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Other Cryptocurrency

Discussion in 'General' started by MLyons, 6 Dec 2017.

  1. MLyons

    MLyons Half dev, Half doge. Staff Administrator Super Moderator Moderator

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    Post anything about currencies in here apart from purchase or for sale. Is anyone mining or holding at the moment.
     
  2. SkiDave

    SkiDave Active Member

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    I've been mining with Nicehash recently (couple of i7s, 980ti, 970 and 1050ti) but it's been down all day...

    Edit:
    Switched to Minergate for the time being.
     
  3. MLyons

    MLyons Half dev, Half doge. Staff Administrator Super Moderator Moderator

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    How does NiceHash work if you are able to mine with CPUs aswell? I've heard about it but always gone with the normal GPU pool route.
     
  4. SkiDave

    SkiDave Active Member

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    Nicehash essentially acts as a middle man between sellers and buyers of hashing power. It acts as a friendly interface for different mining programs and automatically switches depending on profitability. You get paid out in BTC irrespective of algorithm running.
    The CPU mining is limited to XMR using the cryptonight algo. GPU mining has many more options.

    I like it because I don't need to worry about maintaining different alt coin wallets or pouring over profitability data, particularly for my meagre hardware offerings.
    I'd probably go direct to a pool if I had a dedicated mining rig.
     
  5. MLyons

    MLyons Half dev, Half doge. Staff Administrator Super Moderator Moderator

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    Hmm. I might have to look into it then so we can put our CPUs into use as the rendering machine that miens when not busy has some xeons in it. I'll get some pics of our rigs some time this week hopefully
     
  6. SkiDave

    SkiDave Active Member

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    It's carnage at the moment as it's been down for hours (website and pools) - reddit is claiming exit scam/hack with associated internet pitchforks.

    If you're happy with what you're GPU mining, I'd have a look at some CPU friendly alt coins such as Monero (https://github.com/fireice-uk/xmr-stak)
     
  7. Gareth Halfacree

    Gareth Halfacree WIIGII! Staff Administrator Super Moderator Moderator

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    I used to point my SHA256 ASICs at Nicehash, 'cos it was dead easy. Then they suddenly increased the minimum payout rate, and my power supply blew up. (No, the two are not related.) I looked at getting back into it with a new PSU a bit ago, but the buggers had quietly removed the $5-ish of Bitcoin I had in my account - which is now around $50's worth. The swines.
     
  8. Anfield

    Anfield Well-Known Member

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    Last edited: 6 Dec 2017
  9. Gareth Halfacree

    Gareth Halfacree WIIGII! Staff Administrator Super Moderator Moderator

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    Ouch. I'm seeing people in that thread claiming to have lost $2-3K. Remember, people: if you don't control the keys, you don't own the coin.
     
  10. MLyons

    MLyons Half dev, Half doge. Staff Administrator Super Moderator Moderator

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    claim so far is $62.6 million... I don't even know how you would go about liquidating that much.
     
  11. jrs77

    jrs77 Well-Known Member

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    ...
     
    Last edited: 2 Jan 2018
    goldstar0011 likes this.
  12. Gareth Halfacree

    Gareth Halfacree WIIGII! Staff Administrator Super Moderator Moderator

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    You wouldn't. Vast majority of stolen coins just sit there, 'cos the one thing you can say for Bitcoin is it's super traceable. If you're lucky you can convert some of it into Monero, which is anonymous, then cash out from there - but if Nicehash has anything about 'em they'll have contacted the major exchanges and told 'em not to accept the coins for conversion or trading. Nicehash is screwed, but it's unlikely anyone's getting rich as a result.

    (And when I say $2-3K lost, I'm talking about the amount individuals lost from their hot wallets; I couldn't care less what Nicehash itself lost, given they stole my money already. If they're insured they might survive; if not, then that was silly, wasn't it?)
     
  13. Anfield

    Anfield Well-Known Member

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    No more of a scam than a £20 note, while the currency in itself has a value of zero there is value derived from your trust in the promise that you will be able to exchange it for something.
     
  14. play_boy_2000

    play_boy_2000 It was funny when I was 12

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    All it takes is one successful asteroid mining mission and the precious metals game is up.
     
  15. MLyons

    MLyons Half dev, Half doge. Staff Administrator Super Moderator Moderator

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    The one way I can think of is some sort of tumbler over time but that seems super hard to do, a possibility though.

    I mean with brexit... :lol:
     
  16. Bungletron

    Bungletron Well-Known Member

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  17. SkiDave

    SkiDave Active Member

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    Lol there goes ~£40 I had from mining :lol:

    It was a bit of damned if you do, damned if you don’t situation.
    Payout was at 0.01btc for external wallets or 0.001btc for their hosted wallet. I had been using an external wallet for a while before I realised I couldn’t withdraw if I hadn’t earned 0.01btc and I wanted more flexibility. So I switched to their internal wallet and was waiting till I’d earnt more to minimise the transaction fees to my own wallet.
    Then they got hacked.

    Either way I was going to be down the <0.01btc unless I ate the Tx fees of a few quid every time I got paid a tenner.
     
  18. modd1uk

    modd1uk Well-Known Member

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    Nicehash "Hacked" as Ricky Tomlinson says " My Arse "
     
  19. Guest-23315

    Guest-23315 Guest

    I have a shed load in XRP, and a couple of larger OTC Commodities to level off any significant moves.
     
  20. Bungletron

    Bungletron Well-Known Member

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    Yeah, I heard its an inside job, the Ljubljana heist, orchestrated by the owners themselves. I've seen how this goes down, at the xmas party someone turns up in a new Bugatti, another one's wife has a brand new fur coat and is blinged to the max, boss man is not happy. Then a few days later cops start finding the bodies stashed in meat lockers. Tin foil hat on, fingers crossed.
     

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