let's mine Monero

techead

techead

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Yes, there is Bitcoin and Ethereum, but its already up to $185 , crazy stuff!!

https://coinmarketcap.com/currencies/ethereum/

I have my eye on Monero, which was, by far, the best performing of the lot in 2016!

https://coinmarketcap.com/currencies/monero/

Could someone be so kind and compile the below for me? I have neither the programming skills or access to someone who does

https://github.com/fireice-uk/xmr-stak-nvidia

Happy to make available to everyone, and will put a nice tutorial together for getting your first miner up and running. Note: I'm doing GPU Nvidia mining
 
Removed due to extremely stupid prediction
 
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Already have monero bought it after it was launched, definitely potential given the untraceable design
 
Can someone's please explain the economics behind this. How is the value created or back? Is this not just the Internet's version of posting milk culture for R10
 
Out of pure interest I looked into this.

What pools are you guys using?

I'm using monerohash.com at the moment, didn't do much research but it's just one that came up.

Hash rates on my systems:

Fury X: ~780H/s
GTX 1060: ~500H/s

Honestly at the prices of electricity it really doesn't look to be worth it in my case.
 
Woo, hit 1KH/s.

lhIG4HC.png


At this rate I'd need to mine for just under 10 full days to get 1 XMR. That's a whole lot of electricity (I'll hook up the watt meter later to see what the damage is).
 
I have free electricity where I stay but its moving slow 65H/s. Once my other PC is complete I will do it there and hopefully get faster speeds.
 
My total power usage numbers for my Ryzen rig:

Idle at desktop (with a bunch of apps open): ~110W
Adding CPU mining load (7 threads on my [email protected]): ~150W (additional 40W)
Adding GPU mining load (Fury X @ stock): ~270W (additional 120W)

Hash rates:

CPU: 400H/s (~10H/s per watt)
GPU: 800H/s (~7H/s per watt)


So the Fury X is not the most efficient card for mining :D
 
Grubscrew said:
Can someone's please explain the economics behind this. How is the value created or back? Is this not just the Internet's version of posting milk culture for R10
Click to expand...

It works on the principle of scarcity. The more time passes the harder it gets to obtain new coins. Initially it was easy to mine coins. Initial value at the beginning was added by being able to buy pizzas and coffee. The rest is supply and demand, I am willing to pay a certain amount of fiat for a certain amount of bitcoin or am willing to accept a certain amount of bitcoin for a product or service , liquidity is added by speculating on the exchanges, trading with fiat and between other coins. In other words natural market forces.
 
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static_sa said:
My prediction is that DigiByte is going to be be big($50-$60 -- Extremely distant future). Unless it's just a pump and dump
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With you on that. Its k&k to mine though so I'm going to buy about 1 000 coins tomorrow.
 
Grubscrew said:
Can someone's please explain the economics behind this. How is the value created or back? Is this not just the Internet's version of posting milk culture for R10
Click to expand...
Like any other currency it's worth what someone is willing to pay.

What someone is willing to pay depends on the hype, applications and use I suppose.
 
I've found that trading alt coins has been a lot more profitable than mining. And no electricity costs. Just trade carefully and buy LOW.

That being said, I am letting my poor little RX470 on my home PC mine ETC 24/7. A new coin pops out every now and again, which is nice for putting in almost zero effort.
 
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balrog said:
I've found that trading alt coins has been a lot more profitable than mining. And no electricity costs. Just trade carefully and buy LOW.

That being said, I am letting my poor little RX470 on my home PC mine ETC 24/7. A new coin pops out every now and again, which is nice for putting in almost zero effort.
Click to expand...

What are you mining right now - Monero?
 
balrog said:
I've found that trading alt coins has been a lot more profitable than mining. And no electricity costs. Just trade carefully and buy LOW.
Click to expand...

Which exchange are you trading on? I've noticed Kraken comes highly recommended?
 
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