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[Margery]

I want to make a reservation right away, what will be written below is only my thoughts, and not advice for action.

After Ethereum switched to POS in mid-September, most of the miners who mined it on their rigs and farms were confused. What to do? Looking for an alternative altcoin or selling equipment?
If mining was the only income for someone, then in my opinion it will not be so until such time as an alternative to Ethereum appears. So far, high rewards are not seen in more than one cryptocurrency, not to mention altcoins. Not to mention that they simply do not cover the electricity bills spent on mining cryptocurrencies. On the other hand, selling equipment and buying cryptocurrency is now a kind of risk! Even among altcoins. It is not clear which of them will go up and which one will scatter. In any case, buying thoughtlessly is also not worth it. Before buying, I think it is worth doing a thorough analysis of the capitalization and future prospects of the chosen cryptocurrency (altcoin).

Profitability from mining decreased due to the fact that, firstly, the cost of all cryptocurrencies in general fell, and secondly, due to the fact that miners switched their capacities that had previously mined Ethereum to other cryptocurrencies. Accordingly, the difficulty of mining cryptocurrency has also increased. That is, the reward received by the pool must now be divided by a larger number of miners (pool members).

The profitability of mining, I believe, will grow only after the appearance of the altcoin, which will pull away the power of the previously mined Ethereum. Strong cryptocurrencies (altcoins) still exist. For example Kaspa, ETC, ERGO and a few others. But the yield on them is so small that it's not worth it to mine them yet, unless you have free electricity or its cost doesn't matter to you. I think that now all that remains is to wait until one of the cryptocurrencies gains a sufficient level of capitalization (that is, when the majority believes in it) and the value reaches the level when it will be profitable to mine it. Buying crypto is also another question, the market is so unstable that you invest the last money (there are not free ones, there are a lot of fanatics), and in the morning you wake up ... and only a clasp remains from the crypto portfolio (joke).

As I wrote above - all this is just my opinion. I have been thinking about this for a long time, I wanted to share with the participants of this forum.
P.S. Now I'm testing ERGO mining on one RX 580 8Gb video card, I'll see what happens, taking into account the cost of electricity.

 

[Margery]

I think that ERGO is not worth mining, this is what happens in the end:

 

[Dagov]

If mining were someone's sole source of income, I doubt it would be the case until Ethereum's substitute materializes. High returns have not yet been observed in many cryptocurrencies, much alone altcoins. Not to add, they do not pay the electrical costs associated with cryptocurrency mining. However, there is now some danger involved in selling assets and purchasing cryptocurrencies!

 

[Margery]

The more cryptocurrencies they buy, the better. If its purchasing power grows, then the price will gradually go up, then maybe mining will be profitable. I also used to mine cryptocurrency before, I won't say that it was my main income, but $20 per day went without electricity.

 

[SlotsGator]

Yeah, ETH is done and nothing good will come out of them again. I think we should wait until the next bull run for GPU mining to be profitable again, but if you have cheap electricity, now's still profitable though. Sure there will be new altcoins that will trigger the bull run, but we just don't know which one, and when it will come. I think small-time miners should be more pragmatic about this and sell their rig while it has some salvage value instead of waiting/to keep mining at a loss. The extra money is good for purchasing crypto that is already cheap now.

 

[Horia_10]

Mining is never a good option unless and until you have good mining machines with a lot of power and also sources of free electricity at the moment as you have just started continue if you can for a month and then calculate if you are in profit you can increase the activity else you can stop indeed actually as well .

 

[Margery]

Mining is never a good option unless and until you have good mining machines with a lot of power and also sources of free electricity at the moment as you have just started continue if you can for a month and then calculate if you are in profit you can increase the activity else you can stop indeed actually as well .

Why sell? Let it be, I stopped my video cards, serviced them and put them in boxes. If possible, I will still take video cards a little, now they are falling in price, so I can assemble another installation. And it will still be mining!

 

[Riberet19]

Why sell? Let it be, I stopped my video cards, serviced them and put them in boxes. If possible, I will still take video cards a little, now they are falling in price, so I can assemble another installation. And it will still be mining!

Exactly as we talked about in other threads, the best thing in any investment is to be patient, the bull market will return and it will be time to mine to obtain profitability, I suppose that there is still time for that moment but the wait will not be eternal and surely we will have 1.5-2 years of profitable mining

 

[Margery]

Exactly as we talked about in other threads, the best thing in any investment is to be patient, the bull market will return and it will be time to mine to obtain profitability, I suppose that there is still time for that moment but the wait will not be eternal and surely we will have 1.5-2 years of profitable mining

True, before that you have to wait the same. I don't think bitcoin will rise in price before the halving. In the meantime, it is at the bottom and the rest of the cryptocurrency will not rise in value. This is the unspoken law of the cryptocurrency world, so to speak. It has always been so. The only thing that is possible now is trading. But this is for those who can. I can't, I'm just waiting.

 

[Riberet19]

True, before that you have to wait the same. I don't think bitcoin will rise in price before the halving. In the meantime, it is at the bottom and the rest of the cryptocurrency will not rise in value. This is the unspoken law of the cryptocurrency world, so to speak. It has always been so. The only thing that is possible now is trading. But this is for those who can. I can't, I'm just waiting.

Exactly and these moments are also when the big profits are made if you know how to see the opportunities, I don't know if we will have seen the final bottom, but these prices are very good if we look back, time will tell what happens after the halving of 2024

 

[Margery]

Exactly and these moments are also when the big profits are made if you know how to see the opportunities, I don't know if we will have seen the final bottom, but these prices are very good if we look back, time will tell what happens after the halving of 2024

At the moment, the situation in my opinion is a little different. Now they are trying to bring cryptocurrencies under the law. This was not the case before. And this cost reduction is also, in my opinion, artificially done. I won't claim anything, this is just my opinion. Too many negative things go to her.

 

[Riberet19]

At the moment, the situation in my opinion is a little different. Now they are trying to bring cryptocurrencies under the law. This was not the case before. And this cost reduction is also, in my opinion, artificially done. I won't claim anything, this is just my opinion. Too many negative things go to her.

there are probably a lot of hands present in the dips we have seen, as well as situations like FTX LUNA and all the constant Fud we have seen, I think as I said in other threads that we should be cautious and invest with caution as more falls are highly probable

 

[Margery]

there are probably a lot of hands present in the dips we have seen, as well as situations like FTX LUNA and all the constant Fud we have seen, I think as I said in other threads that we should be cautious and invest with caution as more falls are highly probable

Agree completely. That's why I don't want to invest. The situation is too confusing. I somehow manage without it. just interesting to watch. In terms of how far this will go.

 

[Riberet19]

Agree completely. That's why I don't want to invest. The situation is too confusing. I somehow manage without it. just interesting to watch. In terms of how far this will go.

It is a wise decision, in my case I am investing a little since I am somewhat more risky, but with a small periodic amount I maintain about 75% liquidity of the investment budget, so I am willing to risk part of my money buying from these prices and reserving a large part for possible bigger dips

 

[Margery]

It is a wise decision, in my case I am investing a little since I am somewhat more risky, but with a small periodic amount I maintain about 75% liquidity of the investment budget, so I am willing to risk part of my money buying from these prices and reserving a large part for possible bigger dips

It's not only a wise decision here :) Here, more life forces you to do this, but in principle it suits me already, I'm used to it. I have tried to invest small amounts in cryptocurrency before, but I have always been unlucky. She fell and did not get up for a long time. And I didn't have the nerve to watch it. That's why I chose this path.

 

[Riberet19]

It's not only a wise decision here :) Here, more life forces you to do this, but in principle it suits me already, I'm used to it. I have tried to invest small amounts in cryptocurrency before, but I have always been unlucky. She fell and did not get up for a long time. And I didn't have the nerve to watch it. That's why I chose this path.

Yes, I understand your reasons, as we have already discussed in other threads, it is also fine to use bitcoin as a means of simply making money at the moment, since it is extremely liquid and its market works 24/7. It is also much easier to obtain than fiat money , many people survive in their day to day thanks to bitcoin.

 

[Margery]

Yes, I understand your reasons, as we have already discussed in other threads, it is also fine to use bitcoin as a means of simply making money at the moment, since it is extremely liquid and its market works 24/7. It is also much easier to obtain than fiat money , many people survive in their day to day thanks to bitcoin.

Agree. If you have a cryptocurrency on hand, no matter which one, and approach this matter wisely, then you can definitely make money and it's not bad enough. Only some can play and make money on swings, and people like me can only bet on hold.

 

[Riberet19]

Agree. If you have a cryptocurrency on hand, no matter which one, and approach this matter wisely, then you can definitely make money and it's not bad enough. Only some can play and make money on swings, and people like me can only bet on hold.

There are a lot of people who use bitcoin as a way simply to make money in the short term, and as we have talked about it is good, because everyone's needs are not the same, in my case, for example, I can invest and hodl them for a long time waiting for profits in the long term without problems, but each one has to do what is due for himself

 

[Margery]

There are a lot of people who use bitcoin as a way simply to make money in the short term, and as we have talked about it is good, because everyone's needs are not the same, in my case, for example, I can invest and hodl them for a long time waiting for profits in the long term without problems, but each one has to do what is due for himself

Yes, everyone should do what he is capable of, what he has enough knowledge for. Doing something else just because others say that you can make good money there, I think it's not worth it. There are several areas of Internet business that I simply do not have a soul for. That's all I don't want! I only do what I like. Work, besides money, should also bring pleasure. I have it offline too!

 

[Wisdom01]

Yes, everyone should do what he is capable of, what he has enough knowledge for. Doing something else just because others say that you can make good money there, I think it's not worth it. There are several areas of Internet business that I simply do not have a soul for. That's all I don't want! I only do what I like. Work, besides money, should also bring pleasure. I have it offline too!

There are several internet business available online to check out for ,many are making more money off this offline business , but the thing is that you should always ensure that the risk factors are highly considered before anything else