Cryptocoin Mining?

[markyh]

It's actually dropping a lot...

BTC is getting closer to the $1 per t/hash of network power I guess was a fair price at the lower end, $2 per t/hash at the high end.

LTC is difficult now, playing with some calculators agian $/KWH are seroulsly coming back into play again between LTC and BTC. Becasue of the lower LTC/USD price and LTC/BTC price they are telling me that it's now more profitable to mine BTC @ 600m/hash drawing 220wats or less (unvolt, underclock memory) than the 630 k/hash for LTC drawing 300 watts due to slight overvolting to maximise core 1050/memory 1500 on my 7950.

Will have some playing to do this weekend, still new to this and it looks like mining may have to be swiched from LTC to BTC each few days until prices settle again and it becomes clear which makes best $$$.

On Monday this week LTC was aclear winner as enrergy costs where almost factored out, not so clear now.

M

 

[TheUnk]

At the current difficulty it looks like BTC has to drop below $20 for my rigs to stop making money. Problem with it that low is it's hardly worth doing

 

[Chiropteran]

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.

Nice. I tried to sell at $200, but gox was too broken. I am fine with the crash/correction, but it frustrates me to no end that I couldn't sell coins I had sitting on the exchange because the exchange was so completely lagged out.

Anyway, it's starting to look a lot like the crash from 31.90. Initial "stability" at some lower value ($70-$80) but gradually going down further. Based on this I think I am going to sell off a significant part of my bitcoin, about 1/3, on the assumption that it will fall further and I can buy them back later at a discount.

It's really not that bad, I mean just a few weeks ago there were people in this thread who thought reaching $70 so fast was an unsustainable bubble- maybe so, but if even after the bubble crash we are still above $70 then I don't feel so bad about holding from that point.

Given my typical luck, since I am selling a significant number of coins at ~$70 expect price to rise immediately after

At the current difficulty it looks like BTC has to drop below $20 for my rigs to stop making money. Problem with it that low is it's hardly worth doing

I plan to continue to mine and hold. I don't think I would sell for much less than current price unless I was desperate.

The LTC pool I was mining in (notroll.in) has gone full retard. The admin messed up and some people got double rewards... so he took away 25% of everybody's supply of coins. So anyone with auto-withdraw set to 1-2 coins lost basically nothing, while people who left all LTC on the exchange lost a huge amount of coins. There is a huge drama thread about it on the bitcointalk forums. Seems like every time I try a pool other than BTCguild it ends up being a bad idea. Going to just switch back to mining bitcoin on all my machines.

 

[Silverforce11]

If the "illegals" are using BTC as a cash laundering option, prices will keep on inflating in the future as more and more of them realize its potential.

 

[HydroSqueegee]

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?

right now the only good thing about litecoins are they are easy to actually mine decent numbers of them as compared to bitcoin. So theyre obtainable on a decent scale for those that dont have 12 dedicated videocards to mine.

 

[TheUnk]

Well not long now before it hits 20 lol.. It was 80 when I first looked this morning, now it's 55.

I gotta stop checking it every hour haha

 

[ultimatebob]

Nice. I tried to sell at $200, but gox was too broken. I am fine with the crash/correction, but it frustrates me to no end that I couldn't sell coins I had sitting on the exchange because the exchange was so completely lagged out.

Anyway, it's starting to look a lot like the crash from 31.90. Initial "stability" at some lower value ($70-$80) but gradually going down further. Based on this I think I am going to sell off a significant part of my bitcoin, about 1/3, on the assumption that it will fall further and I can buy them back later at a discount.

It's really not that bad, I mean just a few weeks ago there were people in this thread who thought reaching $70 so fast was an unsustainable bubble- maybe so, but if even after the bubble crash we are still above $70 then I don't feel so bad about holding from that point.

Given my typical luck, since I am selling a significant number of coins at ~$70 expect price to rise immediately after



I plan to continue to mine and hold. I don't think I would sell for much less than current price unless I was desperate.

The LTC pool I was mining in (notroll.in) has gone full retard. The admin messed up and some people got double rewards... so he took away 25% of everybody's supply of coins. So anyone with auto-withdraw set to 1-2 coins lost basically nothing, while people who left all LTC on the exchange lost a huge amount of coins. There is a huge drama thread about it on the bitcointalk forums. Seems like every time I try a pool other than BTCguild it ends up being a bad idea. Going to just switch back to mining bitcoin on all my machines.

Heh... I'm starting to have a bit more respect for Burnside's LTC pool now. I switched to Coinotron after Burnside got DDOS'ed, but it wasn't paying out for me.

Honestly, I'm hoping that more people give up on LTC mining so the difficulty goes down. Then I can build up a nice horde of cheap coins again to sell when the price goes up

 

[markyh]

Given my typical luck, since I am selling a significant number of coins at ~$70 expect price to rise immediately after



I plan to continue to mine and hold. I don't think I would sell for much less than current price unless I was desperate.

The LTC pool I was mining in (notroll.in) has gone full retard. The admin messed up and some people got double rewards... so he took away 25% of everybody's supply of coins. So anyone with auto-withdraw set to 1-2 coins lost basically nothing, while people who left all LTC on the exchange lost a huge amount of coins. There is a huge drama thread about it on the bitcointalk forums. Seems like every time I try a pool other than BTCguild it ends up being a bad idea. Going to just switch back to mining bitcoin on all my machines.[/QUOTE]

Coinotron seem an ok LTC pool, but.............. the Hash rate the reporting me mining at is 50% of what my 7950 is doing, that's massive! Running @ 630 K/Hsh according to GUIMiner but Coinotron Website reports 300 k/hsh.

I started the new 630 k/hsh run exactly 9pm last night and noted the coin level earned as it went off line @ 8pm so had 1 hr to catch up paying out. At 9pm tonight will stop mining then check my total @ 10pm and manually work out my return.

Have heard good reports about Ozpool PPS for LTC so will try them next. Anyone used them?

M

 

[hokies83]

Welp time to start banking coins again need to be 150$ + for me to sale.

 

[ET]

I started to mine with a Radeon 5750, getting 140MH/s at stock speed. Is this okay? At the current going rate ($72) I'll barely break even.

 

[hokies83]

Well it has already went from 70usd to 82 usd in just an hour.

 

[hokies83]

ugh and back down to 74... And MT.Gox keeps timing out @_@

 

[wbynum]

Ozcoin LTC pool is no better than Coinotron. Ozcoin stratum connection drops every 5 minutes or so for ~20 seconds. Each time that happened cgminer reported I lost ~120 shares. Coinotron was doing good for the last couple days. Now this morning it's back to it's normal operation where the reported khash rate fluctuates wildly on the website.

Tonight when I get home I'm switching all my GPU's back to BTC (probably BTCGuild). BTC vs LTC profitability is basically the same now so no reason to deal with the headaches of LTC mining.

On a side note, at the current difficulty/price, one 7950 mining BTC or LTC is only grossing $2.50 per day. At my 8.5 cent electric rate that is a $1.50 profit per day. Not good. At that profitability, no point in selling mined BTC right now. Save them in hopes the price goes back up.

 

[24601]

If you sell before MtGox comes back up you will lose most of your money.

Don't do it.

Also for US miners the best right now is us.litecoinpool.org

They just upgraded their servers and put up a US server.

Notroll.in is still good on the technical side but of course you shouldn't be on it if you like to keep your money.

For all you traders out there though. Obviously buy now on BTC-e.com

 

[hokies83]

Slush's pool has never crashed that i can think of since ive been on it. Fee's tho.

Id rather pay 3% fee and be stable then crash all the time.

 

[thilanliyan]

The LTC pool I was mining in (notroll.in) has gone full retard. The admin messed up and some people got double rewards... so he took away 25% of everybody's supply of coins. So anyone with auto-withdraw set to 1-2 coins lost basically nothing, while people who left all LTC on the exchange lost a huge amount of coins.

Lol, I was withdrawing whenever there was 10LTC in the wallet. Thank goodness. Besides that drama, the pool has been fairly stable except when he was upgrading servers/vardiff/etc. I really wish he would fix the 24 hr earnings though.

 

[hokies83]

Last Trade 70.9
Best Bid 68.33
Best Ask 69.99

 

[GlacierFreeze]

For how much price has dropped, how much has difficulty dropped? Similar ratio as the increases??

 

[AnonymouseUser]

Slush's pool has never crashed that i can think of since ive been on it. Fee's tho.

Id rather pay 3% fee and be stable then crash all the time.

Between Coinotron, NoTroll, OzCoin, Burnside, and Give-Me-LTC, P2Pool has been the most consistent for me. No fees, DDoS resistant, consistent kH/s, no admin issues, fewer stales (Burnside was giving 30-50% stales at one time) and no downtime. The only downside is that intensity over 14 gives me much higher stales, so I stay @ 12 or 14 (300kH/s instead of 360kH/s). (Litecoin)

 

[Accord99]

For how much price has dropped, how much has difficulty dropped? Similar ratio as the increases??

No, dropping difficulty takes a long time.

Bitcoin has a nominal difficulty reset rate of every two weeks, assuming 6 blocks are solved every hour (every 2016 blocks). However, if hash rate falls such that the network only solves 3 blocks an hour, then it will take 4 weeks to solve the 2016 blocks and for the difficulty to halve.

Litecoin is similar except the nominal reset rate is 3.5 days.

However, at these current prices Bitcoin is still profitable enough (especially for ASICs) that the difficulty probably won't drop very much, if at all.

 

[chimaxi83]

If you sell before MtGox comes back up you will lose most of your money.

Don't do it.

Also for US miners the best right now is us.litecoinpool.org

They just upgraded their servers and put up a US server.

Notroll.in is still good on the technical side but of course you shouldn't be on it if you like to keep your money.

For all you traders out there though. Obviously buy now on BTC-e.com

What's the best way to actually get some funds on BTC-e?

 

[24601]

What's the best way to actually get some funds on BTC-e?

As long as BitInstant reserves are topped up (you can check them on the lowest point on the right column on the site) I have heard it is the best way to get USD into BTC-e.

As long as aurumxchange reserves are topped up, they should probably work in the same way.

 

[Chiropteran]

I doubt difficulty will drop at all. It was something like 15X profit over cost of electricity at the peak of value. Bitcoin can drop pretty far in value before mining becomes inefficient and miners quit, around $18/BTC based on my calculations. At ~$70 per BTC difficulty is going to continue to rise, IMO.

 

[thilanliyan]

Yeah I don't see difficulty dropping for BTC or LTC...which is annoying for GPU miners.

Just a month ago I was earning about 12-13 LTC /day...now its about half of that. Ugh...

 

[pm]

I think LTC difficulty will drop a bit in the next few weeks as some people get frustrated by the low rates of returns. BTC is probably gointg to plateau until the next round of ASICs come out.