• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Cryptocoin Mining?

Page 244 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.
Octopuss said:
What I don't understand is why are new virtual currencies being invented. How can someone expect it would actually be used? I didn't even know something like litecoin existed week ago... I don't think even bitcoin can be used to buy stuff easily (like, go to whatever reasonably big webshop and try to look for anything else than a Paypal/CC payment option, good luck).
Click to expand...

Litecoin actually has a good reason to exist. It takes forever to confirm a Bitcoin transaction, making it impractical to be used for something like a Point Of Sale transaction at a store. Litecoin's confirmation times were designed to occur much faster. Bitcoin was also designed to have a maximum of 21 million coins, which many people think will not be enough if it ever becomes wildly popular. Litecoin will have about 80 million coins instead.

That said, most of the other Litecoin clones don't really bring any new improvements to the table. It's mostly done by people trying cash in on the Bitcoin hype and make a quick buck, basically.
 
The question (big mystery to me) is HOW are they making money on the new currency?
How does it work btw? You just start a web with some announcement, put up some cgminer-like program, and start generating the coins out of the blue?
 
Lol, all the 400 USD 290s are out of stock everywhere now.

Wonder how long it will be for all the 550 USD 290x's to be out of stock everywhere.

Something tells me AMD/ATi will have a very good 4th quarter.
 
Last edited:
BallaTheFeared said:
I should clarify, I'm still holding my coins from March/April. I believe they'll go higher than ~$48. 🙂
Click to expand...

I'm in it until ASICs obsolete GPUs, try to mine as many coins as possible til then.

With your 200+ coins, you'll be laughing to the bank in a years time.. and look back thinking "Damn, those Radeons bought me a car/boat/house/mistress!"
 
glad I got my two 290's from newegg yesterday before OOS!
Funny thing is, I mined bitcoins on my two 5850's for a few weeks back in 2010 or around there. But the value was so crap I never kept the wallet D:
 
I'm going back and forth on whether I want to use my 7950 for mining Litecoins. I don't want to dump any money into what could be a bubble at its high point . . . but I do want to play around at least a little with some mining. I've set my 7950 up in my old tower and was installing W8.1 before I left for work.

Unless someone makes me an offer on the card, I'll see how it goes for a month or so.
 
Unoid said:
glad I got my two 290's from newegg yesterday before OOS!
Funny thing is, I mined bitcoins on my two 5850's for a few weeks back in 2010 or around there. But the value was so crap I never kept the wallet D:
Click to expand...

At least you're not that poor bastard who tossed 7.5M dollars worth.
 
This is getting to the point of insanity. There's a good chance these cards will not pay for themselves anymore, but people are spending so much for cards like the 7970.
 
Bateluer said:
I'm going back and forth on whether I want to use my 7950 for mining Litecoins. I don't want to dump any money into what could be a bubble at its high point . . . but I do want to play around at least a little with some mining. I've set my 7950 up in my old tower and was installing W8.1 before I left for work.

Unless someone makes me an offer on the card, I'll see how it goes for a month or so.
Click to expand...

Unless you get a good price on it, it's not worth it.
 
Unoid said:
glad I got my two 290's from newegg yesterday before OOS!
Funny thing is, I mined bitcoins on my two 5850's for a few weeks back in 2010 or around there. But the value was so crap I never kept the wallet D:
Click to expand...

I mined 12 bitcoins from Oct. 2012 - June 2013. Sold them for an average price of around $50. 🙁
 
birthdaymonkey said:
I mined 12 bitcoins from Oct. 2012 - June 2013. Sold them for an average price of around $50. 🙁
Click to expand...

Kind of me now with LiteCoin. I mined ~450 of them so far and sold them at an average price of $11/each. Now they're beyond $30/each. I'm sure at some point they'll be $300/each and I'll be like :'(.
 
Watch out everyone, I decided to power up Cudaminer on my SLI 680's

320KH/s!! I'm in the money now.

two 680's hashing less than 1/5th of what the two 290's will do when I get them thursday. lol
 
Unoid said:
Watch out everyone, I decided to power up Cudaminer on my SLI 680's

320KH/s!! I'm in the money now.

two 680's hashing less than 1/5th of what the two 290's will do when I get them thursday. lol
Click to expand...

It's not too bad considering it's taking you three cycles what it takes AMD chips to do in one.

960KH/s if they were doing an OP a cycle, not terrible for mid range chips :sneaky:

That said, don't waste your time... Study the market, buy in when they bottom out and cash out when they peak... You'll make all us miners look stupid! 🙂
 
Last edited:
balla, I'm already heavily invested in real stocks. Figured I'd get a small mining rig just for fun. if it pays for itself, then great, otherwise I can retire it to HTPC 🙂
 
Unoid said:
Watch out everyone, I decided to power up Cudaminer on my SLI 680's

320KH/s!! I'm in the money now.

two 680's hashing less than 1/5th of what the two 290's will do when I get them thursday. lol
Click to expand...

LTC prices are high so even mining on Nvidia is profitable at the moment. I even fire up a Titan to mine at 400 kH/s (heats up the room overnight), while it draws some 275W from the wall it's still earning a rate of over $6/day after electricity costs.
 
njdevilsfan87 said:
LTC prices are high so even mining on Nvidia is profitable at the moment. I even fire up a Titan to mine at 400 kH/s (heats up the room overnight), while it draws some 275W from the wall it's still earning a rate of over $6/day after electricity costs.
Click to expand...

What does your 6MH/s rig consist of?
 
Communism said:
Lol, all the 400 USD 290s are out of stock everywhere now.

Wonder how long it will be for all the 550 USD 290x's to be out of stock everywhere.

Something tells me AMD/ATi will have a very good 4th quarter.
Click to expand...

The Radeon R9 290 is a pretty awesome card on it's own... in some games it can hang with a GeForce 780 that costs a good chunk more. The fact that it can mine altcoins is just a bonus 🙂
 
Octopuss said:
The question (big mystery to me) is HOW are they making money on the new currency?
How does it work btw? You just start a web with some announcement, put up some cgminer-like program, and start generating the coins out of the blue?
Click to expand...

Yeah... pretty much. They also need to take the (freely available) Litecoin or Bitcoin source code make some changes to things like the product name and coin image. A lot of the coins also make tweaks to the confirmation time and number of coins in each block to make themselves look "new". Recompile the source code, launch the new binary, and announce it to the world as the next big thing! It's not all that hard for a skilled developer to do... I'm amazed that nobody has come up with an AnandtechCoin yet 🙂

You don't even need a different miner program for many of these coins, since they use protocols as Bitcoin and Litecoin.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top