Author

Topic: Newbie & son needs advice re: which software & pool to choose for bitcoin & doge (Read 1104 times)

hero member
Activity: 798
Merit: 1000
So just to clarify our strategy, would it make sense for us to pick a multipool that chases best currencies with one leg our our mining operation
and then add mining to our starter five Antminers we got this week to mine bitcoins?
If so, on the bitcoin mining should we add no additional antminers to our investment and maybe look at getting a gridseed?

Thanks,  Brett


Yes, that is correct. A gridseed is the best device to get into scrypt mining right now.
newbie
Activity: 24
Merit: 0
So just to clarify our strategy, would it make sense for us to pick a multipool that chases best currencies with one leg our our mining operation
and then add mining to our starter five Antminers we got this week to mine bitcoins?
If so, on the bitcoin mining should we add no additional antminers to our investment and maybe look at getting a gridseed?

Thanks,  Brett
newbie
Activity: 24
Merit: 0
All this knowledge really helps us out, we very very much appreciate these comments.


Brett & son Christian
sr. member
Activity: 423
Merit: 250
This is what I found after mining for a few months now. At the end, you make the same across different coins (Just on the popular ones like DOGE,POT,etc.; Not the crappy new coins that bring nothing new to the table).
These profitability calculators are mostly wrong (They say that I should be making 15,000 DOGE in 1 day while I make around 10,000. Thats 5k diff per day!).


You can hope prices will go up on a coin, so I constantly switch, hoping for it to go up (Like mining new coins like MAX, and such).

Here is a tip (I could be wrong). Mine DOGE right now, cryptsy.com is adding DOGE/USD which will bump the price of DOGE! They will also add BTC/USD, LTC/USD, FTC/USD. Those coins will have an increase in value  as well once the market opens (This coming week they said).

In the end, it comes to this. You either mine scrypt coins in hope to change to BTC or mine straight BTC.

Just my 0.02c.
hero member
Activity: 868
Merit: 1000
Thank you for that advice. I like this site. So I guess a good move is to just scrypt whatever is hot at the moment(top of the chart) and convert to Bit. Makes sense.

You should check out this thread. The OP posts actual returns from hash power pointed at various pools:

https://bitcointalksearch.org/topic/discontinued-cryptoday-mining-revenue-stats-scrypt-scrypt-n-x11-x13-514242

Short answer: You should mine scrypt and point at either WafflePool or CleverMining. I've mined at both and like both of them. Given that their profitability is usually very close, I slightly prefer WafflePool because it's somewhat more transparent and has tons of statistics. It also has JSON API that third parties have used to create stats applications.

Interesting, I didn't find that thread before. Thanks for the link and the advice. Smiley
legendary
Activity: 1150
Merit: 1004
Thank you for that advice. I like this site. So I guess a good move is to just scrypt whatever is hot at the moment(top of the chart) and convert to Bit. Makes sense.

You should check out this thread. The OP posts actual returns from hash power pointed at various pools:

https://bitcointalksearch.org/topic/discontinued-cryptoday-mining-revenue-stats-scrypt-scrypt-n-x11-x13-514242

Short answer: You should mine scrypt and point at either WafflePool or CleverMining. I've mined at both and like both of them. Given that their profitability is usually very close, I slightly prefer WafflePool because it's somewhat more transparent and has tons of statistics. It also has JSON API that third parties have used to create stats applications.

If you want the simplest configuration and want to get going as quickly as possible, consider getting some DualMiner USB devices. But don't pay full price. Try to get them for their sales price of around $45, otherwise you can forget about the possibility of ROI. You have to buy 10 of them though to get that price.

An alternative that's probably more cost effective, but is harder and requires more DYI and tweaking, would be to get some GridSeed 5 chip units. The price of these have fallen considerably. When overclocked, you can get about 360 Kh/s out of them.

At this point I would steer clear of using graphics cards for mining scrypt. They are much more power hungry. The only advantage of going with graphics cards would be if you want to mine something beyond scrypt, like scrypt-N. Some people think that is where mining will go after ASICs decimate the scrypt mining scene.

For what it's worth, I've got both a DualMiner and GridSeed 5 chip rigs. I have no plans to go to graphics cards.

I've found this to be a fascinating hobby. Nowhere else can you find this combination of crypto, computers, software configuration, currency speculation, and an admittedly slightly artificial sense of the gold rush.

hero member
Activity: 798
Merit: 1000
Thank you for that advice. I like this site. So I guess a good move is to just scrypt whatever is hot at the moment(top of the chart) and convert to Bit. Makes sense.

Thank you,

Brett



There are other pools called multipools which automatically switch to the most profitable coin.
Compare here: http://poolpicker.eu
newbie
Activity: 24
Merit: 0
Thank you for that advice. I like this site. So I guess a good move is to just scrypt whatever is hot at the moment(top of the chart) and convert to Bit. Makes sense.

Thank you,

Brett

hero member
Activity: 543
Merit: 500
My son & I are using our spring break this week to setup some mining. So far we just have acquired 5 Antminers so far to use towards Bitcoin in which we started with Bitminter just to get to ball rolling.
He also wants us to mine doge so we have our PowerColor Radeon HD7850 now hashing away at 355k using cgminer and started pooling with dogehouse.
We are absolute newbies at this and know we should ask your help to make better choices going forward.
We'll also be purchasing the parts to make a milk crate mining rig within the next week or so. At that point, the HD7850 we have now will go in that with a couple new ones.

Is there any advice/guidance anyone can give us for the most productive way to use what we have now? What programs to use and which bitcoin & dogecoin pools are the most profitable for small time hashers like us?

Thank you all ahead of time for your help in building our little mining project,

Brett


Instead of mining bitcoin and doge, you could check http://www.coinwarz.com/cryptocurrency frequently and mine the most profitable coins, and trade them back for bitcoin.
newbie
Activity: 24
Merit: 0
My son & I are using our spring break this week to setup some mining. So far we just have acquired 5 Antminers so far to use towards Bitcoin in which we started with Bitminter just to get to ball rolling.
He also wants us to mine doge so we have our PowerColor Radeon HD7850 now hashing away at 355k using cgminer and started pooling with dogehouse.
We are absolute newbies at this and know we should ask your help to make better choices going forward.
We'll also be purchasing the parts to make a milk crate mining rig within the next week or so. At that point, the HD7850 we have now will go in that with a couple new ones.

Is there any advice/guidance anyone can give us for the most productive way to use what we have now? What programs to use and which bitcoin & dogecoin pools are the most profitable for small time hashers like us?

Thank you all ahead of time for your help in building our little mining project,

Brett
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