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Title: How quickly will Litecoin difficulty rise in the next few months?? Post by: protokol on April 02, 2013, 06:54:59 PM As some of you will know, Litecoin price is going through the roof, it's gone from about $1 to about $4 in 2 days.
I just spent about £1000 on mining equipment with which I'm hoping to get 1500+ kH/s. At current difficulty this should pay for itself within 1 month. Question is, how high will the difficulty be a few months down the line??? Network performance has gone from 3,000,000 kH/s to about 5,000,000 kH/s in 2 days: http://www.litecoinpool.org/charts I'm starting to think I may have made a dickhead maneuver... :-[ Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: Carrasco on April 02, 2013, 06:58:10 PM Litecoin is coming :)
Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: protokol on April 02, 2013, 07:24:36 PM Just did some calculations and even at a difficulty of 200, I should still break even in 2 months.
However, does anyone know how the difficulty is calculated? because if it's proportional to network hashrate then it could go much higher than 200 (a jump in hash rate to 6 Th/s looks probable in the next few days, which would mean difficulty of 200 in the same timeframe). Oh God. Anyone interested in some barely used 7950s? :D Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: t13hydra on April 05, 2013, 09:26:38 AM Just did some calculations and even at a difficulty of 200, I should still break even in 2 months. However, does anyone know how the difficulty is calculated? because if it's proportional to network hashrate then it could go much higher than 200 (a jump in hash rate to 6 Th/s looks probable in the next few days, which would mean difficulty of 200 in the same timeframe). Oh God. Anyone interested in some barely used 7950s? :D How much do you ask for the 7950s? Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: gfoot on April 05, 2013, 12:25:17 PM Difficulty is calculated dynamically based on the average block rate over a period of time, to try to maintain an average of 24 blocks per hour for LTC regardless of the network's hashing strength. It is not linear with network hash rate.
But difficulty is not very interesting if you just want to know your profitability. The overall effect of the difficulty balancing scheme is that the rate of coins awarded to miners is fairly constant, and your chance of winning each block is exactly the ratio between your own hashrate and the network hashrate, so in practice regardless of actual difficulty settings, your expected income is exactly 50LTC/block * 24blocks/hour * your_hashrate / network_hashrate, in LTC/hour. That is much easier to project over long periods - all you need to do is model the changes in your own hashrate and the network hashrate, and integrate over time. For bitcoin, use 25BTC/block and 6blocks/hour. Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: ImI on April 05, 2013, 12:36:59 PM Just did some calculations and even at a difficulty of 200, I should still break even in 2 months. However, does anyone know how the difficulty is calculated? because if it's proportional to network hashrate then it could go much higher than 200 (a jump in hash rate to 6 Th/s looks probable in the next few days, which would mean difficulty of 200 in the same timeframe). Oh God. Anyone interested in some barely used 7950s? :D Difficulty 500 incoming. Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: mco65 on April 05, 2013, 12:55:15 PM As some of you will know, Litecoin price is going through the roof, it's gone from about $1 to about $4 in 2 days. I just spent about £1000 on mining equipment with which I'm hoping to get 1500+ kH/s. At current difficulty this should pay for itself within 1 month. Question is, how high will the difficulty be a few months down the line??? Network performance has gone from 3,000,000 kH/s to about 5,000,000 kH/s in 2 days: http://www.litecoinpool.org/charts I'm starting to think I may have made a dickhead maneuver... :-[ The difficulty should stay in step with LTC value. Both will rise and drop together which should keep profits stable over the long haul unless the value drops completely off the map... I think we would all like to see the value of LTC increase while mining difficulty stays stable but that is just not realistic. Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: drewz on April 05, 2013, 01:28:16 PM For sure a lot of bitcoin miners will move to litecoin due to market entry of asics, as you know expect the worst. One thing is sure, i will be harder and harder for new commers.
Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: protokol on April 05, 2013, 06:32:22 PM Cool, thanks for that info gfoot/mco, hopefully the value will rise a bit when (if) Gox start exchanging LTC. Iv'e got 1200 Kh/s running now, should have 1800 by the end of today. As long as I make my money back i'll be more than happy (have to forget about the new car for the moment though haha...)
How much do you ask for the 7950s? Hah I think I'll keep them for the moment, ask me again in a few months though! cheers guys wish me luck :P Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: nawazish1 on April 05, 2013, 06:50:16 PM Hello guys I m a newbie and it looks ackward if i ask you this but i need it. Could some one here who is early adopter of BTC pledge me with 2BTC so that i can start mining LTC. My current PC is not capable of doing that.
so i need help here. And please don't say that no bodies gonna give me cause i have seen people in older posts giving away bitcoins. Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: ironfalcon on April 05, 2013, 07:08:01 PM Hello guys I m a newbie and it looks ackward if i ask you this but i need it. Could some one here who is early adopter of BTC pledge me with 2BTC so that i can start mining LTC. My current PC is not capable of doing that. so i need help here. And please don't say that no bodies gonna give me cause i have seen people in older posts giving away bitcoins. I think BTC/USD was a little bit lower then :) https://bitcointalk.org/index.php?topic=137.0 Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: nawazish1 on April 05, 2013, 07:17:13 PM Hello guys I m a newbie and it looks ackward if i ask you this but i need it. Could some one here who is early adopter of BTC pledge me with 2BTC so that i can start mining LTC. My current PC is not capable of doing that. so i need help here. And please don't say that no bodies gonna give me cause i have seen people in older posts giving away bitcoins. I think BTC/USD was a little bit lower then :) https://bitcointalk.org/index.php?topic=137.0 you are absolutely right but I need just 2BTC i know that is very difficult for anyone even including myself but if someone is kind enough to help me i can make sure that i will return him these coins back after 2 months when i will start earning LTC from them. Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: Last_Caress on May 07, 2013, 09:21:58 PM you are absolutely right but I need just 2BTC i know that is very difficult for anyone even including myself but if someone is kind enough to help me i can make sure that i will return him these coins back after 2 months when i will start earning LTC from them. seriously, who's going to give 200 dollars to a stranger? A better investment (with much less risk) would be to buy their own equipment, you have to at least offer them interest. Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: iamthekey on May 07, 2013, 09:56:11 PM Lol, maybe try work?
Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: SamS on May 07, 2013, 10:33:36 PM Is there a good thread on the economics of mining that someone could point a newbie too? Yes, I can search for one but not knowing the difference between good information and bad at this point, asking seems the way to start. Thanks, - Sam Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: melonedged737 on May 07, 2013, 11:05:25 PM Another big jump is set to happen tomorrow.
Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: 4bit on May 07, 2013, 11:15:11 PM Litecoin is coming :) Yeah, that'll solve all our problems - but consider everyone will be switching GPU mining to LTC so it's the same arms race all over again.Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: chaoticmark5266 on May 07, 2013, 11:16:11 PM What is the current litecoin difficulty?
Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: anyroll on May 07, 2013, 11:22:33 PM It seems no one knows the mining difficulty of Litecoin currently..
Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: t13hydra on May 08, 2013, 11:19:45 AM It seems no one knows the mining difficulty of Litecoin currently.. Or maybe noone is curious :))) The diff is 469.79810143. Title: Re: How quickly will Litecoin difficulty rise in the next few months?? Post by: elgeo on May 08, 2013, 11:23:08 AM As some of you will know, Litecoin price is going through the roof, it's gone from about $1 to about $4 in 2 days. I just spent about £1000 on mining equipment with which I'm hoping to get 1500+ kH/s. At current difficulty this should pay for itself within 1 month. Question is, how high will the difficulty be a few months down the line??? Network performance has gone from 3,000,000 kH/s to about 5,000,000 kH/s in 2 days: http://www.litecoinpool.org/charts I'm starting to think I may have made a dickhead maneuver... :-[ it depends how much people mine...the difficulty changes according to total kh/s from all users |