Cryptocoin Mining?

[KlokWyze]

Overall, I think you are correct. I was more speaking of short term trends. I'm hopeful the summer will bring a small diff decrease that I/we can take advantage of across the crypto coin board due to miners not wanting to heat their apartments/basements/houses any longer with their rigs.

Perhaps that, coupled with the failing profitability may make even more rethink their mining situation.

I see what you mean. I think there will definitely be a dip in total scrypt growth, but the growth will continue. The coins that are harder to setup will also help out. I never even mined MAX or VTC while I had the chance. I'm looking to setup some XPM miners here in a bit, but I've got a bunch of house and work stuff I'm busy with at the moment.

I know you have quite a bit more vested than most here. Good luck with your rigs. I hope BTC spikes for all of us! :biggrin:

 

[nwo]

I see what you mean. I think there will definitely be a dip in total scrypt growth, but the growth will continue. The coins that are harder to setup will also help out. I never even mined MAX or VTC while I had the chance. I'm looking to setup some XPM miners here in a bit, but I've got a bunch of house and work stuff I'm busy with at the moment.

I know you have quite a bit more vested than most here. Good luck with your rigs. I hope BTC spikes for all of us! :biggrin:

Setting up XPM miners literally takes less than 5 seconds per rig. If you use beeer.org pool (might have missed an "e" there) then you just basically put the miner folder on a USB, transfer USB from PC to PC. The only thing you would have to change is the -genproclimit command in the bat file to change the number of cores/threads you want it to run on, while leaving everything else intact.

 

[geokilla]

http://www.reddit.com/r/Bitcoin/comments/205ujp/overstockcom_just_emailed_this_article_out_to_417/

http://www.overstock.com/80786/stati...40010A249C4B4A

Interesting..

 

[bob32768]

Since mid November (the last big spike):
-BTC difficulty is up ~6x
-BTC total network hash rate up ~10x (!!!!)
-LTC difficulty is up ~4x
-LTC total network hash rate up ~4x

Despite all the alt-coins in the interim, that's a massive amount of hashing power to drive the difficulty up so quickly (a crazy number of GPUs are doing scrypt now). No other alt-coin has had a lasting effect outside of DOGE, and even that seems to be waning now -- waffle pool has spent a lot of time lately just mining LTC and other profit pools aren't doing a lot better.

 

[geokilla]

http://www.coindesk.com/dogecoin-foundation-raise-50k-kenya-water-crisis/

To sell or to donate... As much as I want to make some profits, I wouldn't mind supporting them and the people of Kenya. More research required though.

 

[thilanliyan]

Anyone know which pool generally gives the best BTC/MH/s between clevermining, middlecoin, and wafflepool?

 

[Virge_]

Anyone know which pool generally gives the best BTC/MH/s between clevermining, middlecoin, and wafflepool?

None of the above. ScryptGuild.

 

[MongGrel]

Not sure what the rules are on this one here, and I don't even mine.

But thought I'd mention it.

http://www.overclockers.com/forums/forumdisplay.php?f=249

 

[alcoholbob]

http://www.coindesk.com/dogecoin-foundation-raise-50k-kenya-water-crisis/

To sell or to donate... As much as I want to make some profits, I wouldn't mind supporting them and the people of Kenya. More research required though.

Are U.S. Dollars legal tender in Kenya I wonder? Unless there's a major underground economy in U.S. Dollars, the typical "aid" works like this, central bank of country X takes dollars, prints some local currency out of thin air, then buy some U.S. Treasury Bonds with those dollars. So the net effect of your donation tends to end up in the hands of the U.S. government, and the only thing that happened was the economy you "sent" the aid to gets the gift of inflation, although I guess somebody got a short-term job out of it as well.

 

[slashbinslashbash]

Are U.S. Dollars legal tender in Kenya I wonder? Unless there's a major underground economy in U.S. Dollars, the typical "aid" works like this, central bank of country X takes dollars, prints some local currency out of thin air, then buy some U.S. Treasury Bonds with those dollars. So the net effect of your donation tends to end up in the hands of the U.S. government, and the only thing that happened was the economy you "sent" the aid to gets the gift of inflation.

If you read the link to the charity (called charity:water), it actually builds water wells in places by hiring people and equipment to dig the wells. It doesn't just send aid money somewhere.

However, I will say that AFAIK, most non-first-world countries have substantial underground economies denominated in US Dollars. This even goes for relatively large/strong economies like Russia and China.... pretty much all of Central and South America... I'm not really sure about Africa, maybe Euros are more dominant there. But on the whole, I would say that outside of Japan, Korea, Australia, the UK, and the EU, people prefer to hold USD over their local currency. The degree to which they do so is of course dependent on the degree to which such behavior is criminalized.

 

[MTDEW]

For those who care...
New Doge 1.6 wallet is about to be released.
LINK
Here's a partial quote, please use the link for all the details.

New Wallet link will appear here within 24 hours!

Only three days ago, after being approved by +/u/ummjackson to begin work on repairing the multipool gaming/hashrate distortion problems, myself and the dogecoin crack commando unit have now submitted our approved Release Candidate for Dogecoin1.6.

Firstly, A huge thanks to the following Shibes:

rog1211 - rapidhash pool owner. For assisting with the development, and testing of dogecoin v1.6

/u/digibytedev - for their contributions with the DigiShield difficulty algorithm; and a huge shout out to their coin, /r/digibyte . In a climate where altcoins often find themselves at eachother's throats, the DigiByte devs stepped forward and gladly offered to assist us with developing v1.6 - not only with the contribution of DigiShield, but also with assisting in testing, and providing a friendly ear, coupled with excellent advice on crypto development. I can't thank you enough. You've been outstanding to us - and I only hope our community can return the favour. (psst - tip the hell out of him!)

+/u/ummjackson for taking the initiative to act on the reported problems of distorted hashrates and multipool gaming, and allow us to begin immediate work on the v1.6 fork.

the mods of /r/dogecoin, and the ops of #dogecoin - for listening to me complain through blackened, dreary eyes for the past 2 days. And for doing my modding job while I kept my face stuck in git.

The members of #dogecoin-dev ; croutonage_ , Andymeows, daftcc, Psama, latusthegoat, JRWR, the members of teamdoge, and the several people I'm surely forgetting to mention, for helping us test into the very early hours.

Everyone on /r/dogecoin - for everything from the kind words, to tipping me enough cash to buy a pizza. Seriously, that was a lifesaver.

Now, onto the juicy part; what did we change?

Firstly, for those of you not already aware - Dogecoin has been gamed by Multipools. Multipools were cherry-picking large blocks (which were found to be provably pre-calculable), and hammering our networks hashrate - making mining for the solo doges incredibly difficult, while dampening their payouts massively. The end result was Multipool's having twice as much doge as the average consumer; allowing them to dump our prices down with ease.

This ends with v1.6.

Changes implemented;

1) No longer a random block reward - we now only have static blocks. The current reward will be 250,000 Doge per block, with the halvening dropping us to 125,000 Doge per block, etc etc. This will prevent block cherry-picking; as we're seeing at the moment, with our community pools only seeing 100-200k blocks, while the multi's gaming the system are enjoying 300-500k blocks. From the 1.6 update, all blocks will be completely even.

2) The DigiShield difficulty algorithm: again, developed and contributed by the very clever folks at /r/DigiByte , this allows for rapid block retarget times, and rapid recovery from multipools suddenly hitting the network; meaning that our miners will no longer suffer from extremely long block times if a Multipool does decide to jump on board. This new algorithm will retarget our block times MUCH faster - ensuring the hard-mining shibe is not left holding the bag after the multipool ransack.

tl,dr: Multipools cannot selectively pick nice blocks anymore - nor can they do long lasting damage to our hashrates.

Now, importantly - what does this mean for your wallets?

We have implemented this code so that the new block rewards, and difficulty algorithms kick in at block 145K. Up until then, it'll be standard, same-old business; beyond this, the new and improved dogecoin will kick in to action. This is in around 5 days - and we'll be posting the new wallet link on here as soon as possible. You MUST update your wallet, to remain on the correct fork!

**super tl,dr;**

We're updating the wallet

You MUST update

YOU will earn more Doges

Multipools will earn less Doges

Stopping/Greatly Dampening Multipool dumping will assist our value in recovering, in a stable fashion.

I was promised hot dogecoin groupie girls in payment. Waiting patiently on this.

Thank you all for your support <3

Mine on, you rocking shibes.

lleti & The Doge Devs

 

[taltamir]

"Multipools were cherry picking which blocks to mine and then moving on"
What is this nonsense. multipools doing doge mining were mining it nonstop because it had sufficient suckers willing to pay exhorbant prices for it on exchanges.
Rapid retargeting is also good
Although the fix is not unwelcome, and improves the quality of the coin, it is not going to drive away multipools

 

[slashbinslashbash]

"Multipools were cherry picking which blocks to mine and then moving on"
What is this nonsense. multipools doing doge mining were mining it nonstop because it had sufficient suckers willing to pay exhorbant prices for it on exchanges.
Rapid retargeting is also good
Although the fix is not unwelcome, and improves the quality of the coin, it is not going to drive away multipools

There is good evidence that at least some multipools (and/or individual miners controlling large hashrates) were indeed mining the high reward blocks and avoiding the low reward blocks. This was discussed upthread.

EDIT: There may indeed have been times when they were mining nonstop, when DOGE was priced sufficiently high. But there was a period of a good month or so when the block times proved that there was higher hashrate in the network during high reward blocks and less hashrate during low reward blocks. The announcement somewhat over-states things, but the general idea is correct.

 

[IEC]

"Multipools were cherry picking which blocks to mine and then moving on"
What is this nonsense. multipools doing doge mining were mining it nonstop because it had sufficient suckers willing to pay exhorbant prices for it on exchanges.
Rapid retargeting is also good
Although the fix is not unwelcome, and improves the quality of the coin, it is not going to drive away multipools

It's not nonsense. On average the pools doing this made almost 2x the DOGE per hash versus everyone who did not. Because based on the code you could predict which blocks would be a larger # of coins and which blocks would suck. So you mined something else while the reward was low and insta-switched back when the reward block was bigger.

 

[KingFatty]

Right, the dogecoin block reward was supposed to be "random" so you'd be surprised how many coins you got per block, because it was random between a maximum and minimum.

But turned out that was wrong, and it was actually possible to beat the system and figure out a pattern to the randomness, and so people could figure out when a small "random" reward was next and not mine during that time to let some other sucker get that coin while you mined a different more valuable coin. When a big reward was "randomly" coming up, the people could switch back to mining dogecoin and scoop up that big reward.

So individual miners of regular doge pools get screwed, because all the super big "random" awards are scooped up by the multipools, and the small "random" rewards are left for the little guys.

 

[Mark R]

"Multipools were cherry picking which blocks to mine and then moving on"
What is this nonsense. multipools doing doge mining were mining it nonstop because it had sufficient suckers willing to pay exhorbant prices for it on exchanges.

It's not nonsense. The reward for block[n] is computed from Hash (block[n-1]). It has to be deterministic in this way, so that every node in the network can agree on the reward.

Miners know what reward is coming for a block before they begin to mine it. This is irrelevant for a solo miner or a single-coin pool. However, for a multi-coin pool, this can be exploited for the profitability calculation. Of course, not all multi-pools have the technology to do this; pools like hashbros, hashcows, multipool use very simple coin selection algorithms which choose a new coin every 15-20 minutes. The biggest, most profitable pools (middlecoin - at least at its peak, clevermining, wafflepool) are most profitable precisely because they do do this.

 

[Virge_]

It's not nonsense. The reward for block[n] is computed from Hash (block[n-1]). It has to be deterministic in this way, so that every node in the network can agree on the reward.

Miners know what reward is coming for a block before they begin to mine it. This is irrelevant for a solo miner or a single-coin pool. However, for a multi-coin pool, this can be exploited for the profitability calculation. Of course, not all multi-pools have the technology to do this; pools like hashbros, hashcows, multipool use very simple coin selection algorithms which choose a new coin every 15-20 minutes. The biggest, most profitable pools (middlecoin - at least at its peak, clevermining, wafflepool) are most profitable precisely because they do do this.

What about ScryptGuild?

 

[AkumaX]

"Multipools were cherry picking which blocks to mine and then moving on"
What is this nonsense. multipools doing doge mining were mining it nonstop because it had sufficient suckers willing to pay exhorbant prices for it on exchanges.
Rapid retargeting is also good
Although the fix is not unwelcome, and improves the quality of the coin, it is not going to drive away multipools

Multipools mine the most profitable coins. They also calculate how many coins they get per block, which increases the profit. If, after the fix, doge still remains profitable, then they will keep mining it (in its rotation of coins). I know that coins like FlappyCoin and MintCoin are currently being rotated in for the most profit.

And in case you didn't see, here's how it looks with the multi-pools calculation of only mining higher-coined blocks:

What about ScryptGuild?

 

[Mark R]

What about ScryptGuild?

Not used them, so I don't know.
Edit: Chart above says Yes.

 

[IEC]

What about ScryptGuild?

I don't know if they do it or not, but based on how much more DOGE I get from them versus mining a straight DOGE only pool, it seems they probably do it.

If they don't, they still find a way to be consistently more profitable than anything else I can do so I'm now mining scryptguild 100% since I started last week.

 

[taltamir]

It's not nonsense. The reward for block[n] is computed from Hash (block[n-1]). It has to be deterministic in this way, so that every node in the network can agree on the reward.

I know, I never disputed this

I said that the claim that multipools were constantly jumping around was nonsense. The multipools would mine doge over long stretches, of hundreds of blocks at a row. Mostly because it was profitable to mine even on lower profit blocks

However

There is good evidence that at least some multipools (and/or individual miners controlling large hashrates) were indeed mining the high reward blocks and avoiding the low reward blocks. This was discussed upthread.

EDIT: There may indeed have been times when they were mining nonstop, when DOGE was priced sufficiently high. But there was a period of a good month or so when the block times proved that there was higher hashrate in the network during high reward blocks and less hashrate during low reward blocks. The announcement somewhat over-states things, but the general idea is correct.

well, its possible someone was doing it, maybe one or two specific multipools. Also you raise a good point about the recent drop in value. But I suspect they are overblowing the multipool issue to play on people's emotions so they start buying again

 

[JBT]

None of the above. ScryptGuild.

wemineall is another one multipool from the wemineltc crew. I haven't tried scryptguild yet my self. Might be time to though.

 

[slashbinslashbash]

well, its possible someone was doing it, maybe one or two specific multipools.

From the chart above, it appears that Middlecoin, CleverMining, Wafflepool, and Scrypt Guild were all doing it. They all had average block rewards well over 300k DOGE, when the average should have been 250k.

MultiPool was not doing it. It joined the "loyal Doge pools" in the 200k average block reward range.

 

[Mark R]

I know, I never disputed this

I said that the claim that multipools were constantly jumping around was nonsense. The multipools would mine doge over long stretches, of hundreds of blocks at a row. Mostly because it was profitable to mine even on lower profit blocks

It varied. I used to mine a lot of middlecoin, and I had monitoring software which would log what coin was being mined.

When DOGE first appeared, Middlecoin did mine DOGE for long stretches, up to a day at a time. Then after a couple of weeks something changed. It would mine DOGE for a few minutes then litecoin for 1 minute, then go back.

As the price of DOGE went down, it might mine DOGE for 1 minute, then something else for 5 minutes, then 1 minute of DOGE.

I couldn't understand what it was doing, as it was totally different to what other multipools were doing, at least at the early days. Most other multipools would mine DOGE for 15 or 30 minutes then rotate to something else. There was also a lot of discussion in the middlecoin thread as to what was going on, but no one could come up with a satisfactory explanation.

The per-block coin switching explains it perfectly.

 

[KlokWyze]

For those who care...
New Doge 1.6 wallet is about to be released.
LINK
Here's a partial quote, please use the link for all the details.

Thanks. Now I see why DOGE is jumping in value. Buying more now. :biggrin: