Mining and Keeping your Portfolio in the Black Amid All the Scams

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Altcoin Bag Hold

One major loss of sleep for us altcoin traders is the fact that we might have just bought a big ‘ol bag of Scam. And we could all use a bit more and better sleep right? There are some tips that can help your stress levels and keep that stroke from creeping up on you while you hold your coins.

London Close Trade Strategy with Vic Noble and Shirley Hudson

Always Use a Spreadsheet

This is important. Keep track of all your costs of mining, rig rental, electricity etc. This way you can keep tabs on how much you spend to mine your coins. Keep the amount you make of each coin while mining. Then you can calculate your minimum that you need to get to break even. I find Google Docs to be the best place to keep this info, that way if you go to another comp it’s right there at your fingertips so you can keep trading no matter where you go.


Sell off a Portion to Get your Costs Back

I ususally like to take what I mine and split it in half, then sell the one half for covering costs right away and that way I’m holding the rest of my coins at profit no matter what happens.


Don’t Rent Mining Rigs Right Before a Launch

Doing this could put you at a huge loss. You don’t know if this launch is going to be a bust. In just about every announcement thread that the coin had to have the launch delayed because of coding problems I see people complaining because they already paid for hash. DON’T DO THAT. You are setting yourself up to loose money this way. I always wait a few hours to a day before jumping on mining a coin, too many times I’ve seen launches abruptly stopped due to forks or even scammers right off the bat.


Test the Waters

Don’t commit to long periods of renting. I’ve found that renting for 6 hours to start with usually will keep me from loosing too much if the coin is a scam right away. After that I might got on to 12 hour rentals and eventually move on to day long if the coin is doing well and the developer is producing as promised.


Setup Automatic Payouts in Mining Pools

You have no control over if a pool goes down or not. This way your payments keep coming to your wallet and your payments don’t have to wait for you to be able to log in to get them.


 

One comment on “Mining and Keeping your Portfolio in the Black Amid All the Scams

  1. […] For tips on renting mining rigs for altcoin mining, check out Cryptogab’s post HERE. […]