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Topic
Board Mining (Altcoins)
Re: [Awesome Miner]- Powerful Windows GUI to manage and monitor up to 5000 miners
by
puwaha
on 03/09/2017, 04:52:03 UTC
That's kind of the knock on profit switching in general.  When a coin jumps to the top, thousands of miner's profit switching algos switch to it, spiking the difficulty, thus knocking the coin back down the list.  In the meantime, depending on how often your profit switching algo checks, it will keep on mining the "not as profitable" coin.  Then you have to wait for the auto-conversion from the pool which can take many many minutes to hours, and by that time the coin has tanked in value... so you actually get less BTC than you would have just mining the coin and holding or waiting and manually changing to BTC.

I personally feel it's better to look at a coin's average... maybe 24 hours is a good indicator, but I prefer longer averages to the tune of 3 days to a week.  You will get much more consistent profits by mining a coin that stays popular at #3 all week than trying to chase coins that tank before you can see the profits.  It's kind of counter-intuitive.  I'm hoping Patrike can add some more customization in determining the parameters on how the profit switching works.  Whattomine.com already has parameters to look at 24 hour, 2 day, and 3 day averages.

This is something most people don't get. Constantly chasing most profitable coin doesn't make the cut in the long run. You could be mining a coin at a profit right now, but by the time you have enough of that coin to exchange it the price could have go down. Of course, it could go up too.

TBH, chasing short term profit mining only works with NiceHash. They make a log of your profit at a given time and add it to your balance. It doesn't matter if the price drops later, the coins you mined at a certain price get immediately converted at that exchange rate and added to your balance. In sites like MiningPoolHub you are actually earning coins. MPH only automates the exchange process and they have minimums for this, so it's very likely that the price will be different by the time of exchange than the at time you mined the coin. I'm not really sure but I think zpool is like NiceHash too.

So, for those mining coins directly, it's better to stick to one coin that have a good profitable average in a week.

The argument goes both ways, though; the price could be higher at the time of exchange just as much as it could be lower.  If you're generating enough volume in the x minutes of profit switching to a given algo, then generating the coins to get them onto the exchange isn't an issue.

Yes, if you have a lot of rigs and can generate large sets of hashrates then you can accumulate a lot of coins quickly... the problem is the auto exchange on sites like MPH can take hours.  If you ever watch Whattomine for a while (or even the Coins tab in Awesome Miner) you will see coins shuffle constantly, so you are rarely going to be exchanging your coins by relying on MPH or Zpool to get it at the right time.

And if you think that a coin is going to stay steady or continue to rise, it might make more sense to just mine it directly through Awesome Miner with a regular Managed Miner and accumulate the coins and exchange manually.