Topic: What would be a smart/logical choice on what alt coin to mine? (or pool) (Read 1545 times)

Still didn't get that to work 

I'm looking at Krugercoin and Philosopherstone...I decided to solo mine about 24hour and got 224.10 KGC and 576.70 PHS

...idk...lol...I should pool mine instead...

That may be true...  but it is a temporary event.  I actually think that it is better to ask several questions about any crypto currency that you may be considering mining:

Several ways a Crypto currency can be doomed from the Start::: PREMINING excessively by dev or small group - too many coins to name,  Exclusive ownership of whole supply (ie. RippleSCAM), or ongoing pillage of the miners by reserving some excessive amount (ie. 80% of new coins like some) of new coins mined to be FORFEITED to some "FOUNDATION".

1) The Development Team: Talent, Skill, Depth (team members besides creator)?
-RESPONSIVENESS to the Community?
-Ability to rapidly deploy any code fixes that need to be done - quickly and proficiently?
Does the wallet load easily, connect and close cleanly... a Wallet that does not close cleanly when asked to detach the databases is probably not Stable.
Clear communications about configurations, pools and exchanges?
Is the code stable and strong or will it show blockchain hangups due to such things and difficulty shift, etc?

development of "USEFULNESS" - either ability to buy something of value in the real or virtual world (ie. good or services)?
This can include INHERENT features of the coin such as:
 the ability of Namecoin to be the currency for an alias network (.bit websites) that sidesteps centralized DNS servers
the ability of ANONcoin to be mined and spent on the I2P and TOR networks creating further security for privacy
the ability of Philosopherstone to create an interest bearing cryptocoin wallet with POS done right

These features I believe ADD something to the Bitcoin model

2) Community Response:  Good Support from trusted community members? 
number of connections the wallet gets when loaded?
Access to a Crypto Exchange AND goods and services available in the currency?
Adoption rates by BOTH geeks and straights (like everyday game players or card players)?
Miners excitement for long term gains or is it a PUMP 'N' DUMP?
After creation of the coin, the support website, the community blog, the forums have to show good interactions with a min of FLAMES - after that I think a creators concern must be miners then crypto exchange acceptance then goods and services - but with a large and deep team these things came be done in "internet time" - a week tops - if the coin is Legit.  JMO

O':

I'll look at this...them maybe I'll use it 

There is a GPU miner for YAC: https://bitcointalksearch.org/topic/annyac-yacminer-gpu-miner-for-yacoin-247782

Tried YAC; couldn't get them to work...they're cpu only right?

yeah, I noticed that with those two pools I end up being able to send less shares than normal it seems...and I get new block messages every second too...I don't think they are really big enough to do THAT much damage.

I think middlecoin only does the conversion once a day...so it's just lake multipool but without doing it by hand?
...so in a way...I'm still at the mercy of exchange rates. (what mercy  )

I was looking at some of the new stuff like Philosopherstone...I mined overnight and got 2 superblocks...so now I have 256 of a worthless coin...lol

It depends on what your goals are, and how involved you want to get.  The 2 pools mentioned are ok if you want a 'set and forget' solution (middlecoin especially), however its not going to maximize your potential profits.  

Middlecoin is mining what is profitable and selling it in batches at market value at that time (my assumptions here, could be mistaken). Its basically letting someone else do the trading for you.  No holding, no potential to speculate or ride a coin to an increase in value (or a loss, of course).  In theory payments should be rather steady and consistent.

Multipool is giving you 'most profitable' at the time of mining, but of course that doesn't mean it translates in any way to when you actually have accumulated enough coins to sell them.  You end up with a bit of everything, and if you like to play the markets, and rode all the right swings, it could work out well for you.

Both these pools share the same characteristic; they are in it for short term small gains at the expense of potential significant long term gains.  Think of it this way, you could make an extra 5-10, maybe 15% profit mining many different coins and cashing them in, but what if you happened to mine nothing but 'the next ltc' (or even something that ends up half the price), while it was in its infancy and held them for long term growth.  The profit potential could be astronomical in comparison, but of course finding said coin isn't easy these days (hence this thread in the first place)

The other thing with these 2 pools is they are also more or less looking at coins already on an exchange (as far as I'm aware).  As was mentioned previously, its often newer coins not yet on an exchange that can lead to some very nice profits if you've picked the right one.

On a side note, my personal opinion is both of the above pools are doing harm to the current alt-coin crypto environment.  Middlecoin is trading bulk amounts of many different coins at market value on a daily basis, generally driving down prices, and multipool (and middlecoin) hammer coins when diff drops, leaving steady miners looking for long term gains slogging through higher difficulty times.  They both squeeze out room for speculation and real gains I mentioned elsewhere in this post, for the sake of much smaller short term profits.  They are both new enough that we may not see the longer term effects of this for awhile, but it may end up driving many coins to a 0 value game.  For this reason, I personally stay away.   However this personal opinion doesn't really change the rest of this reply, tried to give an unbiased view.

In the end, like most things, your probably going to get what you put into it.  If your able to put in the time, sift through a lot of noise, to find some diamonds in the rough, learn to understand and spot why one coin may end up worth more than others, the rewards are definitely there for the taking, and likely much greater than multi-pool solutions.  But if you don't have this time or aren't interested in getting your hands dirty with it, above 'set and forget' options are available!

Maybe YAC? https://docs.google.com/spreadsheet/ccc?key=0Agw1n7jxRPfRdDFuSUlicFVxY2MzQUdqMURyMHdvZ2c#gid=0 

No, not quite that new... More like check the alt crypto section often and see what new coins are out. Some coins take weeks or months to get on an exchange, and during that time, difficulty tends to stay a LOT lower than other coins. CGB, for example, stayed under 1 for difficulty before it was on exchange, and now it's at 5.42. Mining that for a week or two at a lower difficulty was a lot more profitable than mining anything else that was on exchange.

Neither of those are bad starter choices. They're not bad even if you've been mining a while.

Yeah...will probably go with middlecoin in that case...let me just fix my miner 


You mean coins that are SOO new that people don't even really know they exist yet?
...I actually understand this logic...I'm probably just going to use middlecoin(or multipool if that goes down)

I will look into this more though.

last time I checked world and digital fell significantly...

(world was quite up there earlier today though...and dgital JUST seemed to fall...uhg)

I think I MAY choose Worldcoin...or nova...that one likes to stay relatively up there...

middlecoin and/or multipool look to be my best bets...

There's a few ways about it. One is that you mine stuff that is not even on exchange yet, hoping that it is more profitable than anything on coinchoose/coinwars/wheretomine/etc.

There's another way, where you mine the coin that you want to support the most, despite how profitable it will be. At this point, you're only mining it because you support the coin and its services that it offers (or may offer in the future).

And lastly, there's the purist that only mines LTC and BTC because they're the "originals".

So obviously it depends what you're in this for. Myself, I need to make a few extra bucks... so it's rare that I mine something that is on an exchange already (because by that time it's less profitable for me to mine). More often, I mine something that looks promising that is not on exchanges yet (so it has not caught a whole lot of attention... yet). As most things in life, it's a you win some you lose some kind of game...

Use middlecoin and avoid the headache of having to set up your own system to switch coins every few minutes. You should be using a pool that automatically switches to the most profitable coin unless you have a hunch that some coin is going to dramatically increase in price.

Digitalcoin (DGC) and Worldcoin (WDC)
$.02 ymmv etc

hmm...THAT is a VERY GOOD point.

I have tried calculating every coin I find based on the hashrate (about 360Khash/s) and it is quite hard to get a good answer due to the sudden fluctuation in the rates and difficulties...

It seems that it is always a fight between Mincoin, Cosmoscoin, Digitalcoin, and feather...

I hope to make a decision soon...(I have 8 bat files on my desktop just for different coins, wallets, pools, solo...it a cluster -)

wow...that's...

AHmazing.


That surely would solve the headaches of exchanging them at every givin moment

That is indeed the game we are playing. You'll get a different answer to that question from everyone that answers it, and a good portion of those answers will likely fall into the category of dis-information. Everyone has a bias of some sort and some can't help but to try and steer readers in a direction that profits themselves more than the readers.

The most profitable advice given to me was to try everything (pool, solo, pick one coin, try lots of coins) and see what works best for you. Everyone has different resources to invest, costs to maintain, and expectations for the results, and differing amounts of patience. The best advice I have been given is to do the research on the different coins and only support the ones in which you truly believe.

DeVcoin and iXCoin can also be mined with NMC and Bitcoin at the same time. They aren't terribly valuable, but they are extra cents for no extra hashes so why not? Bitparking has a great pool to mine on too, mmpool.bitparking.com.

merged coins? I've heard of namecoin but not the others...