Announcement

Collapse
No announcement yet.

Doge Coin Mining Megathread -gate 17 12 13

Collapse
This is a sticky topic.
X
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • k3vst3r
    started a topic Doge Coin Mining Megathread -gate 17 12 13

    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

  • k3vst3r
    replied
    They banned credit cards purchases couple days ago in America, just our banking sector starting to catch up.

    Leave a comment:


  • Aaron
    replied
    There must be a reason though mustn't there? I mean, who benefits from you using a credit card to buy things? The bank/lender. They make money from any interest you are charged on your credit amount. So why would they stop that?

    It must be because there's a higher risk along the line somewhere?


    But as I said before - it's not actually your money that you're spending. It's the bank's money, so they are entitled to say what it can be used for, especially if there is an increased risk of fraud etc or even funding criminals etc.

    I suspect this is the first of many banks that will do this!

    Leave a comment:


  • omega
    replied
    Originally posted by Aaron View Post
    I can sort of see the logic in that.

    With any sort of currency speculation or gambling, you should only 'bet' the amount you can afford to lose and only with money that's actually yours.

    Using a debit card gets rid of half of that issue, as people will only spend what they actually have. Whether they can afford to lose it or not is another discussion.

    If it was on a credit card, the temptation is to max out your credit card limit buying BTC or similar, way past the amount you're able to repay. I actually think it's a sensible thing to do.

    And at the end of the day, it's the bank's money you're spending anyway
    You're given a credit limit by the card issuer / bank, so they've already assessed your ability to repay.

    How is it different to spending money on anything else? If you can't pay, you can't pay. :/

    I just think it's a bit cheeky, and a bit of a worrying precedent, to say what you can and can't buy, IMO.

    Leave a comment:


  • k3vst3r
    replied
    Plus people doing it, will sit on whatever crypto they bought an probably spend it when value has jump 10x to 100x more than originally bought with using credit card, which they still owe for. Rumour is Paypal is going do same, ban purchases of crypto due to amount people doing charge backs, saying it was unauthorised payment. They get to keep their crypto acquired by dodgy means an seller get's whammy off Paypal for it, however seller might just cancel everything an never pay Paypal.

    Leave a comment:


  • Aaron
    replied
    I can sort of see the logic in that.

    With any sort of currency speculation or gambling, you should only 'bet' the amount you can afford to lose and only with money that's actually yours.

    Using a debit card gets rid of half of that issue, as people will only spend what they actually have. Whether they can afford to lose it or not is another discussion.

    If it was on a credit card, the temptation is to max out your credit card limit buying BTC or similar, way past the amount you're able to repay. I actually think it's a sensible thing to do.

    And at the end of the day, it's the bank's money you're spending anyway

    Leave a comment:


  • omega
    replied
    https://www.google.co.uk/amp/s/www.b...iness-42940728

    Lloyd's Bank are going to ban customers using it's credit cards to buy crypto.

    Note that it's only credit cards, people can still use bank transfer or debit cards, and they say they're doing it because so many people are racking up credit debt, with no intention of paying it off.

    Not sure if banks can already do this for other things, like gambling, but it's an interesting move to push a blanket ban on crypto purchases.

    Leave a comment:


  • k3vst3r
    replied
    1600 Ryzen is doing around 480 hashes per second on cryptonight which is basically Monero (XMR) equates to about $1.7 dollars a day using 73 watts an hour, which is roughly 17 pence electric over 24 hour period, so about $1.5 dollars profit a day, that's $45 dollars a month.

    Leave a comment:


  • omega
    replied
    Just tried to use Revolut (the app bank account thingy) to switch up some coins because it seemed quite straightforward, but they've cheekily hidden the crypto trading behind a subscription paywall (6.99 per month) OR get 3 referrals to use the app.

    Thought I'd found a quick way to cash out crypto there.

    Leave a comment:


  • Aaron
    replied
    Shame.. I'll just have to wait till the new server arrives!

    Leave a comment:


  • k3vst3r
    replied
    Originally posted by Aaron View Post

    Seems some places say it supports AES. Some say it doesn't. Some say it will with a bios update. Intel doesn't really say anything....
    Doesn't look like it, sounds like your chip launched 2008 and AES launched 2010.

    https://en.wikipedia.org/wiki/AES_instruction_set

    Leave a comment:


  • BigIan88
    replied
    What measures have NiceHash put in place since they were hacked a few weeks back?

    Leave a comment:


  • DoubleTop
    replied
    Originally posted by omega View Post
    I never signed up for anything with nicehash, just downloaded the client, entered my BTC Wallet address and clicked go
    doesn't that alter the payout % they take for using the client?

    Leave a comment:


  • DoubleTop
    replied
    ^^ would appear so, a tiny percentage of crypto users in one country comparable to the global market and the coin values tank.

    The market reacts in a stock protection model, one puts in regulation - how many others would then follow.

    Leave a comment:


  • Aaron
    replied
    Originally posted by omega View Post
    The cryptopocalypse is happening

    Look at dem crashes.

    https://coinmarketcap.com/
    I assume the crashes are related to South Korea?

    Leave a comment:

Working...
X