AMD Mining Devices Making Millionaires Worldwide

Hmm, I think I'll dedicate today and tomorrow to some Fastcoin and LTC mining, just to stock up a bit. Since Fastcoin is kind of annoying to exchange (have to go through cryptsy and then back to coinbase), I'll probably just hoard em.
 
2 questions.
a) How do you exchange coins for money/cash?
b) Is it worth putting my GTX 780s in SLi to mine?

Any user guides for litecoin or bitcoin mining would be helpful? My PC is on everyday so don't really care if it is mining during that time or not.

P.S. Never mined before so complete nub here.
 
a). With alt coins you need to convert to BTC at an exchange (cryptsy.com for example) then cash out your BTC at Coinbase.com. At least that's the easiest way if you're using USD.
b). No. You won't make enough mining Nvidia cards to cover the cost of electricity let alone make anything off of them.
 
Don't want to cover for electricity. My computer is always on so that is a non issue. Now if I am making 10 dollars a month then yes, it is not worth my time. However, if it is like 100-300 dollars, that is good enough for me since it is something my computer will be doing irrespective of mining.
 
100% usage vs idling 24 hours per day is a bit different. Even gaming for 24 hours is going to use considerably less than mining for 24 hours. Remember, when you mine the cards are pegged at 99% the entire time.
 
LTC price dropped from 40 to 23 dollars in a couple days, glad I haven't bought any coins, that woulda sucked.

If the market dips enough does it drive people out? I have only been doing this for a couple weeks and just got the hardware side figured out, the market side is something I still need to get a grasp on.
 
From what I gathered, a lot of people were panic selling, and someone with like 2,000 bitcoins just sold them all once(reading bitcointalk). Last night before I went to bed it was at $540, this morning back to $750. A lot of people will put "buy orders" at a certain price, many did around $600, and whenever the value actually hits this their orders will be fulfilled, then they sell at higher again.

This is what I have gathered from what I have read, but it may not be 100% correct.
 
Well I'm starting to consider placing my 280x's on the bay, profit and move to the 290s. I'm sure people would easily pay $500 for a 280X that are into mining.
 
I'm not sure about $500, but $400 is probably doable.
 
Looks like mining with a 780 is about the same as a 5830, but using a lot more power to do it. It'll be expensive to run, but you should make a bit over a ltc coin per week with 2x 780. Depends on the electricity cost as to breaking even.

As for the drop, well that was expected.
 
stealthy123 said:
LTC price dropped from 40 to 23 dollars in a couple days, glad I haven't bought any coins, that woulda sucked.

If the market dips enough does it drive people out? I have only been doing this for a couple weeks and just got the hardware side figured out, the market side is something I still need to get a grasp on.
Click to expand...

I suggest reading about chart basics:

http://www.investopedia.com/university/technical/
http://education.afraidtotrade.com/
http://www.babypips.com/school
 
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Yup, learning your basic Forex trading tools will help you understand what is going on with btc a lot better.
 
Just incase anyone was wondering, when it dipped that was a good time to snatch a few up. I wouldn't do this long term but LTC is the second dominant crypto currency right now and as long as BTC is raging in the head lines LTC will be strong as well.
 
xIronCrossx said:
From what I gathered, a lot of people were panic selling, and someone with like 2,000 bitcoins just sold them all once(reading bitcointalk). Last night before I went to bed it was at $540, this morning back to $750. A lot of people will put "buy orders" at a certain price, many did around $600, and whenever the value actually hits this their orders will be fulfilled, then they sell at higher again.

This is what I have gathered from what I have read, but it may not be 100% correct.
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EVERY weekend there's a selloff and recovery. Buy over the weekend just to sell it on WEDNESDAY because investors tend to have a selloff on fridays. Then stupid people keep selling on weekends because of the drop. I need to quit messing wiht alt coins and just buy/sell bitcoin
 
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i dont understand a couple of things:

who comes up with these coins? what makes one more valuable than the other? wont they go down in value if there are so many of them?
 
etegv said:
i dont understand a couple of things:

who comes up with these coins? what makes one more valuable than the other? wont they go down in value if there are so many of them?
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There is a finite amount of each coin that will be mined.
 
Yaris said:
There is a finite amount of each coin that will be mined.
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Do you know what makes one coin more valuable than the other? That's one thing I dont understand at all.

And wont they be worth anything due to all digital coins that are coming out? I kind of invested a little but Ive always played games with 2nd rate gear so at least i can have a little fun and play with the best stuff out.
 
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BaronBamboo said:
Do you know what makes one coin more valuable than the other? That's one thing I dont understand at all.

And wont they be worth anything due to all digital coins that are coming out? I kind of invested a little but Ive always played games with 2nd rate gear so at least i can have a little fun and play with the best stuff out.
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its all about community support... if enough people choose to back a coin it'll go up. LTC is about to get a ton of people leaving it so the price will be flat. I dont see any big jumps coming soon
 
tybert7 said:
I don't know the relevance to what kind of currency these cryptocurrencies behave like, but they seem different from dollars backed by a gold standard in that there seems to be a finite number of bitcoins/litecoins/etc.

Gold does not have a set upper limit. It's finite in an ultimate sense on the earth, but even then, you can rearrange matter to make more gold in theory, or go mine more from asteroids. By these crypto currencies have a HARD total limit.


How does that change their nature? I have no idea, just an observation.
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Money is no longer backed by any gold standard. Get your head out of the clouds.
 
Yakk said:
The risk to Ltc is the flood of coins being mined and sold to pay back the equipment of new miners. Will probably drop ltc value like a rock. Difficulty should spike also. If you are starting now, I'd say use what you have.

Or value will keep rising, who knows with this stuff!!!
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Ah yeah. Insight like this will lead us all to a better place :eek:
 
Venomous said:
Well I'm starting to consider placing my 280x's on the bay, profit and move to the 290s. I'm sure people would easily pay $500 for a 280X that are into mining.
Click to expand...

probably be more profitable to keep your 280x mining and get 290s.

280x should get near 700kh. my 290 is getting 880kh. I bought 7970s at release and they paid for themselves plus profit -- then i sold them for $250 after i quit bitcoin.
 
This whole thing looks like it'll be cooked in about 2 months or less. Or at least only marginally profitable. Even now the breakeven on most of these cards is way past 90 days out, and that doesn't assume exponential increases in difficulty that are happening as we speak.

If you already have the cards, or were going to buy them anyway, then sure, it's a great way to make some side cash. But I just don't see the argument for buying in now with LTC. LTC values have dropped by 50% in the last few weeks (they'll probably go back up of course), and work difficulty is going up 12-15% even 2-3 days. By the end of this year our rigs will be turning in less than half the money they're yielding now, if that.
 
sad to see the dips - but look at the history of bitcoin.

I'm holding onto my LTC and waiting for the next jump, i firmly believe we will see it to $50 at some point in the future.

For the people asking "what makes these things valuable", it's the same thing that makes the dollar in your pocket valuable: The simple *collective* belief that it's valuable and tradeable for goods and services. After a nuclear war, dollars will be just as valuable as bitcoins = i.e. worth nothing. Right now though there is a market because enough people out there feel they are worth something.

I usually mine my coins (LTC and FTC) but just for fun I bought 0.25BTC with cash via coinbase for fun, one thing I found interesting before and after the crash one LTC is still hovering around 0.03BTC in value, so before or after the crash you still get the same amount, it's worth has only changed in terms of dollars (which is what most of us really care about)
 
Neon01 said:
This whole thing looks like it'll be cooked in about 2 months or less. Or at least only marginally profitable. Even now the breakeven on most of these cards is way past 90 days out, and that doesn't assume exponential increases in difficulty that are happening as we speak.

If you already have the cards, or were going to buy them anyway, then sure, it's a great way to make some side cash. But I just don't see the argument for buying in now with LTC. LTC values have dropped by 50% in the last few weeks (they'll probably go back up of course), and work difficulty is going up 12-15% even 2-3 days. By the end of this year our rigs will be turning in less than half the money they're yielding now, if that.
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it dipped about 50 in one day due to the China issue/speculation
and mining altcoins is VERY profitable
I suggest people jump in
 
Neon01 said:
This whole thing looks like it'll be cooked in about 2 months or less. Or at least only marginally profitable. Even now the breakeven on most of these cards is way past 90 days out, and that doesn't assume exponential increases in difficulty that are happening as we speak.

If you already have the cards, or were going to buy them anyway, then sure, it's a great way to make some side cash. But I just don't see the argument for buying in now with LTC. LTC values have dropped by 50% in the last few weeks (they'll probably go back up of course), and work difficulty is going up 12-15% even 2-3 days. By the end of this year our rigs will be turning in less than half the money they're yielding now, if that.
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If you buy the cards then use them to mine for a couple months, then sell them I don't see how it can't be a profitable venture at this point.

I am more than covering my power bill by quite a bit, and resale on the top AMD cards should hold pretty steady until the next gen cards come out.
 
Couple of quick questions if anyone wants to indulge me.

Does PCI-E spec matter at all?
Is internet bandwith important?
Is there a minimum amount of ram needed beside the basics needed by the O/S?
Any diff in O/S's?
If you use an top end APU, downclock it, yet clock up its GPU, could its mining ability more then make up the cost of a dgpu/cpu/mb?
 
note235 said:
it dipped about 50 in one day due to the China issue/speculation
and mining altcoins is VERY profitable
I suggest people jump in
Click to expand...

Yeah, that's was going to be my play once work difficulty gets to 5000-6000, which seems to be right around the corner. Any suggestions? I was thinking Feathercoin, digitalcoin, or one of the others, but I don't know how easy those are to exchange for BTC.

stealthy123 said:
If you buy the cards then use them to mine for a couple months, then sell them I don't see how it can't be a profitable venture at this point.

I am more than covering my power bill by quite a bit, and resale on the top AMD cards should hold pretty steady until the next gen cards come out.
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True, but card values are uncertain given the market will be completely glutted with them once LTC becomes unprofitable. The performers like the R9 290s and possibly R9 280Xs will hold value simply because they're affordable compared to the green team offerings, but the previous gen 7970/50s (and possibly R9 280X) and the like will probably plummet.

As I mentioned before, I fully agree with the assertion that it's a great time to buy a card if you're going to anyway, but the ROI for building dedicated rigs with new equipment that you wouldn't otherwise use just isn't there at this point, IMO.
 
funkydmunky said:
Couple of quick questions if anyone wants to indulge me.

Does PCI-E spec matter at all?
Is internet bandwith important?
Is there a minimum amount of ram needed beside the basics needed by the O/S?
Any diff in O/S's?
If you use an top end APU, downclock it, yet clock up its GPU, could its mining ability more then make up the cost of a dgpu/cpu/mb?
Click to expand...

I think the amount of data sent over the PCI-E bus is very small, so it shouldn't matter.
I am looking at the Windows resource Monitor right now and the cgminer exe uses about 30Bps. I think latency is more important than bandwidth.
I am running cgminer on Windows 7 64 bit and Windows 8.1 32 bit, I have not seen any difference. Linux might be a different story though.
 
SamE said:
I am running cgminer on Windows 7 64 bit and Windows 8.1 32 bit, I have not seen any difference. Linux might be a different story though.
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5-6% faster in linux with cgminer, but I'm testing driver version 13.9 in Windows vs 13.11 beta6 in linux so the my test isn't apples to apples. One day I'll get around to rebooting into Windows, updating the driver, and retesting.
 
What distro are you running? Have you tried any of the purpose built mining distros? SMOS?
 
SamE said:
What distro are you running? Have you tried any of the purpose built mining distros? SMOS?
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Gentoo with 3.12.3 kernel. No, I haven't tested cgminer in any other distros. I'm just using what I run daily on all my machines.
 
So I get mixed answers, and also realized that a lot of miners are umm, special.

Can I make a bootable linux usb stick that will mine with a 290? I haven't really tried yet, but keep hearing that the 290s don't work in that scenario.
 
I've heard that Worldcoin is a good altcoin to mine for the time being. I've also found this little gem:

http://www.coinwarz.com/cryptocurrency

You can find the real-time profitability of altcoins vs. Bitcoin on this site. I'm aiming to mine the coins that seem to be in the top 10 most frequently.
 
20% difficulty increase today. If you haven't already jumped on board you're too late for LTC.
 
Luckily getting everything running for me was just firing up the old gear which had been sitting idle.

And for sure I'm not getting a new card at these prices!
 
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