Bitcoin and Other Cryptocurrencies - Page 5

Originally Posted by t00nces2

Here is a site that will allow you to mine with a CPU instead of a GPU. I am using old computers to mine several different coins...

https://minergate.com/a/8b6aca921e60d6521af21474

I tried to sign up but it appears I have to own a portion of a bitcoin to get started......

No way you can profit off cryptonight cpu mining, you will need to be in the gpu game...which you need at a minimum the following: AMD:R9 270x 4GB or GTX 980 4GB...those cards are on the very bottom of the profitability slope...so if your machines don't already have them, forget about it. You will need a 4gb gpu of either RX generation or 10 series nvidia gpu. For a budget super stable investment I would go to best buy and buy two evga 1050ti ftw 4gb cards and install them as is in a dual pci-e x16 board with an efficient dual core processor or in your office machine. I would also forget about minergate, the fees are too high for the outdated miners they use. Instead download awesomeminer and create a multipool miner account. there are multiple instructables on setting up awesomeminer to work with multipool so follow those to the T. Next, before you benchmark the machine you need to benchmark it traditionally and tweak the settings. For this you need MSI afterburner. It's an advanced setup but its the only way your going to mine profitably, consistently. If your lost with any of this...I have to tell you now your probably better off purchasing mining power than doing the actual mining.

To be honest I understand the hardware side of this stuff more than I do the mining/wallets/exchange rates etc..........I have approx 300 old dual core computers in storage and thought perhaps they could be used for something.......When I have more time I may look more into this but right now I'm working on scrap that will bring me hard currency (American Dollars).....I may have missed the boat on bitcoin not sure how anyone could economically mine them at this point.......Oh well if someone does get rich on this forum with crypto currency hopefully they will remember all the great scrappers here working in the trenches and spread the wealth........In my opinion its like everything else........The rich get richer and the poor just keep working to make it by and hopefully get the "American Dream"..........Is the "American Dream" still have a house, 2.3 kids, and several vehicles in the driveway???...........Who knows

CPU uses too much electricity for its hash rate, so unless your electric is free you cant profit from aeon. It had a window there for a while where you could. But that's gone now. Most of the early coins did have cpu mining to start, including bitcoin. What happens is difficulty to solve a block and earn a coin increases with every coin earned until eventually the cpu can't solve the coin efficiently, then the gpu, with its spatial math capabilities and high memory can solve much more complex math problems simultaneously whereas a cpu has to work one problem per core through to solution, a gpu can have thousands of cuda cores to work with. Even in that situation, again, the difficult to solve increases (hopefully the coin price does too, but not always). At this point you need more cores more than you need more speed. That usually means assembling what amounts to a grid of atheros gpus normally used in cell phones and tablets. These are special because they are very low power, high performance. The down side to that setup is they normally do not have enough memory for coins like ethereum and litecoin who's file size is around 3gb right now. Currently there are people working on asics that use a new type of ULP gpu, that has a built in memory control and would be able to assign each asic it's own 4 or 8gb laptop so-dimm. This of course is not an ideal solution since it exponentially increases power consumption but it also means there is a future for ethereum and other altcoins that use memory driven algorithms. In crypto mining it's all about hash per watt. People make the mistake of focusing on dollars per day but you have to bank on the coins with the highest rates of return over time and mine those.

It is. I have a background in materials science so even for me it was quite a leap. I did about three months of solid research before dumping my profits into a mining operation a little over a year and a half ago when ethereum was becoming popular. Since then we have expanded the farm and tried a multitude of coinage, scripts and mining pools. I still mine Ethereum without a pool since we have the power to solve entire blocks without a pool within the time constraints.

LOL

https://www.msn.com/en-us/money/mark...cid=spartanntp

I just took a little bit of my Christmas bonus & bought 316 Ripples. I'll sit on it til next Christmas & either be out of a few hundred bucks, or owe a hella lot of taxes.

I dipped my pinky toenail into the crypto phenomenon and bought 316 Ripple last week with a portion of my Christmas bonus.

Yesterday was EXTREE NICE!!



Buying Ripple (XRP) is a convoluted thing, though. I wanted to just buy some with PayPal since that's where I keep my play money. Nothing doing, though... no cryptocurrency sites accept PayPal.

I had to:

Open an account on Coinbase.

Attach my credit card.

Buy Bitcoin with my credit card, which sounds like an incredibly horrible idea that this would even be allowed... I can see stoopid people doing stoopid things!

(I realize now that I could have bought Ethereum & done this convoluted process with considerably lower fees... if anyone follows this to make their purchases, use ethereum instead!)

Open an account at Binance.

Transfer the Bitcoin from Coinbase to Binance (ouch transfer fees! and BTC dropped considerably while I was waiting for the transfer to complete )

Use the transferred Bitcoin to buy Ripple on Binance. I think there was a fee on this, too.... don't remember. Seems like there were fees charged on the fees during this process!!

Basically the $400 I put on my card turned into $316 worth of XRP... since it was trading at right at $1 when I bought in.

I transferred some money immediately and paid off my card, and transferred the $400 from Paypal to that account, so really nothing different than just buying it with Paypal... but whatever...

I'm resisting the urge to put any more money in it and really if I didn't try out this crypto thing on a lark, I was just going to buy 20 more ounces of silver with that money. Silver had a decent day yesterday, too, but nothing like XRP.

I haven't checked the price yet today, it's probably down 50%

Congrats. That was a hell of a pick. Everything else in the market was tanking. I have discovered that Litecoin seems to be a good choice for very low fees out of Coinbase too.