Cryptocoin Mining?

[daxzy]

Which exchanges are best to use for DOGE?

Cryptsy or Coinedup.

 

[SunnyD]

Cryptsy or Coinedup.

Vircurex, Coins-e, BTer.

 

[judywhite]

I like the fact that it doesnt need an extra GPU or hadrware. Does it mean less electricty bill for the month though?​

 

[akugami]

NXT seems intriguing so I'll bite.

4131836740377480846

Incidentally, I've switched over to Dogecoins from mining Litecoins. The ROI seems better at the moment.

 

[nwo]

NXT seems intriguing so I'll bite.

4131836740377480846

Incidentally, I've switched over to Dogecoins from mining Litecoins. The ROI seems better at the moment.

dogecoin difficulty went through the roof though or maybe netcodepool has become shady? Either way, in 12 hours of mining @ 350kH/s I got less than 5k coins. I would have had at least 50k last week.

 

[akugami]

I think difficulty went through the roof. I've got about 1500 kh/s going. Mostly older video cards and parts I got lying around. Electricity is free (covered by office rent) except on my home rig...we're using my miners as space heaters at work.:awe:

 

[IEC]

dogecoin difficulty went through the roof though or maybe netcodepool has become shady? Either way, in 12 hours of mining @ 350kH/s I got less than 5k coins. I would have had at least 50k last week.

Difficulty DID go up to 433 (from as low as 292 yesterday), but the bigger factor is your pool's terrible block discovery rate.

Netcodepool only found 11 blocks in the past 24 hours, versus the 144 blocks and 99 blocks that my #1 and #2 (backup) DOGE pools have found in the same time period.

Go to "Blocks" to see this information and make adjustments to your pool strategy accordingly.

 

[SunnyD]

Hey look, my pending deposit finally cleared only some 6 hours later! And only 3 hours AFTER the market fell back down.

 

[IEC]

Hey look, my pending deposit finally cleared only some 6 hours later! And only 3 hours AFTER the market fell back down.

#1 reason why I transferred all my DOGE back out of Cryptsy (that took an hour or two as well...) after the first time I tried them. It's shady as hell to hold your coins for 6+ hours (10+ in my case) when it had already hit a dozen confirmations within a few minutes.

Edit: Though I should note that if you schedule your transfers well in advance, they do have a better website and faster trade updates than CoinedUp.

 

[taltamir]

look at doge go

shake, now roll, now play dead... thats a good doge

 

[IEC]

shake, now roll, now play dead... thats a good doge

Lol. Let's hope it's "playing dead" and resumes its path upwards again.

 

[Binky]

Hashco was hacked.

https://bitcointalk.org/index.php?topic=293872.1800

Always, always, always set auto-transfer to keep as little coins as possible on these pools!

 

[blastingcap]

Cryptocoin mining is more like cryptocoin gambling with all this volatility, hacks, scams, etc.

 

[IEC]

The reward is commensurate with the risk. Both have the potential to be very high.

You can mitigate a lot of the risks by using good pools and setting up auto-payments (with low thresholds) and ONLY storing coins in encrypted, secured wallets - not on exchanges and definitely not in pools.

With pools you can have idiot operators accidentally post the admin login information on the public page like happened with webxass.de

 

[IEC]

Hashco was hacked.

https://bitcointalk.org/index.php?topic=293872.1800

Always, always, always set auto-transfer to keep as little coins as possible on these pools!

Call me cynical, but I think there's also a slight possibility that a group of people are trying to scam the operator out of 40.8 BTC by all sending payment to the same address and claiming they got hacked.

Yes it's a slim possibility but I've seen some pretty brutal, cutthroat things happen in the pursuit of profit.

Could be either operator changed the payout addresses hoping people wouldn't notice or some kind of database injection attack. It appears my payment address has now been changed as well.

 

[Binky]

Call me cynical, but I think there's also a slight possibility that a group of people are trying to scam the operator out of 40.8 BTC by all sending payment to the same address and claiming they got hacked.

Yes it's a slim possibility but I've seen some pretty brutal, cutthroat things happen in the pursuit of profit.

More likely...the pool operator stole the coins and claimed he/she was hacked.

 

[IEC]

More likely...the pool operator stole the coins and claimed he/she was hacked.

Wouldn't be the first time I saw that either.

Be careful people - be sure to frequently pay out to your wallets.

 

[JDG1980]

Call me cynical, but I think there's also a slight possibility that a group of people are trying to scam the operator out of 40.8 BTC by all sending payment to the same address and claiming they got hacked.

Yes it's a slim possibility but I've seen some pretty brutal, cutthroat things happen in the pursuit of profit.

I checked my hashco.ws account (which I had used for about 1 day before switching back to a dedicated Dogecoin pool), and sure enough, the payout address had been switched to the hacker's address that was mentioned by other users on bitcointalk (13R87...). So it looks like an actual hack (or maybe an inside job, if you're cynical). Doesn't look like they got an actual payout from me, not that I'm too worried about the 0.00193915 BTC that was pending.

 

[IEC]

I checked my hashco.ws account (which I had used for about 1 day before switching back to a dedicated Dogecoin pool), and sure enough, the payout address had been switched to the hacker's address that was mentioned by other users on bitcointalk (13R87...). So it looks like an actual hack (or maybe an inside job, if you're cynical). Doesn't look like they got an actual payout from me, not that I'm too worried about the 0.00193915 BTC that was pending.

Could be either operator changed the payout addresses hoping people wouldn't notice or some kind of database injection attack. It appears my payment address has now been changed as well. It wasn't a little while ago so it appears hack may be ongoing.

 

[Binky]

Yay, my 0.04BTC were not stolen, but my payout address WAS changed. In a bit of irony, not having an auto-payout setting saved my coins!

 

[blastingcap]

The reward is commensurate with the risk. Both have the potential to be very high.

You can mitigate a lot of the risks by using good pools and setting up auto-payments (with low thresholds) and ONLY storing coins in encrypted, secured wallets - not on exchanges and definitely not in pools.

With pools you can have idiot operators accidentally post the admin login information on the public page like happened with webxass.de

As I've numbercrunched and posted before, buying and holding cryptocurrency is actually 10-20 times more profitable than mining it over long periods of time (1+ years), assuming average USA power costs. Thus for any given level of profit, assuming you don't have free/almost-free electricity, it is less risky to buy and hold.

For instance in 2013 if you bought and held $700 LTC since January you would make the same profit as someone who spent ~$8,000 on mining equipment. And if LTC goes to zero tomorrow, you are only out that initial $700, whereas the miner would have lost thousands of dollars in power bills, plus hundreds or thousands more in depreciated hardware.

There are exceptions like if you were going to buy a video card anyway you have lower risk in the sense that you can write off the cost of the card as a sunk cost, but even then, you still pay for power, and noise/heat can be issues.

Regardless of whether you buy or mine coins, remember to encrypt your wallet.dat (most upgraded clients do this automatically). You can also make backup copies and store it offline in multiple places, like a USB flash drive in a bank safe deposit box. It many clients like bitcoin-qt, there is a "Backup" option in one of the menus for this.

 

[SunnyD]

As I've numbercrunched and posted before, buying and holding cryptocurrency is actually 10-20 times more profitable than mining it over long periods of time (1+ years), assuming average USA power costs. Thus for any given level of profit, assuming you don't have free/almost-free electricity, it is less risky to buy and hold.

WE KNOW.

And for the record, buying stocks and securities is also far more profitable than working. But you know what? In order to buy stocks and securities at a level that makes economic sense in order to make a realistic profit, you need a job to fund your trading account before trading becomes self-realizing. Many of the people in this thread aren't mining with 10MHash/s+ setups. I know I sure ain't.

 

[blastingcap]

you need a job to fund your trading account before trading becomes self-realizing

What? Mining is MORE capital intensive than buying and holding. For every dollar you put into mining LTC in 2013, you could have gotten over 10x the return simply by buying and holding LTC on Jan. 1., 2013. So if you can afford only a $100 video card, you could instead put that into LTC directly and get 10x the return. It's not just 2013, either. Every year for the last four years, those who bought and hold were at least 10 times better off than those who spent an equivalent amount of money mining, assuming ~10 cents/kWh which is typical for USA. I already specifically exempted cases where you count video cards as sunk costs, though even then, power bills add up and heat/noise may be issues to some.

 

[SunnyD]

What? Mining is MORE capital intensive than buying and holding. For bitcoin/litecoin/etc., buying and holding $700 is LESS money up front than buying and mining with $8k, and both returned the same profit in 2013. (Just as one example.) It's not just 2013, either. Every year for the last four years, those who bought and hold were at least 10 times better off than those who spent an equivalent amount of money mining, assuming ~10 cents/kWh which is typical for USA. I already specifically exempted cases where you count video cards as sunk costs, though even then, power bills add up and heat/noise may be issues to some.

Who's spending $8,000 on mining hardware that hasn't already made that capital from mining in the first place (and won't likely make it back within a month or two from mining)?

Like I said, many of the people in THIS THREAD aren't mining with 10MHash/s+ setups.. They've already spent that $500-$700 on graphics hardware for other reasons. Mining is just a perk.

In fact, going by your standards, those that mine and hold are better off than both of your categories. But end of discussion. You just want to hear yourself attempt to convince everybody else that you're right on all counts. It doesn't matter that not everybody is here just to make a profit.

 

[IEC]

This thread is specifically about cryptocoin mining. I suggest we stay on topic.

The majority of readers in this thread are looking for tips about mining, pools, etc.; i.e. they have already made the DECISION to mine and aren't looking for people to second guess their choices.

I'm not going to argue about trading or holding long term, because I've done both of those and they have certainly been profitable - but I do think that people are making up their own minds about what risks they're willing to take. For many, mining on a GPU or three they already own is hardly a gamble at current prices.