Bentham Posted December 1, 2013 Posted December 1, 2013 How much do you expect that will make you a month? I'm starting to wonder if that would help pay for my EC2 VM's.
Naer Posted December 1, 2013 Author Posted December 1, 2013 How much do you expect that will make you a month? I'm starting to wonder if that would help pay for my EC2 VM's. It's more of a hobby for me right now
Pepin Posted December 1, 2013 Posted December 1, 2013 I wish you luck. It's not like I am an expert in this, but I've heard mining is pretty competitive.
Naer Posted December 1, 2013 Author Posted December 1, 2013 I wish you luck. It's not like I am an expert in this, but I've heard mining is pretty competitive. peer coin is less competitive right now in terms of mining requirments even though everyones nodes are competing in the network. For bitcoins, you need asics. If I find peercoin being the same way, I'll mine something else
Wesley Posted December 2, 2013 Posted December 2, 2013 You can mine several altcoins fairly effectively with GPUs. However you take the "adoption risk" as to whether the coin will gain popularity or not. Especially if it is just a hobby and not a money-making plan then it is possible to mine altcoins.
Ruben Zandstra Posted December 2, 2013 Posted December 2, 2013 Best of luck Naer! I've got a mining-rig that's due to arrive somewhere this week. It's set up for mining litecoin when in comes in. The reason I chose LTC is because it's mineable with gpu, and pretty much accepted and interchangeable with btc on the exchanges. What would be the argument to go for other types of altcoin like PPC / CPU? I guess you hope to get higher gains in the future when they become more popular?
Naer Posted December 2, 2013 Author Posted December 2, 2013 Best of luck Naer!I've got a mining-rig that's due to arrive somewhere this week. It's set up for mining litecoin when in comes in.The reason I chose LTC is because it's mineable with gpu, and pretty much accepted and interchangeable with btc on the exchanges.What would be the argument to go for other types of altcoin like PPC / CPU? I guess you hope to get higher gains in the future when they become more popular?I would advice mining LTC with gpus. They are soon to go to the same route as bitcoin with asics. Look into peercoin, or if you want to be edgy junkcoinSomeone from fdr should make an fdr coin. Fdrcoin (FRN) we need a logo. People on this forum get to mine first. Should be interesting
Pepin Posted December 2, 2013 Posted December 2, 2013 peer coin is less competitive right now in terms of mining requirments even though everyones nodes are competing in the network. For bitcoins, you need asics. If I find peercoin being the same way, I'll mine something else Thanks for the reply. I realize that this might be a dumb question that I could find out for myself with some research, but is it possible for a weak computer to find the answer and be awarded the coins? The way I understand it right now is that winning is a bit probabilistic, meaning that you have a much greater probability of winning with a great rig, but that there is some still some luck involved. The factors involved are likely more complicated that, but essentially I am wondering if anybody mining a coin could win due to luck, but that it is just very unlikely because the the probability is about 0, or if there probability is just 0. I'm not asking this because I think I could get lucky, more a technical question.
Naer Posted December 2, 2013 Author Posted December 2, 2013 Thanks for the reply. I realize that this might be a dumb question that I could find out for myself with some research, but is it possible for a weak computer to find the answer and be awarded the coins? The way I understand it right now is that winning is a bit probabilistic, meaning that you have a much greater probability of winning with a great rig, but that there is some still some luck involved. The factors involved are likely more complicated that, but essentially I am wondering if anybody mining a coin could win due to luck, but that it is just very unlikely because the the probability is about 0, or if there probability is just 0. I'm not asking this because I think I could get lucky, more a technical question.The less people competing to find the next block in the chain, the more probable a weaker CPU or gpu will solve algorithms. If your commuter is weak find a crypto that's no currently being mined by many people. Bitcoin is out of the question when it comes to mining. You can trade alt coins once you get them if you want
Wesley Posted December 2, 2013 Posted December 2, 2013 Thanks for the reply. I realize that this might be a dumb question that I could find out for myself with some research, but is it possible for a weak computer to find the answer and be awarded the coins? The way I understand it right now is that winning is a bit probabilistic, meaning that you have a much greater probability of winning with a great rig, but that there is some still some luck involved. The factors involved are likely more complicated that, but essentially I am wondering if anybody mining a coin could win due to luck, but that it is just very unlikely because the the probability is about 0, or if there probability is just 0. I'm not asking this because I think I could get lucky, more a technical question. I am not sure which altcoins are doing this yet, but many bitcoin miners participate in pools. When anyone in the pool finds coins, it is split up to the entire pool based on the percentage of computing power you contribute (with a small percentage going to the pool for hosting and such). This leads to a much more consistent income schedule for mining. I am sure that once you get to a point with a coin that you cannot reliably and regularly mine without participating in a pool, then pools will start to crop up where people band together to get rid of the inconsistency.
Ruben Zandstra Posted December 2, 2013 Posted December 2, 2013 I haven't worked my way through all the altcurrencies, but I'm pretty convinced that all the coins that can be exchanged to BTC on the exchanges ( mt gox, btc-e) are by now mineable in pools. And they probably should be mined in pools if you want a decent return on investment, unless you have a whole farm of powerful rigs and free electricity.
ribuck Posted December 2, 2013 Posted December 2, 2013 ... is it possible for a weak computer to find the answer and be awarded the coins?... Yes, it's totally possible, just not very likely. Mining a block doesn't require solving one big complicated puzzle, which a faster computer would always solve first. It involves solving billions of relatively simple ones in the hope of finding one that produces a good answer. If there are two computers on the network and one of them is 100 times faster than the other, the fast computer has 100 times as much chance of solving the block. Think of the Grand Canyon filled with lottery tickets. A certain percentage of them are winners. All miners are checking the tickets one at a time, to see if they can find a winner. The faster miner has more chance of finding a winner, but it's still possible for the slower miner to find a lucky ticket. Your computer is not "working towards" mining a block in some cumulative process. In the next microsecond your computer has the same chance to solve a block regardless of whether it has been working on that block for five minutes already, or whether it has been switched off for those five minutes.
Bulbasaur Posted December 4, 2013 Posted December 4, 2013 Pool mining seems to be the way to go. I'm looking at SBC now as possibly the 'next big alt' https://bitcointalk.org/index.php?topic=349198.0 Any thoughts?
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