Is Mining Scrypt and Converting to BTC cheaper?

[micky123]

Hi All,

Have a quick query for all you experts out here:

Is mining scrypt and then converting that to BTC cheaper than mining actual BTC?
Going by the number of scrypt rigs that are available for rent it certainly seems that way! I know that there are a lot of complications involved like the exchange rate etc., but has anyone tried this experiment (i am sure there are some on this board who have)?

If yes, what would you suggest is the best scrypt coin to mine? Or is it better to let the multipool decide that for you?Also, which is the best multipool with higher difficulty in your opinion?

Looking forward to an enlightening discussion.

[TrillionBTC]

Hello Micky,

This is a subject that my wife and I just discussed. If you're going to enter Scrypt mining you might want to consider Scrypt ASICs. Gridseeds mine at 350KH each and I've found them on sites under $90 USD New. Found Gridseed Blades for under $800 New that mine at 5.2MH.

Now if you're going to mine a single Scrypt Coin it should be LiteCoin or DogeCoin IMO. Although I have seen posts saying DogeCoin is loosing some value. I personally prefer allowing a good multi pool do the work of mining the most profitable coins and Auto Converting them for me.

Currently I use WafflePool as they've been the most profitable for me. I've received 1 BTC in 14 days with 18MH.

I've been keeping my eyes on CEX.IO as they currently have a Multi Pool but they need to get their Hash Rates up and stop trying to mine LTC 50% of the time with little to no luck solving LTC Blocks. They obviously have some bugs to work out. This being said there are rumors they'll be purchasing Scrypt ASICs and adding a Cloud Hosting service for Scrypt Mining. If they do the hash rate there should no longer be an issue. This is why I keep an eye on their pool and also mine with 1 Graphics Card at 320KH there.

There's more Multi Pools out there you just need to watch them and see what their luck is solving blocks and how long they spend trying to solve blocks with no luck.

Waffle Pool is my personal favorite.

[TrillionBTC]

Oh sorry Micky,

To answer your first question Yes. Mining Scrypt is cheaper right now because the ASICs are cheaper and more importantly ready to be shipped right now. You'll want to use a MultiPool and have it Auto Convert until you can build up a good hash rate though. Getting fractions of coins and exchanging them yourself, although may gain you more BTC, simply takes too long to do and the fees for doing so gets you. At least that's been my experience.

[micky123]

Oh sorry Micky,

To answer your first question Yes. Mining Scrypt is cheaper right now because the ASICs are cheaper and more importantly ready to be shipped right now. You'll want to use a MultiPool and have it Auto Convert until you can build up a good hash rate though. Getting fractions of coins and exchanging them yourself, although may gain you more BTC, simply takes too long to do and the fees for doing so gets you. At least that's been my experience.

Thanks for your answer! So to sum it up, scrypt mining and conversion to BTC will help me generate more BTC per day than only mining BTC (provided the pool is right, of course)?

[Relnarien]

Oh sorry Micky,

To answer your first question Yes. Mining Scrypt is cheaper right now because the ASICs are cheaper and more importantly ready to be shipped right now. You'll want to use a MultiPool and have it Auto Convert until you can build up a good hash rate though. Getting fractions of coins and exchanging them yourself, although may gain you more BTC, simply takes too long to do and the fees for doing so gets you. At least that's been my experience.

Thanks for your answer! So to sum it up, scrypt mining and conversion to BTC will help me generate more BTC per day than only mining BTC (provided the pool is right, of course)?

Assuming that you have less than 100 Ghs of SHA256 hashing power, then that is correct. Mining BTC with a lower hashrate than that is generally not profitable compared to mining any trending Scrypt-based coin with a decent GPU. Having said that, if you have neither Scrypt ASICs nor the intention to purchase any in the future, then you should consider mining Scrypt-N-based and x11-based altcoins as well.

[hulk]

Hi All,

Have a quick query for all you experts out here:

Is mining scrypt and then converting that to BTC cheaper than mining actual BTC?
Going by the number of scrypt rigs that are available for rent it certainly seems that way! I know that there are a lot of complications involved like the exchange rate etc., but has anyone tried this experiment (i am sure there are some on this board who have)?

If yes, what would you suggest is the best scrypt coin to mine? Or is it better to let the multipool decide that for you?Also, which is the best multipool with higher difficulty in your opinion?

Looking forward to an enlightening discussion.

Actually, you can't tell until you get the scrypt ASIC, by the time all the pre-order scrypt ASIC hit the market the difficulty going to sky rocket!!