Author Topic: [LTC-GLOBAL] BUY-A-HASH  (Read 295157 times)

Offline pankkake

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #75 on: May 26, 2013, 12:01:17 PM »
WorldCoin was four times as lucrative as Litecoin for some time too (at least according to CoinChoose).

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #76 on: May 27, 2013, 02:42:46 AM »
Few pictures of rig deployment and hashrates:


2 new rigs built (about 4MH) - there's a 3rd unit that we built to sell to someone local that does about 2.5-2.6 MH.


Here's a screencap of my browser on Give-Me-LTC.com, along with the various teamviewer instances:



You'll notice that GPU temps were low - I had the GPUs off for a short period of time. In general, you can see that we only had about 2hrs of downtime in the past 3 days... More or less a record for us.

We're about peaked in terms of hashing power at our current location (about 20MH with about 1-1.5 MH available in tweaks). One big issue with running tons of rigs is the heat generated from rigs. We have about 23,000 BTU in air conditioning in the room.

Overall, we're minting about 50LTC/day, give or take depending on pool luck and difficulty. Given what has been paid in by shareholders, once at full capacity, we should be able to return about 60-65 LTC/day, which is well above 0.5 KHs of power, due to a few factors that may return better-than-expected results.

Next week, we're hoping to get a hard date set on when we can get a building inspector to the building, along with an electrician to spec out what we need to run more electricity to the building. That, along with getting the keys from the property management group are the two main goals we have. Once we know those two things, we can start planning on buy orders for rigs, and coordinating with a date that we can start running electric/HVAC to prepare for builds.

Take care!
~ Ben


« Last Edit: May 27, 2013, 02:44:20 AM by Benny »

Offline pinetor

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #77 on: May 27, 2013, 02:45:08 AM »
Thanks for replying to my post..
I was able to put a meager amount up.. though as I was late to the party... early adopters got to profit from my lateness! Such is the game!

As to compensation.. well pooh.. I was hoping the .5k/h would some how be independent of the difficulty. I fully expect that JUST this one endeavor (Buy-a-hash)) with their adding $25k dollars worth of hashing being brought online all at once will certainly have a harsh and probably long term effect on the difficulty level. Just guessing; but I am betting we will see 200 uptick to difficulty for at least 2 -3 months. I am assuming that most of the BCT GPU miners that are going to jump have done so, so unless there is corporate buyin to LTC mining growth should be tapering off.

Back to my assumptions: a 200 point uptick to the difficulty, would be crushing blow to my own mining as the price of power here along with what it would take to expand my own mining ( second rig)  is not a current option. My hope was that the .5k/h from BaH would be flat against their own tendency to increase the difficulty. Don't get me wrong, for me, such an investment still makes sense, versus just hoarding LTC in a  wallet. If nothing else I am at least helping to support the LTC system by locking up my LTC in an investment, which will require LTC to be moved ( to me) later on and over time.


Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #78 on: May 27, 2013, 02:51:09 AM »
Thanks for replying to my post..
I was able to put a meager amount up.. though as I was late to the party... early adopters got to profit from my lateness! Such is the game!

As to compensation.. well pooh.. I was hoping the .5k/h would some how be independent of the difficulty. I fully expect that JUST this one endeavor (Buy-a-hash)) with their adding $25k dollars worth of hashing being brought online all at once will certainly have a harsh and probably long term effect on the difficulty level. Just guessing; but I am betting we will see 200 uptick to difficulty for at least 2 -3 months. I am assuming that most of the BCT GPU miners that are going to jump have done so, so unless there is corporate buyin to LTC mining growth should be tapering off.

Back to my assumptions: a 200 point uptick to the difficulty, would be crushing blow to my own mining as the price of power here along with what it would take to expand my own mining ( second rig)  is not a current option. My hope was that the .5k/h from BaH would be flat against their own tendency to increase the difficulty. Don't get me wrong, for me, such an investment still makes sense, versus just hoarding LTC in a  wallet. If nothing else I am at least helping to support the LTC system by locking up my LTC in an investment, which will require LTC to be moved ( to me) later on and over time.

$25,000 worth of rigs is nothing compared to what is on the total network.

Put it this way: It'd take about $10,000,000 of new hardware to equal the entire network hashrate of Litecoin at the moment. What we're doing is a drop in the bucket. It won't effect difficulty much at all. The reality is that there are botnets that greatly exceed what we'll ever be able to do.

Now, if we wanted to hit a pump and dump coin.... That's a different story.

Offline Carnth

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #79 on: May 27, 2013, 04:29:19 AM »
Benny, have you considered P2Pool? With 50 LTC a day, your "higher than average" hash power would bring in more LTC since P2Pool is 0 fee plus it also pays all the TX fees in a block.

I would like to know your thoughts.

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #80 on: May 27, 2013, 04:57:08 AM »
I've thought about it. However, given the huge advantage we have right now due to Vardiff, I don't think it'd make up the difference. Feel free to correct me if I'm wrong, as I don't know a ton about P2Pools.

I have, however, thought about them on the new pump-n-dump coins... It seems like that'd be a great way to mine the coin of the day when there aren't pools available.

Offline SayMyName

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #81 on: May 27, 2013, 11:54:24 AM »
WorldCoin was four times as lucrative as Litecoin for some time too (at least according to CoinChoose).

Only if you managed to sell them at that price.  You have to have someone ready and quick enough to undersell all the way down to 0.00000001, unless you plan to hoard them.  Can't say I think this is a good strategy for cryptocoins overall. :|


Offline SayMyName

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #82 on: May 27, 2013, 12:06:22 PM »
As to compensation.. well pooh.. I was hoping the .5k/h would some how be independent of the difficulty.

If you look at other mining shares, most of them specify that they 'reserve the right to raise the kH/s per share if the market requires it' or equivalent. I was a bit disappointed not to see this in the prospectus for this one... Funny bit is, I'm a 'professional' miner too (in the sense that this has pretty much become my full time job), and I've bought as many shares of this as I could as a form of insurance...  If I get sick/mine catches fire/Benny does a 51%, I still get some income from mining. :)

Unless you were in Bitcoins 2 years ago we're all late to the game anyway. :)

Offline nycgoat

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #83 on: May 27, 2013, 10:38:27 PM »


You get paid when Benny gets the hardware setup and hashing. Keep watching this thread for additional news from Benny about when that will happen.
The bond promises 0.5Kh at a minimum. This correlates to the same Kh that miners use when they talk about has fast their mining rigs are is.

Two things directly affect how much you will earn (as dividends) from holding this bond.
1. How many bonds you hold (of course).
2. The Litecoin Difficulty.

To fully understand why Difficulty affect your dividend, I would recommend reading How mining and the block chain works.

You can roughly calculate how much you can expect to earn by using this online mining calculator.
Just take the number of bonds you have, multiply by 0.5. Take that number and input it in the calculator and you will get an earnings estimate.

Make sure to come back to this calculator often, as the difficulty changes about every 3 days or so.

Also keep in mind that the reward will half.

The reward will not halve until block 840,000. That's very, very far away (We're only on 360,000).

I know it isn't for a really long time (I think like 16-18 months or something if I remember correctly), but just something to consider IMO.  If you are making long term plans/calculations I think that this is something important to at least keep in the back of your mind. 

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #84 on: May 28, 2013, 01:09:21 AM »
Its actually closer to 4 years from now. Not 16-18 months. There have only been 361,000 blocks mined since the genesis block 592 days ago. There are still 479,000 blocks until it halves.

Offline Deprived

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #85 on: May 28, 2013, 08:11:15 AM »
WorldCoin was four times as lucrative as Litecoin for some time too (at least according to CoinChoose).

Only if you managed to sell them at that price.  You have to have someone ready and quick enough to undersell all the way down to 0.00000001, unless you plan to hoard them.  Can't say I think this is a good strategy for cryptocoins overall. :|

Yeah be really careful with the pump and dump coins.

A lot of times the 'price' is actually a few shills selling to one another at inflated prices to try to sucker some fools into buying at the same price.  Actually selling at those prices isn't necessarily easy or even possible (buying, on the other hand, is easy - but dumb).

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #86 on: May 28, 2013, 04:35:04 PM »
WorldCoin was four times as lucrative as Litecoin for some time too (at least according to CoinChoose).

Only if you managed to sell them at that price.  You have to have someone ready and quick enough to undersell all the way down to 0.00000001, unless you plan to hoard them.  Can't say I think this is a good strategy for cryptocoins overall. :|

Yeah be really careful with the pump and dump coins.

A lot of times the 'price' is actually a few shills selling to one another at inflated prices to try to sucker some fools into buying at the same price.  Actually selling at those prices isn't necessarily easy or even possible (buying, on the other hand, is easy - but dumb).

Right. Its a huge concern going into any alt-coins outside of LTC. At most, I would put maybe 10-20% of hashing power into alt-coins, in the hopes that they'd explode. But even then, I have absolutely no faith in any altcoin outside of MC2/Netcoin when it comes out. When that is out, I plan on putting a lot of hashrate into it.

Offline colmex

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #87 on: May 28, 2013, 07:46:00 PM »
WorldCoin was four times as lucrative as Litecoin for some time too (at least according to CoinChoose).

Only if you managed to sell them at that price.  You have to have someone ready and quick enough to undersell all the way down to 0.00000001, unless you plan to hoard them.  Can't say I think this is a good strategy for cryptocoins overall. :|

Yeah be really careful with the pump and dump coins.

A lot of times the 'price' is actually a few shills selling to one another at inflated prices to try to sucker some fools into buying at the same price.  Actually selling at those prices isn't necessarily easy or even possible (buying, on the other hand, is easy - but dumb).

Right. Its a huge concern going into any alt-coins outside of LTC. At most, I would put maybe 10-20% of hashing power into alt-coins, in the hopes that they'd explode. But even then, I have absolutely no faith in any altcoin outside of MC2/Netcoin when it comes out. When that is out, I plan on putting a lot of hashrate into it.

what benefits does MC2/Netcoin have?

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #88 on: May 28, 2013, 10:50:20 PM »
WorldCoin was four times as lucrative as Litecoin for some time too (at least according to CoinChoose).

Only if you managed to sell them at that price.  You have to have someone ready and quick enough to undersell all the way down to 0.00000001, unless you plan to hoard them.  Can't say I think this is a good strategy for cryptocoins overall. :|

Yeah be really careful with the pump and dump coins.

A lot of times the 'price' is actually a few shills selling to one another at inflated prices to try to sucker some fools into buying at the same price.  Actually selling at those prices isn't necessarily easy or even possible (buying, on the other hand, is easy - but dumb).

Right. Its a huge concern going into any alt-coins outside of LTC. At most, I would put maybe 10-20% of hashing power into alt-coins, in the hopes that they'd explode. But even then, I have absolutely no faith in any altcoin outside of MC2/Netcoin when it comes out. When that is out, I plan on putting a lot of hashrate into it.

what benefits does MC2/Netcoin have?

Here's a 31 page thread on it: https://bitcointalk.org/index.php?topic=169204.0

Its going to be its own coin, built from the ground up (not a fork of BTC, LTC, or any other coin).

As per the whitepaper:

- Uses a new approach to secure hashing algorithms for the hash tree of a given block that should increase FPGA/ASIC resistance
- After 27 coin years it employs a system of voting to manipulate the interest rate of the block chain (users act as the central bank and regulate the rate of inflation)
- Difficulty is based on the linear weighted average of the block times for the past 18 days for PoW blocks
- New block reward adjustment algorithm is given that yields an 8% decrease in block reward per year
- Simple PoS design (tried to strip it of as many complexities as possible)
- PoW and PoS systems are designed to happily coexist, with favour slightly given to the PoW system
- PoS system also intended to prevent 51% attacks
- Coloured coins, e.g. for rewarding projects that you create arbitrarily
- Ledger system for regular coins that allows for a lightweight version of the blockchain instead of having to download the entire blockchain



Because of that list, I'm quite interested in it, as its totally outside of what BTC or LTC are, and could be a true competitor/evolution. If we mined it, we'd convert coinage to LTC for users, or held it back for them to distribute via other means. Again, that assumes any bondholder actually wants it. Our fiat investors want it, as do I.

Offline colmex

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #89 on: May 29, 2013, 10:44:44 AM »
That actually looks pretty awesome except for the voting for inflation thing :|
I'm obviously not some PhD in economics or anything, but I've taken my fair share of economics classes as well as studied economics on my own for the forex market. So I understand the need for inflation as I'm sure most people do (It creates progress not only in the sciences but in every aspect of life, especially quality of life for others) and the super deflation that will occur with bitcoin and litecoin (as there is a limited supply) will if bitcoin or litecoin is the major currency of any sector of the economy cause it to slow CONSIDERABLY! This is because the main drivers of the economy are people's savings being invested back into the economy. Anyone with savings in litecoin or bitcoin would rather hold on to their coins, than let people borrow them at interest as this would give a bigger return on investment.

The problem I see with giving everyone voting capabilities to control inflation is that most laymen don't necessarily know why inflation is good and see deflation as pretty awesome. Meaning Why do I have to risk my money to make it worth more when I can just hold on to it. I think that the calculation of how much inflation should be for the currency should somehow be done automatically. Sort of how bitcoin/litecoin regulate the creation of blocks there could be a way to regulate the amount of inflation by way of some measure of the bitcoin/litecoin system.

Either way i like the Idea of having multiple hash algorithms that will help stop the FPGA/ASICs but we'll see.