Cryptocoin Mining?

[Zargon]

Im on BTCGuild but I will aim my new miner at slush probably, with btcguild as the fall back

 

[Zxian]

I'm with 50BTC and Slush as a backup.

I should probably leave it the other way around, since my mining rigs are running pretty much 24/7, and Slush's cut is less than 50BTC.

 

[Chiropteran]

The fact of the matter is that nobody knows where on the chart we are right now with absolute certainty and accuracy. We're obviously somewhere in the Mania or Blow off phase, but beyond that, we don't know.

I was thinking it might mirror the 2011 crash, with a slow long burn from $120 down to $20 or so before very slowly turning around and building back up, but it's really not the same game as it was back then.

If nothing else, I think the market will be unpredictable for a few days.

 

[pm]

ah thanks for the info!

I hit 'start' a while ago but nothing is going on yet, I may have missed a step. It still says "Starting..." in GPUMiner. It's not connecting for some reason. Also it says " no JSON object could be decoded" whatever the hell that means.

Go View -> Console and then look at the console, it usually has better information.

 

[Evleos]

So how's Bitcoin mining working these days?

Any recommendations for a setup - which apps etc to use - when having a Radeon 7770 card?

 

[wbynum]

Good thing I just bought another 7970. :\

Good thing I just bought ~$2600 in mining hardware (3x7950, 4x7970) over the last 7 days.

I see many Ramen Noodle meals in my future...

 

[markyh]

How the heck did you get 627kh/s at 66C on a 7950? I'm sitting at about 550kh/s at 80C (with fans maxed too) and I spent a while tweaking too so I can appreciate how much tuning that must have taken you.

I spent 3 hours this evening from 6pm to 9pm live mining fiddling with Afterburner. Ok firstly I bought the MSI 7950 twin frozr "boost" edition. From stock this boosts from 880 core to 960 core with 1250 memory as standard.

However vcore is set buy GPU bios to 1.2v stock always, so even idle pulls 50 watts! But even at max "boost" 960 core it sits at 66 degrees with 65% fan.

I guessed (correctly luckily) that this 7950 must have some headroom for higher clocks and lower voltage.

What I did.

A) started with cat 12.8 drivers, then switched to 13.3 beta which are better, more k/hash's for same core speed.

B) got the very latest MSI afterburner version 2.3.1

C) Set afterburner to "force voltage".

D) Finally settled of the following settings , stable, no crashes or lock ups.

Core Voltage: 1100MV , Power Limit 0 (stock) , Core Clock 1050mhz , Memory clock 1500 mHz. Fan Speed: AUTO.

E) My GUIminer-Scrypt settings are ;

CGMiner back end. Thread concurrency: 12000 , Worksize:256, Vectors :1, GPU threads : 1, Intensity : 20, Use Stratum : Yes.

Pulling 627-630 K/Hash (currently 630) 279 shares accepted since 9pm , 11 rejects (4% stales/reject)

Now my GPU will not have any concurrecy over 12000 with intesity 20, it just refuses to start and can't catch work.

I have no idea what thread concurrency and intensity do to work together but this works for my MSI 7950.

BTW reading TacoTimes GUIMiner Scrypt thread he states for best performace LTC mining 7950's need core speed to be .68 of memory speed or more and 7970's .58 or more.

You divide core speed bu 0.68 to get memory speed setting. You need to keep this ratio or better.

7950 = 1000 core /0.68 = 1470 memory speed.

Hope this helps. I'm a quick learner! :sneaky:

M

Edit; also to make you really sick its pulling 630 k/hash @ 66 degrees and fans are only run on auto @ 54%!!!!, so it's not to noisy. But it is open air built rig on top of the 7950 box to keep cooler as it s running 24/7.

 

[jimhsu]

Dumped everything (well, only single-digits amount of BTC) at $199.98 and $179 yesterday except for 1 BTC for posterity. Going to wait for $30 or until everyone proclaims the death of bitcoin 1 year later.

 

[markyh]

Good thing I just bought ~$2600 in mining hardware (3x7950, 4x7970) over the last 7 days.

I see many Ramen Noodle meals in my future...

Ouch! but they payback was 2-3 months with LTC @ $4-$5 earlier this week. Had I researched Bitcoin early March rather than Late March I may have jumped in the same boat!

M

 

[Elfear]

Good thing I just bought ~$2600 in mining hardware (3x7950, 4x7970) over the last 7 days.

I see many Ramen Noodle meals in my future...

Ouch.

Hopefully the BTC prices stay at a profitable level for you.

 

[jimhsu]

Isn't too late for a return hopefully. (AMD's next quarter may not look so good, short )

 

[markyh]

Isn't too late for a return hopefully. (AMD's next quarter may not look so good, short )

Justed used a clac to work out Litecoin need to sell @ $0.64 or more for me to make a profit on mining, and that's only pennies. Anything under $1 is very tight.

Have much respect for those of you here that mined LTC when it was 50c or less a coin. loss leader surely?

M

 

[dualsmp]

BTC Guild was getting DDoSed earlier today. I was wondering why there were so many errors in the console trying to connect.

https://www.btcguild.com/index.php?page=home

The pool was the victim of a DDoS attack this morning (April 11th). It is likely this attack was being done in conjunction with market manipulation in order to slow the ability of people to react/withdraw coins to cash out during the crash.

The servers are now online, with the exception of eu-stratum. The eu-stratum pool is temporarily being redirected to the North American servers in order to restore mining functionality for users.

 

[Accord99]

Have much respect for those of you here that mined LTC when it was 50c or less a coin. loss leader surely?

Difficulty was a lot lower then, early March difficulty was in the 20s.. Then consistent increases in the value of a LTC were matched by increases in hash rate.

 

[pm]

Edit; also to make you really sick its pulling 630 k/hash @ 66 degrees and fans are only run on auto @ 54%!!!!, so it's not to noisy. But it is open air built rig on top of the 7950 box to keep cooler as it s running 24/7.

First, thank you so much for the detailed instructions. Unfortunately they didn't seem to help me so much. I'm seeing a small boost, but not as much as you are seeing. I was getting 550 ish and now I'm getting 590ish. It's a healthy increase - mostly due to the 13.3 beta drivers I think because that was the part where I saw it jump but I still haven't cracked 600kh/s.

Thanks very much for the details though. Hopefully they will help someone else as well. And I'll play around a bit more later tonight and maybe I'll figure out what I'm doing wrong, but at a guess, I think it's my ASIC quality is pretty low.

 

[pm]

Justed used a clac to work out Litecoin need to sell @ $0.64 or more for me to make a profit on mining, and that's only pennies. Anything under $1 is very tight.

Have much respect for those of you here that mined LTC when it was 50c or less a coin. loss leader surely?

M

As accord wrote, back then the difficulty was much less than it is now (ie. less people were doing it, so you got more coins more quickly). I have two 7950's and one 7850, burn about 550W total at 1300kh/s (I underclock) and pay a rather cheap $0.08/kwh, and I used to get 14 litecoins per day when the difficulty was ~90 back in March. Now the difficulty is 293 and I'm getting 4 litecoins per day.

If prices fall to ~$0.60/BTC, the profit will fall and will take a lot of the miners in the pool offline, which will in turn result in lower difficulty and better profitability. For my rig, and my electricity prices, it would need to drop below $0.26/LTC for me to drop to no money.

Check out this chart:
https://www.litecoinpool.org/charts

and punch in the difficulty that was present back in late March of 90, and you can see why it worked. And I don't remember what the difficulty was back in Feb but it was even lower than 90 as I recall.

 

[fustercluck]

Go View -> Console and then look at the console, it usually has better information.

Alrighty thanks, still can't get this sucker to work, here's what it says in console:

2013-04-11 18:25:20: Listener for "Default": pool.maxbtc.com:8332 11/04/2013 18:25:20, Failed to subscribe
2013-04-11 18:25:22: Listener for "Default": pool.maxbtc.com:8332 11/04/2013 18:25:22, IO errors - 1, tolerance 2

Might try a different pool and see if that does it.

 

[BoFox]

The fact of the matter is that nobody knows where on the chart we are right now with absolute certainty and accuracy. We're obviously somewhere in the Mania or Blow off phase, but beyond that, we don't know.

The bubble has burst! Yeah!

Glad I sold about 2.5 coins for $350! Kept the rest (nearly 10 left)...

I still think the value would go even higher soon. Probably up to $400 per coin max before it is replaced by something better.

If LTC rises to $100 for example, it will act as an anchor to BTC, keeping it from climbing much past $400.

Then something vastly better than both LTC, BTC, and incorporates some features (a bit like Proof of Stake with PPC), plus the benefits of other cryptocurrencies - even improved upon, plus something really novel and ingenious of it own.

The world has changed, and is still changing.. fast! The internet!!! Smartphones!!! And cyber currency!!!

It will reduce the power of the banking institution in this world. The EU was getting too greedy anyway, freezing poor bankrupt countries' accounts, trying to get the debt back (multiplied by ridiculous balloon interest). Unregulated world economy can be extremely honest.

It will be the AI computers that we will have to combat in the future, as they could create websites with clever AI to post positive comments and reviews upon their services. Dishonest companies will try to exploit that as much as possible.

That's why OUR verifiable feedback will be of utmost importance as we keep the world honest. It is happening now - having already happened with Ebay's feedback system, resellerratings, and the likes.

The banking institution was getting too powerful and greedy, just taking taking and taking. Their methods of keeping the world honest is now archaic, from the cowboy times and before. It is time for us to have a truly anonymous ownership of what we have earned - it is our personal property, and should not be trespassed upon. The credit card companies have taken too much. The taking was perhaps hundreds of billions, or even a trillion or a few trillion dollars, over the decades. Money to where? To the credit card company executives. Their wealth is not fully known. They had the craziest power imaginable, and now it's .... ALLL COMING BACK TO THEM. With bitcoin transactions for all of us to buy stuff or services off the internet, there is no middleman standing right in between our personal transactions, grabbing a chunk out of it, and just being intrusive, in a God-like way being so rude. LOLLOLOLOLOL... Just being silly, but seriously - we no longer need that like we did in the past. Cybercurrency can make it man-to-man once again, with the entire world helping each other (transaction) go through in a respectable way.

We have always wanted to behave as we did in the past - and we will continue to do so, with more freedom thanks to cybercurrency. The greedy and the lazy can put themselves to more honest living. Their mingling and taking from our personal lives is no longer needed as badly, hehe..

This puts an emphasis in establishing positive reputation with a honest feedback track record. Things like Heatware is one of the living examples. Just be honest and we're all set. Our transactions build with honest rep from honest communities that we all share openly to each other about what is honest and to be trusted. We're all hearing each other and being heard. Now, we just gotta beat the intelligent AI bot attacks that keep on getting more intelligent with our language communication, and more pervasive too. A 51% attack, perhaps? (LOL).. Expect some greedy and power-hungry governments and credit card companies/banks to try to do something AGAINST this with all of their might real soon.

That is one of the things going on now. We as a world community need to get together and overpower it. We need to make OUR OWN credits. The more we're heard and trusted among each other, the more powerful the fabric becomes, and the more unfettered the connection becomes too. Those in extreme power no longer need be so obtrusive to our personal connections in the business world.
We can all trust each other to do it, while powering each one's abilities to participate in this great big thing.
There will be riots in some countries as gov'ts try to block people's abilities to use such currency. It's like Egypt blocking Facebook.. uh oh, no! No more selfish countries! We all power each other all over the world (no longer "only our country/jurisdiction") - we become truly democratic, and more resource-based, as the power used for powering such transactions is being fairly contributed towards - rather than being wasted upon the richest of the rich (bankers/gov't).

Gosh, this is the dawn of a completely new age.

 

[pm]

So why would LTC rise to anything? What can you do with litecoins - I mean, yes, I mine them and sell them and you'd think that I'd be excited about them, but instead they are confusing. Bitcoins are the ones with the best media attention, support, trading platforms, and by far the most miners. Litecoins have very limited uses (who takes litecoins?). I always thought they were propped by speculation that "if bitcoins go up, litecoins will too" but that doesn't actually make much sense to me... what can you do with litecoins?

 

[ultimatebob]

So why would LTC rise to anything? What can you do with litecoins - I mean, yes, I mine them and sell them and you'd think that I'd be excited about them, but instead they are confusing. Bitcoins are the ones with the best media attention, support, trading platforms, and by far the most miners. Litecoins have very limited uses (who takes litecoins?). I always thought they were propped by speculation that "if bitcoins go up, litecoins will too" but that doesn't actually make much sense to me... what can you do with litecoins?

The problem with this logic is that there aren't a lot of people accepting BitCoins for currency, either. Both currencies are in their infancy right now... Bitcoin is just more hyped at the moment. Litecoin works better, too, since it confirms a lot faster.

The annoying thing is that both currencies are locked together... Litecoin crashed for no good reason when Bitcoin crashed.

 

[pm]

The problem with this logic is that there aren't a lot of people accepting BitCoins for currency, either. Both currencies are in their infancy right now... Bitcoin is just more hyped at the moment. Litecoin works better, too, since it confirms a lot faster.

The annoying thing is that both currencies are locked together... Litecoin crashed for no good reason when Bitcoin crashed.

It's my understanding that there actually are a fair number of people using bitcoins. According to The Economist, it's a favorite currency for money laundering and for the Silk Road as well as online gambling. The fact that all three of these activities are sort of shady (or are outright illegal) doesn't detract from the fact that it does seem to be moderately used in these activities. On the other hand, litecoins are less widely traded, not accepted at all by Silk Road or online gambling and while they could be used in money laundering, bitcoins seem like they would be "better" because there are already a large number of big transactions and people moving large sums of money around in litecoins would show up more obviously. Wikipedia has a source that claims that the Silk Road had sales of US$1.2 million last year. In the bigger scheme things this might not be much (it's smaller than a typical small business), but still it's something... and litecoins have nothing that I'm aware of... except speculation.

Anyway, the sole advantage that litecoins have is faster confirms - and maybe psychology aspects like people think that they are better value or maybe "bitcoins went up a lot, so litecoins will too". But at the current price, considering difficulty and mining rates, they are actually worth more than bitcoins and this doesn't make much sense to me.

Whenever the topic of bitcoins comes up, there's a discussion of what a currency is and what it's value should be, and I'm not even trying to go into a philosophical discussion of bitcoins and what their value should be. But surely the point of a currency is to act as a medium of exchange - it is used to transfer value in transactions. I can see the point of bitcoins, and I can even accept that litecoins have one technological advantage over bitcoins - although confirms on litecoins take too long in my opinion too - but if no one uses them and the technological advantage is fairly minor, then I don't see the point. I also don't see any point to any of the other alternative currencies - except maybe PPCoins - because they are the same thing as bitcoins but with a different blockchain and thus offer no advantage at all.

And the truth is that I mine litecoins, and I have been mining litecoins since roughly Feb. and I've made a fair amount of money mining them, so it's not like I want them to disappear... but I don't get them.

 

[markyh]

So why would LTC rise to anything? What can you do with litecoins - I mean, yes, I mine them and sell them and you'd think that I'd be excited about them, but instead they are confusing. Bitcoins are the ones with the best media attention, support, trading platforms, and by far the most miners. Litecoins have very limited uses (who takes litecoins?). I always thought they were propped by speculation that "if bitcoins go up, litecoins will too" but that doesn't actually make much sense to me... what can you do with litecoins?

Woke up tp news of DDOS attacks on Mt.Gox 2 hours after it resumed trading and no clear pictiure of BTE /LTC prices. Coinotrin now shows LTC mining profitability down to only 1.13 BTC! WAS 1.4 when I went to bed.

Someone really is trying to drive down the price of BTC and LTC.

M

 

[li888]

Same watch it go under btc profitability when I weak up in 8 hours...-___- hopefully some people give up mining and go into FOREX like trading!

 

[arkcom]

So, tigerdirect doesn't take returns. They say to go to xfx for warranty problems. Well, it's the design that's defective, a warranty isn't going to fix that.

Edit: Moral of story, don't buy xfx, and certainly don't buy them from Tigerdirect.

Edit 2: Had to downclock the top 7950 to 650mhz to get it to run at 80c at 60% fan. Hashes 320kh, which is 25%+ slower than my 6950 was.

 

[Mr. Pedantic]

It's actually dropping a lot...