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I found this as well after posting difficulty last night. Welcome to Reddit, the front page of the internet. The most pool cause is a high ping time litecoin the server, which network shouldn't affect the stale rate by more than 0. If you have trouble doing this, we recommend watching this video which outlines the entire L3 setup process from start to current. Every second you keep on mining for the old block is wasted, because that block has already been found.
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I've just started mining and all my shares are being rejected, what's wrong? LiteVault Another possibility is to create a wallet at LiteVault. Although Litecoin is a digital asset, you still need a place to store them. If you are new to mining, read our Beginner's Guide. Informative post, but as always its very difficult to calculate a precise ROI in such volatile economies. The offset for difficulty 1 is. Honestly though I would be happier right now if the price took a hit and scared off some of the new hardware.
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Mining software current checks every solution generated by your hardware devices, and if one turns out to be incorrect because of hardware errors it rightfully doesn't even submit it. Then you connect litecoin miners to difficulty machine on port with the usual pool worker username and password. I'm wondering if I'll ever make that back now, or pool if I'll make half that back. Mining litecoins since Network 21, Another is to have multiple strata, each with a different difficulty.
Litecoin Charts and Network Data
But once it gains serious value I'm sure someone will figure out a way to create specialized ASIC-like hardware to dominate that market as well. That's kind of why I'm optimistic about Sunny's earlier project, Peercoin, and its proof-of-stake system. Proof of stake is the only system that I'm aware of assuming I understand it correctly that doesn't rely on something that can be worked around with specialized hardware in the future. But in the meantime, I agree Primecoin has serious potential, and am mining them on this computer as I type this.
Plus it gives me a warm fuzzy feeling that the proof-of-work calculations are being used to advance science. If they figure out how to make comparably fast asics for Litecoin, they could topple that as well. And of course if the US did it to bitcoin now, it would probably kill consumer confidence in all digital currencies. Lots of us are still running Bitcoin miners. Bitcoin certainly has the most momentum behind it.
If any cryptocurrency succeeds, I think it will be Bitcoin. ASICMiner is actually a fairly small piece of the puzzle, if you look at the total hashing power distribution. Using Gyft I'll be able to buy a few Christmas presents with the spoils. Mining rewards degrade over time and there is a finite amount of coins. The notion of 'creation of wealth' is a bit of a misnomer, at best. These few are acting like the banks of today by validating transactions, while we may see that as a 'money maker', there are plenty of other more viable options: Each found blocks reward is 25 BTC.
There are only 12million BTC mined so far. With the bitcoin mining arms race heating up for the wealthy elite, they are going to own a shit load of BTC. I'm mining already and I plan to be mining and holding up till the point when the output vs electricity price is so crazy that I'm no longer motivated to pay for it. Until them I'm paying for hardware and electricity from my own salary, might also buy a chunk of LTC if the prices drop.
I plan to hold everything in paper wallets till block bonus halves, by that time either it's all wasted and LTC is worth nothing or.. The hardware is a likely a sunk cost, but if you buy the latest R9 stuff it might still be interesting to gamers months from now and you'd sell to recoup some of the cost.
The way I see it it's even better to buy R9 than HD series for this reason alone because it's dated as it is now and fetching crazy prices that no gamer would pay for it. Can you elaborate on what you mean by "till block bonus halves? Is this a pool specific bonus? This already happened with BTC. Which mean that if mining ever becomes less profitable, you're likely going to see a lot of used GPU going up for sale. Offer will likely surpass Demand at some point.
I know of several people getting into mining specifically for LTC that don't plan to do cards at a time. But still ask yourself. How many people are in that card category? That is if you have no power cost. I think there are a decent number of people not expecting this coming rapid change in network difficulty and i think this is really what the post was trying to point out.
The calculators will paint the rosiest picture possible since they are not crystal balls, merely a calculator based on current known data. Do you guys believe that this applies to profit switching pools as well? I'm currently running at kh to kh when i turn my other computer to mining in the evening and I'm earning around 15 to 25 dollars a day electricity is free.
I've been thinking of doing CF x's I've seen over Honestly I'm happy with the purchase.. I couldn't wait on 's to come back in stock. I've heard it's hit or miss on higher numbers for x sometimes Well that's good to hear, ha. A gift to you dear sir: Not to mention that as a miner, you are hedging against LTC depreciating in value. As long as LTC goes up in value, you are recouping your costs. Also have to consider that the price of LTC isn't fixed.
If you were mining LTC a year ago and paying electricity you were probably barely breaking even, maybe earning a little at the LTC value back then. But if you weren't selling and you held until now your ROI should be quite sizable. Still, at the end of the day when you're just barely breaking even at the point of your decision to mine or to buy LTC, buying is generally the safer and more straightforward option, sometimes straight up better option financially since you're relying on the price going up either way and will make about the same gains from the price rise.
Mining is mostly only worth while during the few months after release of a cryptocurrency. This would be the time where no one is exchanging the coins really only miners and thus is more economical to mine them. Though this is not always so. Negative returns in place with higher power costs.
That's what I was making a couple months back. I only mean this as a warning because I got in when profitability was high and watched as my estimate ROI date went from 1 month to 2 month to a year, to never. It's a piss off when you've worked hard on something like this and taken a risk only to lose out.
I built a rig in March when there was a surge in price like now. Yes I did pay it off now. Go back and calculate how much it would cost build a rig at the beginning of summer and how much you would have got out by October. If you held them and were able to generate a good amount when they were cheap, I can't see how you did not make a profit. I'm currently collecting 15 to 25 dollars in bitcoin in middlecoin.
I was talking about a couple months back. I'm just saying there are and will be times when profitability is very low. How about this then. Add that with my existing rigs, and my total would be around 4. Optimistically this rig would pay itself off in about month at middlecoin. Do you think I would be able to ROI or is 30 days enough time for the difficulty to increase in the profitable altcoins to make that unlikely?
I look at it as a race against the clock. If you make you're money, or close to that by the time we've got back down to that lower equilibrium, then you're in great shape. If it's going to take you a month to get all the parts and get your rigs stable, then it's a much larger risk. This only applies to LTC. But isnt it worthwile to just keep switching to differenct coins you mine?
There will always be other coins that are better to mine than LTC will be. Yes, there will always be other scrypt coins to mine and automatically convert into Bitcoin or Litecoin. Once everyone starts doing this, the advantage will go away. However, the general methodology applies to all cryptos. You can't escape difficulty increases - however, at the early stages of a new currency coin mining is less competetitive therefore your proportional generation rate may be larger than that of LTC.
Other coin decrease at the same rate. Look at the profitability of hashco. You might get a few percent better return there, but nothing game changing. Anyway, probably see some cheap video cards in the next couple months when newbs figure this out the hard way. I just last night bought a an XFX I'm wondering if I'll ever make that back now, or even if I'll make half that back. Assuming free electricity, how are my chances? I would definitely game on it, however I'm not displeased with my current card, so could take or leave a new card for gaming You can also consider speculation though.
You might be making 0. In January you are down to 0. It depends on the price of LTC. You shouldn't really consider speculation on a ROI calculation. In fact for the purposes of this discussion I think it's optimistic to assume the value is going to hold where it is. If you're considering speculation then speculate. It makes more sense if that's your outlooks to just purchase LTC in whatever quantity your hardware budget allows.
Increasing difficulty is a certainty, it makes sense to try and come up with a realistic assessment of that rate of increase. I hope that OP is painting a worst case scenario but it's a variable that has to be considered. Price can go in either direction. I think it's fair to say we're in a bubble and none of us know how long it's going to last.
I wouldn't be here if I didn't hope the price will increase but I'm not going to base my behaviour in this market solely on that hope. Honestly though I would be happier right now if the price took a hit and scared off some of the new hardware. Can someone please write a detailed article on the 'Miners Fallacy' that speculation is part of the profit of mining.
I've been trying to explain the obvious fallacy of this to people for so long, but I've given up and people are generally unconvinced. That's true, but if you want to speculate on the price, it would make more sense to buy coins instead of mining them yourself. IMO the only scenario where mining would be the better option is if you're expecting a slow increase in difficulty AND roughly unchanged prices.
In all other cases buying coins would be the smarter option. Plus this is difficult to do if you're not set up to buy Bitcoin already see all the posts from people asking how to buy Litecoin.
This is why I am mining rather than buying also because I only have to pay for power since I already have a lot of hardware It may take longer, but I end up with more LTC in the long run, for less money. That's exactly what I was saying. If you're expecting unchanged prices and a slow increase in difficulty, mining is the way to go. In all other cases it is not. I think this should be a 'sticky' for the next few weeks. I have often thought about this but was too lazy to take the time and effort to do the research and calculations.
Kudos to the OP for your efforts. Lots of people jumping on the bandwagon and dropping K for rigs. Even at this point, there is a very clear level of risk involved in where you could lose out. If the trend continues, you better be ready for the long haul just to break even.
Is there a calculator that does profitability including the increases in difficulty, I know they exist for BTC. Otherwise what equation are you using to calculate the number of coins returned based on a given hash rate and difficulty? Just started as of today with 3x's and it seems that I'll never make my money back. Obviously I'll have the hardware. I found this as well after posting this last night. Will edit the OP to include this calculator. I have a and my elec cost is.
The calculator says yes, I just want to make sure i'm reading it correctly. Informative post, but as always its very difficult to calculate a precise ROI in such volatile economies.
For example since your post, LTC has risen aprox. Fact of the matter is there aren't many investment opportunities around where you can get the costs of all you hardware covered in such a short time scale, then it's all profit afterwards. Also I for one hate buying cryptos when I could use that money for mining gear and get my own; no risk or scams to worry about.
Prudent way to mine bitcoin atm is to set up a ltc rig and exchange the ltc for btc, far quicker, easier and more profitable. Now for me to get that amount of btc with btc mining what hash rate would I need?
New to Litecoin mining? Read our Beginner's Guide! Every valid share you submit to this pool is instantly credited to your account at the current pay-per-share PPS rate. This rate, expressed in litecoins, also takes into account merged-mined coins such as Dogecoin, resulting in higher payouts than a regular Litecoin pool. Thanks to merged mining, you have to pay no fee; in fact, your earnings may even be higher than with a 0-fee PPS system.
On other systems, miners are only rewarded when and if a block matures, but sometimes blocks get orphaned from the Litecoin network, and therefore yield no reward. A PPS pool, on the other hand, takes on the risk of bad luck so you don't have to deal with variance and orphaned blocks.
Since the very start, the pool used ad-hoc software: Pooler wrote the front end entirely from scratch, with security and efficiency in mind, while the mining back end was originally a heavily-modified version of Jeff Garzik's pushpool. After two weeks of intensive testing, on November 5, the pool opened its doors to the public, becoming the first PPS pool for Litecoin.
In April LitecoinPool.