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Alternative Cryptocurrencies (General Discussion & Trading)
- Thread starter Keeper
- Start date
I'm waiting for that to become live in a couple of days. Don't think there will be a lot of longevity, but might be able to make a quick buck off of the hype. Started turning my attention to Hobonickels yesterday and mined about 10. Sold them on Cryptsy this morning for a slight profit 
Early days for me a mining. Still have hope for Dogecoin to make some sort of impression in the days/weeks/months to come
Early days for me a mining. Still have hope for Dogecoin to make some sort of impression in the days/weeks/months to come KingBel
Expert Member
Probably been answered in other threads, but how successful would mining be on my old rig (a amd dual core, with a 1 gig gpu)
I have a uncapped 4mb line, so was thinking of leaving it on during the day to do something useful like mining cryptocurrency.
I have a uncapped 4mb line, so was thinking of leaving it on during the day to do something useful like mining cryptocurrency.
IMHO your line speed isn't that much of a bottleneck. You want as much GPU power as possible. You'll be successful, but being prfitable is the real challenge, and that might be a bit light.
EDIT: I'm a total novice when it comes to these things too, so take whatever I say with a pinch of salt
EDIT: I'm a total novice when it comes to these things too, so take whatever I say with a pinch of salt
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KingBel
Expert Member
No problem.. at least you have started.. i might be a bit late to the party.. but I suppose that it's worth dipping my toe in the water at least 
koeksGHT
Dealer
So in opinion, which are best to mine to swop for BTC?
Honestly, there are so many "penny shares" that are so volatile, that you can probably make some coin (or fraction thereof) with most of the smaller coins. Like I mentioned, I took a liking to Hobonickels, and they were relatively quick to mine. I guess diversify, and then see what's the flavor of the day.
I pay the electricity bill and make a profit of about R160 per day and it is slow at the moment, so don't know if I agree with that.....
Only running two 6990's.
Coinwarz.com is a great site to get a rough idea of the profitability, also I find at the moment bitcoins are being bought at a rather nice price on Bitx for the guys selling.
https://bitx.co.za/market
You can still make a fair bit of cash but it takes some effort and getting the right cards.
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What's your process if you don't mind me asking?
How do you go from Altcoin > Cash, basically? I mean, I understand bitcoin but where do you trade the alt-coins?
No worries,
I mine either Doge, Anon or Net coins, I change it up every now and then depending on the probability of the coins, from there I sell it on Coins-e or Cryptsy (stopped using them due to delays) for Bitcoin. I then transfer the bitcoin to bitx and trade it when the price is right for Rands, from there it gets sent to my Bank account.
From mined Altcoin to Bitcoin then Rands usually two to three working days.
Normally mine over the week and then watch the prices on Friday and when they look decent start trading, If the prices slump I hold until they come back again.
If you are not making money you are doing it wrong!
Ah okay, that's simple.
I guess the only question/hard part is knowing what's going to grow and whats going to die, and the best time to go from alt > btc, and from btc > $/R obviously.
Is it worth keeping say 20,000 coins of some altcoin for the foreseeable future and LATER trading to BTC or is it better to trade to btc as soon as possible?
I guess the only question/hard part is knowing what's going to grow and whats going to die, and the best time to go from alt > btc, and from btc > $/R obviously.
Is it worth keeping say 20,000 coins of some altcoin for the foreseeable future and LATER trading to BTC or is it better to trade to btc as soon as possible?
Cryptsy has slightly higher bids some of the time, but I find the response times when depositing altcoins is much better on Coins-e.
Also with regards to the electrical consumption, my two 6990's are undervolted to 1.030v, memory is underclocked to 1000Mhz and my core is set at 855Mhz, both cards do not go over 75deg and that is inside a case with standard cooling, undervolt is also dropping the wattage draw and was able to run both cards on a 750W PSU. With this setup I get avg 1850 KH/s total, this got me 950 netcoin yesterday, roughly R200.
So even calculating at a max of 1000W, that's one unit per hour, at a max price of R1.50 per unit that is R36 per day on electricity, then I make around R200 per day mining, sometimes much more depending on the price of the altcoin I am mining and the price at that time that is a clear profit.
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Haha I wish I knew, for me I rather mine and sell weekly. I just don't want to mine for two months and then the coin dies.
If it's an unknown coin with a small release solo it.
if it's a very popular coin or hyped up a lot you're better of pooling as asics will be thrown behind it.
NYANcoin had like 3GHashes/sec from release so mining it solo was nearly impossible - another team actually even released their own NYAN at the same time and even though it had a lot less people mining it (since the release was sudden) and even at a low difficulty, it was near impossible to solo mine it.
mining is a tough gig
