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Topic: Is it too late to jump on mining the dark coin (Read 1437 times)

LDR
member
Activity: 119
Merit: 10
Gotcha, I'm just really starting out with mining full time despite knowing about bit/altcoin for a while and I'm really just trying to throw stuff at a wall and see what sticks. I have a 2.5gh/s asic miner but it seems pretty worthless now that from what I've seen most sha256 coins have a huge difficulty rate and I'm not well versed on what kh/s mh/s etc mean.

Scrypt is a harder algo to mine, thus the hashrate is lower. A mh/s or megahash is 1/1000th the speed of 1 gh/s or gigahash. 1 Kh/s  or kilohash is 1/1000th of a megahash. In other words 1000 kh/s equals 1 mh/s. 1000 mh/s equals 1 gh/s. Its like the metric system applied to hashing power. Since scrypt is harder to mine, it uses mh/s and kh/s. Bitcoin used to use them too up until last summer/fall when difficulty was a tiny fraction of what it is today.

Yes 2.5 ghs is worthless now, it will take well over a week to earn 0.001 BTC or about 58 cents. I imagine that you have something like a USB miner? if correct you should stay away from them in the future because they are always way overpriced almost never ROI anymore. You are probably paying more in power costs than you are earning already. SHA mining at this point requires a large investment to be worthwhile, as you spend more, you make more. They key thing you need to account for is power consumption.

For example Bitmain is one of the only truly trustworthy asic manufacturers. If you go to their site, you can buy a two Antminer S1's for 0.838 BTC for 360 GH/S, or about 0.00233 BTC per GH/S. But if you spend more money and buy the Antminer S2 you get 1000 GH/S for 3.961 BTC, or 0.003961 BTC per ghash. You may be thinking that the S1 is a better deal because it costs less per ghash, but your forgot about power consumption. The S1's use about 2 watts per ghs, while the S2 uses 1.1 watts per ghs, almost half as much. Taking this into account, the hashing numbers even out and the S2 is still a much better deal. Why? Power consumption is what makes a miner obsolete. The S1 will start start to cost more in electricity than it mines sooner, while the S2 will keep on hashing and earning a return.

That being said, I recommend you stay away from SHA unless you are ready to put some serious money into it and instead focus on scrypt. There are so many scrypt coins that the difficulty isn't as astronomical because you can just switch coins when difficulty jumps. Or use a multi pool like Waffle Pool, Trademybit or Clever Mining that automatically mines the most profitable coin and then automatically exchanges the mine alts and pays you in bitcoin. DO NOT BUY GPUs, instead because scrypt Asics are pricey you should consider a group buy from someone trustworthy like Waldohoover at CoiningSolutions. For $49 you get a 1 MH/S share in his current KNC Titan group buy. This would have cost over 10 to 15 times as much a couple months ago when you had to buy GPUs to build dedicated miners. There are also bitcoin group buys in the group buy section of bitcointalk, although they aren't as profitable or popular as they once were.

Mining is hard, its a hustle. You need to stay on top of it or else you will get burned badly. Do not invest more than you can afford to lose, especially since you are pretty late getting into it. Good Luck!
full member
Activity: 140
Merit: 110
bitcoinnaire
On second thought do not mine darkcoin.  Your hashrates are going to be to low compared to the transaction fee, which in my mind is exceeding high. 

Gotcha, I'm just really starting out with mining full time despite knowing about bit/altcoin for a while and I'm really just trying to throw stuff at a wall and see what sticks. I have a 2.5gh/s asic miner but it seems pretty worthless now that from what I've seen most sha256 coins have a huge difficulty rate and I'm not well versed on what kh/s mh/s etc mean.
hero member
Activity: 700
Merit: 500
On second thought do not mine darkcoin.  Your hashrates are going to be to low compared to the transaction fee, which in my mind is exceeding high. 
LDR
member
Activity: 119
Merit: 10
That's true, unfortunately I can't get a stable hash rate at this point disconnecting so much. Maybe someone at drkpool.com can point me in the right direction? My internet is fine, unless it's on their end.

The other big pool is http://darkcoin.miningpoolhub.com/ and it seems to be where the whales with hundreds of megahashes mine. I switched over from drkpool and have had zero connection issues.
full member
Activity: 140
Merit: 110
bitcoinnaire
That's true, unfortunately I can't get a stable hash rate at this point disconnecting so much. Maybe someone at drkpool.com can point me in the right direction? My internet is fine, unless it's on their end.
legendary
Activity: 1960
Merit: 1005
I just started mining darkcoin because for some reason in my calculations it seemed to be the most profitable altcoin for what crappy system I have (my mining rig is a laptop with intel hd 4000 graphics and 6gb of ram) so I figured why not.

But if the price starts to go down, or it continues doing what it's doing in this pool (disconnecting every few minutes from the pool) then I'm probably going to have to pull out and move on to the next one. No harm done I guess.
Price is something which vary Smiley It may go down,but hope it will go up again. One thing which is a must is the stable network hashrate!
BR
full member
Activity: 140
Merit: 110
bitcoinnaire
I just started mining darkcoin because for some reason in my calculations it seemed to be the most profitable altcoin for what crappy system I have (my mining rig is a laptop with intel hd 4000 graphics and 6gb of ram) so I figured why not.

But if the price starts to go down, or it continues doing what it's doing in this pool (disconnecting every few minutes from the pool) then I'm probably going to have to pull out and move on to the next one. No harm done I guess.
hero member
Activity: 700
Merit: 500
Won't get into why I believe darkcoin will go up again, but honestly what else are you mining that you don't have to switch your rigs every ten seconds for profit, and can actually hold the coins?
legendary
Activity: 1779
Merit: 1100
Do your homework.  Wink    (you will find tons of hate in bitcointalk about darkcoin also)

http://wiki.darkcoin.eu/wiki/Main_Page
http://wiki.darkcoin.eu/wiki/FAQ


Yesterday the dev did a major improvement in the core of the system to anonymize the coin (the masternodes), and It went wrong:

http://wiki.darkcoin.eu/wiki/FAQ#May_26:_What_happened_with_the_fork.3F

You will find a lot of people very happy for it. I feel pity for they.

At least the developer of Darkcoin are trying to create something really new in the crypto scene.  And he will succeed. I am sure.  

I think Darkcoin have the best dev. of the crypto scene. That's all I need.
legendary
Activity: 1960
Merit: 1005
Hi,
Not sure about that, but also i am wondering what is so special about darkcoin?

What differs this coin from all others?

Is it going to live long or going to die hard?

BR
sr. member
Activity: 639
Merit: 251
Is it too late? Having geforce 670, can you mine some dark coins in a day or will it take many days now.
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