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

[bliznec 22267]

8 hours ago, Nakamoto said:

So we all should stop mining bitcoin now? I don' get it.

No, I do not suggest that miners leave their jobs. I just give advice on how to survive this Halving of bitcoin. 

[Rickso 768]

On 3/31/2020 at 7:32 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?

your ideas about mining are very confusing.

 

the mining rewards don't care about the coin price, so, for example, if you are mining bitcoin every block solved you will receive 12.5 bitcoin even if the price is 50$ or 100000$.

so, since you pay your maintenance fees (electricity fees, asic maintenance, ecc)  in fiat, in general, is better to mine when the price of the coin is high. 

[Brushless4500KV 4214]

19 minutes ago, Rickso said:

your ideas about mining are very confusing.

the mining rewards don't care about the coin price, so, for example, if you are mining bitcoin every block solved you will receive 12.5 bitcoin even if the price is 50$ or 100000$.

so, since you pay your maintenance fees (electricity fees, asic maintenance, ecc)  in fiat, in general, is better to mine when the price of the coin is high. 

Where does the confusion come from? I explained mining at two different times. Miners will face with both cases. They have to continue their operations whether the coins are cheap or high. I wanted to have a more precise calculation that shows me which time the mining can be more profitable. You say when the prices are high but mining at bear markets can be rewarding too because at some time in the future, the coins will go up. I know the mining reward is the same but when you convert it to fiat, you will get higher or lower values depending on the coin's price. Do you think mining will be useless when the coins are cheap? I mean can a miner compensate for its maintenance costs when the coins are low?

[Nakamoto 279]

On 4/30/2020 at 7:04 PM, bliznec said:

No, I do not suggest that miners leave their jobs. I just give advice on how to survive this Halving of bitcoin. 

You said that mining is not profitable and suggesting people not to mine. But you want the miner to keep mining even they are not gaining any profit?

[bliznec 22267]

1 hour ago, Nakamoto said:

You said that mining is not profitable and suggesting people not to mine. But you want the miner to keep mining even they are not gaining any profit?

I meant that you need to go Halving Bitcoin, since halving the awards will make you lower the reward for the blocks received. Maybe miners should buy newer and more powerful equipment for mining Bitcoin.

[Nakamoto 279]

On 5/5/2020 at 12:30 PM, bliznec said:

I meant that you need to go Halving Bitcoin, since halving the awards will make you lower the reward for the blocks received. Maybe miners should buy newer and more powerful equipment for mining Bitcoin.

The miners will keep mining otherwise you cannot send anything. You should think when bitcoin price up more than anyone expected. Bitcoin rewards are reducing but the price will always rise.

[AmjadBydn 0]

If you have a good computers so you can start mining but let me tell you something that mining now needs a huge power to make good profits ! so you now mining is very hard if you don't have good equipment 

[bliznec 22267]

6 hours ago, Nakamoto said:

The miners will keep mining otherwise you cannot send anything. You should think when bitcoin price up more than anyone expected. Bitcoin rewards are reducing but the price will always rise.

The price of bitcoin can and will increase after the halving of bitcoin, but do not forget that the price may fall. The main feature of Bitcoin is its volatility, which attracts many investors and traders.

[CryptoMaxim 3829]

On 31.03.2020 at 21:32, 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?

How much I know the amound of coins produced does not depend on the price. It depends on the complexity of the network.

[Shahud 1319]

to know about the best time for mining is you just have to have a look to the chart and algorithm of the coin you want to mine

based on the analysis you have to decide with your own the best time to mine.

[Magnom 0]

In my opinion, there is no specific time for mining.. Mining today requires a huge amount of power and specific devices.. So if the price of electricity is low here and you can buy some devices for mining..so do it.

[Jaysen0104 536]

As long as you have the capability to start your own mining workstation you can start mining cryptocurrency. But take note that you need big money to start mining crypto because the tools you need is very expensive as well as the electricity you will consume everyday.

[Honny143 13612]

Bitcoin mine when the prices high are low in both conditions its profitable, because when prices low then mine bitcoins and store in our wallet, hold some time when prices increase sell and when bitcoin prices high obviously we earn profit,

[Brand1 1336]

Frankly, the best time to mining cryptocurrencies is when their price rises, because when the price rises we can achieve profits in addition to paying for the costs of the devices we use and the costs of electricity sources, but if the price falls we will never be able to achieve profits because of the high prices of the devices

[Zaino34 0]

As for me, mining is at any profitable time, and I continue to mine even if the price of currencies is high, but certainly if we do mining at a time of declining prices, we will achieve more profits when the price of currencies increases because our profits will double.

[DreamStage 2105]

Well mining is no longer profitable unless you earn more from mining fees as from transactions.

 

Even if you mine using your pc is even worse, you will need just some situational hardware placement as a bunker to have your PCs mining 24/7 to achieve profit just from it.

 

There are so less blocks to be mined than before that is even harder now than in the past and that's why isn't profitable to normal investors.

[Yomose 3704]

On 6/6/2020 at 9:28 AM, Majeshi said:

You can invest in mining sites when the prices are high because you will earn good number of the coins that you are mining

I will not suggest you mining sites like the cloud mining, browsers or apps mining. The best is to just have your own hardware and join a mining pool, this is just the best way to mine. Searching online about the best and most profitable coin to mine and the best mining  hardware for it is required before starting. 

[guatazoo 7150]

I think when you see the cryptocurrencies prices has massively price fall, this is the right time that you can start mining, because the transactions fees must be high at that time. 

[Calvinpriva 17296]

Do we need to learn mining before we start just like how we learn how to trade before we start? I never do mining seriously, and i never thought if there are some ways to do it correct so that i can earn profit with it.

[Tunuu 2235]

I think it's working just like in trading, you buy coins when the price is down and you sell them when the price is high so that you can earn good profit. That how it works in mining, start mining when prices are down so that you can have a good profit by selling your coins when prices rises.

[Yomose 3704]

On 4/30/2020 at 4:44 AM, Nakamoto said:

So we all should stop mining bitcoin now? I don' get it.

I will not advice us to mine bitcoin for the difficult not to increase. I like to mine bitcoin, but if we all do that, less will be the reward. But, if you want to mine, you need a powerful mining rig. Setting up a powerful mining farm is not easy at all because it is expensive. 

[BTC Future 3946]

If you are talking about Bitcoin mining the most important factor is electricity price. If you are able to make a deal with a vendor and get cheap electricity it can be a really good investment. There is need for funds as you will have to buy the equipment and securely store them in a warehouse or basement along with installing cooling systems. There is no bad time to start mining. It is a business. Miners usually hold when prices are low and sell when they grow higher to maximize profits.

[Yomose 3704]

On 8/10/2020 at 1:25 PM, BTC Future said:

If you are talking about Bitcoin mining the most important factor is electricity price. If you are able to make a deal with a vendor and get cheap electricity it can be a really good investment. There is need for funds as you will have to buy the equipment and securely store them in a warehouse or basement along with installing cooling systems. There is no bad time to start mining. It is a business. Miners usually hold when prices are low and sell when they grow higher to maximize profits.

The issue of tax and weather are needed to be addressed too, in hot weather, there is need to buy air conditioners, this will increase your budget and also the electricity usage. Lastly, also is the need of cheap labour. 

[Raqeebzy 6456]

On 4/22/2020 at 4:50 AM, scorpiali said:

I really leave the world for mining from a long time it's not rally profitable right now even if you invest in some cloud mining website they return to scam or stop paying because of maintenance or other thing 

This isn't said enough: Not all cloud mining sites are scam, all free ones are. Btw, I think OP meant mining (solo) not cloud mining. Output of cloud mining depends on the very plan you subscribed; cloud mining sites won't plans prices is not directly proportional to value of the coin being mined. If you start mining bitcoin at $10'000 value, when BTC reaches $13'000 doesn't means plan increases too automatically.

[scorpiali 5626]

On 8/21/2020 at 6:22 PM, Raqeebzy said:

This isn't said enough: Not all cloud mining sites are scam, all free ones are. Btw, I think OP meant mining (solo) not cloud mining. Output of cloud mining depends on the very plan you subscribed; cloud mining sites won't plans prices is not directly proportional to value of the coin being mined. If you start mining bitcoin at $10'000 value, when BTC reaches $13'000 doesn't means plan increases too automatically.

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