Bitcoin Forum

Hi and greetings from Germany,

I remember reading about cryptocurrencies when Bitcoins where now but forgot about them until the Bitcoin prices went up.

Now I wanted to do a little mining for myself but realized that it is difficult for newcomers. Have an AMD 7850, not so weak.

But the problem is there are professionals around who have some serious hardware power. When I look at the Scrypt-miners, there are people who have to run what, 40 GPUs?

My question: Are there coins who adress this problem, or is it no problem at all?

Because as far as I've understood is in Cryptocurrencies the early adopters have a serious advantage? Even with new coins it is hard for newcomers to get into. I try to mine a new coin but as soon it gets listed on some efficiency chart difficulties get so high I have no chance.

And another thing: why are hashrates not limited? From reading the forums I get the impression that even the Professionals are annoyed by the hardware arms race.

Cheers

From my experience it's more profitable to buy some BTC and start buying/selling altcoins if you've got slow hardware. I'm just mining for fun, real money can be made by trading.

Of course new coins could be an option, if you get in while difficulty is still low. I'd guess there is at least one new altcoin lauchning per day. But then again, you never know if a new coin actually hits an exchange or if it dies before that.

You can mine alt coins and sell for BTC. I mine at about 7000 kh/s and make about .05 btc a day.

It depends what you're hoping to achieve. If you already have a GPU then you can check out some comparison sites offering averages based on your hash rate for different coins.

If you're looking to invest - just buy BTC directly, it tends to be best overall.

QQCoin last: 0.00001399 earning about 700-800 coins a day with a HD7970 0.011192 btc a day, think it has great potential to rise fast was just added on Coinmarketcap.com today #56 already not bad at all. If a few people want to set up some wallets to test it out I will giveaway a few random amounts.

http://qqco.in/

I hope your experience becomes a lesson for a lot of people guys

I also joined the mining game fairly recently with some fairly under powered hardware.

I think it depends on what your objectives are. As others said, if you're looking to make a bunch of money, you would probably be better off buying coins directly and playing the markets. If you're looking to start a hobby and possibly make a little something, look into mining. There are plenty of pools around that will benefit you, even with a relatively low hash rate.

Personally, I'm in it for a hobby, I don't worry about those people who have invested thousands and thousands into mining rigs...that's their prerogative.

Good luck!

Hard to say, coins that you can mine easily are not worth much.
For example Coinye's are pretty easy, but they are not on the market or do we know if they will. So its a gamble

I would go for some currency with scrypt. Maybe litecoin

Agreed. Yep some coin with scrypt, but i dont have lots of mining experience so dont take my word for it :DD

You can try Dogecoin,risky but you can get nice small profit.

that is one way to look at it.

another way to look at it is early adopters endure far higher risks than late miners.  when the coin starts, it's not on exchanges, there is no community, no infrastructure, no public awareness, and the coin has no value itself.  the early adopter must sort through all the scam coins to find a coin they can actually mine.  most launches don't have all cylinders firing:  lack of wallets, lack of pools, unethical developers , and the risk of fork is high. 

as a late miner, you do not shoulder any of the potential risk the early adopter did.  the early adopter made a conscious effort to risk their electricity, cpu cycles to mine a brand-new, untested, unvetted coin with no certain future.  as a late miner, you're directly benefiting from the early adopters weeding out the crap coins.  if you see value in a coin on an exchange, or in trade, then that's only because of the hard work of the early adopters.

Try mining IFC. Difficulty is still low at the moment (1.25) and with one 7850, you should be able to get 325 kH/s which should be about 30K IFC per day as a conservative estimate.