Dig, dig, dig, dig, dig... SQUIRREL!

I'm digging for Doge currently, in response to the surge earlier in the week. I've currently got my GTX 760 and 20 4770K's digging.

Why? Doge gets a bad wrap, and rightfully so at times, but my goal with cryptocurrency is to increase my holdings of LTC and/or BTC... And Doge has a great position right now on the exchanges.

At exchange rates over the past several days its incredibly profitable to mine Dogecoin. For example, yesterday I took my partial day diggings in Doge and traded them for BTC... I got about .021 BTC out of it, or about $17 at current rates (I use fiat as a familiar reference for profitability, I don't actually take any money out unless its to hold fiat until I can buy back to increase holdings). That was at an exchange rate of ~0.00000185 DOGE/BTC. Currently the exchange rate is around .00000218 which is even better.

On Litecoin, my 2200kh/s yields about $15/day at current rates (usually more like $10-12, but LTC network hash has gone way down due to Doge so mining yields bigger returns than typical currently). I did some math for doge, and at my hash rate at difficulty over the past 24 hours, I'd get about 15,567 Doge... Or $26. That math can be off by a couple bucks better here or there, but it makes $5-10+ more daily than LTC mining currently. That will change as difficulty adjusts and with the exchange rates, but right now its the place to be... Doge is worth more BTC than usual, BTC is worth more LTC than usual, so transfering it into LTC gets me more LTC for my hash, and if LTC recovers after I get my holdings into it, I'll have more value too.

Just thought I'd share for those who are negative on Doge, as I'm not exactly positive on it but I'm playing a game of awareness in the cryptocurrency market, and I'm aware that Doge looks like the best value currently.

BTW, I'm mining on dedicated pools - I haven't used a multicoin/automatic pool because I don't think its very good for alternative coins, especially smaller ones, and I'd rather manage my hashpower directly than depend on the pool to direct hashes as it sees best. I need to keep up with the markets anyway, so ensuring my hash is in the right place is part of that.

+1
I was just telling Silver earlier that right now with 1Mhs you could mine LTC and get 0.24 or mine autotrade and get 0.01btc which translates to 0.36ltc or mine doge which translates to 0.018btc or 0.67ltc !! quite a difference, only that it does involve some hassle trading it and should not be held, should be sold off without emotion as its price is way too volatile

i recommend multipool.us with the doge port, because its got a huge hashrate (20ghs right now!) compared to many dedicated pools

A nice update. And admittedly, since I don't (yet) mine, I don't keep up with rates, etc., like miners do.


So here's a question(s): you say you have a 760 and 20 4770Ks mining. What is the cost for the electricity to run this setup and figuring in the cost of the mining equipment, when does the break-even occur?


Having read briefly regarding the number of retailers who'll take them, when does the opportunity to cash out occur?

ZL1 said:

+1
I was just telling Silver earlier that right now with 1Mhs you could mine LTC and get 0.24 or mine autotrade and get 0.01btc which translates to 0.36ltc or mine doge which translates to 0.018btc or 0.67ltc !! quite a difference, only that it does involve some hassle trading it and should not be held, should be sold off without emotion as its price is way too volatile

i recommend multipool.us with the doge port, because its got a huge hashrate (20ghs right now!) compared to many dedicated pools

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And I'm still on the fence about it

Just finished up my middlecoin run, managed to squeak out a measly 0.00178 BTC
Either middlecoin suck for small guys, or my math is way off


So as of now, I'll either go back to trusty DGC, or consider my options for the short term.

you can cash out at any time you wish really, exchanges such as coinbase will serve well for that, but the rates at which you cash out is a different story, i recommend cashing at no less than $900 per btc

i'll let IMOG answer the power question though if you mine with AMD GPUs the power used is not that big, for ex 4x 280x radeons will pull 2.8mhs which is about 20k of those dogs or .044 btc or 35usd a day, while pulling about 1.2kw in power cost, which is what ? 12-25 cents an hr or $5 a day

Robert17 said:

So here's a question(s): you say you have a 760 and 20 4770Ks mining. What is the cost for the electricity to run this setup and figuring in the cost of the mining equipment, when does the break-even occur?

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I didn't buy anything for mining, and I don't intend to currently, so I haven't factored in cost of acquisition - this needs to be done though by anyone buying, and it can be tricky so it should be done carefully (various factors contribute, anyone doing this and not finding it complicated isn't doing it the way they should).

GTX 760 I overestimate at 250Watts - I don't know its actual power draw, but I know while mining the whole rig, plus my TV and stereo (everything in/on the TV console) draws 450W total. It's profitable at the rate of a buck or two a day typically with around 300kh/s mining rate. I was given this because I bought a 7970 matrix that I killed before it ever worked, and Hokie felt bad so he sent me this.

The 21 4770K's, are running where I work part time and are machines that rotate in and out as they are prepared/setup and deployed, so I don't factor in power costs for those. I'd run more but I've maxed available power/network ports.

People selling 100 DOGE per 1 USD on ebay with tons of buyers.

I read some article today saying they'd be worth $1 by Summer. I'm calling BS but just in case I'll throw 10k on a flash drive until then

Still just doesn't look worth messing with to me at a couple bucks profit per day at this stage but could be wrong I guess.

I've been mining doge on fast-pool

I tried fast-pool, but I had too many connection timeouts.

MongGrel said:

Still just doesn't look worth messing with to me at a couple bucks profit per day at this stage but could be wrong I guess.

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If you aren't sure about mining at all I could understand. If already mining, at 2MH/s right now I earn .6427 LTC ($12.55/day), or I earn 15489 Doge ($25.42/day or over 1 LTC)... Which is the reason I started the thread. This is an exceptional situation and it will re-balance before long.

I would still mine though even with only 300KH/s (.096LTC/$1.50day or 2323 Doge/$3.83day)... It ain't much but it makes a difference. If you spend a buck on coffee each day it's like getting it for free. It pays for dog food. Etc

I.M.O.G. said:

If you aren't sure about mining at all I could understand. If already mining, at 2MH/s right now I earn .6427 LTC ($12.55/day), or I earn 15489 Doge ($25.42/day or over 1 LTC)... Which is the reason I started the thread. This is an exceptional situation and it will re-balance before long.

I would still mine though even with only 300KH/s (.096LTC/$1.50day or 2323 Doge/$3.83day)... It ain't much but it makes a difference. If you spend a buck on coffee each day it's like getting it for free. It pays for dog food. Etc

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Intended? Haha

Got my 550Ti upto 94kh/s plugging away

Two big dogs, 60 pounds of high grade dog food a month... It adds up! Feeding doge to dogs, but they don't seem to mind!

I.M.O.G. said:

Two big dogs, 60 pounds of high grade dog food a month... It adds up! Feeding doge to dogs, but they don't seem to mind!

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good one
well as long as it holds, why not why not

is this doge surge the reason LTC / btc is dropping? my poor ltc's have dropped like $5 in the last few days, which dont sound like much but being at only $25 that a bigger % drop than btc in the last few days.

wagex said:

is this doge surge the reason LTC / btc is dropping?

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I hope so, DGC is falling like a rock
I hope that LTC and DGC recover, DGC is where I like to mine....

wagex said:

is this doge surge the reason LTC / btc is dropping? my poor ltc's have dropped like $5 in the last few days, which dont sound like much but being at only $25 that a bigger % drop than btc in the last few days.

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I play in LTC mostly because the swings line up with BTC but are more volatile - on a long term graph you can see it stays connected, but when you zoom in during price changes LTC is crazier (by percentage change). This can help increase holdings if bought/sold at good times.

I don't think the Doge surge is why LTC/BTC is dropping. People don't really think Doge is competition long term. I think LTC/BTC is dropping because the end of the month and people still have the 1/31 date stuck in their head from the China fear. More likely due to that uncertainty than Doge publicity driving value increase which affected LTC/BTC.

By the way, bitcoinwisdom is now graphing Doge/BTC:
http://bitcoinwisdom.com/markets/cryptsy/dogebtc

I.M.O.G. said:

Two big dogs, 60 pounds of high grade dog food a month... It adds up! Feeding doge to dogs, but they don't seem to mind!

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He he , that works.

I can't believe I was convinced to mine this coin. *sigh*
Money is money right?

So my dogecoin test has gone overwhelmingly positively... by mining on Doge since Wednesday, and dumping them 1-3 times daily to BTC on cryptsy, I have had the most profitable period of mining ever for me.

With ~2250MH/s of approximate power (21 4770's + GTX 760, but sometimes all 4770's don't stay online due to various issues -reboots, updates, etc), I collected 12117 and 12884 doges each on 1/24 and 1/25. By immediately selling at the best market rate at the time of transfer (I just sold at the best buy order at the time, for immediate cash out), I cashed those in for BTC at the rates of .00000229 and .00000216.

This yielded about 0.02774793 BTC and 0.02782944 BTC, minus fees. At current market rates, this is just under $25/daily. In my experience, that's about twice the value I was getting previously with the same hashrates on LTC.

Currently with Doge taking a bit of a dip in exchange rate today (.00000187 for this example), currently 2200KH/s would bring just under $21/daily.

So what is the plan going forward? I'm not sure yet... Litecoin is set to drop another 20% in difficult in roughly 36 hours to about 2500. Litecoin is still not that strong in the market, but is hanging out around $22.30 LTC/USD... With that difficulty drop, 2200KH/s on LTC mining would bring just under $20/daily.

So if there is a 20% drop in LTC hash rate, and Doge exchange rate doesn't accelerate again but hang out below .00000200, it should be expected that within the next 2 days LTC and Doge may be in direct competition for hash rate again. Personally, if its pretty close, I'll switch back to LTC mining because I have more faith in LTC and I can hold it rather than pay the fees to go from Doge/BTC.