April 18, 2024
Crypto Mining

Crypto Mining

What to mine: Ethereum gone proof of stake. The first and foremost answer, no Crypto mining is not dead. The reason is, that crypto mining was not always profitable right from the start. There have been times when the hash rate, network difficulty, block rewards, and price of the coins go up and down. In the last few of years, there has been a huge influx of miners, especially for Ethereum and Bitcoin. There was always a misconception about Crypto mining.

Ethereum going Proof of stake (Network secured by validators) is not only a good sign for new coins but the focus on them as well. As of writing, almost all GPU mineable coins are not profitable. If you plan to mine you need to pay electricity costs out of your pocket.

Current scenario of coins as per Whattomine.com. (My GPUs taken as an example. approx. 150mhs, AMD 5700XT, AMD 6700XT, Nvidia RTX3070)

Top coins
Top coins

As you can see none of the GPU mineable coins are profitable. A small note, mining can be done through various methods and via different hardware. For example – There are coins like Helium (HNT) where you need small router-like hardware to mine, and ASICs are used for different types of coins, etc. But, today I am focusing mostly on GPU mining.

How to pick the coin to mine? 

  1. Keep a check on Whattomine.com for all the coins (Network hash rate, Difficultly, coin price, etc.)
  2. Research the coin you think or can understand holds a true value for the future. Read and learn about the coin.
  3. Coin previous performance (All time highs and lows). Very important to know if the coin is not mere a true pump and dump
  4. Diversify or dual mine. If you have multiple graphics card or RIGs, you can diversify and mine 2 coins rather than 1 to limit your exposure and at the same time have less risk

Some strategy:

  1. If you believe none of the coins hold value, sell them every month or 2 depending on how big your RIGs are, and convert them to more stable assets – Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Binance coin (BNB), etc.
  2. Sell some and hold some into stables or established coins 
  3. Wait for a week or an even a month as the hash rate and network difficulty will take time to adjust
  4. A lot of miners go out from mining or come back on post-merge, wait and watch

Most important, currently the market not just Crypto (Speculative for many) but, the entire Market is down. More downside is predicted, Inflation, rate hikes, Recession, CPI, etc. Take a breather and then decide. Let the market stabilize.

My strategy, I have been mining for a few years. I have made a lot of articles about my GPUs. I will research for a week or month and decide accordingly. Coins I am keen on – NEOXA (NEOX), Ravencoin (RVN), Ergo (ERG), Flux (FLUX). Maybe holding some and converting a few to Bitcoin (BTC) and Ethereum (ETH).

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