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VolanicEruptor
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December 05, 2013, 05:52:23 PM |
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Guys don't forget all the ASICs that we or anyone sell can be used to mine other cryptos. So the market is bigger than what were thinking in our limited bitcoin scope thinking.
the ASIC can only be designed for mining one currency (thus "application specific"). This is why other cryptocurrencies use CPU mining. |
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VolanicEruptor
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December 05, 2013, 05:53:38 PM |
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I could be wrong with that last statement but that's what I thought
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Vigil
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December 05, 2013, 05:57:03 PM |
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I could be wrong with that last statement but that's what I thought
A bitcoin miner can be used with any SHA256 crypto as far as I am aware. |
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zumzero
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December 05, 2013, 06:07:26 PM |
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I could be wrong with that last statement but that's what I thought
A bitcoin miner can be used with any SHA256 crypto as far as I am aware. I'm using a BFL 60 Single to mine alt coins and although I haven't sold any yet, I should be able to get 0.85 btc selling Unobtainium mined from the last three weeks. Also there are 16 sha-256 coins listed on coinwarz.com, one being Bitcoin. |
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Vigil
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December 05, 2013, 06:42:43 PM |
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My mining farm has successfully mined ZetaCoins. Basically, the mining software interacts with the blockchain and the mining hardware. If the mining software (bfgminer, e.g.) is changedto use a different blockchain and to connected with a different set of mining servers, it has in effect created a different altcoin. The way I mined Zetacoin was by chaning the parameters in bfgminer to point to a different mining pool. On another note, I have no idea how you mine with scrypt. It seems that scrypt based coins are very profitable at the moment. I have not foind an alt coin which is more profitable that bitcoin. Does any one have any suggestions or any real experience with anything else other than BTC? I could be wrong with that last statement but that's what I thought
Yes, both LTC and FTC are more profitable than Bitcoin. Currently, about 20-30 times more profitable. |
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zumzero
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December 05, 2013, 06:54:56 PM |
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Don't you need a big gpu farm to be making a decent figure from mining scrypt coins?
While profits appear to be up to 4000% above bitcoin this assumes an identical hash rate for both sha-256 and scrypt and the practicalities involved in running 60000 Gh/s on GPUs compared to 60000 Gh/s on an ASIC might suggest that it is not all peaches and cream on the scrypt side of things.
I see there are scrypt ASIC devices on the horizon however.
Edit
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Vigil
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December 05, 2013, 06:58:09 PM |
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Don't you need a big gpu farm to be making a decent figure from mining scrypt coins?
I see there are scrypt ASIC devices on the horizon.
Pretty much but it is still way more profitable. LTC is currently 30 times more profitable. Most of the GPUs have been bought up since the price increase. |
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Jasun7211
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December 05, 2013, 06:58:23 PM |
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I could be wrong with that last statement but that's what I thought
A bitcoin miner can be used with any SHA256 crypto as far as I am aware. Ding. Even if the other SHA 256 currencies go buts there will still be a long line of investors, fools and greater fools to buy the machines. We are in its infantcy |
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finlof
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December 05, 2013, 07:03:10 PM |
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the sha-256 miners cannot be used to mine scrypt alt-coins. there are currently no asic's available that will mine scrypt coins but there is at least one company developing them ( https://alpha-t.net/). i have mined all types of sha-256 coins with asics, and all types of scrypt coins with cpus/gpus. lorenzo is correct with his statement that you just need to point your mining software to the pool of your choice. for my scrypt coins i use middlecoin.com because they mine the most profitable coin at the time and automatically convert it to BTC and pay you out every day. edit - the sites that say LTC is that much more profitable is misleading. there is a greater power cost to mine scrypt coins. for the 2500 kh/s of GPUs i am running my power usage is between 1500 - 2000 watts. my avalons (4x102gh/s) use 3600 watts, and my antminers (2x180gh/s) use less than 800 watts. |
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Vigil
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December 05, 2013, 07:17:43 PM |
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the sha-256 miners cannot be used to mine scrypt alt-coins. there are currently no asic's available that will mine scrypt coins but there is at least one company developing them ( https://alpha-t.net/). i have mined all types of sha-256 coins with asics, and all types of scrypt coins with cpus/gpus. lorenzo is correct with his statement that you just need to point your mining software to the pool of your choice. for my scrypt coins i use middlecoin.com because they mine the most profitable coin at the time and automatically convert it to BTC and pay you out every day. edit - the sites that say LTC is that much more profitable is misleading. there is a greater power cost to mine scrypt coins. for the 2500 kh/s of GPUs i am running my power usage is between 1500 - 2000 watts. my avalons (4x102gh/s) use 3600 watts, and my antminers (2x180gh/s) use less than 800 watts. In most places power costs are not going to even come close to overcoming a nominal 30x profitability. |
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Vigil
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December 05, 2013, 07:45:29 PM |
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If I fired up my two 7970's and started mining the most profitable scrypt coin, it would still take me 28 days with the GPUs running 24hours a day to earn the equivalent of 1 btc. Not worth the noise.
For most people making $1000+ per month is worth the noise. |
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Sahtor
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December 05, 2013, 07:49:03 PM |
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zumzero
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December 05, 2013, 07:53:32 PM |
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If I fired up my two 7970's and started mining the most profitable scrypt coin, it would still take me 28 days with the GPUs running 24hours a day to earn the equivalent of 1 btc. Not worth the noise.
For most people making $1000+ per month is worth the noise. I accept that point, but the 28 days is assuming no increase in difficulty so it's probably going to be quite a bit longer? $1000 is a lot of money to me as well. |
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crumbs
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December 05, 2013, 08:09:10 PM |
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no accounts created yet
How did these appear?  |
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keepinithamsta
Member
 Offline
Activity: 85
Merit: 10
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December 05, 2013, 08:10:29 PM |
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no accounts created yet
How did these appear? You can set up a buy order without anyone having anything to sell.. |
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PurpleTentacle
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December 05, 2013, 08:11:52 PM |
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Crumbly seems really anxious to start trading....
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smiley35
Newbie
Offline
Activity: 33
Merit: 0
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December 05, 2013, 08:12:10 PM |
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So I have not gotten an email yet. Has anyone else? How do we take control of our shares? Should I just hold my horses?
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