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[Official] BitCoin LiteCoin DigitalCoin and all Crypto Currencies Club And General Information Thread - Page 665

post #6641 of 22341
I'm interested in peoples opinions on this too smile.gif let's hope for a good year thumb.gif
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post #6642 of 22341
Quote:
Originally Posted by racer86 View Post

Does anyone have an thoughts on the profitability of mining or purchasing hardware to mine, with USD through the 2014 year?

Obviously ASIC devices for BTC are worthless based on difficulty's projected increases unless they are off but what about investing in alt coins? Will we continue to see the steady stream of coins come in to be mined / dumped or will we level out with a few standard alt coins that continue to have a large increase in difficulty as they level out as main coins.

Will purchasing large mining farms or spending say $3500 on a good mining rig still remain profitable or will they begin to taper off like mining bitcoins. Current ROI for hardware for mining alt coins seems to be between 30 an 90 days depending on what you mine.

Lets hope...

post #6643 of 22341
Damn... You seem to have 2 extra boxes there, so mind giving me one? biggrin.gif
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post #6644 of 22341
me again!

having some issues getting cgminer setup.

this is what im trying right now. trying to pool mine at dogepool.net

./cgminer --scrypt -o stratum+tcp://pool.dogepool.net:4444 -u Weblogin.Worker -p Worker password -I 15 -g 2 -w 256 --shaders 1564
post #6645 of 22341
Quote:
Originally Posted by blkdoutgsxr View Post

In my opinion it is not as easy as everyone is making it out to be for becoming profitable. The 30-90 day hardware payoff usually assumes a static difficulty which can be achieved, you just have to take your chances mining new coins all of the time. It is a pretty big risk if you are thinking about spending 3-4k on equipment, and I would expect it to take much longer then 90 days to pay off.

Also there are rumors of ASICS for script coming out Feb 2014, that will be a game changer. How it will change it? I don't know, it could rise the prices and make everyone loads of profit who have coins stored, it could also make script coins worthless because some of peoples perceived value comes form the fact that script is not currently being mined with ASICS.

Edit: Also I think a lot of the profitability will come down to policy in the US and Overseas. There was word that the IRS is threatening companies who are accepting crypto that they are violating some laws, it seems pretty unclear if they are or not, but some companies have stopped taking crypto until it gets sorted out. I think it can take a huge swing in either direction if the US decides they want to embrace it, or policy could force it down the drain.

Ya I can see how it is up in the air. I havent heard about ASIC miners for Scrypt do you have any sources on that so i can read up on it? Also I know a few projections have btc increasing in exposure through 2014 and from what ive heard Overstock.com has plans to accept BTC payments mid 2014 which would help things out alot I think in terms of legitimizing the market.

I ask because not only because im interested but im also looking at one or two rigs with 6 R9 290s for mining that should push out a hair under 5000 hash rate each for around $3300 a pop
post #6646 of 22341
I am hoping that the ROI for my upcoming rigs is about 30 days. If you pick your coins right, regardless of your hash rate, your break-even point should be 30 days or somewhat less. It's only that more hashrate power will net you bigger earning after the break-even point.

Also with new coins coming out almost every week or so, there are bound to be new winners and losers and more opportunities to mine large amounts.
Quote:
Originally Posted by blkdoutgsxr View Post

Edit: Also I think a lot of the profitability will come down to policy in the US and Overseas. There was word that the IRS is threatening companies who are accepting crypto that they are violating some laws, it seems pretty unclear if they are or not, but some companies have stopped taking crypto until it gets sorted out. I think it can take a huge swing in either direction if the US decides they want to embrace it, or policy could force it down the drain.

I've already read a story where the business owner of BuyAHash had its business account with a major bank closed down because he sold Bitcoin miners, and the bank deemed any business involving Bitcoin to be too high-risk for them to support.
post #6647 of 22341
Quote:
Originally Posted by racer86 View Post

Ya I can see how it is up in the air. I havent heard about ASIC miners for Scrypt do you have any sources on that so i can read up on it? Also I know a few projections have btc increasing in exposure through 2014 and from what ive heard Overstock.com has plans to accept BTC payments mid 2014 which would help things out alot I think in terms of legitimizing the market.

I ask because not only because im interested but im also looking at one or two rigs with 6 R9 290s for mining that should push out a hair under 5000 hash rate each for around $3300 a pop

I believe the company is Alpha Technologies that is claiming to have them for production early 2014. There is not a lot of information out there because until they ship and are tested people will be very skeptical about it. ASICs for script are much more complex and people thought it would take longer to figure them out, but they claim they are only a couple months away. You can read up on it here : https://alpha-t.net/

That would be very cool if more online shops started accepting crypto but I think it is unlikely. They are too volatile for major companies IMO. People who are pumping and dumping are really doing a disservice to the idea as a whole, they are getting somewhat wealthy off the idea, but for those who want crypto to succeed this is a major problem. If you were a business would you want to have to worry about your sale halving in value in a 12 hr period, probably not. The problem only worsens when you think about the value taken away from other currencies because people are trading up to 'legitimate' currencies such as litecoin and bitcoin by mining all of the coins that are worthless after they are dumped. This all sounds pretty doom and gloom, but I am still having fun mining. I would just do a WHOLE LOT of research before you invest that kind of money. I invested about $500 of money I was content with never getting back.


Edit: Also make sure you take some information with a grain of salt. No offense to anyone here, but the crypto mining community is full of people that just assume it is a get rich quick deal. These tend to be the people who are non stop complaining all over the internet about mining. Having a good understanding of how currency trading sites work, how and what new coins actually are, different types of payouts, and just an overall knowledge base will save you from being one of those complainers.
Edited by blkdoutgsxr - 12/22/13 at 4:08pm
post #6648 of 22341
Bitcoin is in a catch-22 right now. It needs a higher adoption rate in order for its price to stabilize, but people are being discouraged from adopting it because its price is too unstable.

The problem will almost solve itself, because a merchant who accepts bitcoin right now will probably only see much less than 1% of its sales use the coin, so risk is already mitigated by the low adoption rate. By the time 20% of those store's purchases are paid in bitcoin, the currency would hopefully have stabilized a lot more so that the risk still remains low.

In the meantime you can support online shops like BitcoinStore who want to take the whole risk (they sell a lot of good PC parts too). It will help move the bitcoin economy.
post #6649 of 22341
overstock presents an interesting situation

personally I would invest in some gpu mining

If I had sold my dogecoin when they were at 200 each I'd be feeling pretty great
but even with speculation you can make back a lot of the money in 1-2 weeks

remember cpumining
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post #6650 of 22341
If asics hit scrypt it's all but done for us average users. The diff on everything they touch will skyrocket that includes new coins as well.

-Over the last 36 hours WDC diff has gone from ~30 to ~50

-EAC (Earthcoin) is still going through teething pains. Pool code fix is being distributed and implemented. Needs further testing though.

-DOGE differ has dropped from about 400 to 330.

Middlecoin looks interesting. I might try it out after I'm done with EAC. I wish more multipools did auto trading like that. Fees seem reasonable considering you have to pay fees to trade on exchanges anyways.
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