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Old 04/06/2014, 03:21 AM   #1
carz0159
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Default Coin Mining.

Hey,
Does anyone here mine any coin? If so, which one(s) and what's you hashrate. Also list the hardware you mine it with.

I recently got back into mining. After a few days of looking around, I decided to start mining Dogecoins, I also have 12 Feathercoins ($0.72) in my Feathercoin wallet now.

I was looking at Vertcoins as well, but I couldn't get a good miner for my R9 290.

I get about 800 KH/s with my R9 290. I get about 120 KH/s with my GTX 560 Ti. I get about 24 KH/s with my i7 3770k.

I usually only let the R9 mine while I use the GTX for games. CPU mining is a complete waste, but I wanted to see how much I can make with it.
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Old 04/06/2014, 03:50 AM   #2
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Default Re: Coin Mining.

Could you explain what 'coin mining' is?
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Old 04/06/2014, 03:51 AM   #3
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Default Re: Coin Mining.

Mining a crypto currency, such as bitcoin, litecoin, dogecoin, feathercoin, ronpaulcoin. And many more.
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Old 04/06/2014, 03:56 AM   #4
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Default Re: Coin Mining.

Quote:
Originally Posted by carz0159 View Post
Mining a crypto currency, such as bitcoin, litecoin, dogecoin, feathercoin, ronpaulcoin. And many more.
I heard bitcoin mines from a pre-existing source, where does this source come from? I heard something about a programmer but... i just don't understand lmao...


Like you run a program that solves super complex equations and you get bitcoin in exchange
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Old 04/06/2014, 04:17 AM   #5
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Default Re: Coin Mining.

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Originally Posted by carz0159 View Post
Mining a crypto currency, such as bitcoin, litecoin, dogecoin, feathercoin, ronpaulcoin. And many more.
Oh, gotcha.
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Old 04/06/2014, 08:34 PM   #6
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Default Re: Coin Mining.

Quote:
Originally Posted by Rach View Post
I heard bitcoin mines from a pre-existing source, where does this source come from? I heard something about a programmer but... i just don't understand lmao...

Like you run a program that solves super complex equations and you get bitcoin in exchange
They actually dont come from an existing source, but that "source" registers coins that are already mined, so a bitcoin code cant exist twice. The mining itself is mostly hashing of random stuff, until the result is a valid coin code. The more coins there are, the longer the random stuff needs to be in order to mine new coins. Thats why mining takes that much longer for older systems like bitcoins compared to the new clones. The process itself is pretty complex, too complex to explain it in a post here.

So at some point, when using a common PC for mining, the energy costs will exceed the worth of the coins you can mine. Bitcoins passed that point ages ago, litecoins are somewhere close to it. Most of the other coins around also arent directly worth mining (yet) because their value is so small that even if you mine them fast, it doesnt compensate the energy costs. You might be lucky that their value rises quickly sometime, but its a matter of bids and asks. All those fresh clones cant compete with the big ones for obvious reasons, so id say 90% arent likely to ever pay their mining electricity.

Edit: Check this for example: http://www.coinwarz.com/calculators
With those 800kh youre somewhere between +0.50 and -1$/day for most coins, depending on your setup and local energy prices. That list of all the coins also visualizes pretty good why most of them will fail.
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Old 04/06/2014, 08:43 PM   #7
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Default Re: Coin Mining.

Woah this thread makes me feel dumb as fawk
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Old 04/06/2014, 09:06 PM   #8
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Default Re: Coin Mining.

I used to mine Dogecoin in it's early days before the first block reward halving and when the network difficulty was only like 200. I was generating like 50,000 dogecoins per day but after the massive difficulty rise and the the halving of the block rewards (twice), I stopped. Either way, I got a load of cash and it paid for my new PC and then some. I was mining with an Asus R9 280x but now I'm rocking a Sapphire R9 290.

The value of Dogecoin has dropped dramatically over the past few weeks. It peaked at around 300 satoshis and now it's down to 50 satoshis. Right now is a great time to buy if you're willing to take a risk. Currently, I am keeping my eye on and investing in Darkcoin, as Dogecoin seems to be stagnating (for now. I know that will change in the future)...

Also, there was a time where I was pulling over 6.1MHash/s (Yes, MHash/s, not KHash/s)

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Old 04/06/2014, 09:51 PM   #9
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Default Re: Coin Mining.

Quote:
Originally Posted by Mauzen View Post
They actually dont come from an existing source, but that "source" registers coins that are already mined, so a bitcoin code cant exist twice. The mining itself is mostly hashing of random stuff, until the result is a valid coin code. The more coins there are, the longer the random stuff needs to be in order to mine new coins. Thats why mining takes that much longer for older systems like bitcoins compared to the new clones. The process itself is pretty complex, too complex to explain it in a post here.

So at some point, when using a common PC for mining, the energy costs will exceed the worth of the coins you can mine. Bitcoins passed that point ages ago, litecoins are somewhere close to it. Most of the other coins around also arent directly worth mining (yet) because their value is so small that even if you mine them fast, it doesnt compensate the energy costs. You might be lucky that their value rises quickly sometime, but its a matter of bids and asks. All those fresh clones cant compete with the big ones for obvious reasons, so id say 90% arent likely to ever pay their mining electricity.

Edit: Check this for example: http://www.coinwarz.com/calculators
With those 800kh youre somewhere between +0.50 and -1$/day for most coins, depending on your setup and local energy prices. That list of all the coins also visualizes pretty good why most of them will fail.
I understand about the price of electricity and all, but I mine using my computer at the office, so I don't pay for electricity . Shhhhh...don't tell anyone XD. Another point is that I am willing to break even right now in terms of money in hopes that the value will go up. I am looking into Vertcoin as it looks like it can become extremely successful in the future.

Quote:
Originally Posted by RayW View Post
I used to mine Dogecoin in it's early days before the first block reward halving and when the network difficulty was only like 200. I was generating like 50,000 dogecoins per day but after the massive difficulty rise and the the halving of the block rewards (twice), I stopped. Either way, I got a load of cash and it paid for my new PC and then some. I was mining with an Asus R9 280x but now I'm rocking a Sapphire R9 290.

The value of Dogecoin has dropped dramatically over the past few weeks. It peaked at around 300 satoshis and now it's down to 50 satoshis. Right now is a great time to buy if you're willing to take a risk. Currently, I am keeping my eye on and investing in Darkcoin, as Dogecoin seems to be stagnating (for now. I know that will change in the future)...

Also, there was a time where I was pulling over 6.1MHash/s (Yes, MHash/s, not KHash/s)

Wow...How'd you get that much? I max out at about 1 MHash/s. How many GPU's did you have?
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Old 04/06/2014, 09:51 PM   #10
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Default Re: Coin Mining.

Check some charts for all those currently upcoming cryptocoins. They all have a single peak some weeks after their release, then quickly go to 0, and stay there. Their "developers" and some lucky guys make some profit from the peak, then the currency is dead. Why? Because they arent even designed to be currencies, they are just designed to have their single peak. In that mess of scam-like currencies there are just 3 or 4 to be treated serious, that actually rose again after their first peak. Thats because they were the early ones that worked out as actual currency.
I really dont need to study economics to say that any long-term investment in something that noone wants to buy is bullshit.
If you really need to put your money somewhere, buy some 1-2 weeks old currency, sell at the first peak, and never use it again. That might work for some more months, but I really hope that wave of new cryptocoins stops soon.
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