I want to write profitability script, but need some basics

[blackhatpl]

Hi all!

Been lurking for quite a time right now, but I need to ask a question finally or rather few of them...

So for past 6 months I am slowly mining, with my tiny rig, Ethereum, but with increasing difficulty I started looking for an alternative.

I came a cross possible solution to mine some fresh (new) altcoins and just sell them ASAP and it seems a good idea for me if indeed I will be able to sell them instantly with some exchange (and maybe even invest some cash with no extra work needed).

But, as it is with fresh altcoins they come and go (in terms of value) - it may wary daily that one coin is more profitable to mine, value can crash etc. etc. So I came with idea to write a proper profitability script as I couldn't find one.

Idea is to compare all possible shitcoins that I can mine successfully in terms of profitability, ability to sell them, difficulty, available pools etc.
However, I need some answers as I have lack of basic knowledge as it wasn't useful for me ever

So:
- are all coins available for mining, or some are distributed in other forms?
- as there aren't that detailed calculators, what variables do I need to calculate my rig's performance in terms of mining particular coin (some global benchmark)?
- is mining difficulty centralized value and is constant factor when calculating profitability of mining?
- is pool mining always the best choice for tiny rigs (up to 6 gpu)?

Thanks in advance, I hope we can start fruitful discussion as I plan to make my script public for all interested.

[BitBustah]

Hey blackhatpl,

- are all coins available for mining, or some are distributed in other forms?

I think a few coins can not be mined. The majority can be mined. Don't forget, some algo's are made for CPU mining.

- as there aren't that detailed calculators, what variables do I need to calculate my rig's performance in terms of mining particular coin (some global benchmark)?

Not all pools will "read" thesame hashrate, nor pay thesame amount of coins (or EUR/USD/...). I made this little tool some time ago:
http://pools.you-stupid-woman.com/

These are estimates.. Earnings can never be calculated 100% in advance. The only variables you have are your hashrate and the estimated earnings by the pool. They are never 100% correct so in the end, another pool might be doing better than the pool with the best estimates.

- is mining difficulty centralized value and is constant factor when calculating profitability of mining?

Pretty sure it isn't constant.

- is pool mining always the best choice for tiny rigs (up to 6 gpu)?

I think solo mining will never earn you more.




Your idea (how wonderful and helpful it would be) isn't going to work.

[BitBustah]

Oh yeah:

Idea is to compare all possible shitcoins that I can mine successfully in terms of profitability, ability to sell them, difficulty, available pools etc.

So many pools, so many (shit)coins, so many exchanges, ... so many external factors. You can never be 100% sure if a coin "will make it" in the end. 

[blackhatpl]

Don't forget, some algo's are made for CPU mining.

Do you happen to know some summary of algorithms and what hardware is best to compute it?

Not all pools will "read" thesame hashrate, nor pay thesame amount of coins (or EUR/USD/...). I made this little tool some time ago:
http://pools.you-stupid-woman.com/

Looks very handy, thanks!

So many pools, so many (shit)coins, so many exchanges, ... so many external factors. You can never be 100% sure if a coin "will make it" in the end. 

Well do I really need to? If i.e. ETH mining gives me 30 bucks a day and mining random shitcoin gives me 60 - as long as I will sell whatever I mined that day, same day - shouldn't I be happy about that?

[BitBustah]

Well do I really need to? If i.e. ETH mining gives me 30 bucks a day and mining random shitcoin gives me 60 - as long as I will sell whatever I mined that day, same day - shouldn't I be happy about that?

The pools give their estimates in the form of an API:

http://pool.hashrefinery.com/api/status
https://ahashpool.com/site/api/


There are no other "values" given by pools. You have to do it with that.
You will see that there are never guarantees. A coin that was worth 25 USD yesterday, might be worth 15 within the next 24 hours.

It is impossible to know for sure how much a coin will be worth in the (very near) future. You can do research (fi is there an active dev team behind a coin). But again, never guarantees.
Making a script that would suggest what coin to mine/what coin will be the most valuable can not be made.