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Doge Coin Mining - Profitable?
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Doge Coin Mining - Profitable?

I have recently built a rig consisting of 4 x XFX R9 290 to mine Doge coins. The cost of the rig was around $2700 after getting an i3 CPU (socket 1150), 8GB of memory, and a motherboard that can fit all four cards. The value seems unpredictable as it fluctuates drastically on a day to day basis.

What do you all think about my setup? Will it make me any money in the future?

Comments

  • netomxnetomx Moderator, Veteran

    I don't think so. With Bitcoin and Litecoin in the market, all other coins, at my point of view, are useless.

  • @netomx said:
    I don't think so. With Bitcoin and Litecoin in the market, all other coins, at my point of view, are useless.

    Should I try Litecoin mining? I don't know very much about it compared to Bitcoins and Doge Coins.

  • NeoonNeoon Community Contributor, Veteran

    CPU = No, GPU = maybe

  • netomxnetomx Moderator, Veteran

    @gforcezach said:

    I think you should.

  • gforcezachgforcezach Member
    edited January 2014

    @Infinity580 said:
    CPU = No, GPU = maybe

    I wasn't going for a big CPU in my rig because it's for mining only. There is no point in CPU mining.

    @netomx said:
    I think you should.

    I'll do more research. Thank You.

  • NeoonNeoon Community Contributor, Veteran

    @gforcezach yeah i missed the part "fit all four cards".

  • For mining electricity cost is important and it's not about how big setup is.

    Thanked by 2Janevski tchen
  • dogecoin such wow much profit wow

    Thanked by 2darkshire Mark_R
  • This may help you with picking http://www.coinwarz.com/cryptocurrency

  • talsittalsit Member
    edited January 2014

    Depends on what you want, you can mine coins to trade for BTC and hold BTC and hope for the price to go up. If you're a pessimist, you will never make money because BTC is falling, if you're an optimist, you will make a mint since BTC will be $10,000 in the next minute/day/month/year.

    I don't personally think the alt coins will have a long life, interest in them will wane and people will stop mining them. Mining isn't just to create new coins, it also provides the network to trade the coins (unless I'm horribly mistaken which isn't impossible) so once coins reach a certain point of unprofitability people will stop mining, network will stop trading and they will go away.

    I made about $200 CPU mining in December on two decommissioned servers sitting in my garage, in January I made $16 doing the same thing with the same hardware due to increasing difficulty in the network. YMMV

    EDIT: Grammar

  • NateN34NateN34 Member
    edited January 2014

    Well, mine while you can... It was profitable for me. Was costing ~$1 per day in electricity and was getting about $6 per day in coins.

    It is quickly getting harder to get them though, due to how popular Dogecoins have now become. And who knows, they might sky-rocket in price, when we go to the moon!

  • RadiRadi Host Rep, Veteran

    Got 1013 doge. Waiting to become rich. :D

  • I tried to get into bitcoin mining but gave up because the miner and my hardware didn't mix well. If you use the same miners for dogecoin I'm probably screwed.

  • You can mine on Middlecoin.com. They switch between different scrypt altcoin and transfer them to bitcoin directly.
    Based on theirs stats and the fact that you got 4x R9 290, so 3.2 Mh/s, you would get about 0.03 bitcoins per day. It's not much but it's the easiest way to do it. You don't have to care about exchange rate or anything, you don't even need an account, only a bitcoin wallet.

  • I have about 2600 Doge right now after mining with a GTX 690. (very slow hash rate for how powerful the card is)

    Hoping to setup the new rig today or tomorrow and start mining. We'll see what happens.

  • edited February 2014

    talsit said: I don't personally think the alt coins will have a long life, interest in them will wane and people will stop mining them. Mining isn't just to create new coins, it also provides the network to trade the coins (unless I'm horribly mistaken which isn't impossible) so once coins reach a certain point of unprofitability people will stop mining, network will stop trading and they will go away.

    No that's not true, if people would lose interest and less people would mine, the difficulty would go down and the remaining miners would profit more. So actually, demotivation causes motivation, which is obviously a circular loop which constantly fluctuates, but nearly immeasurable.

  • @gforcezach said:
    I have about 2600 Doge right now after mining with a GTX 690. (very slow hash rate for how powerful the card is)

    What's your hash rate for that card?

  • @ErawanArifNugroho said:
    What's your hash rate for that card?

    Getting around 400 kHash.

    Thanked by 1ErawanArifNugroho
  • @gforcezach said:
    Getting around 400 kHash.

    For 400khash, you should get about 10K doges/hours or per day? If you get 30K, you can exchange it to $30 right?

  • @ErawanArifNugroho said:
    For 400khash, you should get about 10K doges/hours or per day? If you get 30K, you can exchange it to $30 right?

    Apparently my math is off. Let me recheck and re-post.

    Thanked by 1ErawanArifNugroho
  • JanevskiJanevski Member
    edited February 2014

    @alexvolk said:
    For mining electricity cost is important and it's not about how big setup is.

    ^this Finally somebody said it. You know people, power isn't free. So it also depends on where You are.

  • such powerful card draw only 400kh/s? you should really sell them off and get 4 x R9 280X Dual-X/Vapor/Toxic instead. They are cheaper than your R9 290 and draw approx 740kh/s per card

  • BrianHarrisonBrianHarrison Member, Patron Provider

    @gforcezach said:
    Will it make me any money in the future?

    If it does, that would be an extremely speculative way to try to earn money. Bitcoin exchange rates are volatile enough, I can't imagine what kind of price swings you'll get with Doge Coins.

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