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What to mine and still stay profitable?

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maestro

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Hey guys,

been running a small GPU farm for almost 2 years now. Have sold a few rigs recently cause of obvious profitability decline, however, due t extremely cheap power ($0.07), I managed to stay in the game longer then most of others. Recently, having trouble making any kind of profit.

Was mining X11 and X13 mostly during the last few months but even those are unprofitable ATM. What do you guys mine, at least those of you still having their rigs on?

Thx

Posted on August 17, 2014 at 2:41 AM

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• soccruo

  

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  I have quit mining since months, the last profitable coin I mined was Dogecoin in the very first days of its life.

  Posted on August 17, 2014 at 4:09 AM
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• maestro

  

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  No scrypt coin is profitable, least when talking about GPU mining. Last I heard is that people ve had some fun with Monero. Anyone can confirm this?

  Posted on August 17, 2014 at 4:12 AM
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• virtapayseller

  

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  mining coins is not profitable only trading is best way to earn now bitcoins price is down now so buy any other currency ans sell it later when price is at low you will get more btc

  Posted on August 17, 2014 at 5:30 AM
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• Disengage

  

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  Unless you're doing so for fun or education, chasing the constantly moving target of "profitable mining" just isn't worth it. Buying and holding is a much saner way of profiting. I mine at a multi-coin pool that switches based on coin profitability. I do it because I'm easily entertained, not because I'm trying to turn a profit. It's like playing poker for pennies. If you don't like poker to begin with, then it's not worth it.

  Posted on August 17, 2014 at 6:41 AM
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• sammir

  

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  im doing some trading right now i think the dificulty its to high (around 10% more each two weeks) its not good idea mining better buy coins and hold on

  Posted on August 17, 2014 at 6:48 AM
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• Hesham_3del

  

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  Actually, for me, I like mining LTBcoins a lot, as I can see the future in 5 years from now.

  Posted on August 17, 2014 at 8:19 AM
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• maestro

  

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  Yes, it seems the only think left to do is to select one of the coins which might appreciate in the future, mine it and hold. The problem is that this means incur electricity cost now to maybe profit in the future.

  Posted on August 17, 2014 at 8:24 AM
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• eshriek

  

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  @disengage Unless you're doing so for fun or education, chasing the constantly moving target of "profitable mining" just isn't worth it. Buying and holding is a much saner way of profiting. I mine at a multi-coin pool that switches based on coin profitability. I do it because I'm easily entertained, not because I'm trying to turn a profit. It's like playing poker for pennies. If you don't like poker to begin with, then it's not worth it.

  I love poker. Until I run out of chips :)

  I don't really understand mining the most profitable coin though. I guess the trick is that you have to set things up for the coin to immediately trade as soon as it is mined. I assume that the measure of "most profitable coin" is on the exchange, not the mining pool. I assume that what is most profitable on an exchange is generally less profitable in the mining pool. Everyone rushes the coin and the difficulty spikes. I've never mined like this. Always afraid I'd just lose my shirt quick. Exactly like you said buying and holding is saner.

  Just curious, as my ASIC is becoming obsolete, do you have suggestions for mining with SHA256 that returns "most profitable" altcoins? I would mind trying for a few weeks.

  Posted on August 17, 2014 at 9:18 AM
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• Disengage

  

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  I guess the trick is that you have to set things up for the coin to immediately trade as soon as it is mined

  That's exactly how it works. The pool integrates with an exchange (or possibly several) and the profitability of each altcoin is calculated based on the prices on that exchange. Mined coins are auto-deposited at the exchange, and the exchange automatically sells them for BTC.

  It sounds awesome. But there are a lot of non-obvious problems with the above sequence of events. The major ones being fees, delays, and non-liquidity on the exchange. Unless there is a huge spike or dip in price, any advantage you get by switching from a slightly less profitable coin to a slightly more profitable one will be eaten up by those problems.

  It's also possible to do something similar in the mining software itself using cgwatcher and cgminer or bfgminer without trusting the pool to do the switching for you. It didn't look like a lot of fun to set up, so I didn't bother.

  Posted on August 17, 2014 at 12:28 PM
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• feryjhie

  

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  i think mining can profitable but it need a few months to take profit :D

  Posted on August 17, 2014 at 12:31 PM
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