Mining LiteCoin vs NovaCoin

[taturii]

Hi,

I've been reading about alt coins and I find very strange de differences in mining litecoin vs mining novacoin. Both coins share the same encryption algorithm but the difficulty in mining is very similar although the net hashing power is very different from one net to the other (litecoin net hashpower is about 20000 MH/s while novacoin is about 250 MH/s only). However, when you calculate the mining profitability per MH at present it yields:

litecoin: 1.66 ltc per day and MH
novacoin: 1.18 nvc per day and MH

Why is an 'unrestricted' coin (upper limit of 2 billion coins) like novacoin so difficult to mine?

[Balthazar]

Why is an 'unrestricted' coin (upper limit of 2 billion coins) like novacoin so difficult to mine?

Because NVC emission model is PoS-based. Unlike LTC, which has PoW(i.e. mining)-based emission model.

2 billion limit - it's a hard-coded maximum. Real limit is non-deterministic, but comparable to bitcoin or litecoin design.

[taturii]

How does this emission model works and how is determined the difficulty of mining?

[Balthazar]

https://github.com/CryptoManiac/novacoin/wiki/FAQ

What could you say about NovaCoin emission model?

It's quite simple. There are two types of blocks, Proof-of-Work and Proof-of-Stake. Each makes contribution into existent coins volume.

• Proof-of-Work block reward can be calculated using formula nBlockReward = 100 / (nMaxTarget / nCurrentTarget) ^ (1/6). It means, that reward cut a half every 64x multiply of difficulty.
• Proof-of-Stake block reward based on CoinAge parameter and Proof-of-Stake difficulty. Interest can be calculated using formula nRewardCoinYear = 1 / (nMaxPoSTarget / nCurrentPoSTarget) ^ (1/6). It means, that interest starts from 100% per year and cut a half every 64x multiply of difficulty.

[kevindeangelis]

I set up a little site the other day to help with which coin to mine with the hardware hashrate you have.
Take a look at http://www.WhereToMine.com .  Hope it helps!
It's a new site, so I'm open to any comments/suggestions.

[Soul_Est]

I set up a little site the other day to help with which coin to mine with the hardware hashrate you have.
Take a look at http://www.WhereToMine.com .  Hope it helps!
It's a new site, so I'm open to any comments/suggestions.

Thanks for posting the link! It helped me understand where I should be focusing my future mining rigs.

[kevindeangelis]

glad you found it useful!

[mybadomen]

 Thank you so much for the Useful tool. Its very helpful. Only one thing is Memecoin on the chart don't seem right and everywhere i look it seems its closed down so don't see how it has a Profitability of $1100. per month with my setup if it doesn't even seem to exist ?

 I only ask this because it makes me wonder how accurate any of the stats are or if they are out dated.

 Any light on this?

[marcotheminer]

I would mine litecoins, they seem to be the sister of bitcoins (eg gold and silver)
They will also grow in popularity and therfore price

[Stoneysilence]

My problem with these other minor coins is no reputable exchanges exist to sell them on.

It's hard enough to get actual money in your hands for Bitcoin or Litecoin.

[armaan83]

Hi , If anyone can guide me I am bit confused let say ,I am planning to rent Mining Rig and I want to mine Novacoin or Litecoin but does it suppose to have specific rig like Scrypt ,SHA 256 or X11 l or just they are different name due to their hash rate capacity because some people were telling that only specific rig can mine certain  specific coins as they work on different algorithm ,

I appreciate your answers ...!!

[TreasureSeeker]

Hi , If anyone can guide me I am bit confused let say ,I am planning to rent Mining Rig and I want to mine Novacoin or Litecoin but does it suppose to have specific rig like Scrypt ,SHA 256 or X11 l or just they are different name due to their hash rate capacity because some people were telling that only specific rig can mine certain  specific coins as they work on different algorithm ,

I appreciate your answers ...!!

Coins use different hashing algorithms so if renting a mining rig you'll need one that's set up to mine the correct type of hashing.  You'll need scrypt to mine Litecoin.  Don't know about Novacoin as I've got zero interest in that one.  

[mamahdedeh]

I prefer litecoin sir