When is the right time to start mining? (Mining for profit)

[Mcd0d0 5882]

Well for me, there's no right time to start doing mining because you're just getting it freely and also you're able to hold it until the better value comes to your target coin, just do some mining mate to get a huge amount if profit.

[Yomose 3704]

2 hours ago, Mcd0d0 said:

Well for me, there's no right time to start doing mining because you're just getting it freely and also you're able to hold it until the better value comes to your target coin, just do some mining mate to get a huge amount if profit.

I have a bit different views but still similar, as time goes on, mining is becoming less productive because:

1. Mining difficulties are increasing

2. Mining reward of many coins are reducing. 

So, I will always advice people that want to mine to start now because tomorrow can be too late for mining. 

[Raqeebzy 6456]

16 hours ago, scorpiali said:

The majority of all website don't continue providing her service for all time they work just for some month or years,and then close without any announcements that's what we call scam 

And that's why one needs to be very careful and make good findings before choosing any cloud mining platform. I mean, there has been existing ones right from time which are still present in the market till now with a little form of upgrade; still paying without any scam activity. 

There is genesis mining which has been in existence since 2013, Hashflare since 2015 or 2014 (I am not sure) and a lot of others. If you are interested in cloud mining, choose the right one.

[Kleyberm 7]

On 31/3/2020 at 13:32, Brushless4500KV said:

Siempre hay algunos mineros en la red que están confirmando las transacciones y mantienen la red en funcionamiento. Los mineros recibirán monedas como recompensa por sus actividades. Entonces, esta idea me viene a la mente de que, dado que no compran las monedas a ningún precio, lo que ganan es un beneficio del 100%, pero esta es una creencia incorrecta porque han invertido mucho en herramientas de minería y deben recuperar este costo primero para ganar cualquier cosa. Los mineros pueden comenzar a extraer cuando los precios son bajos y cuando son altos. Si extrae cuando las monedas son baratas, obtendrá tanto de la minería como del aumento futuro del valor de sus monedas. Creo que este es el mejor momento para comenzar a extraer cualquier moneda. Pero, ¿qué pasa con el otro caso? ¿Es rentable comenzar a minar cuando los precios son altos? En este caso, ganarás monedas con valores altos, pero cuando los precios bajen, perderás mucho.

Mining is good at any time. You can always win a lot or win little but they are wins that in the end are good. Of course, to mine you must make an investment but why are you going to make an investment if you stop to start mining because of the price. You should always take risks and if you come out with good luck and make good profits is the important thing. So in my point of view you can mine in the same way with high or low prices

[Brushless4500KV 4214]

14 hours ago, Kleyberm said:

Mining is good at any time. You can always win a lot or win little but they are wins that in the end are good. Of course, to mine you must make an investment but why are you going to make an investment if you stop to start mining because of the price. You should always take risks and if you come out with good luck and make good profits is the important thing. So in my point of view you can mine in the same way with high or low prices

There is no doubt about mining and its advantages but it is a little more complicated than what you think. First of all, it is a matter of choice (I mean choice of ideal coin). Every coin has a specific difficulty number and should be mined with certain devices to give you the best results. Some mining equipment are really expensive. The second problem is cooling. People who live in areas with hot weather, should invest extra for cooling purposes which reduces their profits. So, mining is not for everyone. It is only suitable for those who can afford it.

[sektor63 79]

I believe that in order to build a farm that will bring stable, at least some kind of profit, more or less serious budgets are needed. Considering that mining is not as profitable now as during the explosive growth of the bitcoin, the budget needs more than serious. Most likely, if there is not enough money, you will lose it and that's it.

[guatazoo 7150]

I think the right time that you can start mining is only when there have massivelly bearish that's has stay bearish more than a month, so there the miners rewards must be increased according to USD price rate. 

[Carlopantaleon 44]

Everything will depend on your capacity if you think ahead, I think that cryptocurrencies will continue to rise and it can be very profitable to start now, but on the other hand you must take into account the costs involved in mining and if it will be really profitable from there to start if so.

[Rakib408 135]

On 3/31/2020 at 11:32 PM, Brushless4500KV said:

There are always some miners in the network who are confirming the transactions and keep the network going. Miners will receive coins as rewards for their activities. So, this idea comes to mind that since they don't buy the coins at any price, whatever they earn is 100% profit but this is a wrong belief because they have invested heavily in mining tools and they have to recover this cost first to earn anything. Miners can both start mining when prices are low and when they are high. If you mine when the coins are cheap, you will earn both from mining and from the future increase in value of your coins. I think this is the best time to start mining any coin. But what about the other case? Is it profitable to start mining when the prices are high? In this case, you will earn coins with high values but when prices go down, you will lose big. What is your opinion about the best time for mining?

Hi bro. When there coin price are low level we need to start mining. Cause when low price we can eligible to bearable the price. So we can get more income from a legit mining sites.

[JanBomCrypto 494]

43 minutes ago, Pubg Lover said:

Mining for cryptocurrencies may sound like a good idea. ... Mine the right cryptocurrency at the right time, the thinking goes, and you can earn more then before. 

I do not understand earning more than before that you meant, what I know about mining is the difficulty in mining the is increasing which makes mining more difficult than before. 

[GanBin 705]

On 10/6/2020 at 9:14 PM, guatazoo said:

I think the right time that you can start mining is only when there have massivelly bearish that's has stay bearish more than a month, so there the miners rewards must be increased according to USD price rate. 

You can either mine during bearish air bullish price trending but mining a good coin I the most important thing to know, if the coin is good then the mining is not bad. During bullish time the miner will gain, during bearish time, the coin will still be bullish later and the miner will also gain. 

[Shubham kakade 556]

in my opinion the best time is mining when its price  is high if you mine coin while in its peak of high value you can earn much higher profite from it so wait for the mining coin price is high and then you can invest in it

[guatazoo 7150]

I think the best time to start mining is when the price of the currency has increased massively because there are always transactions fees become high so miners will be benefited from it. 

[tienda 8776]

I think mining without a specific time, if you have the mining machine or a potential computer you should mine all time without stop. The cryptocurrency market has it's going up and down price. So it's not stable at any time you can receive a surprise of a good opportunity. So in my opinion I don't invest in high machine cost, and then I let it without use!

[Liliz 529]

Although some might believe that when the coin prices are higher, it is not advisable to mine as at that point in time,  while some don't think it matters,....the most important thing is to mine at the right time in order to maximise higher returns, gather the right minning tools, follow the right minning process because minning process in crypto is a little bit expensive so as to recover all the expenses spent on acquiring the minning tools.

[SuperCrypto 7193]

In my opinion, the process of mining cryptocurrencies has recently become largely unprofitable due to the complexity of the mining process more than before, and the process also requires special and expensive devices equipped for this purpose and a relatively large amount of electric energy, in addition to the low prices of encrypted digital currencies at the present time.

[joemcgwa 3227]

On 4/5/2020 at 11:40 PM, Nakamoto said:

Anyone who mines first or at the beginning of the block is very lucky because the reward of coins in the block is still large. I don't think it's a problem to mine at any time. Mining and trading is the perfect combination.

Of course in the past years the mining rewards was really very high amount because of the price rate of crypto currencies was low, but now mining become very difficult because of cryptos price is high.

[huesca123 946]

Mining is still very profitable now a days. But, its not as profitable as used to be but it is still worth the time & money. But your really have to do your home work well & make comparisons before buying any cloud mining contracts. Some contracts they sell will never make you back what you invested to buy the contracts. Below is a link making comparisons between cloud mining contracts, buying your own miner, etc. In regards to mining, it all depends what you want to mine & how you want to mine. BTC is getting harder & more expensive to mine. You can also mine the following profitabl  - Monero, ZCash, LTC, ETH & some others.

 

Im mining with Exodus Mining, I have been for many yrs. Im very happy with them & the profits I make. You can also download miners for any old computer you have around the house. You wont make much but something.

 

https://www.cryptocompare.com/mining/#/contracts

[Brushless4500KV 4214]

19 hours ago, Shebii said:

I think good time to start mining is when it has low value. Because there is risk to start mining at high value.there is risk that if its value fall down than definately we will face loss. So i will suggest you to start mining when the coin has low value.

I don't see any big risk when the prices are high. Miners will not lose if prices crash because they don't buy the coins, they just receive them as rewards. When there is no purchase price, there is no losses. They just earn less but lose nothing. But it is much preferred to mine coins when they are cheap because in this case, a miner will have double earning when his coins rise. Miners should always be active. If they only mine when the coins are cheap, the network will be full of unconfirmed transactions!

Edited December 20, 2020 by Brushless4500KV

[Naveed15 335]

As everyone knows very well that bitcoins is the leading currencyin the cryptocurrency world no doubt

But it will not be wrong if we say that every coin has its own value in the cryptocurrency markeBrowser mining is quite impossible as it need a lot of time and outcome is equal to zero

so it is no use of doing mining on browser

they collect your data and in return give tou some amount our Satoshi that will be impossible to withdraw first of all so keep posting here and earn from heMining of btc is so expensive amd you have to run your pc day and night but profit will be in some cents per day

first if all you have to set up a heavy machinery and then run it 24/7 

and i thinks it costs to much

[althaaqib 187]

This is a good question, dear. I think mining while holding cryptocurrencies and not rushing to sell them will qualify you to make a profit. All you have to do is keep what you've achieved and waited for the right time to sell it. All the best

[Afreen603 307]

When you have done a good research about how can you stay in profit while you mining, you should start mining.It is better to do mining only if you have low-cost or free energy.And the research should be concerns mostly about electric cost.

[Rozy 1918]

It is easier to calculate your profit when trading because you already know the price at which you bought the cryptocurrency at but with mining it is not the case because you invest a large amount of money and you do not know how log it will take you to get back what you have invested. Anyway I have herd  that at the beginning of crypto, mining was profitable but nowadays with all the developed devices that are available , there is nothing left for common investors except too little.

[Furkan Zengin 62]

On 3/31/2020 at 8:32 PM, Brushless4500KV said:

There are always some miners in the network who are confirming the transactions and keep the network going. Miners will receive coins as rewards for their activities. So, this idea comes to mind that since they don't buy the coins at any price, whatever they earn is 100% profit but this is a wrong belief because they have invested heavily in mining tools and they have to recover this cost first to earn anything. Miners can both start mining when prices are low and when they are high. If you mine when the coins are cheap, you will earn both from mining and from the future increase in value of your coins. I think this is the best time to start mining any coin. But what about the other case? Is it profitable to start mining when the prices are high? In this case, you will earn coins with high values but when prices go down, you will lose big. What is your opinion about the best time for mining?

Mining can be done when you can meet the electricity expenses, the costs of mining equipment and the costs that may be encountered in the removal of malfunctions. I do not prefer. I have never mined normally. I also do not do cloud mining because it is difficult to find a non-scam project.

[Incom365 35]

I think the price of bitcoin is the highest now we should not dig but the digging thing is different it will bring something for the future you have to think about everything the price of bitcoin can go down again at any time