Cryptocoin Mining?

[Binky]

well if I have ~4mhash available. I can mine about ~1.7 ltc (estimate?) at ~$25 per lite x (1.7) comes out to be ~$42 in one day. Maybe I'm on the wrong doge pool but I don't think I'm doing that much better mining doge at 4 mhash (.00000048) converting it to BTC -> ltc

Or maybe my math is off. How many doges in a day at 4 mhash can I expect. BTW stay away from doge.scryptpools.com they appear to have taken a lot of doges from people.

Your LTC revenue per day seems off. I get about $33/day at 4mhash.

http://dogecoinfaucet.com/dogecoin-mining-calculator/
4mh will get you ~129k doge per day

http://www.dogetools.com/calc/
At current prices, this is about $43 per day, or 28% higher than LTC.

 

[Mark R]

well if I have ~4mhash available. I can mine about ~1.7 ltc (estimate?) at ~$25 per lite x (1.7) comes out to be ~$42 in one day. Maybe I'm on the wrong doge pool but I don't think I'm doing that much better mining doge at 4 mhash (.00000048) converting it to BTC -> ltc

Well, I suppose it depends on how much you are paying for conversion, and whether you actually want LTC, BTC or FRNs.

I have about 4.5 MH/s, and I would estimate about 1.3 LTC per day. Historically, I have been getting about 130k DOGE per day, which comes out to about 1.7 LTC if converted directly at coinedup.

Don't forget that once you take into account electricity costs, the profit is more volatile than you might think.

Personally, I no longer have the energy to deal with all this trading, and I just mine at middlecoin and collect BTC.

 

[Grooveriding]

Protoshare has some value. Anyone mess with it ? Thinking of throwing a 3930K, 4670K & 4200U at it in those respective machine's downtime. I also have a Q6600 in an HTPC, but I assume that chip would be worthless.

 

[nwo]

Your LTC revenue per day seems off. I get about $33/day at 4mhash.

I'd say his revenue is spot on if he is generating 1.7 LTC per day. At current LTC prices of ~$25 that equals out to be ~$43 per day.

 

[UNhooked]

Anyone know how to configure autosell on Crypsty to use the LTC market and not BTC for Doge?

 

[DownTheSky]

I know it seems like a basic question but how do I select in AMD Overdrive which card to configure? I have a 290 and a 7950 and I get overdrive page just for the 7950.

 

[nwo]

I know it seems like a basic question but how do I select in AMD Overdrive which card to configure? I have a 290 and a 7950 and I get overdrive page just for the 7950.

Not sure. All I know is that overdrive only displays the info for the card into which you plugged your monitor into. I use cg miner to change settings on the non-primary cards.

 

[thilanliyan]

I know it seems like a basic question but how do I select in AMD Overdrive which card to configure? I have a 290 and a 7950 and I get overdrive page just for the 7950.

I was only able to select a 2nd GPU in Overdrive when XFire was enabled. Use MSI Afterburner.

FYI, though, I was not able to get volt control working on the 7950 with AB when using a 290 and 7950 in the same system. Volt control for the 290 is working though. Volt control for my system with just 7950s works perfectly fine.

 

[CropDuster]

I picked up the 7950 from TD the other day. Is it still practical to get involved with the mining process at this point? How long do you think it would take to pay off the ~$240 card?

 

[blastingcap]

Depends on difficulty and power costs. Winter storms put a big dent in hashrates but scrypt mining difficulties will probably keep increasing from here on out.

http://bitcoinwisdom.com/litecoin/calculator

(And note that that calculator is probably optimistic since your CPU, mobo, RAM, drives, and other stuff like kb/mouse also eat wattage if you leave a PC on to mine, versus turning it off when not in use. Stales, orphan blocks, power outages, etc. also diminish hashrate. And lastly, it's difficult to achieve 600 kH/s with a 7950 without resorting to settings that leave your PC almost unusable, or drastically increasing wattage and heat, or both.)

Even if you pay just 10 cents/kWh (which is significantly below average for the USA), you will never pay off the 7950 if difficulty rises a mere 4.4% per difficulty readjustment. Lots of hashing power is currently in other scrypt, but arbitrage means that ultimately all scrypt should tend towards litecoin's profitability in the long run. If difficulty rises less than 4.3% per adjustment from here on out, you may see a small net profit from your 7950, assuming 10 cents/kWh and stable prices. Of course if you think prices are going to rise sharply, it's better to simply buy the cryptocurrency directly and not pay monthly electric bills.

 

[nwo]

I plugged in 4% difficulty increase in the calculator and it says 120 days to break even with a 600kH/s 7950 @ $250 purchase price.

However, keep in mind that there are 2 unpredictable variables in the equation. Price of LTC and difficulty. Both will more than likely be on the steady rise, but nobody knows at what pace.

 

[blastingcap]

I plugged in 4% difficulty increase in the calculator and it says 120 days to break even with a 600kH/s 7950 @ $250 purchase price.

However, keep in mind that there are 2 unpredictable variables in the equation. Price of LTC and difficulty. Both will more than likely be on the steady rise, but nobody knows at what pace.

Yes, the breakeven is somewhere between 4.3 and 4.4% right now.

Yes, price may rise or fall. I'm really curious what effect Ripple and NXT will have on prices. If NXT really takes off, it could be the killer that drives all other coins to zero, like Facebook destroyed Friendster, Myspace, Orkut, etc. But on the other hand, if institutional investors pour money into bitcoin, some of it may find its way to altcoins and drive prices up.

Difficulty *almost* certainly will rise, not fall. More powerful video cards keep coming out, driving down the cost per hash, the same way that a $300 GPU in 2013 is much more powerful than a $300 GPU in 2009.

Another unknown is how much hashing power is temporarily not pointed at litecoin. Blizzards took down entire cities' power recently. And right now a lot of scrypt hashing power is pointed towards speculative alt-coins like CAT coin or whatever. As the storms abate and the profitability of mining altcoins gets arbitraged, you would expect some of that sidelined hash power to be pointed at litecoin once again.

 

[Silverforce11]

I picked up the 7950 from TD the other day. Is it still practical to get involved with the mining process at this point? How long do you think it would take to pay off the ~$240 card?

I highly suggest anyone who mines and sell (not hold waiting for higher prices, ie. similar to investors) to mine whatever is the most profitable currently and exchange it into BTC. Even now you could get anywhere from 50% to 100% extra compared to mining LTC.

Mining LTC for profit is a poor choice unless you hold it and hope it goes up massively.

 

[blastingcap]

Historically, for long stretches of time in 2013 and prior to 2013, non-bitcoin/litecoin currencies were less profitable to mine. Lots of new coins were (and still are) pump and dump schemes where only the author of the coin and the first miners get any profit before the coin tanks and then goes on life support.

Right now, the memory of the fall 2013 spike in bitcoin prices is still recent enough that scamcoins are enjoying more support than usual for the time being. As someone else mentioned a while back, when bitcoin prices spike, people get excited and they'll buy anything, even obvious scamcoins. When bitcoin prices fall sharply, people become less excited and retreat to bitcoin/litecoin. This is similar to the stock market actually, how in 1999 even the worst companies could find investors if they stuck a ".com" to the end of their name, but in 2002 only the strongest internet companies survived.

If you are interested in the cutting edge coins, read up on NXT and how its list of advanced features make it a mortal threat to dethrone bitcoin, much the same way that Facebook killed Myspace/Friendster/etc. But if Wall St. decides to back bitcoin instead, it may have some legs still.

 

[Silverforce11]

Yup I whole agree, when BTC spikes all the alt coins get dragged with it or even go higher. But once BTC start to tank, people panic and convert all their altcoins into BTC to cash out, causing a large drop in altcoin value. Even LTC is not safe, we've seen a sharp drop for LTC from 356 ratio to 225 when BTC fell. LTC holders also panic and cash out asap.

Currently its been stable for awhile and now BTC is on an uptrend, for miners, its a lot more profitable to mine altcoins and convert it into BTC right away.

 

[holden j caufield]

Your LTC revenue per day seems off. I get about $33/day at 4mhash.

http://dogecoinfaucet.com/dogecoin-mining-calculator/
4mh will get you ~129k doge per day

http://www.dogetools.com/calc/
At current prices, this is about $43 per day, or 28% higher than LTC.

I stand corrected I think it's closer to $33.

 

[geokilla]

Value of DOGE and CAT seems to have dropped significantly today... Hopefully it goes back up. I'm going to keep on mining them but will probably stop leaving my computer on 24/7 now.

 

[SunnyD]

Value of DOGE and CAT seems to have dropped significantly today... Hopefully it goes back up. I'm going to keep on mining them but will probably stop leaving my computer on 24/7 now.

Cat hasn't been worth mining since day 1. If you missed the first 24 hours, you missed the boat, period. That said, some people made a HELL of a lot of money off cat today. 100% gains in fact. But other than that, it's a horrible, horrible coin to deal in.

 

[suklee]

Due to a number of mitigating circumstances and a serious flaw in the original design of the coin, it has become obvious that we must immediately update our coin and client in order to save it. At the current hash rate it will take over four months to reach our next difficulty retarget, and we will likely not maintain the hash rate necessary to achieve that goal. Currently, Block times that should take only ten minutes are taking over two hours due to the lack of hash rate and excessive difficulty. We as a community have decided to address these issues by updating the difficulty retarget time to address these concerns. This will cause us to require a new wallet client and will ultimately cause what is known as a hard fork in the blockchain. This is not a bad thing! This will save our coin and give it its absolute best chance of survival! This, for all intents and purposes, is an EMERGENCY UPDATE.

http://catcoins.org/catcoin-fork/

 

[Silverforce11]

Cat was very profitable for me when it had a low diff and even at 64 diff which it stayed that way for a long time, its price was consistently ~1000x that of Doge, which you mined about ~1000 times less than doge so it even out nicely.

Cat will fork tomorrow, the devs will change the diff retarget time from 2016 blocks to a more sane number of 36: http://catcoins.org/catcoin-fork/
This will keep it very responsive to network spikes, which a lot of multipool types use to direct massive hashes at currently profitable coins. It will either rescue Cat or kill it. Place your bets gentlemen, but a lot $$ is about to be made or lost. Personally, my bets are on for Cat to be resurrected for miners again.

 

[KingFatty]

Has forking ever happened to any other crypto currency? It seems to undermine the entire premise that it would be immune to manipulation?

 

[KingFatty]

Hmm, according to http://coinmarketcap.com/ in the last 24 hr period, Doge is down over 14% and cat is down over 27%.

I'm seriously wondering if now is the time to just outright purchase a ton of cats... then the fork hmmm

 

[Silverforce11]

Hmm, according to http://coinmarketcap.com/ in the last 24 hr period, Doge is down over 14% and cat is down over 27%.

I'm seriously wondering if now is the time to just outright purchase a ton of cats... then the fork hmmm

It is indeed a gamble, because nobody knows what will happen, will everyone abandon it completely after its forked or because it will be responsive for mining, it will be revitalized??

Whatever happens, a lot of $$ is about to changed hands.

 

[pandemonium]

We're doomed.

 

[Silverforce11]

We're doomed.

The market only has the stomach for a few lolcoins me-thinks..