Hello all!...Nooby miner here been mining for about 4 months now on BTC, DRK, PPC and DMD and even though I'm new to mining I'm old to linux so It's been pretty easy setting up different private pools on both MPOS and Coinium using their git's and just want to leave an impression for fellow newbies looking at trying their hand at mining.
If you're looking for a good coin to mine, so far DMD is pretty decent. The nice thing I like about it over everything else is the multipool capability. I've been using nicehash.com for about two months consistently now and it seems to be the most stable/reliable and profitable compared to Ghash.IO, BTCguild, and various others. Took me a while to figure out that bit.diamonds gives the capability of multipool mining with auto DMD exchange.
For the record I'm running on homebrew solar 5KWH system with 1600Ah battery storage which is enough to allow me to run two antminer S4's 24/7 tuned down to 150Mhz and 125Mhz respectively for a total avg hash rate of 2.4ths. I've tuned them to suck less power out of the socket than my 15 amp breaker can handle. So with that tidbit of knowledge out of the way and knowing that all things are equal profit wise here are some stats:
BTC mining an avg of .024 BTC a day on nicehash.com. (I'm in asia but nicehash had faster response than westhash)
.024*30=.72 BTC a month at a current exchange rate of 292 usd per BTC = $210.24 per month
DMD mining through multipool that same BTC avg of .024 BTC a day auto converted to 39 DMD a day or 1170 DMD a month. Much better than my raw DMD miner running two nvidia 750ti avg 13MH/s on danbi's pool which avgs 1.4 DMD a day.
So far of course the DMD loses a very small amount compared to BTC because of the exchange fee but the nice thing about DMD compared to BTC is the annual 50 percent compound interest and a small return when I hit 180 days mature coins so I can mint through my wallet.
Of course you'll have to run numbers to not get depressed about taking two years to recoup the cost of the S4 antminers so just to make myself feel better and show why DMD is better than BTC in the long term here we go:
50% Compound interest on all coins over 180 days old anually... Using the same figures as above we can make a general estimate on what to expect in let's say 5 years at my current rate....
Year 1 - 1170 DMD a month * 12 = 14040 DMD (50% interest on all mature coins +7020DMD) = 21060DMD
Year 2 - 21060 DMD + 14040 = 35100 DMD (50% interest on all mature coins + 14040) = 49140
Year 3 - 49140 DMD + 14040 = 63180 DMD (50% interest on all mature coins + 28080) = 91260
Year 4 - 91260 DMD + 14040 = 105300 DMD ( 50% interest on all mature coins + 49140) = 154440 DMD
Year 5 - 154440 DMD + 14040 = 168480 DMD (50% interest on all mature coins + 80730) = 235170 DMD
235170 DMD = $42330.60 at today's going rate.
Now of course you can't tell the future and prices are going to fluctuate but that's the nature of risky ventures and we have enough information to at least make an informed decision. This also doesn't include minting so check it out when you get comfortable. Long story short keep those miners mining and have patience. You'll be hard pressed to find another legal investment anywhere with that kind of potential return.
Oh and just in case you didn't hear, the IRS has finally decided to handle digital coins as property not currency. What that means is that you aren't taxed on it until it is converted into paper money as additional income. Pretty sweet deal!!!
