Topic: Newsflash: Monero/XMR GPU mining gets 3x+ times more profit than Scrypt&X11! (Read 15179 times)

Everyone is mining XMR now

What does that mean?  It means he's a fool who doesn't understand economics if he's trying to blame the price crash on someone who's earning far less than 5% of the total output of the coin (or, in general, on mining activity).

He also doesn't really grasp how much money Claymore could make if he kept his miner private and found a huge farm to sell it to.  Think 200-500 BTC.  Far more than the sum he's griping about.

The consequence of these actions is that the next time this happens, devs like Claymore will think twice about releasing their tool and will simply use them on their own, taking advantage of the contacts they've made through their prior releases.

Someone should ask Claymore some time over beers what kind of PMs he gets about developing private miners.  I don't know, because I haven't asked him, but I bet the offers are pretty tempting.

ty:)

one guy on reddit is saying this: PS: I'm going to get cruicified for saying this but the miner-proxy v0.51 works perfectly with GPU miner v4.2 and CPU miner v3.2. I wouldn't want to help claymore skim another $100,000USD with mandatory "donations" the guy has made enough money already; his dumping is a major component of the recent price crashes.

what does that mean ?

src: http://www.reddit.com/r/Monero/comments/2a2j1o/monero_is_the_1_most_profitable_cryptocurrency_to/

Oh here you go:
https://docs.google.com/spreadsheets/d/14FC2ZzfDQ5Nz2YgjaNE_BcFVKSEMLLXOWUL9zf_Zw9A/edit?pli=1#gid=109561233

Also I doubt it's the reason for most of it! Maybe a small part

MINING CALCULATOR:
 DO NOT POST SESC LINKS

this link doesnt work

Also, I was wondering about the reason for diff increase. I guess i've found it LOL

Hey, what's wrong with it?
Ill fix the market price not updating to make sure it does.

thanks for making that thread statdude!

the mining calculator link doesnt work anymore though.

I'm just going to say that you have no idea what you're talking about. Claymore is a standup dev and in very active here on the forum and in chat on ypool.

Yeah, global volume and price decreases seem to be bringing out the worst in the local coin communities by pointing fingers at each other. For a movement like this I'd look toward things like people speculating a cyclical repetition of last years bitcoin climb .. in that this this is a calm before the storm period .. so people are starting to accumulate BTC rather than alts right now. I'd see it more as a traffic - congestion on a highway scenario .. where we will have a couple of low-volume spells before the wave hits .. if its gonna. Just my speculation though.

Then there's other realizations popping up -- like 'oh wow this 2 month old protocol is more profitable than what's been here for the last few years -- maybe something's seriously up', or the seemingly positive btc auction, or we're catching some blowback after the most recent 'whitepaper-pump, fancy looking wallet-pump, and anon-pump' crazes all being rolled into one long month long pump fest. Usually it's just one thing that people focus on .. but last month it was three. I believe the delirium has subsided for now, which will give people a much needed chance to catch their bearings or acquire a couple paychecks before it happens all over again .. if it's gonna.


You'd be very surprised at how little information is needed for people to latch onto. I can guarantee good analysis and graphical information as you've provided has gone further than you think. For example, this thread has 1065 views. That's about the number of people on poloniex right now. Lots of people here are quiet, and I think I just had a post in Spoetniks most recent thread about whether or not anyone thinks 330k unique accounts makes sense. I made the point that I wouldn't be surprised if only 10% of them are unique, based on the who.is data alone. Keep in mind that that data doesn't discriminate who logs in and who doesn't (I think) .. just the number of people that check out the page. My point is that there's a lot of lurkers here, who never post and never say anything .. probably more than anyone's realizing.


It was weird to see the whole open-source bottom just drop out over the last couple months. There's a closed source coin coming, publicly available closed source miners. The field is changing, and I think it has a lot to do with 3rd party support for these currencies claiming some kind of profit. The worlds much more capable of supporting these coins in 2014 .. and I would expect that trend to continue to the point where they have the capability to be equal in necessity to core developers themselves. Only, it's hard to guarantee payment for third parties through a premine .. so what options do they have really?


I agree, actually I think one of the best marketing hooks is to get people into this by pointing out that it's profitable. Then, if it ever becomes unprofitable or they decide the margin is too large, they can make their own decisions. It's times like these, when it's not pumping and the value isn't increasing drastically that would ultimately keep people as part of the community though (even if they decide to not mine). Slow times give people a chance to realize what else is around besides that big bucket of money everyone's after .. especially getting to know the other people in the community.


If we could only all be so lucky as to not feel compelled to waste a hash on a scam!

Thanks KBM.

I'm basically trying to spread awareness and share the wealth with XMR. I legitimately am trying to help more regular joes make mining money and take it away from the botnets or industrial miners.

The price crash has more to do with a general market decline (25% over past week), which has happened to coincide with XMR's dump off after Mintpal.

In any case, I doubt anyone has started mining XMR because of my post as I've received zero PM's suggesting that. It's not the simplest coin to mine and poster above makes a good point with the 5% fee.

Makes me wonder how there can be so little competition among miners that anyone can get away with such a high fee - but the answer is that it will probably not last much longer for him as something better is developed.

In any case, some have suggested I want a higher difficulty in order to increase the price. They are correct, although difficulty is a lagging indicator of demand, so ultimately rising difficulty would only result in better stability, not price increase. Ultimately what's most important in raising the value, and also my goal, is to simply spread awareness and demand about a coin I believe in. In the meantime, small time miners a higher profit (if they want to dump) makes me happy, and we both benefit is the community grows. Not sure what's wrong with that. I have no intentions of dumping this coin and believe strongly it will multiply in value this year and continue to grow, as long as development continues and no bad event takes place.

Hopefully I save a miner from wasting energy on the scamcoins out there (veilcoin etc)

But everyone involved is part of something that's currently worth $4 million USD .. I'm failing to see how anything is ruined here?

$4 Million USD is not a small sum of money..

If anything he brought the attention of a larger audience of people to this, who will in turn ultimately do the same. Whether or not the marketcap goes up or down really has no bearing on that, as it's still something with value that people can use. How can that offend you?

Monero is still fulfilling its expectations for me, I can use this currency to buy whatever I'd like; however, not many (or any at all) people are selling anything for this currency. Are you blaming statdude for not being able to buy things with this currency? I would think that with a larger audience, there would be more of a basis to form a real market for this .. rather than trading it only for other currencies. If anything I would think statdude has accelerated the proliferation of this currency quite nicely, and maybe you should instead turn your attention to blaming smaller marketplaces for not yet accepting this currency?

Also, it would be severely erroneous to place all of this 'blame' on one person alone. The truth about the mining profitability was always there, so it would be quite wrong and contrary to the goals of this coin to want to cover that up by not talking about it. People have, for quite a while now, talked about how profitable this is. Why are you singling out the most recent person to make a thread about it?

Thanks for posting all over ruining this coin. The diff is crazy high and the price has crashed.

You want to know why XMR is unpopular to mine?  Because the only miner at present for AMD GPUs is closed source and the developer is arguably shady (he either wants 5% of your income or will penalize you 10% of your performance if you don't agree with the fee).

A coin with a 5% premine is usually dead in the water.   Normally it's the coin developers, but this time, it's the miner developer who has his greedy hand in the cookie jar.

While I do agree the developer is free to charge whatever he wants, it's against the spirit of open source that crypto was founded on.

In my opinion, the reason we don't see as much about XMR, XPM, or other interesting currencies is that people are jaded right now at the obvious affect of mass mining coins and instantaneous conversion to BTC.  That affect of course being rapid diminishment of once profitable coins resulting in an emotional hangover.

What needs to happen is more apps that enable usage of the coins we mine.  The miners here do their part to expand the ledger account and further develop coin networks but so often the end result has been instantaneous conversion to BTC.  Now, if we have an app that is an all-in-one wallet for all the coins we mine I think people would hold on to other coins longer and exchange them possible even for things other than BTC.  This app got me thinking about it even though this app is far from what is actually needed: https://play.google.com/store/apps/details?id=com.pocketcrypto.pocketcrypto

But, it's a hint at what's to come.  take the idea of adding your coins into a centrally managed host such as an app and it's easy to see how this must happen for crypto currency to advance and take it's rightful place as a means for currency.

I wouldn't be surprised to see a resurgence in coins that many folks now see as dead.

Record ATH:

Current difficulty   973,132,197
Estimated hash rate (H/sec)   16,218,869.95

Hmm,

Good post. However, I can't figure how to actually compile/use the Nvidia miner from TSIV - maybe GPU mining still too complex for most miners?

https://bitcointalksearch.org/topic/m.7487737

Anywhere a How-To posted?

My rough calculations came out with Monero mining being 3x more profitable than other algos too, so why arent we being flooded with new miners (not that we really want to be)? I can understand that the big GPU farmers running Linux are unlikely to change but there must be a lot of smaller miners out there. Personally I dont think the complexity of Cryptonote is a barrier to entry now, there is enough info available that anyone who can work out an sgminer config should be able to get mining Having said that I keep threatening to produce an idiot's guide to mining XMR, but then Zone117x releases another pool code update that I have to then integrate with my pool code so its forever postponed.

More than likely I think its just that Monero is still a bit of a secret, you don't see CryptNote profitability showing up on any of the usual comparison sites etc. How did you find out about it? I started off with Bytecoin because profitable CPU mining caught my eye, I have a lot more CPUs than GPUs available to mine with unlike most people.

Wait and see what happens if CryptoNote gets added to NiceHash and their auto algo switching miner.

Doesn't have to be. Stable GUI here:

https://bitcointalksearch.org/topic/m.7643806

Very good question, best option by far. Probably the rough wallet.

Monero Mining Calculator Posted:

https://docs.google.com/spreadsheets/d/14FC2ZzfDQ5Nz2YgjaNE_BcFVKSEMLLXOWUL9zf_Zw9A/edit?pli=1#gid=109561233