Choosing The Best Bitcoin Mining Hardware - The Complete Guide
Bitcoin Multisig Hardware Wallet Comparison
5 Best Bitcoin Mining Hardware ASIC Machines (2020 Rigs)
Mining and Dogecoin - Some FAQs
Hey shibes, I see a lot of posts about mining lately and questions about the core wallet and how to mine with it, so here are some facts! Feel free to add information to that thread or correct me if I did any mistake.
You downloaded the core wallet
Great! After a decade it probably synced and now you are wondering how to get coins? Bad news: You don't get coins by running your wallet, even running it as a full node. Check what a full node is here. Maybe you thought so, because you saw a very old screenshot of a wallet, like this (Version 1.2). This version had a "Dig" tab where you can enter your mining configuration. The current version doesn't have this anymore, probably because it doesn't make sense anymore.
You downloaded a GPU/CPU miner
Nice! You did it, even your antivirus system probably went postal and you started covering all your webcams... But here is the bad news again: Since people are using ASIC miners, you just can't compete with your CPU hardware anymore. Even with your more advanced GPU you will have a hard time. The hashrate is too high for a desktop PC to compete with them. The blocks should be mined every 1 minute (or so) and that's causing the difficulty to go up - and we are out... So definitly check what is your hashrate while you are mining, you would need about 1.5 MH/s to make 1 Doge in 24 hours!
Let us start with a quote:
"Dogecoin Core 1.8 introduces AuxPoW from block 371,337. AuxPoW is a technology which enables miners to submit work done while mining other coins, as work on the Dogecoin block chain." - langerhans
What does this mean? You could waste your hashrate only on the Dogecoin chain, probably find never a block, but when, you only receive about 10.000 Dogecoins, currently worth about $25. Or you could apply your hashrate to LTC and Doge (and probably even more) at the same time. Your change of solving the block (finding the nonce) is your hashrate divided by the hashrat in sum - and this is about the same for Doge and LTC. This means you will always want to submit your work to all chains available!
Mining solo versus pool
So let's face it - mining solo won't get you anywhere, so let's mine on a pool! If you have a really bad Hashrate, please consider that: Often you need about $1 or $2 worth of crypto to receive a payout (without fees). This means, you have to get there. With 100 MH/s on prohashing, it takes about 6 days, running 24/7 to get to that threshold. Now you can do the math... 1 MH/s = 1000 KH/s, if you are below 1 MH/s, you probably won't have fun.
Buying an ASIC
You found an old BTC USB-miner with 24 GH/s (1 GH/s = 1000 MH/s) for $80 bucks - next stop lambo!? Sorry, bad news again, this hashrate is for SHA-256! If you want to mine LTC/Doge you will need a miner using scrypt with quite lower numbers on the hashrate per second, so don't fall for that. Often when you have a big miner (= also loud), you get more Hashrate per $ spent on the miner, but most will still run on a operational loss, because the electricity is too expensive and the miners will be outdated soon again. Leading me to my next point...
You won't make money running your miner. Just do the math: What if you would have bougth a miner 1 year ago? Substract costs for electricity and then compare to: What if you just have bought coins. In most cases you would have a greater profit by just buying coins, maybe even with a "stable" coin like Doges.
Okay, this was a lot of text and you are still on the hook? Maybe you are desperated enough to invest in some cloud mining contract... But this isn't a good idea either, because most of such contracts are scams based on a ponzi scheme. You often can spot them easy, because they guarantee way to high profits, or they fake payouts that never happened, etc. Just a thought: If someone in a subway says to you: Give me $1 and lets meet in one year, right here and I give you $54,211,841, you wouldn't trust him and if some mining contract says they will give you 5% a day it is basically the same. Also rember the merged mining part. Nobody would offer you to mine Doges, they would offer you to buy a hashrate for scrypt that will apply on multiple chains.
Maybe try to mine a coin where you don't have ASICs yet, like Monero and exchange them to Doge. If somebody already tried this - feel free to add your thoughts!
Folding at Home (Doge)
Some people say folding at home (FAH - https://www.dogecoinfah.com/) still the best. I just installed the tool and it says I would make 69.852 points a day, running on medium power what equates to 8 Doges. It is easy, it was fun, but it isn't much. Thanks for reading _nformant
SO i recently bought a 7970 ghz edition (Meant for gaming not just mining) and for some reason only get like 600 at an overclock of 1100. That really does not seem normal, IF you have one, what are the hash rates and clocks? Oh and is Slush's pool still down? Still can't mine
Hello, which AMD GPU is the currently best for performance/price/power consumption. I have about 500$ to spent for GPUs, but I don´t know which one to buy. I thought that two 7870 XT´s would be best, but then I looked on some reviews and the power consumption was higher than for two 7970s.
New people please read this. [upvote for visibility please]
I am seeing too many new people come and and getting confused. Litecoin wiki isn't the greatest when it comes to summing up things so I will try to do things as best as I can. I will attempt to explain from what I have learned and answer some questions. Hopefully people smarter than me will also chime in. I will keep this post updated as much as I can. Preface Litecoin is a type to electronic currency. It is just like Bitcoin but it there are differences. Difference explained here. If you are starting to mine now chances are that you have missed the Bitcoin mining train. If you really want your time and processing power to not go to waste you should mine LTC because the access to BTC from there is much easier. Mining. What is it? Let's get this straight. When making any financial commitment to this be prepared to do it with "throw away" money. Mining is all about the hashrate and is measured in KH/s (KiloHash/sec). Unlike the powerful ASICs (Application Specific Integrated Circuit) that are used to mine bitcoins using hashrates in the GH/s and even TH/s, litecoin mining has only been able to achieve at the very best MH/s. I think the highest I've seen is 130 MH/s so far. Which leads us to our next section. Mining Hardware While CPU mining is still a thing it is not as powerful as GPU mining. Your laptop might be able to get 1 a month. However, I encourage you to consult this list first. List of hardware comparison You will find the highest of processors can maybe pull 100 KH/s and if we put this into a litecoin mining calculator it doesn't give us much. Another reason why you don't want to mine with your CPU is pretty simple. You are going to destroy it. So this leaves us with GPUs. Over the past few months (and years) the HD 7950 has been the favourite because it drains less power and has a pretty good hashrate. But recently the introduction of the R9 290 (not the x) has changed the game a bit. People are getting 850 KH/s - 900 KH/s with that card. It's crazy. Should I mine? Honestly given the current difficulty you can make a solid rig for about $1100 with a hashrate of 1700 KH/s which would give you your investment back in about a month and a half. I am sure people out there can create something for much cheaper. Here is a good example of a setup as suggested by dystopiats PCPartPicker part list / Price breakdown by merchant / Benchmarks
Prices include shipping, taxes, and discounts when available.
Generated by PCPartPicker 2013-11-29 00:52 EST-0500
Estimated Hashrate (with GPU overclocking) : 1900 KH/s Hardware Fundamentals CPU - Do you need a powerful CPU? No but make sure it is a decent one. AMD CPUs are cheap to buy right now with tons of power. Feel free to use a Sempron or Celeron depending on what Motherboard you go with. RAM - Try to get at least 4 GB so as to not run into any trouble. Memory is cheap these days. I am saying 4 GB only because of Windoze. If you are plan to run this on Linux you can even get away with less memory. HDD Any good ol 7200 RPM hard drive will do. Make sure it is appropriate. No point in buying a 1TB hard drive. Since, this is a newbie's guide I assumed most won't know how to run linux, but incase you do you can get a USB flash drive and run linux from it thus removing the need for hard drive all toghether. (thanks dystopiats) GPU - Consult the list of hardware of hardware I posted above. Make sure you consider the KH/s/W ratio. To me the 290 is the best option but you can skimp down to 7950 if you like. PSU - THIS IS BLOODY IMPORTANT. Most modern GPUs are power hungry so please make sure you are well within the limits of your power consumption. MOTHERBOARD - Ok, so a pretty popular board right now is Gigabyte GA-990FXA-UD3 and the ASRock 970 Extreme4. Some people are even going for Gigabyte GA-990FXA-UD5 and even the mighty Gigabyte GA-990FXA-UD7 because it has more PCI-E slots. 6 to be exact. However you may not need that much. With risers you can get more shoved into less. PCI-E RISERS - These are called risers. They come in x16 to x16 and x1 to x16 connections. Here is the general rule of thumb. This is very important. Always get a POWERED riser otherwise you will burn a hole in your MoBo. A powered rise as a molex connector so that additional power from PSU can be supplied. When it comes to hardware I've provided the most basic knowledge you need. Also, take a look at cryptobader's website. This is very helpful. Please visit the mining section of Litecoin Forums and the litecoinmining subreddit for more indepth info. Mining Software Now that you have assembled your hardware now you need to get into a pool. But before you do that you need a mining software. There are many different ones but the one that is most popular is cgminer. Download it and make sure you read the README. It is a very robust piece of software. Please read this if you want to know more. (thanks BalzOnYer4Head) Mining Pools Now that your hardware and software is ready. I know nothing about solo mining other than the fact that you have to be very lucky and respectable amount of hashing power to decrypt a block. So it is better to join pools. I have been pool hopping for a bit and really liked give-me-coin previously known to the community as give-me-ltc. They have a nice mobile app and 0% pool fees. This is really a personal preference. Take a look at this list and try some yourself. How do I connect to a pool? Most pools will give you a tutorial on how to but the basics are as follows:
Signup for a pool
Create a worker for your account. Usually one worker per rig (Yes people have multiple rigs) is generally a good idea.
Create a .run file. Open up notepad and type cgminer.exe -o (address_to_the_miningpool:port_number) -u (yourusername.workername) -p (your_worker_password_if_you_made_one). Then File>Save As>runcgminer.run (Make sure the drop down is set to "All Files" and .txt document.) and save in the same folder as cgminer. That's it.
Double click on runcgminer.run (or whatever you named it) and have fun mining.
Mining Profitability This game is not easy. If it was, practically everyone would be doing it. This is strictly a numbers game and there are calculations available that can help you determine your risk on your investments. 4 variables you need to consider when you are starting to mine: Hardware cost: The cost of your physical hardware to run this whole operation. Power: Measured in $/KwH is also known as the operating cost. Difficulty rate: To put it in layman's terms the increase in difficulty is inversely proportional to amount of coin you can mine. The harder the difficulty the harder it is to mine coin. Right now difficulty is rising at about 18% per 3 days. This can and will change since all you miners are soon going to jump on the band wagon. Your sanity: I am not going to tell you to keep calm and chive on because quiet frankly that is stupid. What I will tell you not to get too carried away. You will pull you hair out. Seriously. Next thing you will need is a simple tool. A mining profitability calculator. I have two favourite ones. coinwarz I like this one cause it is simple. The fields are self explanatory. Try it. bitcoinwisdom I like this one because it is a more real life scenario calculator and more complicated one (not really). It also takes increasing difficulty into account. Please note: This is the absolute basic info you need. If you have more questions feel free to ask and or google it! More Below.
https://preview.redd.it/5r9soz2ltq421.jpg?width=268&format=pjpg&auto=webp&s=6a89685f735b53ec1573eefe08c8646970de8124 What is Bitcoin? Bitcoin is an experimental system of transfer and verification of property based on a network of peer to peer without any central authority. The initial application and the main innovation of the Bitcoin network is a system of digital currency decentralized unit of account is bitcoin. Bitcoin works with software and a protocol that allows participants to issue bitcoins and manage transactions in a collective and automatic way. As a free Protocol (open source), it also allows interoperability of software and services that use it. As a currency bitcoin is both a medium of payment and a store of value. Bitcoin is designed to self-regulate. The limited inflation of the Bitcoin system is distributed homogeneously by computing the network power, and will be limited to 21 million divisible units up to the eighth decimal place. The functioning of the Exchange is secured by a general organization that everyone can examine, because everything is public: the basic protocols, cryptographic algorithms, programs making them operational, the data of accounts and discussions of the developers. The possession of bitcoins is materialized by a sequence of numbers and letters that make up a virtual key allowing the expenditure of bitcoins associated with him on the registry. A person may hold several key compiled in a 'Bitcoin Wallet ', 'Keychain' web, software or hardware which allows access to the network in order to make transactions. Key to check the balance in bitcoins and public keys to receive payments. It contains also (often encrypted way) the private key associated with the public key. These private keys must remain secret, because their owner can spend bitcoins associated with them on the register. All support (keyrings) agrees to maintain the sequence of symbols constituting your keychain: paper, USB, memory stick, etc. With appropriate software, you can manage your assets on your computer or your phone. Bitcoin on an account, to either a holder of bitcoins in has given you, for example in Exchange for property, either go through an Exchange platform that converts conventional currencies in bitcoins, is earned by participating in the operations of collective control of the currency. The sources of Bitcoin codes have been released under an open source license MIT which allows to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the software, subject to insert a copyright notice into all copies. Bitcoin creator, Satoshi Nakamoto What is the Mining of bitcoin? Technical details : During mining, your computer performs cryptographic hashes (two successive SHA256) on what is called a header block. For each new hash, mining software uses a different random number that called Nuncio. According to the content of the block and the nonce value typically used to express the current target. This number is called the difficulty of mining. The difficulty of mining is calculated by comparing how much it is difficult to generate a block compared to the first created block. This means that a difficulty of 70000 is 70000 times more effort that it took to Satoshi Nakamoto to generate the first block. Where mining was much slower and poorly optimized. The difficulty changes each 2016 blocks. The network tries to assign the difficulty in such a way that global computing power takes exactly 14 days to generate 2016 blocks. That's why the difficulty increases along with the power of the network. Material : In the beginning, mining with a processor (CPU) was the only way to undermine bitcoins. (GPU) graphics cards have possibly replaced the CPU due to their nature, which allowed an increase between 50 x to 100 x in computing power by using less electricity by megahash compared to a CPU. Although any modern GPU can be used to make the mining, the brand AMD GPU architecture has proved to be far superior to nVidia to undermine bitcoins and the ATI Radeon HD 5870 card was the most economical for a time. For a more complete list of graphics cards and their performance, see Wiki Bitcoin: comparison of mining equipment In the same way that transition CPU to GPU, the world of mining has evolved into the use of the Field Programmable Gate Arrays (FPGA) as a mining platform. Although FPGAs did not offer an increase of 50 x to 100 x speed of calculation as the transition from CPU to GPU, they offered a better energy efficiency. A typical HD/s 600 graphics card consumes about 400w of power, while a typical FPGA device can offer a rate of hash of 826 MH/s to 80w of power consumption, a gain of 5 x more calculations for the same energy power. Since energy efficiency is a key factor in the profitability of mining, it was an important step for the GPU to FPGA migration for many people. The world of the mining of bitcoin is now migrating to the Application Specific Integrated Circuit (ASIC). An ASIC is a chip designed specifically to accomplish a single task. Unlike FPGAs, an ASIC is unable to be reprogrammed for other tasks. An ASIC designed to undermine bitcoins cannot and will not do anything else than to undermine bitcoins. The stiffness of an ASIC allows us to offer an increase of 100 x computing power while reducing power consumption compared to all other technologies. For example, a classic device to offer 60 GH/s (1 hashes equals 1000 Megahash. 1GH/s = 1000 Mh/s) while consuming 60w of electricity. Compared to the GPU, it is an increase in computing power of 100 x and a reduction of power consumption by a factor of 7. Unlike the generations of technologies that have preceded the ASIC, ASIC is the "end of the line" when we talk about important technology change. The CPUs have been replaced by the GPUs, themselves replaced by FPGAs that were replaced by ASICs. There is nothing that can replace the ASICs now or in the immediate future. There will be technological refinements in ASIC products, and improvements in energy efficiency, but nothing that may match increased from 50 x to 100 x the computing power or a 7 x reduction in power consumption compared with the previous technology. Which means that the energy efficiency of an ASIC device is the only important factor of all product ASIC, since the estimated lifetime of an ASIC device is superior to the entire history of the mining of bitcoin. It is conceivable that a purchased ASIC device today is still in operation in two years if the unit still offers a profitable enough economic to keep power consumption. The profitability of mining is also determined by the value of bitcoin but in all cases, more a device has a good energy efficiency, it is profitable. Software : There are two ways to make mining: by yourself or as part of a team (a pool). If you are mining for yourself, you must install the Bitcoin software and configure it to JSON-RPC (see: run Bitcoin). The other option is to join a pool. There are multiple available pools. With a pool, the profit generated by any block generated by a member of the team is split between all members of the team. The advantage of joining a team is to increase the frequency and stability of earnings (this is called reduce the variance) but gains will be lower. In the end, you will earn the same amount with the two approaches. Undermine solo allows you to receive earnings huge but very infrequent, while miner with a pool can offer you small stable and steady gains. Once you have your software configured or that you have joined a pool, the next step is to configure the mining software. The software the most populare for ASIC/FPGA/GPU currently is CGminer or a derivative designed specifically for FPGAS and ASICs, BFGMiner. If you want a quick overview of mining without install any software, try Bitcoin Plus, a Bitcoin minor running in your browser with your CPU. It is not profitable to make serious mining, but it is a good demonstration of the principle of the mining team.
Is Cloud Mining More Profitable than Bitcoin Mining Hardware?
Getting started with bitcoin mining can be a difficult process for many. For example, you must consider things like the specific algorithm used by the Proof-of-Work cryptocurrency you want to mine. Additionally, bitcoin mining hardware can cost thousands or even tens of thousands of dollars. With all of these challenges it might be a good idea to look at alternative ways to gain cryptocurrency profits, but is cloud mining a legit, more profitable option in the long-run? In this article, we’ll compare these two possible options so you can make a more informed decision. Costs of Bitcoin Mining Hardware As discussed in this post, bitcoin mining hardware generally requires a substantial upfront financial commitment on the part of miners. First, it’s important to consider how much mining rigs cost. This not only depends on the cryptocurrency which you are aiming to mine but also how expansive and powerful your mining operation needs to be. First, let’s consider hardware costs. If you want to mine BTC, for example, you’ll most likely need an ASIC mining rig. These are typically much more expensive compared to GPU and CPU mining rigs. Despite their potential to mine at much faster hash rates, ASIC mining rigs often face scrutiny for the fact that they cannot be repurposed. This means that, if a cryptocurrency project makes changes to their hash algorithms, ASIC miners will have to buy new gear. This can lead to some significant costs that can easily negate revenues and even lead to net investment losses. In contrast, GPU and CPU mining gear can generally be repurposed if algorithm changes occur. In addition, these rigs are usually much less than their ASIC counterparts. Additionally, more projects are continuing to trend towards ASIC-resistance rather than ASIC-acceptance. For most miners, this means an overall reduction in both upfront and ongoing costs. While having one mining rig might be a good first step to see if you can indeed become profitable, many people start out with more rigs to have a multiplier effect. However, even with rising prices, starting with multiple rigs should be done cautiously as each additional rig will likely add to the number of months it takes to make back your initial investment. Of course, other factors like electric bill costs have to be considered. These vary by geographic area, making it difficult to put a precise amount on how much money is needed for keeping hardware rigs operations. Costs of IT Cloud Mining In comparison to hardware mining, costs for IT cloud mining are much simpler to calculate. Most companies run on a monthly subscription model that is determined by the cryptocurrency you want to mine and the hash rate speeds as seen on popular sites like Genesis Mining and HashFlare. Prices for 2-year contracts of ETH mining with Genesis Mining currently vary from $1,520 at 40 MH/s to $12,960 at 360 MH/s. HashFlare offers 1-year contracts of ETH mining for $1.80 per 100 KH/s. Make sure to read reviews and check out projected ROI on any cloud mining service. The fact is that there are many services with extremely low profitability and even some which are known scams. Luckily, there are a few guides available on the best ways to identify potential cloud mining scams. Hardware Mining ROI Even though there is no way to say for certain how long it will take to break even on investments in hardware mining equipment or cloud mining, it’s still crucial to do research on estimated time frames. According to most miners, it’s difficult to expect to become profitable within 3 to 6 months. 10-15 months is realistic for many, though. A lot depends on crypto prices, electric costs, and the type of mining rig you use. Nicehash provides a good calculator for determining this. IT Cloud Mining ROI Based on information from Reddit forums, reviews, and ROI calculators, it is clear to see that cloud mining isn’t all that popular or profitable. For example, as of May 30, 2018, HashFlare Scrypt and SHA-256 currently take 3,828 and 3,983 days (or a little over 10 years) to reach ROI on BTC respectively according to this calculator from Coinstaker. Genesis Mining for ETH has an even worse ROI, taking around 25,992 days (70+ years). In both cases, it’s difficult to justify cloud mining over hardware mining. The problem with keeping a subscription for cloud mining is that it can be difficult to keep paying monthly even in bear markets. These stats could certainly improve if we see a massive bull run as seen in December 2017; however, it can be pretty difficult to predict when a bull market will begin and end. Compare this to using bitcoin mining hardware, and the choice is a bit more obvious. That’s because, even if the market is bear, most costs are upfront and not recurring. Sure, there are costs like electric bills to consider with hardware mining, but there are several locations throughout the world where energy consumption is very cheap and hardware mining is legal, making it a clearly more profitable option than cloud mining even in bear markets. Conclusion Despite the high upfront costs, the consensus is that bitcoin mining hardware remains much more profitable than cloud mining. Possibly the biggest benefit of cloud mining is its overall ease-of-use since it requires no difficult hardware installation and avoids potentially unpredictable electric costs. However, most in the cryptocurrency community would agree that if you can’t start a hardware mining operation, it’s probably best to make profits through trading rather than going the cloud mining route.
WHICH CRYPTOCURRENCIES TO MINE – BETTER BITCOINS OR OTHERS? Before revealing which cryptocurrencies to mine, let´s disciss first, what Cryptocurrencies are. Cryptocurrencies are virtual currency units that are becoming increasingly popular as a means of payment. Making the right choice is necessary to mine cryptocurrency profitably in 2018. Many new cryptographic currencies have appeared lately. Nowadays, it’s no longer necessary to use only Bitcoin, even if the cryptocurrency is one of the most popular with a high value. It’s almost impossible to mine them without the help of special equipment. Another point to consider is how to handle mining multiple cryptocurrency types. They are not inaccessible at their asking price and can be mined without any particular difficulties. Even with an everyday computer, mining efforts can yield impressive results. As you can see, there are more possibilites about which cryptocurrencies to mine. Of course, you can also mine Bitcoins on your laptop, but doing so is inefficient and unprofitable. However, it’s important to show caution when choosing which cryptocurrencies to mine. Which cryptocurrencies to mine? Make the Right Choice Don’t look at the current price of the cryptocurrency, but rather how easy it is to mine and what profit projections look like. For example, if it grows in price, it will be able to recover the investments spent on its extraction. In addition, the choice of cryptocurrency and mining service depends on whether it is possible to withdraw funds. Which cryptocurrencies to mine? The Best Cryptographic Currencies for Mining Everyone is interested in simple but profitable ways of making more money, even when this money has a virtual format. However, if the currency can be exchanged for real money, it means that a real deal is to be had and deserves special attention. These currencies can be assigned to several virtual delegates. This article aims to uncover the most promising cryptographic currencies online today. They can be mined from virtually any device, including a conventional computer, provided it has a sufficient processor speed and an appropriate graphics card. It’s important to remember that the choice of graphics card is a rather vital matter, due to the fact that using a video card was abandoned during Bitcoin mining. It simply became too expensive. As a result, income from mining is practically lost against the background of costs. This article outlines the most promising alternatives that are beneficial for planned 2018 cryptocurrency mining. Which cryptocurrencies to mine? A Selection of Popular Cryptocurrencies Ethereum. This currency still seems like an heir of Bitcoin, but it is growing incredibly quickly. It only cost 40 dollars at the beginning of 2017, and 893 dollars one year later. But currency is unstable and this must be recognized. There are inherent leaps in the price – if it costs more than $800 dollars today, the price may drop to $600-700 tomorrow. Therefore, you should consider whether this currency is worth it before investing in mining. Lightcoin. Another very interesting choice for mining. The cost of this cryptocurrency won’t make you sweat, with modest prices of £250 per piece. The competition in the mining of this cryptocurrency is minimal, which makes mining it relatively easy. In addition, experts say that Lightcoin is the most stable currency available and its exchange rate is subject to minor jumps. Dash is a promising currency was added to the rating recently. This is one of the youngest options out there, but it has already received plenty of attention. Experts say that it has a chance to grow to several thousand dollars. Consider that the asking costs were $11 just a few months ago, yet are an impressive $1,165 today. Each of these cryptocurrencies can be described as the most profitable choice for mining, but only thorough practice will show whether this is truly the case. What Crypto-Based Currencies Actually Mine? Some will say that mining in 2018 is no longer profitable and many will agree with this statement. However, the validity of this ultimately depends on the choice of currency you’re focusing on. Bitcoin Mining is certainly no longer profitable, but what other options are out there? Turn to the service website “WhattoMine.com” for more input on which cryptocurrencies to mine. This service is specially designed for those working in mining. It allows you to calculate the most profitable cryptographic currency that you can with your graphics card or ASICs. On the page, select which type of hardware (graphics card or ASICs) you are using, then enter the correct information in the requested fields. Performance of your equipment, including hashing speed and energy consumption, are essential pieces of info that need to be entered. When done, hit “Calculate” and you will get information about how much you can earn if you mine this or that – which cryptocurrencies to mine. Cryptocurrencies to mine – Mining On What? CPU (mining on the processor). Given the current complexity, such a mine is no longer profitable. Mining on the operative memory, for example, if the currency uses the encryption algorithm Scrypt. You could mine, but it’s not really very profitable nowadays. GPU (Mining on the graphics card). The disadvantages of this method are quite great. The energy consumption and the price of a good graphics card are pricey, but despite these disadvantages, this type of mining is by far one of the best options out there. For example, in comparison to the same mining on the ASICs, you can always sell on the graphics card at a good price. There is always a demand and in the case of damage, it can be replaced during its warranty period. The best graphics card for mining is the GTX 1070 with 28 Mh/s, along with cheaper versions like the RX 470 and 480. ASICs (Application Specific Integrated Circuits). These units have been specially developed for the mining of cryptocurrencies. However, the high costs and the high risks are a downside, since they are difficult to repair in the event of damage. This is the conclusion about which cryptocurrencies to mine.
These are just a couple of the discoveries I've made in my first couple days of mining. Most of these will be things that are likely obvious to experienced miners, but can cause some confusion for new shibes like myself. So maybe someone else will be able to benefit from my mistakes.
Bitcoin (and several others) uses SHA-256 for its hashing algorithm. Dogecoin (and some others, most notably Litecoin) uses scrypt. The two are not compatible and, in fact, there is a huge discrepency in the hashes/second rates. For instance, my Radeon HD 4850 card runs at about 70 Mh/s for SHA-256, but only 100 Kh/s (0.1 Mh/s) for scrypt. I've gathered that this has something to do with scrypt requiring more computations per hash. When looking at Kh/s or Mh/s numbers, it is very important to know which algorithm is being used, otherwise this can lead to some confusion, for instance, when comparing thesesheets.
GUIMiner does NOT support scrypt (There is a separate program called GUIMiner-scrypt for that). However, GUIMiner will let you connect to a Dogecoin pool and even report acceptedshares all while running on the SHA-256 algorithm, which is useless for Dogecoins. I'm still not sure exactly why this happens, but it led to me wasting about a day of running my GPU with nothing to show for it, since I was convinced that if shares were being accepted, it must actually be doing something right.
cgminer can take a LOT of work to set up. First of all, there are several versions of cgminer, each with its own quirks, some with windows binaries available, and some you have to build yourself. Also, GPU mining is not supported past version 3.7.2. It took me a while and several failures at building/setting up different versions before I noticed the link on the right side of /dogemining that goes directly to a windows binary of cgminer 3.7.2. Much easier. I've heard that many consider cgminer to be superior to GUIMiner-scrypt, but since I can't get GUIMiner-scrypt to run, I can't say for myself.
Much of mining seems to be trial and error: finding the software and configuration that works for your specific setup. Every card will behave differently, and even though there's tons of information out there to help, it really just comes down to trying a bunch of things and finding out what works.
I'm happy to say I've just seen my first hundred Doge from mining, and I'm excited to see how far I can go (to the moon?). I'm sure I'm still mistaken about lots of things, and if I missed anything here, let me know.
Am I missing something? Hardware investment vs Currency investment
EDIT: I understand that BFL products are on back order, and upon ordering now I probably won't have them for 60-120 days. That is a risk I will accept, and it doesn't fundamentally change my question. It will certainly change the math behind it, though, and as I'm still quite fledgling in this, I'm interested to hear the estimates of those who have more research. Things like the estimated growth in difficulty due to hash increase (current total power + sum of all BFL preorders would be a good start), next specific decrease in BTC per block, etc. which I will research further once I'm off work. EDIT2: Found the missing parts: underestimating the increase in difficulty at the time I am likely to recieve hardware from BFL due to overestimating the timely arrival time of BFL hardware. I am thinking more that the investment (~$3-5000) I wanted to make would be better spent redistributed a few different ways (All of these would be preceeded with more research):
Maybe 1-2 Jalep's on preorder depending on how fast BFL's fulfillment continues to progress over the next couple weeks
~$1000 in BTC, for starters, sometime within the next week; as difficulty increases and BTC continues to gain acceptance as a currency, potential for good return seems to exist.
An ATI Graphics card I can use for gaming right now that I can use for BTC mining during work/sleep. I game a lot, and I opted for one strong nVidia GPU when I built my system, so I've both got room for and will make use of another card. After a quick bit of research it looks as though mixing nV + AMD cards is not a problem.
I'd heard about bitcoin before, but hadn't really done any research until a couple days ago. I've been looking to invest some spare cash (I already have a Roth and 2 other IRAs, plus a savings net). So far based on all the calculations I've done, BFL bitcoin hardware will pay for itself even at conservative estimates, like this: Using the bitcoinx profit calculator I simulated a 4-fold increase in difficulty (as ASIC systems become more widely distributed) by taking the block reward from 25 to 6.25 BTC. Further, I took the value to 75 USD/BTC, and the hash rate to 90% efficiency. The GH/s per $ is pretty equal across the BFL product line, and with these numbers the hardware breaks even at ~99 days. At present I do not pay for my own electricity. However, I've found that adding electricity costs makes relatively little difference even at wildly exaggerated consumption values. Using 1KW at @ $0.1 per KWh (approximately equal to leaving your microwave on all day, or your clothes dryer on for 6-10 hours per day) only added 10 days to break even time. What am I missing? Why are so many people suggesting that others just buy bitcoins? Is that coming from only a vocal minority trying to keep others out of the game to help their hardware investment stay profitable? No hate on that by the way--It makes sense. I'm honestly just asking. I'm interested in BTC for the sake of watching an alternate currency and tracking an investment. However, if there isn't something missing here, all those suggesting buy-in for the past months--and it's been months of people saying the same thing: "it used to be good, but you'd better just buy in now"--aren't looking at the numbers. Related tangent, inquisitive: why does the bitcoinx mining hardware comparison page show 30.2/46.2/46.1 for the BFL products' MH/s/$ value? Those numbers don't add up.
Sorry if this is obvious, I recently became interested in btc (and trading it like any other currency). The exchanges I am aware of are Mt.Gox, Btc-E, and Bitstamp. I tend to ramble, so i'll try to keep this short:
Is any other exchanges I should look at? Are any of these better than the others? (I know you all don't like Mt.Gox very much as of now)
Is there a way to look up lag time for each exchange? Is it usually minutes or seconds?
I noticed each exchange has different prices. at the time of writing, Mt.G is at 90, Btc-E is at 92, and Bitstamp is at 88. These numbers were farther apart right after the crash. Will these slowly all approach the same number? Do people make money buying on one exchange and selling on another?
Do you have any general advice for buying selling bitcoin?
I'm planning on using Btc-E and buying bitcoins using bitinstant, pushing it to my Qt wallet, and transferring it to Btc-E from there. Is there a more efficient way to push cash to Btc-E? I'm only going to push 20USD for now, just as an experiment.
Is there any risk with holding USD in Btc-E? Is there something safer?
A few days ago, prices were fluxating between 60 and 90 (by the half hour). Now it's pretty stable. Is this good for the strength of bitcoin? Will people take it more seriously?
NEWQUESTION Is there any way to get bitcoin historical prices in csv (or any other easily parsed format)(from any exchange) like the yahoo's ichart csv (download)? NEWQUESTION Will the influx of these new ASICS affect the price of bitcoins? up? down?
Mining: My hardware is a 5770 graphics card which from bitcoin.it says I'll get about 200 MH/s. I'm hoping to make at least a buck a day (mining in a pool), again more just as an experiment.
If I use linux, and don't run a DE, could I increase my MH/s? Would it be noticeable?
What are your thoughts on ASICS? Is it thought that butterflylabs may be a scam? How about Avalon? Would buying one on ebay result in an unhappy scammed DrWoollyNipples?
Is there any information on how these ASICS work? I'm very curious in the technology and any links would be appreciated.
Thanks, you all are amazing. Sorry for so many questions.
AMD will be releasing a new APU in the next month or two called Llano. It contains a Radeon HD6550D GPU on the die which is equivalent to a slightly underclocked Radeon HD 5570. You will be able to crossfire the APU with a Radeon HD6570 which will give you about a 100 to 120 Mh/s without any overclocking. Based on this article, the GPU clock can be increased to 870 MHz, and based on the mining hardware comparison results for the 5570s, a 5570 running at that frequency would get around 90-100 MH/s. With the AMD A8-3850 combined with a Radeon HD6570, you should see similar performace to the Radeon HD 6770 and be able to get around 200 Mh/s overclocked. The A8-3850 is a 100W quad-core APU and the Radeon HD 6570 consumes about 40W according to Anadtech. It will be interesting to see how much bang for your buck and performance per watt this combination will bring to the party.
Mining Hardware Comparison Table. Below, I’ve included a comparison table of the six pieces of Bitcoin mining hardware I’ve covered in this guide. This should help you to decide which is going to be the best unit for your mining operation. Below are statistics about the Bitcoin Mining performance of ASIC hardware and only includes specialized equipment that has been shipped. GPUs, CPUs and other hardware not specifically designed for Bitcoin mining can be found in the Non-specialized_hardware_comparison. Notes: Mhash/s = millions hashes per second (double sha256 raw speed performance; may not be very energy efficient with some ... The first mining hardware featured a hash rate of between 336 MH/s and 14,000,000 MH/s. Given that Bitcoin mining is an investment and you have to be prepared to bear a certain cost to accomplish the mining process effectively, out of which one of the major expense is the energy cost. You can get the approximate cost in the bitcoin mining ... Bitcoin Mining Hardware Comparison. Pic Miner Hash Power Price Buy; Antminer S9: 14.0 TH/s: $3,000: Antminer R4: 8.6 TH/s: $1,000: What is an ASIC Bitcoin Miner? Since it’s now impossible to profitably mine Bitcoin with your computer, you’ll need specialized hardware called ASICs. Here’s what an ASIC miner looks like up close: The Dragonmint 16T miner. Originally, Bitcoin’s creator ... Bitcoin Multisig Hardware Wallet Comparison. Multisig has improved since this site was first made, and few hardware wallets have kept pace. See instructions for multi-vendor multisig here:
5 R9 290 ATI graphic cards mining litecoin at ~ 4 MH/S stable. Mine dogecoin, litecoin or any scrypt coin with this gpu mining rig. Trezor VS Ledger Nano S - Bitcoin Hardware Wallet Comparison - Which should you buy? - Duration: 17:44. Crypto Oracle 3,434 views. 17:44. Is a Bitcoin Hardware Wallet Safe? Get an additional $10 in Bitcoins from Coinbase when purchasing through my referral link http://fredyen.com/get/Bitcoins BitMinter: http://bit.ly/BitMinter S... LITECOIN (LTC) hardware mining review comparison charts - performance of AMD RADEON R9 series - R9 270X VS R9 280X VS R9 290 VS R9 290X measured and compared. You can mine LITECOINS LTC`s with ... Genesis Mining vs Hardware Mining Comparison. Genesis Mining is the most profitable cloud miner right now. Sign up here https://www.genesis-mining.com/a/7641...