[XMR] Monero - A secure, private, untraceable cryptocurrency

[David Latapie]

rpietila is a major actor in bitcoin. He is very widely followed. He never bought altcoin before. But he decided to buy Monero. Enjoy the reading.

My take on altcoins

[...]

MRO (Monero)
Okay, there was a reason why I wrote on alts. Cause I have just made my first altcoin investment ever! Monero has a trait which pretty much all other alts lack: slow and geometrically decreasing issuance. At present, only 5% of MRO is mined, and even after 4 years there will still be 20% left to be mined. There is no premine, and the community consists of several people Furthermore, it is currently a CPU coin, since the 11 hashing algorithms make it difficult to implement for GPU let alone ASIC. These things make it "fair" so that there is no way to amass large stashes except by working for them in the competitive mining or buying in the open market.

The market for the coin is very active and extremely liquid. There was an OTC market in the beginning. MRO was listed in Poloniex 5 days ago and the reception has been good. It has been the most traded coin ever since despite having a market cap of only 1-3 M$! Up to 10% of the outstanding MRO changes hands daily in Poloniex, mitigating the extreme volatility that is plaguing many alts with concentrated ownership.

And now comes the main point: The coin has a feature, which is not implementable in Bitcoin - privacy! It is called CryptoNote, and means that all transactions are mixed in a protocol level. This is imo the most advanced privacy that is currently found in crypto universe, although I am sure that some disagree and let them teach me how I am wrong

The coin is probably circulating quite widely already. New mining is about 30kMRO per day (BTC180), which is about $100k (!) and the price is rising (despite that). This is not a pump and dump coin, because the inflation takes care that new coins are constantly coming to the market. A word of warning though - the market cap may seem lucratively small, but the total issuance of MRO is 20 times the current, which is a little less than that of BTC. Therefore it is easy to compare the relative valuations by just comparing the prices. At 0.006 BTC currently, MRO is not the cheapest coin around (1:166 of BTC). I would advice to not buy hastily, and not participate in bubbles (if any). Mining is also an option.

This is the first altcoin I bought, and I did it during the time when it had been listed in the exchange. My relative position is less than in BTC though, so if only one remains, I would still do better if it is BTC

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[orinoco]

Anyone using moneropool.org to mine?

I noticed moneropool.com say they can't accept more miners as they're at capacity (and more than 25% of network hash!), and have moneropool.org at the top of their list of alternatives.

moneropool.org look to be offering a 10% payout bonus?

edit: there's also a new version of cpuminer-multi which doesn't bug out and give all-boooos..  find it here: https://github.com/LucasJones/cpuminer-multi/releases

[drawingthesun]

I am going to give some mining a go, I doubt it will be worth my efforts (my lone cpu isn't very good)

I am using the simple miner and connecting to a pool.

EDIT: update.

This is my error:

stratum_recv_line failed

Anyone know a way around it?

[David Latapie]

I am going to give some mining a go, I doubt it will be worth my efforts (my lone cpu isn't very good)

I am using the simple miner and connecting to a pool.

This is my error:

Stratum connection failed: Could not resolve host: http

Anyone know a way around it?

No stratum yet
http://monero.cc/getting-started

Install on Ubuntu:

Code:

sudo apt-get install -y build-essential automake libcurl4-openssl-dev pkg-config && cd ~/monero && rm -rf cpuminer && mkdir cpuminer && cd cpuminer && git clone http://github.com/Lucasjones/cpuminer-multi.git && pushd cpuminer-multi && ./autogen.sh && export CFLAGS="-O3 -march=native" && ./configure && make && unset CFLAGS && popd

Mine

Code:

cd ~/monero/cpuminer/cpuminer-multi && ./minerd -a cryptonight -o extremepool.org:3333 -u 46ctfLBhgyzJm61oTtDfu9GbVhG7ito4fNiQjdZcB5bL3mz5ejQrPD29uEkDHFzCVTHGFqAdG456w6ivYp7K23SiGREUiQe -p xxxx -t 8

[cisahasa]

my setup on 14.04:

sudo apt-get update
sudo apt-get install git make automake screen libcurl4-openssl-dev
git clone https://github.com/LucasJones/cpuminer-multi
cd cpuminer-multi
./autogen.sh
./configure CFLAGS="-O3"
make

[drawingthesun]

I am using windows.

[David Latapie]

I am using windows.

Windows 64-bit binaries (0.8.8.2, updated: May 21st)
Windows 64-bit blockchain (place in %AppData%/bitmonero, updated May 21)

There a rumours that a Linux VM is faster than Windows native, but I did not check.

[superresistant]

I am using windows.

Did you try my tutorial ?

[drawingthesun]

I am using windows.

Did you try my tutorial ?

No I did not. I am having a look now. Although i did like the idea of using the CryptoNote-Easy-Miner

https://github.com/zone117x/cryptonote-easy-miner

As it seemed to do everything for you.

[surfer43]

MoneroPool.org now uses the stratum protocol on port 7777.  All ports except port 5555 will be switched to the stratum protocol in 24 hours.

To connect, use this

Code:

minerd -a cryptonight -o stratum+tcp://mine.moneropool.org:7777 -u address -p x

More instructions here

Simpleminer is not compatible with the stratum protocol, so please switch to cpuminer if you can.

10% mining bonus for the next 20 blocks!

[33zer0w0lf]

Extreme Pool Critical Update

Everyone that is mining at http://mro.extremepool.org please download the latest miner and connect using stratum to the stratum ports.

This latest pool update will be much more stable and fixes the constant reject issue everyone was seeing with the old software/miner and http ports.

My goal today, now that this update is complete, will be to get many miners and get the pool hash rate up.

Enjoy!!

[superresistant]

I am using windows.

Did you try my tutorial ?

No I did not. I am having a look now. Although i did like the idea of using the CryptoNote-Easy-Miner

https://github.com/zone117x/cryptonote-easy-miner

As it seemed to do everything for you.

Right, I am preparing an update for my tutorial for cryptonote-easy-miner.

In the meantime you can try with simpleminer to see if you have any connection issue.

[equipoise]

I am using windows.

Windows 64-bit binaries (0.8.8.2, updated: May 21st)
Windows 64-bit blockchain (place in %AppData%/bitmonero, updated May 21)

There a rumours that a Linux VM is faster than Windows native, but I did not check.

This is not the case any more with the May 21st update. I used to mine with VirtualBox with linux, but now the windows native binary is much faster on my core i7. Note that after the May 21st update on my core i7 3rd gen (laptop) and on a friend of mine core i7 4th gen (desktop) I'm now mining with 4 instead of 8 cores, because there is no gain mining with 8. It seems those processors have just 4 AES optimized cores and running 8 threads instead of 4 gives you just 5% speed boost (on my machine) and on my friend's machine it have 10% lower hash rate with 8 cores and is actually faster with 4. If the developers could add an option to select to mine with N AES optimized threads and M not optimized threads this should give additional 36% boost in speed on my machine.

[PeaMine]

MoneroPool.org now uses the stratum protocol on port 7777.  All ports except port 5555 will be switched to the stratum protocol in 24 hours.

To connect, use this

Code:

minerd -a cryptonight -o stratum+tcp://mine.moneropool.org:7777 -u address -p x

More instructions here

Simpleminer is not compatible with the stratum protocol, so please switch to cpuminer if you can.

10% mining bonus for the next 20 blocks!

Thanks, perhaps I need to compile a new cpu multi miner from somewhere else? Compiled it just yesterday.
HTTP request failed: Protocol stratum+tcp not supported or disabled in libcurl

[surfer43]

MoneroPool.org now uses the stratum protocol on port 7777.  All ports except port 5555 will be switched to the stratum protocol in 24 hours.

To connect, use this

Code:

minerd -a cryptonight -o stratum+tcp://mine.moneropool.org:7777 -u address -p x

More instructions here

Simpleminer is not compatible with the stratum protocol, so please switch to cpuminer if you can.

10% mining bonus for the next 20 blocks!

Thanks, perhaps I need to compile a new cpu multi miner from somewhere else? Compiled it just yesterday.
HTTP request failed: Protocol stratum+tcp not supported or disabled in libcurl

You have to compile it again, yesterday is too old. 

[PeaMine]

MoneroPool.org now uses the stratum protocol on port 7777.  All ports except port 5555 will be switched to the stratum protocol in 24 hours.

To connect, use this

Code:

minerd -a cryptonight -o stratum+tcp://mine.moneropool.org:7777 -u address -p x

More instructions here

Simpleminer is not compatible with the stratum protocol, so please switch to cpuminer if you can.

10% mining bonus for the next 20 blocks!

Thanks, perhaps I need to compile a new cpu multi miner from somewhere else? Compiled it just yesterday.
HTTP request failed: Protocol stratum+tcp not supported or disabled in libcurl

You have to compile it again, yesterday is too old.  

You are right haha, thanks!

For an i7-2600 on Linux 64bit, any special flags I should do?
For some reason, last version gave 24H per thread, now seems to be doing 19H.

[cisahasa]

got my miners online..
how many coins/day can i expect at Hash Rate: 445.00 H/sec?

[33zer0w0lf]

Extremepool.org

Stratum now available and new miner released.

https://bitcointalk.org/index.php?topic=615486.msg6807962#msg6807962

[smooth]

for 500 dollars what would smooth david or ezih buy  (other than investing, as investing is beyond most normal human beings, let alon investing in cryptocurrencies.)

At the $500 price point you are likely talking about one computer.

That being the case, I would buy a computer you could use for other things. Then you get the mining gear for free, and no one can compete with that.

If it were specifically for mining you want to maximize your mining power for the absolute minimum cost, which means you want a decent CPU but not a  high end extreme model. I would build my open rig (don't waste money on a case) get a very basic motherboard, ideally with integrated video (again don't waste money on a video card) and minimal RAM. Run linux on it.

Also, take a look at whether you can get more output with two $250 systems (lower end CPU) instead of one $500. I'm not sure. Once we have a good performance chart it will be easier to figure this out.

If you want to spend more and go bigger then, at some point, you need to deal with hosting issues and are better of with rack mounted servers, possibly blades. I think they have a bit of a price premium though. For a while stick with cheap open rigs.

VPS may make sense short term but if you are in this for the long term buying hardware (efficiently) is quite a bit cheaper than VPS, even if you end up having to rent space for your farm. This likely requires good skills in getting back value out of reselling used gear when you upgrade.

In summary mining is all about cost efficiency above all else. If you were around at all during the big GPU mining phase of bitcoin and altcoins then it is really the same principles, except with the GPU. You can look around at how people save money by not spending it on inessential components (cases, etc.), finding promotional deals, etc.

[surfer43]

You are right haha, thanks!

For an i7-2600 on Linux 64bit, any special flags I should do?
For some reason, last version gave 24H per thread, now seems to be doing 19H.

Maybe it will improve after a bit? I don't think there are any special flags.. No reason stratum should slow your hashrate down.