Hi experts
During the spike in LTC price increase more than a week ago, I rented close to 2 GH/s of scrypt hashing power from MiningRigRentals (MRR) for 48 hours and pointed it to a scrypt merged mining pool
After I got my LTCs, i traded it for BTC and made a small (tiny) profit. The profit is really tiny.
It takes opportunity to perform this feat again as the rental price for scrypt has increased, thus making the whole process unprofitable.
My first question: how do miners take opportunities of rise of alt coin prices to make profits? I believe it is more than observing prices, it has more into it - such as a customised API script to monitor prices to determine what coins are profitable.
My second question: how does anyone manage to get so much scrypt power? I look at MRR, some users have more than 1 GH/s of power easily. Where did they get all the power from? Customised hardware?
During the spike in LTC price increase more than a week ago, I rented close to 2 GH/s of scrypt hashing power from MiningRigRentals (MRR) for 48 hours and pointed it to a scrypt merged mining pool
After I got my LTCs, i traded it for BTC and made a small (tiny) profit. The profit is really tiny.
It takes opportunity to perform this feat again as the rental price for scrypt has increased, thus making the whole process unprofitable.
My first question: how do miners take opportunities of rise of alt coin prices to make profits? I believe it is more than observing prices, it has more into it - such as a customised API script to monitor prices to determine what coins are profitable.
My second question: how does anyone manage to get so much scrypt power? I look at MRR, some users have more than 1 GH/s of power easily. Where did they get all the power from? Customised hardware?
On scrypt you can buy ASIC's, which vastly outperform the GPUs. and yeah you can program a bot to rent out automatically hashrate when price is lower than x I suppose. good for you for trying stuff out !
If there;s a way to do it better, please share
