Coinchoose and GPU miners
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When I first came to crypto currencies it was generally accepted that the only coin to mine for profit was Bitcoin. I mined Litecoin because I believed in it and thought it had a future rather than being able to cash in for a profit. Being a hobbyist miner I could afford to do such a thing. With ASICs pushing GPU miners away from Bitcoin we have seen all that professional mining GPU power come to the scrypt altcoins. These guys need to cover their costs, time and effort so will of course be following the most profitable coin.
Now what I found interesting is that CoinChoose now shows the altcoins to be at best equal to Bitcoin profitability or less. So it would seem that the major hash power has now mined the profit down to be equal with Bitcoin. It looks to me that Bitcoin is going to be a profitable coin for GPU miners again or that GPU mining will no longer be profitable and the altcoins will return to the hobbyists only.
What do you think is going to happen?
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There will be another 1000 scrypt coins…
…There can be only one :D
I believe that the GPU miners will mine the one with best stability (price/community/development support/progression…) as it will all come down to hour (possibly minute) slots of marginal profitability increases in the end, there is already software available to switch to the most profitable coin granted, but I know from experience that electronics (especially at increased operating temperature) like stability, start switching too often and it will be a PSU/GPU killing fields for sure. :) -
[quote name=“UKMark” post=“2738” timestamp=“1368356059”]
There will be another 1000 scrypt coins…
…There can be only one :D
I believe that the GPU miners will mine the one with best stability (price/community/development support/progression…) as it will all come down to hour (possibly minute) slots of marginal profitability increases in the end, there is already software available to switch to the most profitable coin granted, but I know from experience that electronics (especially at increased operating temperature) like stability, start switching too often and it will be a PSU/GPU killing fields for sure. :)
[/quote]Agreed. I think that steady growth within the community, price, development and marketplace will bring people that are willing to wait for the long term payoff of the coin rather than a quick buck.
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The problem with the likes of coinchoose/dustcoin etc is that they only take the CURRENT most profitable coin. They don’t take in to account the potential of those coins. i.e. where the price will be in a week.
I’ve not sold any ftc yet as i think it will be worth holding on for a longer term. Let the miners that are mining and dumping chase the snapshot profitability charts. I’ll mine what i think will be most profitable in the medium - long term.
I hear/read so many people saying “I sold 2000 btc when they were 1$ each” or “I sold 10000 ltc when they were 20c”. I don’t wanna be one of those guys. I wanna be a “I mined those 50000 coins when they were 5c, now they’re $25 each and I’ve retired” kinda guy.
What will happen - who knows. I think all coins will level out in terms of snapshot profitability as the automated scripts remove the edge for miners that click the refresh button every 5 minutes. Some coins will, in a few months/years, be worth more as the general public begin to accept this witchcraft and my guess is it’s the coin that marketed the best - for now, that’s ftc… fingers crossed
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I joined feather coin because it was new and litecoin did CPU again.
Next will be cell phone hashing.
Then the community will carry it.
The coin that puts old computers back to work will win the crypto currency.
Rod
NZ -
lulz @ TRC’s Profitability Comparison chart on [url=http://www.coinchoose.com]www.coinchoose.com[/url] compared to the other coins (in last 24h)
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[quote name=“Tuck Fheman” post=“4272” timestamp=“1368848606”]
lulz @ TRC’s Profitability Comparison chart on [url=http://www.coinchoose.com]www.coinchoose.com[/url] compared to the other coins (in last 24h)
[/quote]TRC difficulty adjust is pretty wild and often sees it above 100% profitability. In my opinion this has been generating more coins than the market can absorb without the market going down. That could be on reason why the price has been steadily going down for a while now.
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[quote name=“Nutnut” post=“3265” timestamp=“1368520498”]
The problem with the likes of coinchoose/dustcoin etc is that they only take the CURRENT most profitable coin. They don’t take in to account the potential of those coins. i.e. where the price will be in a week.I’ve not sold any ftc yet as i think it will be worth holding on for a longer term. Let the miners that are mining and dumping chase the snapshot profitability charts. I’ll mine what i think will be most profitable in the medium - long term.
I hear/read so many people saying “I sold 2000 btc when they were 1$ each” or “I sold 10000 ltc when they were 20c”. I don’t wanna be one of those guys. I wanna be a “I mined those 50000 coins when they were 5c, now they’re $25 each and I’ve retired” kinda guy.
What will happen - who knows. I think all coins will level out in terms of snapshot profitability as the automated scripts remove the edge for miners that click the refresh button every 5 minutes. Some coins will, in a few months/years, be worth more as the general public begin to accept this witchcraft and my guess is it’s the coin that marketed the best - for now, that’s ftc… fingers crossed
[/quote]Could not agree more with your words.
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[quote name=“232Thorium” post=“3298” timestamp=“1368525762”]
Next will be cell phone hashing.
[/quote]I tried mining LTC on my android a few months ago. Got 5KH/s.
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[quote name=“Nutnut” post=“3265” timestamp=“1368520498”]…I’ve not sold any ftc yet as i think it will be worth holding on for a longer term. Let the miners that are mining and dumping chase the snapshot profitability charts. I’ll mine what i think will be most profitable in the medium - long term.
…I hear/read so many people saying “I sold 2000 btc when they were 1$ each” or “I sold 10000 ltc when they were 20c”. I don’t wanna be one of those guys. I wanna be a “I mined those 50000 coins when they were 5c, now they’re $25 each and I’ve retired” kinda guy.
[/quote]My sentiments precisely. Mine the coins now, or buy them if you can’t/don’t mine - it matters not that their value is less compared to some other coins. If you have the coin in your wallet now when it is worth comparably less, then when their value rises you’ll be ahead of the game.
TN
