[carz0159]

Hey,
Does anyone here mine any coin? If so, which one(s) and what's you hashrate. Also list the hardware you mine it with.

I recently got back into mining. After a few days of looking around, I decided to start mining Dogecoins, I also have 12 Feathercoins ($0.72) in my Feathercoin wallet now.

I was looking at Vertcoins as well, but I couldn't get a good miner for my R9 290.

I get about 800 KH/s with my R9 290. I get about 120 KH/s with my GTX 560 Ti. I get about 24 KH/s with my i7 3770k.

I usually only let the R9 mine while I use the GTX for games. CPU mining is a complete waste, but I wanted to see how much I can make with it.

[Joshua1]

Could you explain what 'coin mining' is?

[carz0159]

Mining a crypto currency, such as bitcoin, litecoin, dogecoin, feathercoin, ronpaulcoin. And many more.

[Rach]

Quote:

Originally Posted by carz0159 Mining a crypto currency, such as bitcoin, litecoin, dogecoin, feathercoin, ronpaulcoin. And many more.

I heard bitcoin mines from a pre-existing source, where does this source come from? I heard something about a programmer but... i just don't understand lmao...


Like you run a program that solves super complex equations and you get bitcoin in exchange

[Mauzen]

Quote:

Originally Posted by Rach I heard bitcoin mines from a pre-existing source, where does this source come from? I heard something about a programmer but... i just don't understand lmao... Like you run a program that solves super complex equations and you get bitcoin in exchange

They actually dont come from an existing source, but that "source" registers coins that are already mined, so a bitcoin code cant exist twice. The mining itself is mostly hashing of random stuff, until the result is a valid coin code. The more coins there are, the longer the random stuff needs to be in order to mine new coins. Thats why mining takes that much longer for older systems like bitcoins compared to the new clones. The process itself is pretty complex, too complex to explain it in a post here.

So at some point, when using a common PC for mining, the energy costs will exceed the worth of the coins you can mine. Bitcoins passed that point ages ago, litecoins are somewhere close to it. Most of the other coins around also arent directly worth mining (yet) because their value is so small that even if you mine them fast, it doesnt compensate the energy costs. You might be lucky that their value rises quickly sometime, but its a matter of bids and asks. All those fresh clones cant compete with the big ones for obvious reasons, so id say 90% arent likely to ever pay their mining electricity.

Edit: Check this for example: http://www.coinwarz.com/calculators
With those 800kh youre somewhere between +0.50 and -1$/day for most coins, depending on your setup and local energy prices. That list of all the coins also visualizes pretty good why most of them will fail.

[Kaperstone]

Quote:

Originally Posted by Mauzen They actually dont come from an existing source, but that "source" registers coins that are already mined, so a bitcoin code cant exist twice. The mining itself is mostly hashing of random stuff, until the result is a valid coin code. The more coins there are, the longer the random stuff needs to be in order to mine new coins. Thats why mining takes that much longer for older systems like bitcoins compared to the new clones. The process itself is pretty complex, too complex to explain it in a post here. So at some point, when using a common PC for mining, the energy costs will exceed the worth of the coins you can mine. Bitcoins passed that point ages ago, litecoins are somewhere close to it. Most of the other coins around also arent directly worth mining (yet) because their value is so small that even if you mine them fast, it doesnt compensate the energy costs. You might be lucky that their value rises quickly sometime, but its a matter of bids and asks. All those fresh clones cant compete with the big ones for obvious reasons, so id say 90% arent likely to ever pay their mining electricity. Edit: Check this for example: http://www.coinwarz.com/calculators With those 800kh youre somewhere between +0.50 and -1$/day for most coins, depending on your setup and local energy prices. That list of all the coins also visualizes pretty good why most of them will fail.

But why those coins cost money ? why would anyone pay for it ? and who ?

[RayW]

Quote:

Originally Posted by xkirill But why those coins cost money ? why would anyone pay for it ? and who ?

Value is determined by the perceived worth of the cryptocurreny. In the case of Bitcoin, the fact that many businesses are accepting it and a large number of other factors such as it being anonymous and nearly instant to send, it's becoming really popular. It's kind of like a virtual, unregulated stock market.

Quote:

Originally Posted by carz0159 Wow...How'd you get that much? I max out at about 1 MHash/s. How many GPU's did you have?

I had several GPU's mining at one point.

[Mauzen]

Quote:

Originally Posted by xkirill But why those coins cost money ? why would anyone pay for it ? and who ?

I cut that topic in my last post.
Things are just worth the money that others would pay for it. Money is worth something, because it is a widely accepted trade ressource that can be traded in for other stuff. If people wouldnt accept it as payment, it would just be some scrap metal and paper.
Bitcoins and litecoins also are a widely accepted trade ressource. They are just some digital bits, but people are willed to trade them for other goods (both legal and illegal, same as real money). So the more people want to have bitcoins for purchasing stuff, the more they are worth (as they are limited).
All the other [insert-something-here]coins arent accepted payments, and chance are pretty bad that theyll ever be, as they are just clones of bitcoins (imagine - ignoring all the laws and stuff - youre printing your own paper money, and trying to make it a common currency. Youll fail. Why would anyone want to replace the current paper money, or complicate things by using two kinds of paper money?). So the only guys interested in buying them are people who want to invest some money in the hope the value will rise some time. But it wont rise, except there are more people investing into it. Thats a common economic phenomenon (no idea what its called like in english, maybe something like "asset bubble"), speculations pushing the price of something above its actual worth. Thats the single peak I mentioned before, that marks the death of all those coins.

[JakeGuzik]

I mine in slush's pool mainly, got over $130 now

[Kaperstone]

Sorry, but I just don't understand how or why a virtual string with 128 characters, in a non-sense structure worth money ?
Do they unlock safes or people bank account to be worth the cash ?
Even through, as I understood, I can exchange the bitcoin with other currency's, but it's a virtual number after all, not a real cash.

For example, I generated a hash :

Quote:

30163935c002fc4e1200906c3d30a9c4956b4af9f6dcaef1eb 4b1fcb8fba69e7a7acdc491ea5b1f2864ea8c01b01580ef09d efc3b11b3f183cb21d236f7f1a6b

And I want to sell it, but why would anyone want it ?

[Mauzen]

Quote:

Originally Posted by xkirill Yet, I don't understand how or why a virtual string with 128 characters, in a non-sense structure worth money ? Do they unlock safes or people bank account to be worth the cash ?

Does a dollar bill unlock safes or bank accounts?
In a digital P2P network, you OWN that "virtual string", just like you own a dollar bill, so you can trade it with others for goods or money.

Quote:

Originally Posted by xkirill And I want to sell it, but why would anyone want it ?

Because they can use it again to sell it to someone else. Thats general money theory and I dont know how to explain it even more here. Read a book about that or something

[Kaperstone]

Quote:

Originally Posted by Mauzen Does a dollar bill unlock safes or bank accounts? In a digital P2P network, you OWN that "virtual string", just like you own a dollar bill, so you can trade it with others for goods or money. Because they can use it again to sell it to someone else. Thats general money theory and I dont know how to explain it even more here. Read a book about that or something

Oh, so it's like a whole new currency, new piece of paper, just virtual and as a string.
But how do people know if the string is valid and I ain't making it up ?

[Mauzen]

Quote:

Originally Posted by xkirill Oh, so it's like a whole new currency, new piece of paper, just virtual and as a string. But how do people know if the string is valid ?

Thats not really a thing to explain in a forum post. Ask ****** or something, theres more than enough information about that
Short: After all you end up with something very close to paper money, just digital. Same as for bitcoins, you can check if money is faked by checking if it matches certain requirements (looking at the security prints etc).
You can also trace back all their way back to the creation ("blockchain"), so if someone claims to have "your bitcoin", the blockchain proves that he hasnt as you never sent it to him. (faking the blockchain is pretty much impossible as its a P2P system) "Making them up" is just what mining is, you guess a "bitcoin code" and then check if its valid and noone else got it yet.

[Pottus]

One thing is for certain, bitcoin mining is certainly not very environmentally friendly.

[RayW]

Quote:

Originally Posted by [uL]Pottus One thing is for certain, bitcoin mining is certainly not very environmentally friendly.

http://www.butterflylabs.com/

That's why specialized ASIC's/mining hardware exists.

[Rach]

Quote:

Originally Posted by Mauzen They actually dont come from an existing source, but that "source" registers coins that are already mined, so a bitcoin code cant exist twice. The mining itself is mostly hashing of random stuff, until the result is a valid coin code. The more coins there are, the longer the random stuff needs to be in order to mine new coins. Thats why mining takes that much longer for older systems like bitcoins compared to the new clones. The process itself is pretty complex, too complex to explain it in a post here. So at some point, when using a common PC for mining, the energy costs will exceed the worth of the coins you can mine. Bitcoins passed that point ages ago, litecoins are somewhere close to it. Most of the other coins around also arent directly worth mining (yet) because their value is so small that even if you mine them fast, it doesnt compensate the energy costs. You might be lucky that their value rises quickly sometime, but its a matter of bids and asks. All those fresh clones cant compete with the big ones for obvious reasons, so id say 90% arent likely to ever pay their mining electricity. Edit: Check this for example: http://www.coinwarz.com/calculators With those 800kh youre somewhere between +0.50 and -1$/day for most coins, depending on your setup and local energy prices. That list of all the coins also visualizes pretty good why most of them will fail.

You can always find a free energy source I remember my friend showed me at night he runs extension cords into power outlets outside a house that can't be seen. He says he never paid for electricity :P

[Pottus]

Quote:

Originally Posted by RayW http://www.butterflylabs.com/ That's why specialized ASIC's/mining hardware exists.

BFL is hardly a reputable company anyways

http://www.coindesk.com/butterfly-la...re-pay-orders/

Personally I don't find Bitcoin appealing at all in fact I would rather spend extra money on transaction fees than what bitcoin would save me I have no faith in shoddy make belief currency.

[Deji]

Quote:

Originally Posted by [uL]Pottus I have no faith in shoddy make belief currency.

If everyone lacked faith in all currencies, they would all be shoddy and make-believe - kinda how economy works

[Mellnik]

I got myself a small miner for a 100 bucks out of fun. Mined 5000 dogecoins so far; would have been more but I'm too lazy to maintain it.

[ikkentim]

Quote:

Originally Posted by xkirill Sorry, but I just don't understand how or why a virtual string with 128 characters, in a non-sense structure worth money ? Do they unlock safes or people bank account to be worth the cash ? Even through, as I understood, I can exchange the bitcoin with other currency's, but it's a virtual number after all, not a real cash. For example, I generated a hash : And I want to sell it, but why would anyone want it ?

Go and hold a dollar bill. Why would anyone want to own that piece of paper? It's worthless. But people trade this worthless piece of paper for food and goods which makes it worth something.

Now this hash is worthless too, but when people are willing to trade it for goods, it is worth something, it becomes a tradable good itself.