Tuesday, January 28, 2014

Cryptocurrency Fever - Mining Bitcoin / Dogecoin



So, I’ve recently began delving into mining cryptocurrency. As I’m new to the game, at this time I’ve spent more time researching opposed to actual mining. For the most part, I’ve missed the curve for the Godfather of crypto, BitCoin (BTC).
Currently the difficulty factor for this S.O.B far exceeds the capabilities of my current mining hardware. Assuming ~250KH/s with my current GPU, I would mine a dismal 0.00000174 BTC after 1 month of 24/7 operation. à No Bueno por Nada.



As such, I’ve been going down the trail of Dogecoin for the time being. This is a fairly new crypto and is mined via a different algorithm than BTC (scrypt vs. sha256). Due to the young age of this guy, the difficulty is substantially lower, and the reality of mining a good chuck of these suckers via CPU and/or GPU mining isn’t too far-fetched. At ~250KH/s with my current GPU, I can estimate ~2100 coins per day, or ~$3.30, not factoring in power cost, etc. But hey, should the value of the coin rise in the future, at least I’ll have a good little chuck saved up.

Well, I’ll post later on some additional details of getting up and running, as well as some free trail cloud servers that I’ve also setup some virtual machines and deployed some mining scripts in parallel there as well.

1 comment:

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