Post
Topic
Board Beginners & Help
Re: I was a miner and I will be again
by
LordSloth
on 20/12/2013, 17:10:02 UTC
A person would have to be crazy to spend money on an ASIC.

It is much cheaper to mine the script based coins using a GPU.  ASIC will never be developed for Script based coins, and if they do, the script algorithm can be changed, to turn the script based ASIC into a brick.

At least with a GPU you can sell your graphics card, if this crypto currency trend crash and burns.  With and ASIC card, you might as well throw it in the trash if this happens.

I am currently mining DOGE, and then converting it to Bitcoin.  

If I farmed DOGE with my AMD Radion 7870 Graphics card, and then convert to bitcoins, i make $304 a month.
If I farmed BITCOIN with the same GPU directly, I would make 1 cent a month.

I'm not counting power costs, because it is winter, and I can either heat the wreckroom with oil or with my GPU. So power is a trivial cost.

Now next week, there may be a better deal, as the various altcoins go up and down, due to speculation, pump and dump and other factors.

I use dustcoin.com to compare the most popular altcoins, and the profit I can make any given day (Hopefully I can say this, without breaking the TOS, sorry otherwise).  Notice that all the Bitcoin type algorithms (SHA-256) earns peanuts, compared to Script type algorithms.

I also donate 1% to the mining pool companies, as this money helps to pay for hardware and infrastructure, and its also good Karma.

Good Luck and Happy Mining.