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  #781  
Old 21st February 2018, 01:21 PM
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moltuae moltuae is offline
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Originally Posted by ulfilias View Post
I'm not sure if the S9 is on the wain now. I've got one and it WAS earning great, but the BTC slump and the hash rates have increased and it's not minting coins anywhere near what it was in December. It's definitely profitable NOW but in a couple of months time at $2300 with PSU and shipping and stuff you're probably into £2800 - I paid £1700 all in back in November and I think it was a good buy....Now OK....A couple of months time ???
It does depend largely on the price of BTC. I've had my first S9 over a year now and there have been times when it was earning very little (in GBP) but the profitability returned when the price rose (as did the value of the previously mined BTC, which I held, making those less profitable times more profitable). I think if the predictions of a BTC price of over $20K by June/July (and $50K by the end of the year) turn out to be correct, the S9 should remain profitable for some time yet. I think the greater threat to the S9 is a new and more efficient/powerful miner but, with so many S9s out there already (perhaps hundreds of thousands?), it would take a while for a new miner to become widespread enough to significantly affect the mining difficulty.
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  #782  
Old 21st February 2018, 01:43 PM
ulfilias ulfilias is offline
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https://www.youtube.com/watch?v=nHemRGEXwIk

This guy also echo's my sentiments. The BTC network is getting pretty tough on mining. BCH / UNIT / LCC may work out better and arguably at some point if there's another rush on Bitcoin and the miners on ebay soar there's potential there too....However at the current price I'll not be buying, definitely not for the end of March!

You'd probably do better to by some BTC / BCH and hodl and go for whatever comes next....

Though that may be a while, as whilst I think Bitmain probably has a better miner, they've little in the way of competition atm, so why break something that's still profitable for them!
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  #783  
Old 21st February 2018, 02:49 PM
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moltuae moltuae is offline
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Quote:
Originally Posted by ulfilias View Post
https://www.youtube.com/watch?v=nHemRGEXwIk

This guy also echo's my sentiments. The BTC network is getting pretty tough on mining. BCH / UNIT / LCC may work out better and arguably at some point if there's another rush on Bitcoin and the miners on ebay soar there's potential there too....However at the current price I'll not be buying, definitely not for the end of March!

You'd probably do better to by some BTC / BCH and hodl and go for whatever comes next....
I agree. I wouldn't recommend mining instead of investing. I mine to supplement my investments. You can definitely make more (over the same period) by investing in the right cryptocurrencies than you can by using the funds to buy mining hardware. Although, it goes without saying that you shouldn't invest more than you can afford to lose.

I think the guy in the video missed a couple of points (though admittedly I didn't watch the entire video). The first being that there are so many sha256 miners out there already, including some massive mining farms, that I think it will take many months and lots of batches before the hash rate increases by a significant percentage from what's already online. And, secondly, you have to take into account the regulatory effect that difficulty has on the price and vice versa. If mining becomes unprofitable because the price is low and/or difficulty is high, miners will either hold (stop selling) or stop mining. The latter will cause a reduction in difficulty while the former will tend to cause an increase in price.
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  #784  
Old 21st February 2018, 03:13 PM
ainarssems ainarssems is offline
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Anyone else mining LCC? Got my S9 pointed at it just now. projected earnings are £32 a day
If you have not mentioned I probably would not have even noticed LCC yet. I set my S9 to try out LCC but it was rented out so only started mining LCC this morning, in 6 hours it earned about 2 LCC so it would be about £35/day at current rates. The SHA256 prices are quite low at the moment on NiceHash, about 15-20% lower than what I get renting out on MRR so I decided to buy some hashing power on NH, I spent 0.00726784 BTC for order with 1PH/s limit and in about 2 hours it earned me 46 LCC worth about 0.02663032 BTC so better than tripled my money in theory at least. The problem is that only exchange trading LCC as far as I can see is YoBit and they have temporarily disabled LCC deposits so I cannot actually exchange it to another currency. It's wait and see for now what will happen to the price. I guess at least temporarily price will go down when deposits are accepted and miners start to exchange mined LCC for other assets. If it was possible to readily exchange LCC I would probably buy more hash power on NH and mine some more LCC but as it is I am not so sure.
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  #785  
Old 21st February 2018, 04:21 PM
ulfilias ulfilias is offline
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Quote:
Originally Posted by moltuae View Post
I think the guy in the video missed a couple of points (though admittedly I didn't watch the entire video). The first being that there are so many sha256 miners out there already, including some massive mining farms, that I think it will take many months and lots of batches before the hash rate increases by a significant percentage from what's already online. And, secondly, you have to take into account the regulatory effect that difficulty has on the price and vice versa. If mining becomes unprofitable because the price is low and/or difficulty is high, miners will either hold (stop selling) or stop mining. The latter will cause a reduction in difficulty while the former will tend to cause an increase in price.
Agreed. It's going to take a lot of additional miners to make a difference, but I think that it is happening as the rate of minting coins has certainly dropped since Christmas. It'll probably be slower than his estimations.

Also a fair point that the network effectively self regulates, there's definitely a point at which price and how worthwhile mining is to the hashrate. The more people that switch coins or turn off old miners the easier it will get IF it gets too saturated. Miners ARE needed to keep the network secure and the only way to ensure that is to make mining worthwhile etc.

@ainarssems - SNEAKY....I like that. Buy a wad of hashpower and get in fast and early
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  #786  
Old 21st February 2018, 05:27 PM
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Originally Posted by ainarssems View Post
If you have not mentioned I probably would not have even noticed LCC yet. I set my S9 to try out LCC but it was rented out so only started mining LCC this morning, in 6 hours it earned about 2 LCC so it would be about £35/day at current rates. The SHA256 prices are quite low at the moment on NiceHash, about 15-20% lower than what I get renting out on MRR so I decided to buy some hashing power on NH, I spent 0.00726784 BTC for order with 1PH/s limit and in about 2 hours it earned me 46 LCC worth about 0.02663032 BTC so better than tripled my money in theory at least. The problem is that only exchange trading LCC as far as I can see is YoBit and they have temporarily disabled LCC deposits so I cannot actually exchange it to another currency. It's wait and see for now what will happen to the price. I guess at least temporarily price will go down when deposits are accepted and miners start to exchange mined LCC for other assets. If it was possible to readily exchange LCC I would probably buy more hash power on NH and mine some more LCC but as it is I am not so sure.
Nice indeed, scurries off to investigate
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  #787  
Old 21st February 2018, 10:36 PM
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Lots of useful information, but one question I forgot to ask was partially answered by Ainars, in respect to LCC.

That question is in respect to getting your crypto currency converted to £££££. It's all well and good using these miners to accumulate various currencies, but to me as an outsider, they seem to be more focused on investment. Maybe I'm reading things wrong, but I'd like to invest in a miner to supplement my income, rather than to accumulate 'crypto wealth' that I can possibly convert further down the line.

Mark mentioned about LCC and projected earnings of £32/day, but there is also his £140/month of electricity use. That might be okay if you're in full time employment and can soak up the extra electricity use, but what if you can't soak it up and instead want to use part of your mining returns to pay for it? Hypothetically speaking, LCC could return £960/month, less £140 for electric leaving £820 potential profit in LCC. You could then have a choice of leaving it as LCC as investment, convert it all to cash, or a combination of both.

However, as Ainars mentioned, only one exchange trades it, and this is the question I forgot to ask. Just how easy/difficult is it to convert your currencies, so that you can actually use them to pay bills or buy something?
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  #788  
Old 21st February 2018, 10:44 PM
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Well, I'm a noob and I have only briefly exchanged crypto back into fiat but then changed back in to another crypto.

For now I won't use LCC as an example because like has been mentioned its not trade-able for us on the outside just now.

But on things that are more mature like Bitcoin, Litecoin etc, they are easily exchanged and converted back into fiat using exchanges like coinbase as an example, there are many other ways though and I'm sure others will give a better idea of how to proceed.

However there are fee's and this is why Revolut was mentioned further back, which I now have but yet to use.

So its generally a bit of a faff but not too hard once you have accounts setup up with exchanges and have your wallets etc in place.
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  #789  
Old 22nd February 2018, 08:33 AM
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So I see that a lot of this is skewed towards bespoke gpu hardware but is there a way of putting an older laptop to use mining coins? Just ticking away slowly in the background? Doesn’t have to be something heavy.

I read recently you can mine monero using an app called salon on older pcs, or did I get that wrong? I’m crypto trading at the moment but wondered if I could put something I have laying around to use...
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  #790  
Old 22nd February 2018, 08:46 AM
MikkiJayne MikkiJayne is offline
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You can mine Cryptonight (for Monero, Electroneum, Sumo) on virtually any cpu but its not economically viable on anything more than a few years old. I have a couple of 6-year old i7 laptops which were state of the art at the time. They can do 60H/s for 200W, so doing Electroneum thats about 5p a day for 60p a day of electricity. Its cheaper just to buy the coin.

Conversely, the 2-year old i5 workshop PC can do >200H/s for 40W so I just leave that on 24/7 since the cost is insignificant compared to 1KW of lighting, and it sits there making Electroneum for me. That runs the Claymore CPU miner which I found to be the most efficient on my current hardware, but there may be something better.

Salon is a news website whose response to ad-blockers is to use javascript Monero mining to pay the bills instead. There's been a lot of news in the tech press recently about websites and even Starbucks wifi being hacked to run the Coinhive javascript on people's PCs without them knowing, but most AVs block it now. Salon has taken the approach that either you unblock the ads, or you mine some coin for them. I think that is going to become more common as sites seek to recoup lost revenue, and it may be what actually drives Monero value up, since there doesn't appear to be any other use case for it.

I estimate Coinhive can probably make 10-100H/s from the average PC, running in the background without the user noticing. Recruit 100K PCs to do that for you and its going to get a fairly decent return.
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