The Altcoin Thread

mkrohn

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Next pool going up will indeed be for VertCoin. Hoping to have it running by lunchtime for everybody.

Too bad I'm so far away, I have to do an internship soon as a programmer.... My main instructor is going to just have me develop a website for a local business as my internship which is crap I've done a million times already so absolutely nothing to learn from it.

Second semester of C classes and we just now got into modularization and the class just shat themselves. After we finish this we're supposed to shift to C#. God I hate school but if this mining stuff keeps going like this I'm just gonna dig in and stay in school for as long as the paychecks keep coming. Between grants and these federal loans that won't build interest till I'm out of school I've built my mining rigs interest free or in some cases free.
 

SunnyD

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Too bad I'm so far away, I have to do an internship soon as a programmer.... My main instructor is going to just have me develop a website for a local business as my internship which is crap I've done a million times already so absolutely nothing to learn from it.

Second semester of C classes and we just now got into modularization and the class just shat themselves. After we finish this we're supposed to shift to C#. God I hate school but if this mining stuff keeps going like this I'm just gonna dig in and stay in school for as long as the paychecks keep coming. Between grants and these federal loans that won't build interest till I'm out of school I've built my mining rigs interest free or in some cases free.

lol. I literally laughed off a lot of those classes - I was working full time as a software engineer by the time I hit my third year of college. Some of the professors wondered why I was even taking the classes. I had to tell them the truth: You can't get a degree without having credit for the classes on your transcript.

I had more issues with some of the "soft" classes like algorithms and data structures then I did the actual programming classes.
 

SunnyD

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Supposedly freshmarket.co.in (exchange) was hacked and will be permanently shutting down.
 

Lorien

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I think cryptsy damn near needs a dedicated server for each wallet type at this point.

The main problem is not one of hardware but of uneducated and lazy miners sending coins from their pools directly to an exchange. You should never do that. The pool sends out a HUGE transaction block and the exchange has to riffle through it looking for your tiny pea size of a transaction.

It's like sending out an armored money truck full of $1 bills to make a $1 deposit at a bank but the bank has to look through every single bill in the truck for the one same exact dollar you put in.


The proper way to do things is:

Mine at pool
Get payouts at your own wallet (Use the coin client itself because it can be encrypted plus you are effectively acting as a node helping propagate the block chain to others)
Send your coins to the exchange from wallet.

Sorry for the rant but as an old schooler who dealt with problems and complains like these in the early days it struck a chord in me.
 

mkrohn

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The main problem is not one of hardware but of uneducated and lazy miners sending coins from their pools directly to an exchange. You should never do that. The pool sends out a HUGE transaction block and the exchange has to riffle through it looking for your tiny pea size of a transaction.

It's like sending out an armored money truck full of $1 bills to make a $1 deposit at a bank but the bank has to look through every single bill in the truck for the one same exact dollar you put in.


The proper way to do things is:

Mine at pool
Get payouts at your own wallet (Use the coin client itself because it can be encrypted plus you are effectively acting as a node helping propagate the block chain to others)
Send your coins to the exchange from wallet.

Sorry for the rant but as an old schooler who dealt with problems and complains like these in the early days it struck a chord in me.

And people on multipool should what? There's like 20 coins or more that I have balances on. I should stay up to date with every coin I stumble onto? It's happening anyway and places like cryptsy are profiting insane amounts of money and I am paying them to do this for me so why should I do more work than I have to? If I were only mining one or two coins it would be different but I'm not. Cryptsy knows its going to happen and they don't prepare for it.
 

playah

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I had just moved 5 ltc into freshmarket.co.in (exchange) to buy some Cash last nite apparently right before it happened, this was after I had moved some ltc into Openex.pw and then through my own fault trip some security measure and got locked out and now they banned my ip.

On a side note got a Asus R9 290 in the day before and it puts out a whopping 500 k/h's, some days it don't pay.
 

Lorien

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And people on multipool should what? There's like 20 coins or more that I have balances on. I should stay up to date with every coin I stumble onto? It's happening anyway and places like cryptsy are profiting insane amounts of money and I am paying them to do this for me so why should I do more work than I have to? If I were only mining one or two coins it would be different but I'm not. Cryptsy knows its going to happen and they don't prepare for it.
Doesn't multipool make the process of mining different coins transparent and pay you in bitcoins?

On a side note got a Asus R9 290 in the day before and it puts out a whopping 500 k/h's, some days it don't pay.
It's all about knowing how to tweak miner settings. Maybe it's time I start posting mini tweak guides for different mining hardware like I used to in the past.

P.S: Tell me your miner settings so I can help you tweak it. I can get you to 800+ Mhs easily with that 290.
 
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lilfiend

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Doesn't multipool make the process of mining different coins transparent and pay you in bitcoins?
that's middlecoin you're thinking of, multipool is baiscally middlecoin but they payout the altcoins.
 

vortec4800

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lol. I literally laughed off a lot of those classes - I was working full time as a software engineer by the time I hit my third year of college. Some of the professors wondered why I was even taking the classes. I had to tell them the truth: You can't get a degree without having credit for the classes on your transcript.

I had more issues with some of the "soft" classes like algorithms and data structures then I did the actual programming classes.

I dropped out of college by my 3rd year and started a software company - those classes were stupid.

Though I did go back later and get my degree as a fallback, it definitely wasn't a priority.
 

SunnyD

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wtb: A better paying Software Engie job. My current one underpays, and I have too many kids to feed.
 

blade52x

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wtb: A better paying Software Engie job. My current one underpays, and I have too many kids to feed.

I've slowly come to the realization over the years that I cannot depend on anyone to "hook me up". So, I've slowly been figuring out ways to make side cash (mining is not my first), I am starting to see the light in all of this. I just need to find one that hits it big.

My own little side ventures have also made me realize that I don't ever want to work "under" anyone. Doing it myself is just way more fun and satisfying. I'm a grad student and grad pay sucks even with tuition covered. But when I get my degree and all is said and done, I'm looking to start my own business. And I hope mining can cover some start up costs in the future. :p

Also going to start my own LLC to hopefully get some tax breaks for when I do claim my cryptos at some point.
 
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mkrohn

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I've always been a self employed guy and have done very well in the past. WAAAAY back if you guys go far enough back iamnotageek.com was frickin huge. My various web ventures made over $300k in its best YEAR. I have serious web development experience and being a swiss army knife. When I was 14 I got into the online stuff building AthlonOC which got me building things like GFD's and other weird stuff. The xbox repair stuff did very well for me. Jtagging xbox's did VERY well too. Back when you could sell xbox live keys for a nice chunk I would take some seriously dead 360's and pull the keys off them. I recovered so much money from some seriously screwed machines doing that.

I've bounced around to different things over the years which with 5 kids I need to just get into an 8-5 kinda thing with decent pay but FREEDOM and flexibility are worth more to me than average yearly salary. No matter what happens I'm going to do stuff on the side but I just need steady income to budget with. My associates is done this semester and if my schedule can lineup just right I can have my bachelors in another year.

blade there's no advantage of an LLC for a tax shelter or anything like that for claiming cryptos. With cryptos you will only have to claim what you SPEND or "cash out" you could make a BILLION dollars on cryptos and as long as you don't take the money out there's no reason to ever pay a dime of taxes on it. If you have a BILLIONS dollars though what you do is find a tax shelter COUNTRY to funnel it all into. Costa rica, bahama's or any of those countries that don't tax outside income. I think even places like texas are pretty tax friendly. In any decent economy sales tax will be higher than we have in most states and income tax would be lower. Tax the hell out of the people buying stuff and leave the people alone that are trying to save their money.
 

playah

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Doesn't multipool make the process of mining different coins transparent and pay you in bitcoins?


It's all about knowing how to tweak miner settings. Maybe it's time I start posting mini tweak guides for different mining hardware like I used to in the past.

P.S: Tell me your miner settings so I can help you tweak it. I can get you to 800+ Mhs easily with that 290.

Sent you a pm thanks, tried every setting on https://litecoin.info/Mining_hardware_comparison
 

mkrohn

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can you help a 280x get better then 710 and a 7950 more then 580? under volted...

280x is always 1500 ram, TC of 8192. Go to the 280x thread for more on that card specifically. I don't own any 7950's at all I'm mostly 270x and 280x here
 

blade52x

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blade there's no advantage of an LLC for a tax shelter or anything like that for claiming cryptos. With cryptos you will only have to claim what you SPEND or "cash out" you could make a BILLION dollars on cryptos and as long as you don't take the money out there's no reason to ever pay a dime of taxes on it. If you have a BILLIONS dollars though what you do is find a tax shelter COUNTRY to funnel it all into. Costa rica, bahama's or any of those countries that don't tax outside income. I think even places like texas are pretty tax friendly. In any decent economy sales tax will be higher than we have in most states and income tax would be lower. Tax the hell out of the people buying stuff and leave the people alone that are trying to save their money.

IF I make... billions... :D

But with LLC, I could at least claim GPU costs, and even a portion of my monthly electricity cost? And maybe get other benefits? I understand that I never really have to cash out, true. But there are going to be times I am going to want to sell off and be in fiat, without having to claim it (ie leaving it on BTC-e). I just do not want to hold fiat on BTC-e for extended periods of time (at least not a large amount of it).

I've read people say capital gains is revenue minus hardware costs (which I don't believe, I think the IRS wants all revenue), and then its rate is like 25-30% on top of state taxes. That's just so much, that I may never withdraw from the crypto market if this works out in the long run. But if having a LLC could reduce that by a significant amount... (which I'm not sure, but am looking into) then I will do that so I will at least move between fiat and crypto without losing too much.

I would almost be ok with capital gains tax as it is... if I got to choose EXACTLY what that tax money got spent on. It would feel more like donating to charity as opposed to just being robbed. :(
 

Orddie

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280x is always 1500 ram, TC of 8192. Go to the 280x thread for more on that card specifically. I don't own any 7950's at all I'm mostly 270x and 280x here

I have that set for both my cards in the same box. one card runs at 713, the other at 703. Which thread are you making reference too?
 

Lorien

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can you help a 280x get better then 710 and a 7950 more then 580? under volted...

Without knowing clocks that 280x looks like it's getting what it should but you can go higher with optimized .bin files (.bin are the files the miner compiles) and modified miners. With SGminer and an optimized 8192 .bin (meaning optimized for that thread concurrency) I've seen people reach well over 800Kh/s with 280x's running at 1186core/1500memory



That 7950 looks to be underperforming though, even if you are underclocking it. The first thing I tell everyone to use in their batch file is add this as the very first line.

If running Windows: setx GPU_MAX_ALLOC_PERCENT 100
If runing Linux: export GPU_MAX_ALLOC_PERCENT=100
 

vibe

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How the hell are you getting 825khash out of a 7950 ?

That WU is only after 4 minutes? You need to give it time to settle, like at least an hour.

But since I see i:13 that means you are running dual thread on a 7950 with low TC and they do not like that.
 

Lorien

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How the hell are you getting 825khash out of a 7950 ?

That WU is only after 4 minutes? You need to give it time to settle, like at least an hour.

But since I see i:13 that means you are running dual thread on a 7950 with low TC and they do not like that.

It's not my rig, is someone using a custom miner and optimized .bin file for 8192 thread concurrency running an overclocked 280x @1186/1500
 

mkrohn

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IF I make... billions... :D

But with LLC, I could at least claim GPU costs, and even a portion of my monthly electricity cost? And maybe get other benefits? I understand that I never really have to cash out, true. But there are going to be times I am going to want to sell off and be in fiat, without having to claim it (ie leaving it on BTC-e). I just do not want to hold fiat on BTC-e for extended periods of time (at least not a large amount of it).

I've read people say capital gains is revenue minus hardware costs (which I don't believe, I think the IRS wants all revenue), and then its rate is like 25-30% on top of state taxes. That's just so much, that I may never withdraw from the crypto market if this works out in the long run. But if having a LLC could reduce that by a significant amount... (which I'm not sure, but am looking into) then I will do that so I will at least move between fiat and crypto without losing too much.

I would almost be ok with capital gains tax as it is... if I got to choose EXACTLY what that tax money got spent on. It would feel more like donating to charity as opposed to just being robbed. :(

What you described as the LLC benefit is not needed. At home businesses without the paperwork you can have a set section of your house as the businesses and a % of ALL your utilities can go into it. For me at least the income I show will be completely taken out by expenses like parts. You'll be lopsided on the power bill vs what you can writeoff but unless you're a moron you won't have any actual tax liability as long as you're buying parts.

Now if you get big enough that you're renting space outside of the house things get trickier. I ran an S-corp for quite a while which is the bigger brother of LLC. As long as you don't have things like customers there's no liability out there to be sheltered FROM. That is the entire purpose of the corporations is just to protect your ass from getting sued. If you don't have liability then there's no point in registered a corp.
 

blade52x

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What you described as the LLC benefit is not needed. At home businesses without the paperwork you can have a set section of your house as the businesses and a % of ALL your utilities can go into it. For me at least the income I show will be completely taken out by expenses like parts. You'll be lopsided on the power bill vs what you can writeoff but unless you're a moron you won't have any actual tax liability as long as you're buying parts.

Now if you get big enough that you're renting space outside of the house things get trickier. I ran an S-corp for quite a while which is the bigger brother of LLC. As long as you don't have things like customers there's no liability out there to be sheltered FROM. That is the entire purpose of the corporations is just to protect your ass from getting sued. If you don't have liability then there's no point in registered a corp.

Ok. I actually thought LLC was required for the first paragraph (including some ratio % of utility expenses used). That's great to know that it is not. That means I can still cash out a little bit more, considering I've probably spent over $5000 on parts alone (will soon be at 9-10 MH/s after I get my next batch of stuff in), and not including electricity. Thanks for the info.

Right now at 6.5 + 1.2 from RMA'd 7950s + 1.6 from 4x 270X = 9.3 MH/s. I can't wait until I get all that in. Will be fun optimizing seeing if I can hit ~10 with it all.

Also, do you think I can claim the Titans as well in expenses? As I have mined on them before? :p
 

wolfofone

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IF I make... billions... :D

But with LLC, I could at least claim GPU costs, and even a portion of my monthly electricity cost? And maybe get other benefits? I understand that I never really have to cash out, true. But there are going to be times I am going to want to sell off and be in fiat, without having to claim it (ie leaving it on BTC-e). I just do not want to hold fiat on BTC-e for extended periods of time (at least not a large amount of it).

I've read people say capital gains is revenue minus hardware costs (which I don't believe, I think the IRS wants all revenue), and then its rate is like 25-30% on top of state taxes. That's just so much, that I may never withdraw from the crypto market if this works out in the long run. But if having a LLC could reduce that by a significant amount... (which I'm not sure, but am looking into) then I will do that so I will at least move between fiat and crypto without losing too much.

I would almost be ok with capital gains tax as it is... if I got to choose EXACTLY what that tax money got spent on. It would feel more like donating to charity as opposed to just being robbed. :(

Keeping in mind I have not yet finished my business degree (I have been self employed for three years though)...

You do not have to form an LLC to claim expenses against income. An LLC, or limited liability corporation's primary focus it to separate your personal assets and debts from business assets and debts such that if the business were ever to default on a loan or be sued, they could not go after your house (for example) or other personal assets. It is done to protect yourself, but as you are not trading for other people and mining only for yourself, there is not much point in forming an LLC and depending on where you live forming one could cost money (eating into your profits) and make taxes more complicated (though if you are making enough, you probably use an accountant anyway).

With that said, it is a good idea to separate business/mining income and expenses from personal income/expenses by using separate bank accounts. As a side benefit, this will make your taxes a lot easier. You can claim a portion of electricity, rent, ect _if_ you use a portion of your home 100% for business use such as a home office. This can be a space with your mining equipment as well as where you sit down at a desk and do accounting and managerial tasks for your business, but it needs to be a dedicated space (preferably a dedicated room, but it doesn't have to be-it's just easier on you if it is. If it's just a corner of a room, you need to be careful and find a way to mark off the business space from the personal space. Further, you can claim business expenses against income such as hardware costs, office supplies, ect whether you write it all off the first year it was purchased or depreciate it out over multiple years is up to you.

As a self employed person (if you make over $600 in mining income (net) I don't think you can claim it as hobby income iirc), you will fill out a personal return (1040) along with Schedule C where you will be able to detail business income and business expenses. From there, you will get your taxable income. You will need to pay self employment and income tax on money made mining.

As for capital gains, this is tax on income made from selling your crypto at a higher price than you bought in at. Since you are mining it and not buying into crypto with USD, it's a bit complicated. If you sell your crypto for USD, you will be taxed for income made from mining. If you sell the crypto on an exchange for USD, then use that USD to purchase crypto... in the future should you sell the crypto for USD and make more USD than you originally paid, you will have to deal with capital gains tax. This can get complex really fast if you have a lot of buy/sell orders as you can imagine heh. Just be careful and keep good records.

And this is about the point where I lost my train of thought. I hope it helps!

EDIT: Heh, others beat me to the answer, but yeah :). As for: "Also, do you think I can claim the Titans as well in expenses? As I have mined on them before? "

Unless you are using them solely for business use (not gaming), go ahead and write it off. Otherwise, I wouldn't.
 
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SunnyD

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I'm half tempted to see if anybody wants to trade me an R9 290(x) for a pair of my 6950's. Honestly, I'm thinking the consolidation at this point might be worth losing the 100-150kh/s.
 

mkrohn

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I'm half tempted to see if anybody wants to trade me an R9 290(x) for a pair of my 6950's. Honestly, I'm thinking the consolidation at this point might be worth losing the 100-150kh/s.

since I've bought some 6950's in teh $125-150 range I'd gladly do that trade to GET a 290x but you'd be lucky to get a 290 non X for them. I giggle when so many people offer me 6950's for $175+


for taxes though honestly the IRS wouldn't know the difference between the cards. Just writeoff ANYTHING computer related. Buy a tablet, write that off for checking your stats.. laptop whatever can be called business easy enough.

The old thing is have dinner with somebody and just say "mining" and technically its a business meal.
 

Bonksnp

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We're any of your 7950s xfx by chance? I sent mine in a couple weeks ago and got an email yesterday saying they didn't have anymore 7950s so they're mailing me a 7970. :D

Mkhrons I was half tempted to pm you and try to work out some deal with my 6970s, but I just decided I'm gonna hang on to them and get another rig up. Especially since I bought them for $50 each. ;) Plus I have twin turbos on 2 of them and have an h100 on the way for the 3rd, sort of as a side project.
 

blade52x

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I got my 4x Sapphire 7870s running on a 750W PSU now using some risers, and each doing 378 kH/s steady, 890/1375 @ 0.944v (GPU-Z reading). And yes I'm mining CORG (CorgiCoin) today for the shits and giggles. Unfortunately my Kill-A-Watt seems to no longer work, so I cannot get a from the wall power draw. All four cards and sandwiched together inside of a 500R case, which is why temperatures are a little bit high.

(bad colors because of TeamViewer)


If I can get these running on the 660W Seasonic Platinum I just got today, I'll be damn happy because then I may have a chance to run the 4x R9 270Xs I'll get later this week on the 750W one, and even better if I can somehow pull off 405 kH/s on these cards on that PSU (requires 945/1450 clocks at voltages I don't quite know)

This really is a fun hobby in itself outside of the income.
 
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jwcalla

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for taxes though honestly the IRS wouldn't know the difference between the cards. Just writeoff ANYTHING computer related. Buy a tablet, write that off for checking your stats.. laptop whatever can be called business easy enough.

The old thing is have dinner with somebody and just say "mining" and technically its a business meal.

You can write-off anything, but if you get audited you'll have to back up the claim that it's a business expense. And those are the red flags that draw the most audits. They're not the dumbest folks at the IRS. They know all the tricks.
 

wolfofone

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You can write-off anything, but if you get audited you'll have to back up the claim that it's a business expense. And those are the red flags that draw the most audits. They're not the dumbest folks at the IRS. They know all the tricks.

Agreed, be sure to keep good records of everything just in case.
 

vortec4800

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If I can get these running on the 660W Seasonic Platinum I just got today, I'll be damn happy because then I may have a chance to run the 4x R9 270Xs I'll get later this week on the 750W one, and even better if I can somehow pull off 405 kH/s on these cards on that PSU (requires 945/1450 clocks at voltages I don't quite know)

This really is a fun hobby in itself outside of the income.

Aren't 270xs basically the same as the 7870s you have? Wouldn't they run about the same? I'm interested in getting a few 270x myself, seems like a good way to add hash without spending a crazy about of cash.

Agreed about the hobby aspect, fun to build these machines and squeeze and optimize as much as possible. It's exciting when you get just a little more.
 

watertown28

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Aren't 270xs basically the same as the 7870s you have? Wouldn't they run about the same? I'm interested in getting a few 270x myself, seems like a good way to add hash without spending a crazy about of cash.

Agreed about the hobby aspect, fun to build these machines and squeeze and optimize as much as possible. It's exciting when you get just a little more.
270s are great cards. I got like 11 of them running right now... so be it they are xfx ones from best buy.... but they all hit 450khash with most times around 380-410 WU ( which is more important that hash speed ). It takes a lot of tweeking though sometimes. You can also edit the bios a bit to drop the vddc a bit on them. The ASIC quality sucks though on them... when I look at the 7850s which are at 87% vs the 72% on the 270s.

Though I hit the jackpot the other day... I got 2 open boxed 6950s for 165 each... they actually do better than the 270s lol. One does run kinda warm.... around 87C load. I changed the paste on it with some cheaper stuff might get some AS5 for that. It seems that someone else may have had the same idea but they put way too much on. Damn newbs. But the redo on it and dropping the vddc from 1.1 to 1.081 has helped. I was hitting over 95C and a shut down from cgminer before I did that work.

Guess with all that babble the bottom line is you still can not go wrong with the 270s. You can run 3 of them easy on a basic system with a 800 watt quality power supply so :)
 

Core32

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Coinedup is my favorite.....
So, I used Coinedup for a few days with no problems.
Ran out of coins to trade there so I stopped visiting for a week or so.
Now I absolutely cannot get the stinking OpenID to work at all.
The web page is slow as shit and I always get an error message at the top of the page when I try to login in.
Anyone else having this issue or anyone know how to get them to respond to an email to their contacts email addresses?
 

_r2h

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270s are great cards. I got like 11 of them running right now... so be it they are xfx ones from best buy.... but they all hit 450khash with most times around 380-410 WU ( which is more important that hash speed ). It takes a lot of tweeking though sometimes. You can also edit the bios a bit to drop the vddc a bit on them. The ASIC quality sucks though on them... when I look at the 7850s which are at 87% vs the 72% on the 270s.

I have a bunch of xfx 270s. Are you getting 450khs overclocked and undervolted? I was thinking about undervolting mine, but was worried I couldn't keep the hash rate up at 440.
 

SunnyD

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I have 3x 6950's currently running on a single Corsair TX850... no idea what the power draw is on them though. It's also powering the rest of my LGA2011 box too, so I'd venture a guess it's pretty high. The only saving grace is that all three of those cards are undervolted to 1.025v.
 

nvgrim

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Im still confused on the whole capital gains tax on when i cash out. I dont even know how i would go about putting that money into an account. Which is why if i ever strike it rich im going straight to a financial adviser to see what they say. Do i pay taxes as soon as i cash it out or at the end of the year?
 

mkrohn

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Im still confused on the whole capital gains tax on when i cash out. I dont even know how i would go about putting that money into an account. Which is why if i ever strike it rich im going straight to a financial adviser to see what they say. Do i pay taxes as soon as i cash it out or at the end of the year?

there is absolute no capital gains tax system in place... As of right now it goes on income with a basic revenue minus expenses.

Things like mining are not stocks and falls more in the service realm in our current tax codes. In the future they WANT to figure out how to get it into capital gains but its not possible for miners. End of year filing taxes unless you're really big and have a corporation setup but individuals its end of year income
 
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