Cryptocoin Mining?

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slashbinslashbash

Golden Member
Feb 29, 2004
1,945
8
81
Anyone here mining with an ASIC box? How does it compare to an amd video card?

Totally different realms. ASICs are built for a single hashing algorithm. Most ASICs on the market are designed for SHA256, used by Bitcoin and several others. ASICs for scrypt (used by Litecoin, Dogecoin, Feathercoin, etc.) are just coming out. It is these coins that AMD video cards are best at mining.

I have a small rig of ASIC miners for mining Bitcoin. It is running at 300GH/s. This is equivalent to over 400 AMD 7970's, if they were to mine SHA256 coins. Which would be stupid, because they can make more money mining scrypt coins.
 

gammaray

Senior member
Jul 30, 2006
859
17
81
Totally different realms. ASICs are built for a single hashing algorithm. Most ASICs on the market are designed for SHA256, used by Bitcoin and several others. ASICs for scrypt (used by Litecoin, Dogecoin, Feathercoin, etc.) are just coming out. It is these coins that AMD video cards are best at mining.

I have a small rig of ASIC miners for mining Bitcoin. It is running at 300GH/s. This is equivalent to over 400 AMD 7970's, if they were to mine SHA256 coins. Which would be stupid, because they can make more money mining scrypt coins.

so can you explain it to me, how you set it up and what you needed?
 

geokilla

Platinum Member
Oct 14, 2006
2,012
3
81
See above. Add them to your conf file.

I'm "fairly certain" that they should be compatible with sgminer.
No idea if it worked since launch is delayed... Haha though I think I'll mine Pandacoin instead at this rate.

Why close them? Get your coins out, make sure your passwords aren't the same as elsewhere, and even if the pool got hacked or whatever, there's no way for you to lose anything if you're not mining there.

Because I don't want to get spam mail from them in the future. Definitely going to change as much e-mails as I can though.
 

slashbinslashbash

Golden Member
Feb 29, 2004
1,945
8
81
so can you explain it to me, how you set it up and what you needed?

I bought some Butterfly Labs "Single" 60GH/s mining units. I managed to buy them locally at a very good price on Craigslist. I purchased 16 of the 60GH units, plus some other smaller units. I sold most of them on eBay to get my money back, but retained 5 of the 60GH units for myself.

In any case, you can presently purchase these units on eBay for around $800 each. Once you have one, it is really pretty easy to run. It needs a power source. The official BFL power sources are crap. The guy who sold the miners to me included some really nice EVGA 1300W modular power supplies that could power up to 4 of the units from 1 power supply with no worries of explosions or fires like with the shoddy Butterfly Labs power supplies.

Anyway, once it's powered up, plug in the USB cable to your PC. It is no problem running many of these units from one PC, you just need as many USB ports/hubs as necessary. Depending on your OS, there may be drivers that need to be installed, they are linked on the BFL website. Once they are plugged in, start up bfgminer or cgminer, they should be detected automatically and they will run for weeks without intervention.

Other ASIC miners are somewhat different. Some of them have embedded micro-controllers or Raspberry Pi so that they can mine automatically, so you set them up kind of like you would a router, through a web interface.

I should warn: at current market prices, these units are vastly overpriced. A single 60GH/s unit is likely to ever produce maybe 0.5 BTC over its lifetime, starting today, given projected difficulty increases. By the end of the year for sure, but probably more towards the middle of the year, it will be un-profitable to run the machine due to power costs (fortunately, I have access to free power roughly half of the week, so I can keep using mine indefinitely). Of course, this depends on the price of BTC as well as the difficulty increases. If BTC goes to $5,000 by the end of the year then the units will probably still be profitable at that point. Anyway, take 0.5 BTC, that's roughly $350 today. That is the "break even cost" for these units at this point in time. If someone were to sell one to you for $350, you could probably break even on it. However, the market price for these is still in the $800 range on eBay, and even more on CraigsList. As recently as a few weeks ago, they were being sold directly from BFL for $1200 or so.

I should also warn: do not ever, ever, ever pre-order an mining rig from any company, period. All ASIC companies have been plagued by delays that mean months of not mining. They are all newbie chip-design companies relying on big fabs to fab their chips. Assuming that goes well, they still have to package, test, etc. before they can actually ship units to customers. They are not Intel or AMD or NVIDIA that have tons of experience and can give you exact delivery dates and always hit their performance goals (note, sometimes not even Intel/AMD/NVIDIA can come out on time and with projected performance). Butterfly Labs, Terrahash, Cointerra, even KnC have had problems meeting ship dates and/or performance goals. Butterfly Labs in particular has a horrible reputation for this. Although I have to say, their miners look very nice, and they have been running very stable for me.

The difficulty of BTC mining roughly doubles every month. That means that if you start mining today with a given rig, say it earns you 1BTC the first month. Then 0.5BTC the next month. Then 0.25BTC the next month. Then 0.125BTC the next month. But if you order it today and get it a month from now, you will start with 0.5BTC, 0.25BTC, 0.125BTC.... so you missed out on the 1BTC you could have made this month, and that means the difference between making money and losing money. And some of these companies have had months of delays. People that thought they would get their Butterfly Labs stuff in April ended up getting it in November.

These poor people got screwed. I happened to find one of them who was desperate to get his money back, so I forged a good deal and flipped most of the units on eBay to get me to break-even, along with the coins that I mined in the meantime. (Briefly, I had 1TH/s of BTC miners.) My units are now effectively "free" (although I could have sold them for roughly $4k, so opportunity cost of keeping them was $4k... I sold my last units last week. Prices have dropped, so the opportunity cost of still keeping them today is probably around $3k... I could probably net around $600 per unit after eBay fees) and any BTC that they mine is "profit".

I would recommend, before jumping into any of this: mine one of the scrypt coins with your GPU and see how it all works. Become familiar with cgminer in particular. Even if your GPU is crappy, it will still mine, and you can get a grasp of it before you spend big bucks on ASICs and spend days trying to figure out how to get them to work. If you already know how to GPU mine with cgminer then you will not have much of a problem with any ASICs that you might purchase.

And, if you really are desperate to buy an ASIC rig, keep an eye on this page:

https://www.bitmaintech.com/productDetail.htm?pid=00020140107162747992Ce5uBuxW06D6

Price was 1.45BTC before they sold out. It is anticipated that when they get more units in stock, price will drop to 1.1BTC or maybe even less. At that price, those units will probably do slightly better than break-even. Bitmain is a Chinese company, but they are actually pretty well-respected and always ship on time. If they say they have units in stock, they do, and they will ship them when they say. The units take about a week to ship from China to the US, according to most reports.
 
Feb 19, 2009
10,457
10
76
An interesting article on NXT...

http://cryptolife.net/in-depth-analysis-nxt/



Wow. That has scam written all over it. I think that Peercoin with its combined PoW/PoS model is a lot better.

Good luck everybody with the AKC launch!

It was said by some of us here when NXT started, its a damn scam. Worse pyramid scheme out of all the cryptocoins. For a few to hold so much wealth on launch is a sin. For that wealth to be the sole factor in printing more coins is another damn sin. Let NXT die, it does not deserve recognition. There are so many other better coins out there.

Also, SunnyD, get pandacoin pool going for us at AT?

Next big coin IMO.
 

SunnyD

Belgian Waffler
Jan 2, 2001
32,674
146
106
www.neftastic.com
It was said by some of us here when NXT started, its a damn scam. Worse pyramid scheme out of all the cryptocoins. For a few to hold so much wealth on launch is a sin. For that wealth to be the sole factor in printing more coins is another damn sin. Let NXT die, it does not deserve recognition. There are so many other better coins out there.

Also, SunnyD, get pandacoin pool going for us at AT?

Next big coin IMO.

Unfortunately I'm at capacity on this server. I would need to pick up another server and get it spun up before the coin launches, and that requires $$$ out of pocket up front to do so. Granted it can be done on the cheap, but still...
 

x3sphere

Senior member
Jul 22, 2009
722
24
81
www.exophase.com
Gotta say, the guy that runs Cryptolife.net is a bit of a joke. He ran an altcoin creation service not long ago, enabling non-programmers to create their own scamcoins in exchange for BTC. Of course he didn't talk down any created via his service. It's also pretty funny that he posted his NXT address in a giveaway thread not long ago: https://bitcointalk.org/index.php?topic=385408.msg4146169#msg4146169

The initial NXT investors already sold a lot of coins, it was going for 1 million NXT / 1 BTC not long ago. Which is worth 70 BTC now. If it was a scam then anyone that bought in would be getting screwed. I bought in much later than that and still doubled my investment.

Mostly I feel it's worth betting on as it is the first true 100% PoS coin, and if you look past the terrible stock GUI it has a lot of neat ideas under the hood. If you actually think this was all just a scheme to dump millions of worthless coins on people it could have been done with a lot less effort. At least NXT is trying something new and isn't a cookie cutter coin. You don't have to buy into it if you feel it is "unfair", but any progress is better than more scrypt clones that try nothing new.

Do I suggest investing in NXT? No, do your own research then decide.
 

frowertr

Golden Member
Apr 17, 2010
1,372
41
91
Doge jumped up to nearly 200% of worth vs. LTC a bit ago. Was lucky to offload a bit. Damn, I wonder if more spikes will happen tonight with halving being so close.
 

KlokWyze

Diamond Member
Sep 7, 2006
4,451
9
81
www.dogsonacid.com
Unfortunately I'm at capacity on this server. I would need to pick up another server and get it spun up before the coin launches, and that requires $$$ out of pocket up front to do so. Granted it can be done on the cheap, but still...

I'll give you $20 via whatever payment method you prefer. Also, please just reset my password on my akc.poolminewith.us. I'm not getting any password reset emails even though I received the initial registration email. PM'ing you the username now.

Gotta say, the guy that runs Cryptolife.net is a bit of a joke. He ran an altcoin creation service not long ago, enabling non-programmers to create their own scamcoins in exchange for BTC. Of course he didn't talk down any created via his service. It's also pretty funny that he posted his NXT address in a giveaway thread not long ago: https://bitcointalk.org/index.php?topic=385408.msg4146169#msg4146169

The initial NXT investors already sold a lot of coins, it was going for 1 million NXT / 1 BTC not long ago. Which is worth 70 BTC now. If it was a scam then anyone that bought in would be getting screwed. I bought in much later than that and still doubled my investment.

Mostly I feel it's worth betting on as it is the first true 100% PoS coin, and if you look past the terrible stock GUI it has a lot of neat ideas under the hood. If you actually think this was all just a scheme to dump millions of worthless coins on people it could have been done with a lot less effort. At least NXT is trying something new and isn't a cookie cutter coin. You don't have to buy into it if you feel it is "unfair", but any progress is better than more scrypt clones that try nothing new.

Do I suggest investing in NXT? No, do your own research then decide.

NXT's s/w is horrific. I understand they are original, but the devs are complete common sense morons (as usual) and the shareholders wealth concentration f&*ks everyone in the a$$.

I do not suggest it at all, BUT it will probably go up in value regardless. BTW, I must ask: Has anyone else here set up a NXT "node"/wallet? I have and just curious who else has.
 

geokilla

Platinum Member
Oct 14, 2006
2,012
3
81

slashbinslashbash

Golden Member
Feb 29, 2004
1,945
8
81
ASICs have been around for a long time now... Just look at the #1 hash on all the big pools. No way you can get that much scrypt hash without an ASIC.

Not scrypt. BTC=SHA256. Of course they are using ASICs. Question is, who is it? IMO it has to be one of the ASIC makers. Could be a shadow maker though, not selling to the public, just keeping all their chips and mining for themselves. That is what KnC is moving towards once they get Neptune shipped. And 21e6 is supposed to be rolling out their private BTC mining network sometime.

At this point, 1PH represents about 1/22 of the BTC network. Expected earnings are 191 BTC per day, or roughly 8 blocks per day.
 
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gammaray

Senior member
Jul 30, 2006
859
17
81
I would recommend, before jumping into any of this: mine one of the scrypt coins with your GPU and see how it all works. Become familiar with cgminer in particular. Even if your GPU is crappy, it will still mine, and you can get a grasp of it before you spend big bucks on ASICs and spend days trying to figure out how to get them to work. If you already know how to GPU mine with cgminer then you will not have much of a problem with any ASICs that you might purchase.

And, if you really are desperate to buy an ASIC rig, keep an eye on this page:

https://www.bitmaintech.com/productDetail.htm?pid=00020140107162747992Ce5uBuxW06D6

Price was 1.45BTC before they sold out. It is anticipated that when they get more units in stock, price will drop to 1.1BTC or maybe even less. At that price, those units will probably do slightly better than break-even. Bitmain is a Chinese company, but they are actually pretty well-respected and always ship on time. If they say they have units in stock, they do, and they will ship them when they say. The units take about a week to ship from China to the US, according to most reports.

thx.

no, i never did any mining and i have no clue how it works, even with a gpu. I got a gtx 770 home that i use for gaming and another gtx 760 for another build, and that's it.

didn't china banned cryptomining recently?

butterfly labs advertize 5GH/s of mining for 274$ on their website, what do you think of it? and a 300GH/s card for 1500$
 
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wand3r3r

Diamond Member
May 16, 2008
3,180
0
0
I have a number of Z87X-D3H mining rigs. (not UD3H, but I'd guess they're pretty similar).

The 1x slots cannot be used if there is a card in the 16x (physical) slot furthest from the CPU. The mobo detects the presence of a card here and electrically disconnects the 1x slots, and routes their signals to the big slot.

Further, I have never been able to get this mobo to detect more than 3 GPUs, no matter how they are connected.

In another forum they mentioned the UD3H and reboot issues with multi-GPU. A couple people said they have 6 GPUs running on the MSI Z87 G45 Gaming so I'm going to try it.
 

Red Hawk

Diamond Member
Jan 1, 2011
3,266
169
106
Query: my little brother has a PC with my old 5770 in it back home, with a stock Q6600 as the CPU. Would it be worth it to set up a worker on it to earn some extra doge and share the meager profit with him, or would the electricity cost outweigh the mining capability of the 5770?
 

holden j caufield

Diamond Member
Dec 30, 1999
6,324
10
81
question about backing up doge wallet. If I have 10 doge in my wallet, I encrypt it then back it up the wallet.dat to 10 local drives. Now I buy 10 more doges next, 10 more each month. Do I need to do backups of my wallet after adding 10 doges each month or the original wallet.dat is good enough and once it syncs next year all my coins will be there.
 

IEC

Elite Member
Super Moderator
Jun 10, 2004
14,573
5,971
136
thx.

no, i never did any mining and i have no clue how it works, even with a gpu. I got a gtx 770 home that i use for gaming and another gtx 760 for another build, and that's it.

didn't china banned cryptomining recently?

butterfly labs advertize 5GH/s of mining for 274$ on their website, what do you think of it? and a 300GH/s card for 1500$

DO NOT order from Butterfly Labs. I got my 5GH/s units *seven* months after ordering, by which time I barely broke even after mining a bit and selling them. They have terrible customer service and no firm ETAs on anything (they keep delaying, and delaying, and delaying... while you paid up front)

Not to mention 5GH/s is nothing these days and will NEVER pay itself off.
 

wand3r3r

Diamond Member
May 16, 2008
3,180
0
0
question about backing up doge wallet. If I have 10 doge in my wallet, I encrypt it then back it up the wallet.dat to 10 local drives. Now I buy 10 more doges next, 10 more each month. Do I need to do backups of my wallet after adding 10 doges each month or the original wallet.dat is good enough and once it syncs next year all my coins will be there.

If you keep sending coins to that same wallets address, they are recorded in the block chain so they will be there when you synchronize your wallet online the next time (for example when you want to sell them). You don't need to keep it online and it doesn't need to be online to get coins.

(You will have to synch to see the coins in the wallet, but they will be saved by just sending them.)
 
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