Cryptocoin Mining?

[wand3r3r]

Interesting. I switched back to waffle for the weekend with a couple MH/s but didn't even make 0.01 BTC! I guess I was mining for someone else? I haven't been using them for a bit, but switched back to see what's the current rate. I waited a while since I thought it may take a bit to get cycled back in again if there's like a day delay. I hopped back on doge and the pool is estimating 0.015 or so BTC/day (at current doge rates).

 

[njdevilsfan87]

Profits are so unbelievably bad now. I just did a coinwarz calc for 10 MH/s and after electricity, LTC is $13/day and DOGE $19/day. A multipool might make me $25-$30 then. This is for $0.13 electricity and assumed 5000W electricity just to be safe. Wow. The good old bubble days of December where I briefly passed $120/day with LESS hash are long gone.

 

[IEC]

Profits are so unbelievably bad now. I just did a coinwarz calc for 10 MH/s and after electricity, LTC is $13/day and DOGE $19/day. A multipool might make me $25-$30 then. This is for $0.13 electricity and assumed 5000W electricity just to be safe. Wow. The good old bubble days of December where I briefly passed $120/day with LESS hash are long gone.

Been gone for a long time now. Been on a steep decline since January and it finally hit the level where people are quitting mining en masse.

 

[KingFatty]

Ahahah I will buy all the video cards! People are getting spooked, but I'm doubling down yes! Finally seeing the floodgates of used cards opening up on craigslist, and prices coming down a bit to better match-up with ebay.

I still think Bitcoin is going to reach $2000, but maybe I'm all alone here? Just gotta wait as more Bitcoin ATMs continue popping up, and the idea catches on that you can avoid extra fees and get like 3% discount by purchasing directly with bitcoin, or at least buying a gift card at gyft.com and shopping that way to get the 3% rebate. Come on, it's free money!

 

[nwo]

I still think Bitcoin is going to reach $2000, but maybe I'm all alone here?

Nope, you're definitely not alone. I still have faith that LTC will reach at least $100 by the end of the year. Would not be surprised if BTC reaches $2k.

 

[SunnyD]

Apologies to anyone that was on PoolMineWith.Us earlier today. The servers decided they wanted to take a nap for a little while, of course today would be the day that I would be without my tool belt or remote access to home.

Everything should be back up and running on all pools.

 

[killster1]

Nope, you're definitely not alone. I still have faith that LTC will reach at least $100 by the end of the year. Would not be surprised if BTC reaches $2k.

Hey no wonder you buying my litecoins hehe.. i want to buy .5 bitcoin.. what is realisticly fastest safeist securest way? im thinking buy SLL with paypal then Bitcoin with SLL on virwox.com? really looked into it about 40-45 seconds ;P on my way to work now tho prob buy one when get off

 

[DooKey]

Been gone for a long time now. Been on a steep decline since January and it finally hit the level where people are quitting mining en masse.

I'm not quitting. Until I can't pay my electric bill I'm going to mine with my 10 Mh/s. IMO we're just in a typical down cycle as always has happened. Price will go back up eventually.

 

[x3sphere]

I think BTC will definitely be $1000+ by year's end. There's much more going on in this space than just speculation these days. The panicky types get too fixated on the price and don't consider all the companies and infrastructure being built around BTC. Right now it feels a lot like the time it was hovering around $100 and sub-$100.

 

[Grooveriding]

Too many alt coins imo. So much garbage circulating and now this latest craze of doing IPOs on a freaking alt-coin with people getting scammed left and right who pay for them.

The drop-off in alt-coin value seemed to come around the time of Maxcoin. I think the madness of that coin sucked in a lot more people to setting up mining rigs. I cleared close to $9K from two days of mining Maxcoin on my nvidia cards

Not going to ever see that happen again I guess.

I do think it will rise again as people who bought rigs just to mine sell their hardware off and the pool of miners thins out somewhat. Right now it's all shitcoins though. I've been mining Heavycoin mostly, but that coin is toileting now too. Probably going to go back to Vert.

 

[Attic]

Given everything going on with crypto I think now is a reasonable time to take profits and that's what a lot of folks have been doing.

The altcoin crash is reasonable too. It's a joke that all the coins with little to know difference were being pumped and dumped, so that's gotta end at some point. The real magic happens in the block chain, and I still think BTC is best geared to bring those possiblities to the most people.

My main concern with BTC is that it will kill itself off if it centralizes.

For now like a lot of folks here I like vertcoin, but everything is pretty shitty in terms of value for gpu mining right now. What good is it to mine to pay electric bills plus or minus a few bucks a day?


IMO we need more folks mining, not more hash necessarily but more folks with a small footprint on the community and the mining network. Need a steambox type easy setup for miners so peeps can get in for 500 bux. Two 750's could do that.

 

[slashbinslashbash]

FYI, for those interested in NXT, there are now more wallets/clients available than the original Java monstrosity:

http://www.nxtclient.org/#clients

Given everything going on with crypto I think now is a reasonable time to take profits and that's what a lot of folks have been doing.

The altcoin crash is reasonable too. It's a joke that all the coins with little to know difference were being pumped and dumped, so that's gotta end at some point. The real magic happens in the block chain, and I still think BTC is best geared to bring those possiblities to the most people.

My main concern with BTC is that it will kill itself off if it centralizes.

For now like a lot of folks here I like vertcoin, but everything is pretty shitty in terms of value for gpu mining right now. What good is it to mine to pay electric bills plus or minus a few bucks a day?


IMO we need more folks mining, not more hash necessarily but more folks with a small footprint on the community and the mining network. Need a steambox type easy setup for miners so peeps can get in for 500 bux. Two 750's could do that.

Yeah, a Steambox-like rig would be great. 2 mid-level GPU's, a low-power CPU, 2GB of RAM, a network port and a 32GB SSD for $500. The company provides multi-OS software which can configure the miner for any coin you want. It could even have default pools set up for every coin. The default could even be a multi-pool which exchanges everything to BTC for you.... deposits it into a Coinbase account tied to your email address. Run the client, select your coin, put in your information, it writes to the miner, and bam, it mines for you. No muss, no fuss, no GPU configuration parameters, no drivers, no reboots, it's all automated.

The nice thing about owning GPU's is that they are multi-purpose. Scrypt mining might be dead, but I have a feeling that there are going to be new GPU-optimized coins for a few more years at least. New algorithms are dime a dozen. Anybody seen the "Bitcoin Scrypt" coin? Supposedly they are dedicated to avoiding ASICs, so every time a new ASIC comes out, they will switch algorithms. Not sure why they have not yet made an announcement regarding the Scrypt ASICs and their next chosen algo.

 

[T_Yamamoto]

The nice thing about owning GPU's is that they are multi-purpose. Scrypt mining might be dead, but I have a feeling that there are going to be new GPU-optimized coins for a few more years at least. New algorithms are dime a dozen. Anybody seen the "Bitcoin Scrypt" coin? Supposedly they are dedicated to avoiding ASICs, so every time a new ASIC comes out, they will switch algorithms. Not sure why they have not yet made an announcement regarding the Scrypt ASICs and their next chosen algo.

There are plenty of good algos (I feel)

Scrypt N
SHA 3 (Keccek)
Dark Algo
Skein 256 (This is new, looks interesting)
Plus the various other algos that I'm totally forgetting.

 

[wand3r3r]

FYI, for those interested in NXT, there are now more wallets/clients available than the original Java monstrosity:

http://www.nxtclient.org/#clients

Thanks for the info, and not to rain on it but I believe NXT was started by the dev premining 100% of the coins and "giving" away coins as they saw fit. Personally I hope it crashes/fails since it's as blatantly pyramid as it gets. The coins get generated to the holders based on how many coins they have (conveniently for the dev).

 

[Virge_]

Hopefully people find this useful:

http://www.reddit.com/r/dogecoin/comments/21bton/howto_initial_bamt_setup_for_the_linux_n00b/

 

[slashbinslashbash]

Thanks for the info, and not to rain on it but I believe NXT was started by the dev premining 100% of the coins and "giving" away coins as they saw fit. Personally I hope it crashes/fails since it's as blatantly pyramid as it gets. The coins get generated to the holders based on how many coins they have (conveniently for the dev).

Yes, but I have come to understand why that is. Mining results in a pretty unfair distribution as well. You're still "buying" the coins when you mine them -- you're spending real money to obtain them. And those with a ton of hardware get the lion's share. That might be "fair" in some sense, but how is it different than an IPO where those who spend the most money get the lion's share of the coins? It's the same outcome: those who spend the most, get the most. An IPO or other purchase of "pre-mined" coins is just as fair as mining (and without all the wasted resources). If the usage model for the coin is good then it's worth having, whether it's mined or not.

Counterparty (XCP) is the only non-mined, non-IPO coin out there. You obtained XCP by "burning" BTC, nothing went to the devs, it was a completely fair distribution. I'm pretty hopped up about XCP right now, they are the first ones to come out with an operational distributed exchange, but the GUI's are not in place yet (but if you want to trade with a command-line program then you are able to). But that's not keeping me from investing in NXT, Mastercoin, Bitshares, and other alternatives.

 

[IEC]

Hopefully people find this useful:

http://www.reddit.com/r/dogecoin/comments/21bton/howto_initial_bamt_setup_for_the_linux_n00b/

Which BAMT version do you prefer and why? Looks like the author of that FAQ advocates the unofficial 1.5.2 and 1.6.x based versions due to out of the box multi algo support.

 

[Attic]

That BAMT guide is great, will be trialing a roll into 1.6 from 1.3.

 

[Virge_]

Which BAMT version do you prefer and why? Looks like the author of that FAQ advocates the unofficial 1.5.2 and 1.6.x based versions due to out of the box multi algo support.

I began using BAMT with 1.3, and then tried 1.4 and 1.5 when they were released. BAMT was slightly situational for these 3 versions - I ran exclusively R9 series AMD cards, and the best drivers for R9's are 13.22 which came pre-loaded on BAMT 1.3.. 1.4 and 1.5 were a mess for various reasons (issues with 1.5 out the box specifically changing the cgminer folder names in /miners/, and the terrible 14.x drivers they had installed were rubbish on R9 cards). Because of the drivers loaded onto 1.4 and 1.5 I was never able to match the hash rates I could get with 1.3, so I stuck with 1.3, and then the early vertminer 1.5 when I needed to mine Vertcoin.

Bajawah then did an unofficial release for 1.5.2 which I found to be superb. Well designed with the right SDK and 13.22 drivers for the R9 series, it was the first real upgrade for me since 1.3. The fact that it was easy to toggle between Scrypt and Scrypt-N with two lines in the bamt.conf file meant I no longer had to have two USB sticks per miner and no longer had to manually toggle them when I wanted to change - a huge bonus.

Then, Bajawah released 1.6.0 almost at the same time that the authors of 1.3 and 1.5 released 2.0.1. 2.0.1 is a hot mess of bugs for USB device booting, and still has the same problems with drivers that 1.4 and 1.5 did - making it pretty much useless to anyone running a R9 2xx card. Why they continue to develop for antiquated hardware is beyond me, but for all intents and purposes this means I shelved my 1.5.2 installs, ignored/skipped 2.0.1 completely, and started using 1.6 by Bajawah.

1.6 is friggen fantastic. All I really have to do is update the PoolManager to Starlilyth's most recent release and it's up and running. It allows you to toggle from scrypt, scrypt-n, and darkcoin with a simple edit in the bamt.conf, and has precompiles for a total of 4 different miners including support for rawintensity.

My two cents is Bajawah does a much better job at catering to the R9 crowd. 2.0.1 has the same problems that 1.5 did and more, and just like 1.5 they don't really seem interested in fixing those issues and updating their download, so the user has to do so.. irritating.

 

[IEC]

Sounds like I'll be trying out Bajawah's 1.6 this weekend then - thanks for your input and experiences

 

[Virge_]

Sounds like I'll be trying out Bajawah's 1.6 this weekend then - thanks for your input and experiences

Glad I could help! Don't forget to upvote the reddit post if you liked it!

 

[slashbinslashbash]

Thanks for the BAMT info. I have been meaning to set up BAMT, my Windows AMD drivers are on the fritz lately, crashing a lot. Does BAMT support heterogenous mining setups? E.g. I've got a 280X and a 7790. If I put them both in the same system, will BAMT be able to deal with it? What about if I decided to throw an Nvidia 750 in there?

On the topic of PoS coins and distribution, I thought I'd link this:

http://ltbcoin.com/discussion/2/ltbcoin-and-the-start-of-private-network-tokens#latest

An interesting and IMO brilliant idea, although I'm not really a fan of Adam Levine I think he is doing something really cool here. He is forming a "Let's Talk Bitcoin" coin. (Let's Talk Bitcoin is the name of his podcast, which has apparently morphed into a larger content network). This coin will be distributed on a weekly basis to all content creators on the LTB network, as well as to forum members, audience members through random drawings and game shows, etc. It is kind of a "Proof of Content" or "Proof of Contribution" coin as opposed to PoS or PoW. (Oh and it uses Counterparty for its underlying support, which uses Bitcoin as a transport layer; it's technically a Counterparty Asset.)

So what's the point? How is it worth anything? The cool thing that he's doing is that he is making the LTBcoin the exclusive means of purchasing advertising on the podcast! (and other stuff as well, such as merch) He has no problems getting people to pay BTC or USD for the ads, so now advertisers will have to buy LTBC from LTBC holders, in order to buy ads. This sets an immediate "real-world" valuation for LTBC, a minimal dollar value for it.

LTBC may never go anywhere, but I think this is a killer idea and can be adapted to all kinds of content media. What if there were an AnandCoin? What if all writers to the main site received 50% of coins generated weekly, commenters to articles received 20%, forum members received 20%, and 10% from giveaways? And all of this is of course mediated by some kind of metrics.... maybe an upvote/downvote system for the forums and comments, and page-views for main page articles. Stuff like that. And then force all AT advertisers to pay with AnandCoins, thereby creating a market and a price floor for AnandCoins!

 

[GrumpyMan]

So mining is now taxable? Does it affect you guys?

http://money.cnn.com/2014/03/25/technology/innovation/irs-bitcoin/index.html?iid=H_BN_News

 

[IEC]

So mining is now taxable? Does it affect you guys?

http://money.cnn.com/2014/03/25/technology/innovation/irs-bitcoin/index.html?iid=H_BN_News

They don't differentiate between mining and trading in that article which is silly.

Mining has expenses associated with it which can be used to offset gains depending on how you file your taxes.

I tentatively plan to include them on my Schedule D with other investments.

 

[Virge_]

So mining is now taxable? Does it affect you guys?

http://money.cnn.com/2014/03/25/technology/innovation/irs-bitcoin/index.html?iid=H_BN_News

This is actually fantastic, I can mine a coin with an inflated value and if the value tanks I can claim the loss in excess of my electricity cost on my taxes. TIME TO EXPERIMENT WITH MORE COINS!