One thing that always comes up in different discussion regarding mining is "what should I mine?"
The short answer is what ever the %&¤! you want (haha) but with the recent boom in mining and new people coming in to the space there's first of all a lot of misconceptions and lack of understanding of what mining actually is and how to profit from it.
Yesterday i made a short post about how to get started and you can find the post here :
https://steemit.com/mining/@timmyit/want-to-get-started-with-gpu-mining
But in this post I would like to talk about my take on mining and how I go about it.
My current mining cards are the following :
- 3 GTX1060
- 2 GTX1070
- 2 RX480
- 1 GTX980Ti
How people generally go about choosing a coin to mine
Most people out there mining just picks the coin that gives them the highest profit right now from www.whattomine.com or if they are new they probably only have heard about Ethereum and that what they go for and its nothing wrong with that, you will make a profit for sure with low risk involved.
How do I go about choosing which coin to mine
My way of picking what to mine also starts with www.whattomine.com but I don't pick the ones that will give me the highest profit today. Instead I do research about each coin and If I like the project and think it has a future I try to mine it for a day or so just to get a sample on how many coins I actually could get and from there i decide a number of coins I want to reach and then just mine away until i reach that number. I hold those coins until the price reaches the point I feel comfortable selling them. How long that takes depends and the risk is higher then just selling them day by day but the rewards is also higher if the value of said coin goes up a lot.
To take a real world example, I'm currently mining Digibyte and have been doing a month or so. My current goal is to reach 20k coins which I should do in about 1-2 weeks and hold them until the end of the year and sell them. I've would have already hit that goal if I didn't sold of a chunk of it recently to buy STEEM and Siacoins but that was another risk I took which has been very successful.
(Automatic Payouts from the pool is set to 500 coins)
And right now I'm investigation which coin i should start mining after I reach my goal with Digibyte and I haven't decided yet so if you have any recommendations please leave them in the comments below.
Before Digibyte I have been mining Lbry, Expanse, Ethereum and a few more that I can't remember right now.
Final words
So this was just a short post about how I go about mining and I could probably talk for hours on this subject. IF you have specific questions about mining I recommend you head over to http://www.reddit.com/r/gpumining where I and a lot of other people answer question and discuss about mining.
Also check out my mining videos i have done over at
https://www.youtube.com/playlist?list=PLIkvg3hFOHacD5f_ptQ082HGJ_4BdOMMK
thats all for now and stay tuned for more post about mining
Cheers, Timmy
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