Monday, February 17, 2014

Buy GPU or DOGE and trade?


I have been thinking about buying a new GPU for my scrypt based mining rig.  But I wonder if buying some DOGE and trading it would be best.  Below is a brief analysis between the two options.

Option 1 - buy 7950 for ~ $330
The estimated break even is 3.3 months using a $100/month profit mining estimate

Option 2 - buy $330 worth of DOGE
Dogecoin purchases about ~210000 coins using .5 BTC with BTC Trading at $635 as of 2/17/14

Advantages
Option 1
After breaking even, I can continue to mine into the future only with the expense of electricity

Option 2
No time delay, execute immediately
No tinkering with hardware/software
No hardware failure risks

Disadvantages
Option 1
Maybe the break even time takes longer if the DOGE decreases in profitability

Option 2
DOGE appreciation is not guaranteed
I can loose principal, therefore affecting my profitability

Conclusion:  I'm leaning toward buying a new GPU.  Do you agree with my analysis?

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Tuesday, January 21, 2014

Dogecoin is at it again. Such Increase!

Dogecoin has risen in price again.  Since Friday, January 17, 2014 the cryptocurrency has increase by more than 320%.  If you have a large amount of Dogecoin, I suggest you take some profit.

You if have mined some Dogecoin, but don't have an exchange to trade them on, I recommend Cryptsy.com.



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Wednesday, January 1, 2014

Can you swim? I can and do at the Cryptoculture.net Family Pools

Can you swim?  I can.  I learned to swim at an early age but I could not tread water.  I later learned how to tread water while in the Air Force.  My friend 'Pitts' taught me by encouraging to stay calm.  I had a fear of the water.  I could swim from one side of the pool to the other, however, I'd never stopped in the middle.   He told me to stay right beside the ledge of the pool while he demonstrated the leg and arm motions for treading.  As I started, he encouraged me to stay calm and told me once I got tired to hold my breathe and
go down to the bottom of the pool and push off the bottom and return to the surface.  I did that and learned not to panic.  That's when I could 'really' swim.

That was a good story however, I want to discuss swimming in another type of pool.  Some of you know I've have become crypto currency enthusiast.  Specifically, I have built a computer that I use for mining.  For those of you that don't know what mining is, let me present an analogy.  Remember when you were a kid and you played a game of Concentration.  This is a card based game that a player will place the card face down and flip over one card and note its number.  The player would then select a second card and turns it over to see if it matches the first card.  If it does, the player keeps the cards and repeats the process.  If the card the second doesn't match the first one, both cards are flipped back face down and a subsequent player the gets a chance to select the cards to find a match.  Mining works similarly to this game because a software program is trying to find a match to a problem.   Once a match (block) is found you are given some coins as a reward.  So that is a simplistic analogy.  

Now back to my discussion on swimming.  As a crypto currency miner, if I combine my efforts of mining with other miners we can collectively find reward quicker that I could if I mined by myself (solo mining).  This collective mining is called pool mining.  If anyone in the pool finds a reward, every one that is mining (swimming) collectively will share the reward proportionality.  For example, If 10 people in the pool are mining and particular miner finds a reward and the reward amount is 10 coins.  Each miner in the pool will receive 1 each.

So when I swim, oh I mean mine, I do so at the CryptoCulture.net family of pools.  Recently, they have released a new pool for the Megacoin crypto currency.  In an effort the attract new miners, they are offering .01 BTC reward for the first 10 blocks (rewards) found.  

If you have any questions, about crypto currency, mining, and digital currencies,  leave me comments below.
Happy Swimming (mining)!

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Friday, December 20, 2013

What Up, Doge?

A day or so ago, I wrote about a few cryptocurrencies that I had been mining.  One of which was Dogecoin. My friend who runs a mining pool told me about it and I reconfigured my mining rig and started mining some Dogecoin. That was about a week or so ago.  Yesterday, I heard that Dogecoin was added to the Cryptsy exchange. Earlier today, I looked at the price and was amazed to see it had risen over 300% in one day.  I could not believe it.  I was shocked.  Many Bitcoin purists may look down upon altcoins.  Altcoins are often referred to as copy cats, useless, and scams.  Those guys can say what they want, however, a 300% return is a 300% return. You can't argue with that!  For those of you who were fortunate enough to take some profits, I congratulate you.  For the naysayers, you may want to reconsider your opinion about altcoins.

All I can say is Wow, Such Coin!

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Tuesday, December 17, 2013

I mine Crypto

Over the last few months, I have been mining crypto currencies.  Namely, Feathercoin, ProtoShares, Stablecoin, Noirbits, and Dogecoin.  On Nov 5, I started mining ProtoShares, a crypto currency started by Invicutus Innovations.  This proof of work based coin can only be mined with your CPU (sorry GPU and ASIC).  Initially, I started mining on my desktop and then I mined using a cloud based solution from Digitial Ocean utilizing their Linux Ubuntu option.  I continued to use the clould mining solution for a few weeks until the difficulty increased dramatically.   I wanted to continue mining Protoshares, but my old desktop machine needed upgrading to mine more effectively.  Therefore, I purchased the following components:
I use the Ypool mining pool to mine Protoshares along with their custom jhprotominer-yvg1900 miner.  I use the Bulldozer m512 version with the following options -t 7 (threads) and the -F 26 (fine tune) and this configuration yields me about 200 collisions/min.  I also mine on my quad core laptop and it produces about 45 collisions/min (m512 -t 3 -F 11).

This same desktop has 2 GPUs (7870 XT and XFX 7950) that I use to simultaneously mine Feathercoin, Stablecoin, Noirbits, or Dogecoin.  All of these are scrypt based coins and I currently get about 950 KH/s when mining.  I use mining pools when mining these coins.  For Feathercoin, I use the Nut Nut Pools.  I use Crytpoculture Pools when mining Stablecoin, Noirbits and Dogecoin.

Disclaimer:  The Amazon and Digital Ocean links include my referral code.

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