But still you have a ton of alt-coins that accept mining protocols.
If you start mining an alt-coin you are going to be putting your money (hardware, electricity, your setup time cost, etc...) into that shit coin. Generally the wrong thing that most miners have been doing historically, is calculating gains with the current price of the coin. But after all , like when you invest in any other coin, you must due your due dilligence. So essentially, coin mining is not dead, but is an investment like anyother, I would recommend doing at least 1 in life. I've been mining from BTC back in 2012, to Ethereum and Monero, and many alt-coins like Electroneum, with both GPU and dedicated miner-rigs. Nowadays it's too much of a coinflip exactly the same as crypto investing (in the past mining Bitcoins when it was at $500 was a brain-dead earning system, you knew you will earn each single penny invested on the mining rig + good profits).
Conclusion: Yes is possible, but due an extensive due dilligence.
Check this site:
https://whattomine.com/
If you start mining an alt-coin you are going to be putting your money (hardware, electricity, your setup time cost, etc...) into that shit coin. Generally the wrong thing that most miners have been doing historically, is calculating gains with the current price of the coin. But after all , like when you invest in any other coin, you must due your due dilligence. So essentially, coin mining is not dead, but is an investment like anyother, I would recommend doing at least 1 in life. I've been mining from BTC back in 2012, to Ethereum and Monero, and many alt-coins like Electroneum, with both GPU and dedicated miner-rigs. Nowadays it's too much of a coinflip exactly the same as crypto investing (in the past mining Bitcoins when it was at $500 was a brain-dead earning system, you knew you will earn each single penny invested on the mining rig + good profits).
Conclusion: Yes is possible, but due an extensive due dilligence.
Check this site:
https://whattomine.com/
MoonStarz
Elite Member
- Aug 7, 2021
- 4,149
- 2,236
Right now is complicated and you will invest a lot in the eletricity bill to get a small return in profits if you do not have the correct equipment and the initial money to leverage your journey, mining pools are better but still, benefits are really small compared to your investment, of course mining pool will reduce the amount of electricity you will use to an acceptable point, you can still get money but will take time and you will have to lear trading to invest your earnings and make more money and there is another type of risk.
- Apr 25, 2011
- 19,849
- 28,315
I beleive its pretty competative now - so unless you have a lot of money to invest and also cheap electricty source i dont think its something thats worth getting into.
Also; thread moved to cryptocurrency sub-forum.
Also; thread moved to cryptocurrency sub-forum.
- Apr 10, 2020
- 3,303
- 872
It is not dead .If all people stop mining, how will transactions happen. But if the intention of you asking this question is that whether you should start it or not, then I will say no.
leechesBleechin
Supreme Member
- Feb 16, 2017
- 1,218
- 3,224
it's impossible to profit from where i am because of electricity prices. Maybe it is better where you are though. But margins are so thin these days unless you were already set up than its not the best thing to invest in now. Very late tot he party.
alizer21
Regular Member
- Mar 28, 2022
- 308
- 169
yeah but it's really slow, i have a threadripper and paying for the electricity is costlier
- Jan 17, 2023
- 489
- 37
How do you mine XMR in a cheap way?
alizer21
Regular Member
- Mar 28, 2022
- 308
- 169
why? is it not profitable these days?
JayRomeskiii
Newbie
- Dec 12, 2020
- 14
- 3
Nodes are more profitable these days dyor
alizer21
Regular Member
- Mar 28, 2022
- 308
- 169
can you tell me what are nods?
JayRomeskiii
Newbie
- Dec 12, 2020
- 14
- 3
Nodes are generally validators for a block chain. By staking or hosting a node you make passive income. I think blockchain gaming nodes are a really good investment for passive income. Myria is killing it as an example.
- Apr 10, 2020
- 3,303
- 872
In some countries , it is even free. But when you consume a lot, even government will notice it.
Jowash1337
Registered Member
- Dec 25, 2019
- 82
- 17
Short answer: No, unless you have free electricity.
Long term answer: Yes, if you buy antminers to mine BTC and hodl, sell only to cover your electricity and rest BTC hodl and sell when there is a new ATH.
Long term answer: Yes, if you buy antminers to mine BTC and hodl, sell only to cover your electricity and rest BTC hodl and sell when there is a new ATH.