Crypto currency mining?

TemujinKhan

I looked into bitcoin mining recently, and had visions of a shed full of humming gpu'$ churning out the euros... but like all good things, the bitcoin ship seems to have sailed. Too difficult to mine, small return for high input.

So I stumbled next onto dogecoin, seems to be undervalued and easier to mine.

Does anyone have any experience with this? Is mining worth it?

Currently have 2x 7950 amd gpus.

sawdoubters

http://www.theguardian.com/technology/2014/jan/20/jamaican-bobsled-team-raises-dogecoin-winter-olympics

PrzemoF

TemujinKhan wrote: »

[..]
So I stumbled next onto dogecoin, seems to be undervalued and easier to mine.
Does anyone have any experience with this? Is mining worth it?
[..]

Dogecoin seems to be under valuated based on .... ?

The advantage of bitcoin it that it is starting to have some real world usage. There are dozens of others, but predicting which one (if any) if going to have any kind of life span or value increase is like predicting Irish weather 3 weeks in advance. My opinion: if you already have the equipment just do it, buy do not invest any money hoping that it will pay off.

eissboard

it is a bit late to mine bitcoins, but you can still "dig" other coins.

Khannie

PrzemoF wrote: »

My opinion: if you already have the equipment just do it, buy do not invest any money hoping that it will pay off.

The doing it requires investment (electricity costs are quite high for running GPU's night and day).

KarlNedCarew

The 7950s are some of the best hash/W cards available.
You'd be looking at between 6-700 khash/s per card for about 450-500w total system power draw.
Some of the pools that only mine a single alt-coin (such as dogecoin) can be slow for payouts and this can ruin any potential profits as by the time you receive your coins the coin price could have plummeted.
You can mine more established coins such as litecoin and feathercoin which have a more "stable" profitability (I use the term stable loosely).
To see a coins profitability try sites like www.coinwarz.com.

The setup that me and my friends use is to mine in a pool that changes which coin it mines dependant on the coins profitability and then pays out in bitcoins.
The ones we favour are hashcows and middlecoin for this.
I personally prefer middlecoin.
There is also a pool called multipool that does something similar but you get the alt-coins and can control your own trading. (You can end up with too small an amount of these coins to do any transaction)

For transferring to euro we use a site called kraken that does SEPA transfers and only charges 9c per withdrawal (there are transaction fees for the btc/eur conversion but they are minimal)

douglasdeodato

i am agree with KarlNedCarew i have 4 GC 7970 runing in a gigabyte motherboard.


and another motherboard with 3 Vapor-X AMD Radeon R9 280X OC 3GB GDDR5 Graphics Card.

nice speed and hashes.

Kittehcoin its a nice choice right now, almost 1 cent .

Moonstar

I think Doge is undervalued even now, simply because it's a fun idea, the denominations are more sensible, it has a big community and a lot of development going on.

Having said that, it's still quite a while away from any sort of stability, and then there's the meme thing... but for some reason it doesn't seem too old in the context of Dogecoin. Plus the politics of Bitcoin is really irrelevant to a lot of people. This leads more developers to coins like Doge.

Apparently there's a (kindof useless?) Bitcoin ATM coming to Temple Bar this week.

I've also compiled a Beginner's Guide to Mining Dogecoin if any newbies are interested. The good thing with Dogecoin is that you can do a small bit of mining for fun and actually get some Dogecoins at the end of it!

PrzemoF

Moonstar wrote: »

I think Doge is undervalued even now, simply because it's a fun idea, the denominations are more sensible, it has a big community and a lot of development going on.
[..]

Out of curiosity, what kind of development are you talking about? I was convinced that all crypto currencies are bases on bitcoin protocol with some minor tweak like changing name or total number or coins.

Moonstar

PrzemoF wrote: »

Out of curiosity, what kind of development are you talking about? I was convinced that all crypto currencies are bases on bitcoin protocol with some minor tweak like changing name or total number or coins.

Ehh, mostly I think what's interesting is people looking at ways to make it easier to use on places like Facebook, on Blogs, on Smartphones etc.

Social tipping seems to be an area that a lot of previous apps tried to do (e.g. Flattr), but it never really took off on a large scale. With something like Doge, the possibility of "Cashing out your Likes" seems more compelling. (Not Facebook likes - some kind of parallel Doge or other Crypto "Like" structure)

The Dogecoin Initiatives gives a better idea of what people are thinking about (there's also frequently a bunch of crazy stuff/ideas/experiments/actual development work on Reddit).

So yeah, all of that isn't exactly specific to Dogecoin, however, for the moment at least it's still possible for the average user to get a few Dogecoins by mining, which is not really feasible with Bitcoin, due to the specialised ASIC-miners and hardware like that.

That combined with the 5000x greater supply of DOGE compared to BTC means that there should be more (whole number) coins going around for the average users, which is necessary for greater adoption.

KarlNedCarew

Moonstar wrote: »

That combined with the 5000x greater supply of DOGE compared to BTC means that there should be more (whole number) coins going around for the average users, which is necessary for greater adoption.

I think DOGE goes too far to the opposite end of the scale than BTC. While it's easier to own a single coin and complete transactions in terms of whole coins it is currently only worth a fraction of a cent.
This makes it harder to see the application in terms of real world value of 1 DOGE.

Moonstar

KarlNedCarew wrote: »

I think DOGE goes too far to the opposite end of the scale than BTC. While it's easier to own a single coin and complete transactions in terms of whole coins it is currently only worth a fraction of a cent.
This makes it harder to see the application in terms of real world value of 1 DOGE.

Not sure I agree, since I think that the problem that cryptocoins best solve is for very small transactions. Sure, if you're going to buy something off Amazon in these denominations, it's going to be a pain, but I don't think that's how people are using it.

How many places can you go on the net that will give you free money by just putting in an address, or writing something fun/interesting?
How else can kids and people without access to credit cards complete small but meaningful commercial transactions online?

That's the problem that it solves - stuff like ATMs and shops accepting crypto is fun but not hugely relevant in my opinion.

Plus you have to take into account appreciation. There's about 8-10 DOGE per 1c now, but this gives it scope to hit something like 1 DOGE / 1c which would be an ideal rate IMHO.

KarlNedCarew

Moonstar wrote: »

Not sure I agree, since I think that the problem that cryptocoins best solve is for very small transactions.

DOGE is actually worse than BTC in this respect.
Minimum transaction for DOGE is 1 DOGE which is approximately 160 satoshis, while BTC is limited to the 1 satoshi transactions.

The concepts of faucets, i.e. free coins for putting in your address have been around since the early days of bitcoin as has the idea of tipping.

After re-reading this post for typos I realise I sound very anti-DOGE, but I'm not. I don't think it's anything special in terms of Cryptocurrency.
I'm a big advocate of the DOGE community and initiatives and it shows the internet isn't solely populated by trolls but IMO in the next few weeks and months all the stand-out developments for DOGE will be available on a variety of coins.

Moonstar

KarlNedCarew wrote: »

DOGE is actually worse than BTC in this respect.
Minimum transaction for DOGE is 1 DOGE which is approximately 160 satoshis, while BTC is limited to the 1 satoshi transactions.

1 DOGE is still .12 or so of 1c though - most of the tips on Reddit are typically in the 20-100 DOGE range.

I think they have this in order to avoid denial of service type attacks on the blockchain by filling it with spammy low-value transactions.

This limit can also be changed in new versions of the wallet if the value of the coin changes dramatically.

KarlNedCarew wrote: »

The concepts of faucets, i.e. free coins for putting in your address have been around since the early days of bitcoin as has the idea of tipping.

Yep, but it's no fun getting .000001 coins

KarlNedCarew wrote: »

After re-reading this post for typos I realise I sound very anti-DOGE, but I'm not. I don't think it's anything special in terms of Cryptocurrency.
I'm a big advocate of the DOGE community and initiatives and it shows the internet isn't solely populated by trolls but IMO in the next few weeks and months all the stand-out developments for DOGE will be available on a variety of coins.

Yeah I agree to an extent, I mean considering that Doge was created as a joke, it wasn't going to have much to differentiate it initially from other coins.

However I just think that they seem to be doing all the right things. Not putting a hard limit on new coins created, the abundancy of coins, the meme effect, the politically agnostic nature, the tipping community etc.

None of the above by themselves are especially groundbreaking, but when combined I think they make something more interesting compared to the latest random coin.

KarlNedCarew

Moonstar wrote: »

1 DOGE is still .12 or so of 1c though - most of the tips on Reddit are typically in the 20-100 DOGE range.

Yep, but it's no fun getting .000001 coins

Surely the concept of reddit tipping is more along the lines of "it's the thought that counts" and the bitcointipbot deals in dollar amounts so it's not just 0.0000001 coins you see as being tipped it's the real money value.

Moonstar wrote: »

I think they have this in order to avoid denial of service type attacks on the blockchain by filling it with spammy low-value transactions.

This limit can also be changed in new versions of the wallet if the value of the coin changes dramatically.

Indeed, it is done to prevent ddos attacks.

If the limit is changed because the value of the coin changes drastically and allows transactions of a smaller denominations surely it will have lost the selling point of not dealing with 0.00001 coins.

Also almost all coins are politically agnostic. That is the point of decentralized currency.
The only one I can think of that isn't offhand is AuroraCoin, which is apparently heavily aimed at liberating the Icelandic people from the shackles of their current currency.

Moonstar

KarlNedCarew wrote: »

Surely the concept of reddit tipping is more along the lines of "it's the thought that counts" and the bitcointipbot deals in dollar amounts so it's not just 0.0000001 coins you see as being tipped it's the real money value.

Hmm people mostly deal in the DOGE amount with dogetipbot, e.g. random reddit post

And people genuinely do like tipping 100 DOGE or so instead of a fractional amount. I think this is really hugely more important than people realise.

KarlNedCarew wrote: »

Indeed, it is done to prevent ddos attacks.

If the limit is changed because the value of the coin changes drastically and allows transactions of a smaller denominations surely it will have lost the selling point of not dealing with 0.00001 coins.

I think "drastic" for Doge would be to go up to the 1c mark. I don't think it's physically possible to get anywhere near the Bitcoin valuation, maybe absolute max of $1 per 1 DOGE but I find that highly unlikely.

KarlNedCarew wrote: »

Also almost all coins are politically agnostic. That is the point of decentralized currency.
The only one I can think of that isn't offhand is AuroraCoin, which is apparently heavily aimed at liberating the Icelandic people from the shackles of their current currency.

Well, there are a number of other cause/celeb coins like which can be offputting if you're not a believer (Maxcoin, Earthcoin, Devcoin, Anoncoin, Potcoin..).

But the main culprit here is Bitcoin itself. I haven't really been following Bitcoin that much, but the eternal philosophical wranglings of BTC vs Fiat currency associated with it is enough to put the most hardened libertarian to sleep after a while, never mind newbies.

You can argue that the coin itself is non-political, however this doesn't really matter to interested newcomers if the community surrounding it has a strong political component. The political component of Doge is just To the moon.

You could also argue that the community aspect doesn't matter if the coin itself is widely adopted, however, the community itself is in fact the main driver of adoption - just look at a few posts on /r/dogecoin and it's hard to escape that conclusion.