all 11 comments

[–]d3rr 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (9 children)

You can also try WhatToMine using their worst video card, the 280x, to approximate CPU mining: like this

[–]d3rr 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (8 children)

and yes that's negative profit so beware unless you have free power.

[–]magnora7 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (7 children)

Yeah mining is overplayed. Only people who can make it work is people who either have cheap access to powerful computers, or people with free/cheap power. It was good 6 years ago but now everyone and their brother is doing it.

[–]d3rr 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (6 children)

Yep. I stopped mining when summer hit. The extra heat wasn't worth the $3 a day I was making. I got in during the bubble, I think I barely broke even on my 5 video cards. Ahh well was an adventure. If I was smart I'd sell the cards asap.

[–]magnora7 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (5 children)

Sounds fun. I mined dogecoin in 2012. I started mining on day 5 of the coin's release. I made a million dogecoins in 1 day.

I think the key to profitable cryptomining is getting in extremely early to new coins that might actually go somewhere, then sitting on those coins for a couple years.

But it's still a lot of work for not much reward. And I burned out a couple expensive video cards, which set me back more than I earned in the end. But I just had them laying around, so it was a net win.

Too bad I don't live somewhere cold, then I could actually use it to heat my house and save money that way too. I've heard iceland is ideal, because it's cold and has very cheap hydro and geothermal power.

[–]d3rr 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (4 children)

Yeah getting in early sounds reasonable. I missed the doge wave, but maybe your investment will pay off big someday. I like the micro tipping idea, I wonder why it died off.

I figure that the real profits are in trading, but I'm struggling to figure out how to trade most of the time, because everything trends with Bitcoin. A guy at work made a pretty solid argument for KIN growing, I'm going to buy some of that.

[–]magnora7 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

I wonder why it died off.

I think because the software was so clunky and poorly integrated.

As far as investing, I think a weighted "index fund" of top cryptos is a good way to go. It's important not to overdiversify, but I think bitcoin isn't going to be the top coin for much longer because of its inherent flaws, like really expensive and slow transactions.

[–]d3rr 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

Good call, I need to diversify my BTC holdings for sure. The index fund approach sounds great for long term holding. I guess the only real trading I can see that makes sense is jumping in and out of fiat as BTC rises and falls. I hate wall street but love trading, what a mess.

[–]magnora7 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

Yeah, buy and hold is where it's at, imo. If you want to jump in and out, you could also jump between BTC and non-BTC, as they seem to be on slightly different cycles (the non-BTC booming after the BTC booms and people seek to diversify). BTC is losing overall marketshare slowly.

[–]d3rr 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Agreed, BTC will fade out. What we really need to do is launch a MIC boycott index or mutual fund and talk people into putting their 401ks into it, but I'll save that pitch for another day. Happy friday man.

[–]actuallytwolamas 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Elicoin is pretty good candidate.