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  • Doge Coin Mining Megathread -gate 17 12 13

    Investigated it myself last night to see if it would be worth doing, answer is yes at the minute

    my 7950's can churn out 1050 to 1250Kh/s which is 1 lite coin every 2 to 2.5 days sapping around 39 to 45Kwh which is max out £6 electricity for me but return rate of £19.90 for 1 lite coin

    So £13.30 profit roughly ^ every 60 hours

    hence why everyone going crazy for it at the minute

    As everyone knows by now, cryptocurrencies are the latest crazy in the computing community. You've got people mining BitCoins on industrial scales using ASIC miners and you've got countless people mining LiteCoins (and all the other crytocoins) using their gaming GPUs. Currently, the BitCoin sits at a price of $905 at the time of publication, but in the past week has fluctuated as much as $300 in either direction. While it appears that BitCoin [BTC] has leveled off for now, the new more affordable and heavily mined currency is the LiteCoin [LTC].

    LiteCoin [LTC] is currently at $32 per coin, which is vastly more affordable for most people to buy and at the same time is also vastly easier to obtain through mining than a BitCoin. Because all of these cryptocurrencies use hashing to do the 'mining' AMD's GPUs are just faster and more efficient at accomplishing this task than Nvidia's GPUs. If you've already got an Nvidia GPU, nobody is going to criticize you for mining using one, but you're better off with an AMD Radeon. Now that we've given you a little background on cryptocurrencies and their popularity, this should explain why there is a shortage of AMD GPUs. People are buying these GPUs in anticipation of mining LiteCoins at much more efficient rates and most people are buying R9 280X and R9 290s for their mining rigs. At $30 a coin, LiteCoin mining more than pays for itself in terms of electricity consumed and in the long term will also pay for the hardware used as well. Additionally, if the price of LiteCoins maintains steady, AMD GPUs will remain a consistent method of generating LiteCoins. This is because LiteCoins use a different algorithm than BitCoins and are easier to generate and there are more of them (still a finite amount). If you look at LTC and BTC, you can see that both currencies' fates have been almost tied to each other almost perfectly with the last few weeks looking identical in terms of price.

    Because of this fact, If you go online and try to buy an R9 280X or an R9 290 your options are severely limited. Heck, even the $550 R9 290X is difficult to come by for the very same reasons. We've spoken to some people involved with the retailers and some retailers themselves and we've been finding that most retailers simply have very little to no stock of cards. And this is not for having enough cards coming in, but rather that in some cases back orders are outstripping the incoming stock. If you head on over to Newegg, you can see that only 4 out of 17 models of the R9 280X are available for sale, the rest are completely sold out. In addition to that, only 2 of the 16 models of the R9 290X are available for sale as well. The story is the same with the R9 290 as well, with only two of the 7 models of the card available for sale.

    Do keep in mind that some of these vendors (ASUS, XFX, Sapphire, etc.) will be coming out with their own non-reference designs with custom coolers and such to reduce the heat generated by the R9 290 series GPUs. However, this usually does not affect the overall stock of reference cards as most vendors tend to keep selling their reference cards alongside their non-reference cards in order to command a price premium with the non-reference design cards.

    We wanted to make sure that it wasn't that these cards were getting EOL'd or cut down in quantities, so we did a stock check with another retailer and verified our hypothesis. For the R9 290, they had 225 cards incoming with 121 back orders already being filled. The R9 290X was a much more drastic story with 290 cards shipping and 259 backorders being filled, effectively only leaving 30 cards in inventory, which will likely be snapped up immediately after they are shown as in stock. Even the R9 280X, which is effectively an HD 7970 refreshed into a new card has an insane amount of backorders with a quantity of 642 cards being shipped and 525 backorders being filled immediately.

    Upon talking with one retailer, we heard them say that this is the best month they have ever had for GPU sales and it is only the 9th of December. Considering that many more cards will be shipped before the end of the month, I suspect that this could be the best month of GPU sales for AMD and most vendors and their retailers, ever.

    Edit 12/10/2013 7:30: We also spoke with a European retailer that stated that they had sold over 1,000 high-end AMD GPUs over the course of last week (starting with Cyber Monday) and that 65% of those sales were multi-GPU sales. They said that they suspect most of those sales were for LiteCoin.

    As a result, this retailer and many retailers will likely be sold out of AMD high-end GPUs for the time coming and if you want one and see it is in stock, buy it. Because there is a strong likelihood that you won't see very many cards coming in stock until late December or early January. Sure, there will be some of the new non-reference cooler models coming out, but those are usually produced in lower quantities, especially in their first few runs. I suspect that between these developments and the PS4 and Xbox One selling very well, AMD is going to have an incredibly strong fourth quarter of 2013. One I don't think anyone would have suspected.
    http://www.brightsideofnews.com/news...deon-gpus.aspx

    4770k @ 4.6, XSPC Raystorm, Avexir 4x4GB 2400MHz, ASUS Z87 Maximus Hero VI, Tri-fire 290x/290x/290 Reference EK 290X CSQ Full Nickel Blocks, Alphacool 240 ST-30, Alphacool 360 ST-30, Asus Xonar, Alphacool D5, Corsair AX 1200i, Carbide 540

  • #2
    So what you're saying is, you can effectively pay for your cards with a couple of months of mining?

    What's the catch? Will litecoins drop in value as more are mined?
    Originally posted by coiler
    He'll have the local FBI round his house with all that hash!
    Originally posted by BigIan88
    turn off that sexy nonsense
    Originally posted by Salad Soup
    turns out if you touch a stripper too much and try and get back in after being kicked out, they dont like that!

    Comment


    • #3
      Kinda wish I'd started mining a long time ago Not sure how worthwhile it would be with a single GPU. Always the risk that the value of each coin drops of course.
      NZXT H440 Matte Black and Red | Corsair HX1000i | ASUS Maximus VIII Hero | i7 6700K @ 4.6GHz | Corsair H100i v2 | 1080 GTX Founders Edition | 32gb Avexir Blitz DDR4 3600MHz | Samsung 950 PRO NVMe M.2 512 GB | 3TB Western Digital Red | Dell S2716DG | SteelSeries Sensei | Corsair Vengeance K90 | Corsair Vengeance 1500 / Gigaworks T40

      Comment


      • #4
        Originally posted by omega View Post
        So what you're saying is, you can effectively pay for your cards with a couple of months of mining?

        What's the catch? Will litecoins drop in value as more are mined?
        They is no catch, but theirs no guarantee the price wouldn't just collapse. Bitcoin value shot up because it has become nearly impossible to mine unless in big huge server farms, same could happen to lite coins? as becomes harder to mine the value should increase.

        I reckon if I can nab about 10 to 20 lite coins an wait for the value to increase then cash out before the eventual price collapse, I'll be happy if price ever hit $500 per coin I reckon that would be best time to cash out
        Last edited by k3vst3r; 11-12-13, 10:08.

        4770k @ 4.6, XSPC Raystorm, Avexir 4x4GB 2400MHz, ASUS Z87 Maximus Hero VI, Tri-fire 290x/290x/290 Reference EK 290X CSQ Full Nickel Blocks, Alphacool 240 ST-30, Alphacool 360 ST-30, Asus Xonar, Alphacool D5, Corsair AX 1200i, Carbide 540

        Comment


        • #5
          Short term though they're not going to bottom out in two months, by then you can have your GPUs paid for...

          I really should get an AMD card
          Originally posted by coiler
          He'll have the local FBI round his house with all that hash!
          Originally posted by BigIan88
          turn off that sexy nonsense
          Originally posted by Salad Soup
          turns out if you touch a stripper too much and try and get back in after being kicked out, they dont like that!

          Comment


          • #6
            Originally posted by omega View Post
            Short term though they're not going to bottom out in two months, by then you can have your GPUs paid for...

            I really should get an AMD card
            Yeah true long term, the difficulty to getting lite coin increases every about 3 days, so technically starts to take longer an longer to get 1. Hence why the value will probably start to slide upwards. Crazy how much some people have spent on hardware, dedicated boxes 4 GPU's in it...upwards of £10,000+ some people have spent

            4770k @ 4.6, XSPC Raystorm, Avexir 4x4GB 2400MHz, ASUS Z87 Maximus Hero VI, Tri-fire 290x/290x/290 Reference EK 290X CSQ Full Nickel Blocks, Alphacool 240 ST-30, Alphacool 360 ST-30, Asus Xonar, Alphacool D5, Corsair AX 1200i, Carbide 540

            Comment


            • #7
              Im glad for AMD, more money for them is only a good thing
              Originally posted by jointhedotz
              I admit it, it's so damn good! following Alan on the downs, just getting a feel

              Comment


              • #8
                Yeah second hand values going up too, I probably could sell my cards for £200+ each now, where as before this lite coin frenzy be lucky to clear 130-140 posted

                4770k @ 4.6, XSPC Raystorm, Avexir 4x4GB 2400MHz, ASUS Z87 Maximus Hero VI, Tri-fire 290x/290x/290 Reference EK 290X CSQ Full Nickel Blocks, Alphacool 240 ST-30, Alphacool 360 ST-30, Asus Xonar, Alphacool D5, Corsair AX 1200i, Carbide 540

                Comment


                • #9
                  I still don't really understand the 'value' of what mining is doing, but if people are willing to pay actual real money for them, then I'm not gonna argue
                  Originally posted by coiler
                  He'll have the local FBI round his house with all that hash!
                  Originally posted by BigIan88
                  turn off that sexy nonsense
                  Originally posted by Salad Soup
                  turns out if you touch a stripper too much and try and get back in after being kicked out, they dont like that!

                  Comment


                  • #10
                    Originally posted by omega View Post
                    I still don't really understand the 'value' of what mining is doing, but if people are willing to pay actual real money for them, then I'm not gonna argue
                    Well if you think about it it's essentially the same as money, since that is no longer tied to gold or anything physical. The point of mining really is to place a restriction on the number of 'coins' which is essential for them to function as a currency. You could argue that in some ways they are a more valid currency than 'traditional' money since that stuff gets 'created from nothing' by governments through mechanisms such as quantitative easing etc.

                    Comment


                    • #11
                      so it's the legal equivalent of printing your own money.

                      The part I don't get is why the mined "coins" are valuable. You're not actually doing anything. You're not finding anything of value.

                      Where's the correlation between "I've found this number hidden in a pool" and "woohoo it's worth $500"?
                      Originally posted by coiler
                      He'll have the local FBI round his house with all that hash!
                      Originally posted by BigIan88
                      turn off that sexy nonsense
                      Originally posted by Salad Soup
                      turns out if you touch a stripper too much and try and get back in after being kicked out, they dont like that!

                      Comment


                      • #12
                        Originally posted by omega View Post
                        so it's the legal equivalent of printing your own money.

                        The part I don't get is why the mined "coins" are valuable. You're not actually doing anything. You're not finding anything of value.
                        You're using electricity and CPU/GPU power - and it gets harder and harder as more blocks/coins are added
                        (i.e. not worth the electricity cost anymore on bitcoin)


                        https://litecoin.info/Difficulty
                        Last edited by mikerr; 11-12-13, 11:07.
                        Follow me @twitter

                        Comment


                        • #13
                          Using electricity, to find something that doesn't really exist, to sell for real money.

                          It's weird.
                          Originally posted by coiler
                          He'll have the local FBI round his house with all that hash!
                          Originally posted by BigIan88
                          turn off that sexy nonsense
                          Originally posted by Salad Soup
                          turns out if you touch a stripper too much and try and get back in after being kicked out, they dont like that!

                          Comment


                          • #14
                            Originally posted by omega View Post
                            so it's the legal equivalent of printing your own money.

                            The part I don't get is why the mined "coins" are valuable. You're not actually doing anything. You're not finding anything of value.

                            Where's the correlation between "I've found this number hidden in a pool" and "woohoo it's worth $500"?
                            Market forces. It's not just mining, you can trade in bitcoins/litecoins. People have been buying while they're cheap.

                            It is most certainly weird but hey ho, it's a way for people with money to make even more money. I don't understand the stock exchange principle at all.
                            NZXT H440 Matte Black and Red | Corsair HX1000i | ASUS Maximus VIII Hero | i7 6700K @ 4.6GHz | Corsair H100i v2 | 1080 GTX Founders Edition | 32gb Avexir Blitz DDR4 3600MHz | Samsung 950 PRO NVMe M.2 512 GB | 3TB Western Digital Red | Dell S2716DG | SteelSeries Sensei | Corsair Vengeance K90 | Corsair Vengeance 1500 / Gigaworks T40

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                            • #15
                              ..but what is it that you are buying? You're just buying "nothing" that is worth some real money
                              Originally posted by coiler
                              He'll have the local FBI round his house with all that hash!
                              Originally posted by BigIan88
                              turn off that sexy nonsense
                              Originally posted by Salad Soup
                              turns out if you touch a stripper too much and try and get back in after being kicked out, they dont like that!

                              Comment

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