Crypto currencies mining
 

Has anyone ever done mining of crypto currencies or have any experience with it that can provide any input or advice?

Re: Crypto currencies mining
 

The guy with Don Ramón on his signature does.

Re: Crypto currencies mining
 

Yeah, I do.

Don't.

Just buy the dam currency your interested in. Your hardly likely to cover the cost of the equipment going in now, especially GPU mining, and you can't compete with the hash-rate or throughput of the largest mining pools or miners in China.

Speaking of crypto - that ANS/NEO - bought 3000 at 20-40c; its now 15usd.

Ballin' dawg.

Re: Crypto currencies mining
 

More seriously, what are you looking to mine?

Their is also cloud based mining, but the returns seemed negligible to me.
I personally never cared for it, but I have a friend who is into it.

Re: Crypto currencies mining
 

Im looking to mine whatever is reasonable at the moment, if its too complicated to set up i might just put all my money into Forex trading

Re: Crypto currencies mining
 

Don't mine. Just buy.

Just do your research and buy a crypto (during ICO preferably, or soon after), and hold.

The returns from crypto are unparalleled compared to traditional stocks.
I feel cheated and disappointed if I only make 1x (100%) in the cryptos I choose to invest in. 4x plus is the norm; ive even done more than 10x on some. Traditional stock, your lucky if you can hit 15% annually for the most part.

But Id highly recommend investing in crypto.

Just a few examples of three coins out of my overall portfolio:

Bought into ETH at 10-15 USD late last year. Its now worth about 300UDS

Bought 3000 ANS/NEO at 20-40c five months ago, its now worth 40USD.

Bought 5k Civic just two weeks ago at 15-16c, its now worth 57c.

And of course, Bitcoin itself hit historic high of 4k.

Etc, etc.

Ive made over - well, a lot. Hate talking about how much one has, seems vulgar. I have friends, with much more deeper pockets then myself, who would be what we call "whales" or "market makers", who make 300k plus in crypto trading.

I do not trade myself, just buy and hold.


If you live in Atl GA, I won't mind talking in person in order to get you started and go over the basics of how to asses the value proposition of a crypto. Could do lunch, on me.

Re: Crypto currencies mining
 

People forget... you only have that much if you are able to sell it at that rate. and anything over $10k... IRS will GET YOU.

Re: Crypto currencies mining
 

The trade volume for both NEO and especially Eth is high enough that it would take someone with more than 100,000 or significantly larger amounts to even drop the price, at least in most high volume exchanges.

Besides, on Coinbase, you can either convert ETH to USD wallet, or sell directly to Paypal/Bank on its GDAX price. Liquidity and price isn't much of an issue with the top 5 currencies - unless your some whale.

A tax event is only triggered when you try to withdraw crypto to fiat, to your bank account or otherwise. I won't get into the many ways this can be circumvented.

Like my accountant once told me: "You have to pay more in taxes this year, good, you made more money"

To put it simply; yeah, just pay your damn taxes. It's usually just considered income; you can try to claim it as capital gains.

It's not a issue, at least to me.

Re: Crypto currencies mining
 

I'm dual mining ethereum and Sia, along with decred and a few others. It's a bit of a gamble if the price falls but currently pumping 650$/month on about 3k$ of equipment (minus electric, I reckon 100$ from that), so roughly 6 months until break even. I've made more buying and holding/bot trading, but I haven't been mining long and have been holding for quite a bit longer.

It was worth it to me to the point that I've purchased enough equipment to keep me busy for next year or two. Figured I'd milk it until it comes crashing down.

Learnt most on youtube and a few know how's on the web. I'd say don't buy GPUs over retail prices and just wait until they come back down

Re: Crypto currencies mining
 

don't mine anything unless it hasn't had an ico yet.
and really, probably just don't mine period. it's not worth it anymore unless you already have some extra income.
just do research on coins before they go on an exchange, or try to be a part of the ico.
buying coins that are already listed is riskier because of how many worthless coins there are that are going nowhere.
just research them a lot before buying and holding. there are useful subreddits for this.