This series is meant to help people identify new mineable crypto's early on and make large profits if they take off.
Are there any guidelines on the type of cryptocurrency you will tell us about?
For a cryptocurrency to be covered in this series I will try to follow the following criteria:
1) Must be a lower difficulty coin with a low hash rate.
2) Must not be a well-known coin that everybody has written many articles about. I will do a basic search on Steemit to make sure it hasn’t already been covered extensively.
3) The coin must have some level of promise for a future.
4) Almost none of the coins I cover will be listed on www.WhatToMine.com
5) Coins that could be mined with a CPU or weak GPU
6) NO COINS THAT HAVE ASIC MINERS AVAILABLE
What kind of cryptocurrencies will you tell us about?
If you have not heard of BTCZ then be sure to follow @ByzantineHash for more up and coming coins and don’t forget to upvote this post. For me at this point BTCZ is old news, but still worth mining compared to the most profitable coins on www.WhatToMine.com.
(Coinmarketcap.com)
Can you give us an example of a coin that you mined with this strategy?
One example of a coin which I mined back in October, November, and December is BitcoinZ (BTCZ). When I started mining it, it was trading around 8-10 satoshi’s. Back then I was able to mine roughly 14,000 to 20,000 BTCZ per day with only around 8 ksols pointing to it. At the market prices for BTCZ back then it was $30 to $40 per day. Today it is now around 100 satoshi’s and I can get only 2,000 to 4,000 BTCZ per day with the same hash rate.
(Coinmarketcap.com)
Because I never sold what I mined earlier I made $150 to $200 per day when I first started mining. If BTCZ gets to say 10 cents in 2018, then I was making $2,000 per day. As a small miner if your looking to make a lot of money this is in my opinion the only way to do it.
Do I need special equipment to follow this mining strategy?
No, this is meant to be a mining strategy that anyone can follow without having dedicated mining rigs or gaming PC’s. You can use your everyday computer to do this. Just be warned that it may overheat or decrease the life of your computer if you are using a CPU, and it will likely decrease the life of your GPU also. I personally, do not overclock my equipment and actually will underclock it to make it last longer.
Why not just mine Bitcoin, Ethereum, or another big cryptocurrency?
Mining the top alt coins will give you immediate revenue but mining new coins no one has heard about has a better chance for large profits. Think of it like investing in Bitcoin when it was worth less than a dollar, this is basically what you are doing with the mining strategy in this series. You are mining new coins until they catch on and then moving to the next one. The beauty of this strategy is that you don’t need to pick good coins even half of the time to make money. It only takes 1 coin to take off to the moon to make you a lot of money. Sorry, but you are probably not going to be a Bitcoin billionaire if you are just getting started today.
What is your mining strategy?
My mining strategy is to find coins which are new and few people are currently mining. Many of the coins will not be profitable to mine or often make you a lot less money than mining something like Ethereum or using the Nicehash miner if you sell immediately. I have been in the crypto scene for a while working on my own projects I am about to release. The idea is to mine the coins and HODL expecting them to rise significantly in the future. I will often keep mining the coins until the difficulty raises significantly and will then point those mining rigs to another coin. If I think a coin is especially promising I will keep some of my mining power pointed at the coin even if it rises significantly.
What kind of mining operation do you have?
I have a small sized mining operation with less than $100,000 in dedicated mining equipment. I do not own any ASIC’s and have no plans to buy any. All of my GPU’s are Nvidia’s. The mining operation consists of everything from 750 Ti’s to 1080 Ti’s. The majority of my equipment is 1060’s and 1070’s. More recently I have been purchasing 1080 Ti’s to increase my density. I use both Windows and PiMP operating systems and store everything I mine in paper wallets. My rigs have between 4 and 12 GPU’s in them, but I started out with 4 PC’s with single GTX 1070’s and have scaled a lot since then. Currently, I have been building 6 GPU rigs with 1080 Ti’s as its easier to find motherboards & power supplies and troubleshoot problems when they arise. Disclaimer: I have holdings either directly or through one of my companies in any coin I write about. My company has a small sized mining operation that will have previously mined these coins or is actively mining these coins.
What about Nicehash miner it finds the most profitable coin for me?
I encourage people to not just download NiceHash and let it run because you will never make any real money. Instead you should research and look for something that no one else has found and mine it when no one else wants to because it is not worth a lot. This series is dedicated to helping people identify the next Bitcoin and mine it in its early days. Enjoy the act of prospecting new coins and learning about them. When you strike gold because you mined a coin before it was popular it will be much more gratifying.
Will you show us how to mine the coins you talk about?
No, this series will not have instructions on how to mine the new crypto’s because there is a lot of material out there on this subject. If your having trouble with a coin I have covered just make a reply and I will try to point you in the right direction.
How often will you post this series?
This series will be published periodically and always be about newer cryptocurrencies that are mineable. It will not be published on any set schedule, but only when I have something useful to share with the community.
Could I lose money following this strategy?
Yes, mining cryptocurrency does not always mean you will make money and you can lose money too. This strategy is speculative and could end up losing you money. Mine any of the cryptocurrencies discussed in this series at your own risk.
When will you tell us about the first coin?
In the next few days I will be revealing the first coin which is also a coin I started mining aggressively a few weeks ago. Be sure to follow @ByzantineHash, resteem this post for your friends and… If you liked this post please be sure to UPVOTE.