Cryptocoin Mining?

[bob32768]

I wish Middlecoin had the pretty stats of CleverMining.

I tried mining there for a few days and initially it was equivalent to Middlecoin for earnings, but profitability vs LTC has taken a dive recently and is now below 100% (i.e. their attempts at arbitrage ended up worse than just mining LTC directly). It's a small pool, so maybe that's why. I'm going to switch back to Middlecoin again.

 

[JBT]

Does anyone know if I can mine AKC on my GPU?

Pretty sure AKC is just scrypt isn't it?

 

[T_Yamamoto]

Pretty sure AKC is just scrypt isn't it?

You mean CPU only?

 

[f1sherman]

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?

200ish MH/s

1/2 of 7870
1/4 of R9 290

why not, it should cover electricity cost. also he can play on exchanges.
and if those 200KH/s get pointed at the right coin, and he dumps it at the right time, - moneys can be made :awe:

 

[slashbinslashbash]

You mean CPU only?

Scrypt = GPU

 

[slashbinslashbash]

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.

Still, go ahead and try it. You won't make any money, you might lose a little, but better you lose a few dollars in electricity than throw away hundreds or thousands on equipment you don't know how to use.

didn't china banned cryptomining recently?

No, the "ban" in China did not ban mining, it did not ban manufacturing of mining equipment, it did not ban individuals owning and trading Bitcoin. It banned banks from trading or exchanging Bitcoin. That's it.

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$

The 5GH/s Jalapeno units are way over-priced. You will never make $274 worth of Bitcoin on one of those units, at current and projected difficulties. I had one of these units briefly before I sold it for $200 on eBay. It is cute, and I wouldn't mind owning another one, and I'll probably pick one up in 6 months when they're $5 on eBay, just because it's a cute little cube that you can use to warm your hands at your desk, that happens to produce a tiny amount of Bitcoin.

That being said, it is only $274 and it will get you into ASIC mining. They also have been making these units for several months now, and if they say "In stock" then they probably are actually in stock, and you will probably receive it in a reasonable amount of time.

On the other hand: DO NOT PRE-ORDER THE 300GH UNITS FROM BUTTERFLY LABS. DO NOT PRE-ORDER ANY MINING HARDWARE, PERIOD.

The 300GH units (and the 600GH units, for that matter) do not even exist as a prototype. They have been delayed for months already (first units were supposed to deliver in November/December, none have shipped yet, and people paid like $6000 for them intitially!) and they will be delayed for months to come. Nobody has seen a functioning prototype. They are still testing their first test batch of chips from the foundry. There is no way that they are going to meet their performance goals in the presented card form-factor, there is simply going to be too much heat created even with a 28nm process. Well, maybe the 300GH units will work, but the 600GH units will require major re-engineering.

If you could get the 300GH card today, it might pay itself off. If you get it 3 months from now, it will never pay itself off. With BFL, you have no clue when it will be, but it will likely be 3 or more months.

If you want to throw some money away, buy the 5GH unit and have fun with it. At least it will be a limited amount of money, and you know that you will receive the unit fairly quickly.

But you would be better off buying $274 worth of Bitcoin.

 

[JBT]

You mean CPU only?

No its the same as DOGE, or LTC etc, you'd use your normal cgminer etc to mine with your GPU.

 

[T_Yamamoto]

No its the same as DOGE, or LTC etc, you'd use your normal cgminer etc to mine with your GPU.

Oh, so AKC can be mined with GPU? sweet

 

[geokilla]

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.

I'm talking bout big pools as in scrypt pools. 72k Kh/s on Suchcoins?

 

[fusedpro]

I have a fairly/really basic understanding of this mining craze and am interested in jumping on-board, but I don't understand profitability. Would someone here be able to shed some light for me?

Say I am able to buy three R9 290x video cards and throw a mining rig together for ~$1,500. Am I "guaranteed" to see a return through mining doge (or whatever the best scryptcoin at the time is)? I understand there is no guarantee, but is it essentially a safe bet at this point? Horrible question, I know, but the concept of these making money (actual USD) after build costs/electricity seems unrealistic or too good to be true...

 

[frowertr]

So what does everyone think is going to happen when we hit Doge halving today/tonight? Is the price going to go any higher than it is now or dip sharply with people trying to offload?

My concern is what happens in the long term. If the price stays roughly the same, than it will only be 1/2 as profitable to mine it. I am hoping that would push the diff down (the smaller one card miners can no longer see any large gains thus they will leave) to make up for the smaller block rewards.

 

[wand3r3r]

I have a fairly/really basic understanding of this mining craze and am interested in jumping on-board, but I don't understand profitability. Would someone here be able to shed some light for me?

Say I am able to buy three R9 290x video cards and throw a mining rig together for ~$1,500. Am I "guaranteed" to see a return through mining doge (or whatever the best scryptcoin at the time is)? I understand there is no guarantee, but is it essentially a safe bet at this point? Horrible question, I know, but the concept of these making money (actual USD) after build costs/electricity seems unrealistic or too good to be true...

You will "probably" make your money back.

How long it takes, who knows. If everything crashes like BTC did a year ago, it took 6-8 months to revive, but there is no guarantees of anything.

December-February has been profitable. Before that I'm not sure since I haven't followed it that closely. I'm pretty sure it has been borderline unprofitable for a lot of the time coins have been around (mainly BTC) but people who held onto the coins made out like bandits. Other people probably lost a lot of money buying high and selling low.

The fascination with coins could pass quickly, just like any fad (see tulip mania). Nothing ventured nothing gained on the other hand.

In the end, don't invest more than you care to lose. Anything you make is just luck/skill beyond that.

So what does everyone think is going to happen when we hit Doge halving today/tonight? Is the price going to go any higher than it is now or dip sharply with people trying to offload?

My concern is what happens in the long term. If the price stays roughly the same, than it will only be 1/2 as profitable to mine it. I am hoping that would push the diff down (the smaller one card miners can no longer see any large gains thus they will leave) to make up for the smaller block rewards.

It's impossible to predict (unless you are capable of manipulating the price). Dogecoin was on a slow and steady downswing for a long time and then almost overnight reversed course. Despite that it was almost always reasonably profitable to mine.

 

[SunnyD]

Okay, so here's the latest on the AKC launch...

ASSUMING it goes off as planned and no surprises happen this time around, in about 5 hours from now the password for the Windows wallet will be given on twitter and the source for the wallet will be posted at the same time so that pools can compile and open up.

That means solo miners have a small window of opportunity to collect full blocks at low difficulty all to themselves before the pools come online and make them sad by driving up the difficulty.

Links of interest:
Countdown timer until official launch
"Official" Twitter where Password for Wallet is going to be announced
Link to Windows-QT Wallet zip file (Mega.co.nz - fair warning, I highly suggest virus scanning before using ANY wallet you download)

I will try to stay on top of the launch as best I can and have to stratum up as quickly as possible after the wallet source is posted. Generally it takes about 5 to 10 minutes to compile and configure a wallet and get the stratum up assuming there's no weird issues in building the wallet that I have to muscle through.

Good luck.

 

[KingFatty]

I wish Middlecoin had the pretty stats of CleverMining.

I tried mining there for a few days and initially it was equivalent to Middlecoin for earnings, but profitability vs LTC has taken a dive recently and is now below 100% (i.e. their attempts at arbitrage ended up worse than just mining LTC directly). It's a small pool, so maybe that's why. I'm going to switch back to Middlecoin again.

There are alternative "stats" sites that can generate more helpful information based on Middlecoin.

Example, try http://middlestats.circlestorm.org/

I'm sure there are better/more detailed ones. Also, you can provide your bitcoin address as a parameter to the website call, or just bookmark the stats page with your bitcoin parameter already provided, so you link directly to your personal stats (without having to input your bitcoin address each time), so it's pretty fast/convenient to check your hashrate and returns etc.

 

[frowertr]

It's impossible to predict (unless you are capable of manipulating the price). Dogecoin was on a slow and steady downswing for a long time and then almost overnight reversed course. Despite that it was almost always reasonably profitable to mine.

I agree. But I would "guess" that if the price doesn't increase, than it would cause the small time miners to get out. I can't imagine they would continue running a single card rig for 1/2 the gain.

 

[KingFatty]

How has middlecoin been performing? Are they consistently above a return rate of about 0.01 BTC per day for a hashrate of 1000 KH/s?

They don't seem to publicize this information, if I'm not mistaken? But you can immediately see this information on wafflepool, where they publicize their performance numbers for each day and over longer periods etc. I wish middlecoin was more transparent like wafflepool. I like wafflepool for that reason, but I suspect that middlecoin is still the most profitable (despite having the highest fees) because they command such a large total hashrate compared to the smaller multipool players like wafflepool (which has a very low fee, but is less popular).

 

[f1sherman]

I agree. But I would "guess" that if the price doesn't increase, than it would cause the small time miners to get out. I can't imagine they would continue running a single card rig for 1/2 the gain.

We will basically see DOGE inflation halving. That certainly adds to coin value.

Block Numbers Per-Block Reward First Block Expected Coins Produced (approx) Expected Total Circulation (approx)
1-100,000 0-1,000,000 (random) 8 December, 2013 [49] 50,000,000,000 50,000,000,000
100,001-200,000 0-500,000 (random) 14 February, 2014 (estimated)[50] 25,000,000,000 75,000,000,000
200,001-300,000 0-250,000 (random) 25 April, 2014 (estimated) 12,500,000,000 87,500,000,000
300,001-400,000 0-125,000 (random) 3 July, 2014 (estimated) 6,250,000,000 93,750,000,000
400,001-500,000 0-62,500 (random) 10 September, 2014 (estimated) 3,125,000,000 96,875,000,000
500,001-600,000 0-31,250 (random) 19 November, 2014 (estimated) 1,562,000,000 98,437,500,000
600,001+ 10,000 (fixed) 27 January, 2015 (estimated) 5,256,000,000 per year No limit



Regarding DOGE/day and it's profitability, we can see DOGE rising, network(diff) falling, or the combination of these two.
So rise is not certain, because network can deal with block halving, in a manner that makes both DOGE mining profitability and its price remain the same.

Furthermore DOGE price will depend on BTC continuing free-fall/recovering and on plethora of other rational and rational reasons.
The more you think about the "right" answer, the more it makes your head spin

 

[nwo]

Scrypt = GPU

Yes, but you can also mine with CPU if you'd like :awe:

 

[T_Yamamoto]

Okay, so here's the latest on the AKC launch...

ASSUMING it goes off as planned and no surprises happen this time around, in about 5 hours from now the password for the Windows wallet will be given on twitter and the source for the wallet will be posted at the same time so that pools can compile and open up.

That means solo miners have a small window of opportunity to collect full blocks at low difficulty all to themselves before the pools come online and make them sad by driving up the difficulty.

Links of interest:
Countdown timer until official launch
"Official" Twitter where Password for Wallet is going to be announced
Link to Windows-QT Wallet zip file (Mega.co.nz - fair warning, I highly suggest virus scanning before using ANY wallet you download)

I will try to stay on top of the launch as best I can and have to pool up as quickly as possible after the wallet source is posted. Generally it takes about 5 to 10 minutes to compile and configure a wallet and get the stratum up assuming there's no weird issues in building the wallet that I have to muscle through.

Good luck.

How would be GPU mine with the wallet. I know for the CPU we can do autogenerate=true and it'll mine via the wallet.

 

[SunnyD]

How would be GPU mine with the wallet. I know for the CPU we can do autogenerate=true and it'll mine via the wallet.

Set your rpc username and port, server=1, daemon=1, allowip your machine, point cgminer to your local ip address:rpc port with your rpc username and rpc password.

 

[T_Yamamoto]

Set your rpc username and port, server=1, daemon=1, allowip your machine, point cgminer to your local ip address:rpc port with your rpc username and rpc password.

Oh god that's a lot of work. I understood zero of that. It's okay. I'll just mine up with my CPU for the first few minutes then point it towards your pool.

I'll just have my GPU pointed at your pool from the getgo.

 

[frowertr]

Oh god that's a lot of work. I understood zero of that. It's okay. I'll just mine up with my CPU for the first few minutes then point it towards your pool.

I'll just have my GPU pointed at your pool from the getgo.

It's actually only the one .conf file that you set all that up in. Then you just point your miner to the IP address of your server (localhost if applicable) and use the same username/password you input in the .conf file.

Google around for solo mine LTC/Doge and there are plenty of examples.

 

[slashbinslashbash]

Interesting info on DOGE mining.... I did not know that the "random" block rewards were actually predictable from the hash of the previous block.

http://www.reddit.com/r/dogemining/comments/1x1p76/something_is_rotten_in_the_state_of_doge_mining/

We can check for signs of cheating independent of the pools: if more people are mining high-value blocks than low-value blocks, the hash-rate will be higher when the next block is high-value, so high-value blocks will be found faster than low-value blocks. Here's what you find if you look at 5000 recent blocks (blocks 80,001 to 85,000) and measure the average time to find a block, broken out by the block value:

0-99,999 reward: 64.3 seconds (465 blocks)
100,000-199,999 reward: 62.6 seconds (486 blocks)
200,000-299,999 reward: 68.5 seconds (521 blocks)
300,000-399,999 reward: 70.2 seconds (500 blocks)
400,000-499,999 reward: 58.0 seconds (523 blocks)
500,000-599,999 reward: 59.4 seconds (488 blocks)
600,000-699,999 reward: 58.7 seconds (500 blocks)
700,000-799,999 reward: 55.6 seconds (514 blocks)
800,000-899,999 reward: 56.7 seconds (471 blocks)
900,000-999,999 reward: 58.1 seconds (479 blocks)

It seems that some people are increasing profits by hopping off of DOGE mining when a low reward block is coming up. The Redditor includes source code to control your cgminer to hop-on, hop-off DOGE in an effort to force the hand of the DOGE community to change the algorithm.

In the comments:

[–]netcodepool 9 points 8 days ago*

496,691 is the mean block size for netcodepool. very close to what you would expect given the math for this coin.

1558617908.133 DOGE/3138 valid blocks

confirm here: http://doge.netcodepool.org/index.php?page=statistics&action=blocks

kind of surprised its so much higher than the others posted here 0.o Not having near 500,000 average value for your blocks when you have mined so many is strange. Statistically its anomalous to say the least.... whats going on?

[–]animeturtles 12 points 8 days ago*

However, the vast majority of your blocks are older than 4 weeks, where this tactic might not have been widely used. Your average payout for blocks in the last 4 weeks is just 446,395 464,810 DOGE.

edit: These recent numbers are also less than 1% likely; the 99% confidence interval is at 466,645. OP's case is holding up.

Also, there is a good theory that Middlecoin is probably one of the heavy hitters doing this selective jumping. Middlecoin mines DOGE on the good blocks, mines other coins when DOGE has bad blacks.

 

[T_Yamamoto]

It's actually only the one .conf file that you set all that up in. Then you just point your miner to the IP address of your server (localhost if applicable) and use the same username/password you input in the .conf file.

Google around for solo mine LTC/Doge and there are plenty of examples.

I used Cudaminer so I don't know if it'll work.

 

[SunnyD]

Oh god that's a lot of work. I understood zero of that. It's okay. I'll just mine up with my CPU for the first few minutes then point it towards your pool.

I'll just have my GPU pointed at your pool from the getgo.

I used Cudaminer so I don't know if it'll work.

I'm just going to flat out say this... YOU are the last person that should get into mining.

Yes, it will completely work with cudaminer.

No, it's not a lot of work. For the average person it takes about 30 seconds.

I've given you more than enough help to get it going. If you're too lazy to figure out how to take 10 minutes to google any gaps in the rest of what you need to know, well, you're on your own. See you in the next giveaway thread mooching it up.