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Show HN: Coinwell - the easiest way to mine litecoins
- onion2k 13y agoLogically, this must generate less income than it costs to run, otherwise the people running it would make more money mining Litecoins themselves rather than selling the service to mine them.
- theanirudh 13y agoWe are also mining ourselves and now we want to grow more. In order to mine more and reduce our costs, we need users. It becomes cheaper to buy more hardware etc., hence we are providing this as a service.
- ameswarb 13y agoIn a gold rush, it's always best to be the one selling the shovels.
- disposableme 13y ago"We are a company registered in India." -- No, thank you. Economic and political stability required.
- GrahamsNumber 13y agoOh fuck off!
- disposableme 13y agoI am just writing what many will think but dare to write.
- faizanaziz 13y agoIndia is not as economically and politically unstable as you think - http://en.wikipedia.org/wiki/Economy_of_India http://en.wikipedia.org/wiki/Economy_of_India Think about it, all the largest companies like IBM, Microsoft, Google, NetApp have huge campuses in India if it was unstable why would they be there?
- disposableme 13y agoI understand this. They are large companies, the comparison is uneven. They are in India, because there is an advantage for them to be. Nothing else.
- faizanaziz 13y agoHow is that not a fair comparison... All companies will exist where "there is an advantage" right. But if there was the severe disadvantage of being in India like political and economic instability nobody would like to be there
- disposableme 13y agoLet's assume I invest on this. What will happen if, after accumulating a nice amount of coins, one day the URL ceases to exist, and no one is to be found? What provisions do the Indian government have in place to help me recover my investment? I know the workings on the countries I have some type of investment (Europe and North America). They are mature, known to work well for ages. Nothing I know about India, or Africa, or former Soviet Republics, or Middle East, or some countries un South America and Asia. I simply don't trust, because if I lose, I lose most of what I own. I have lots to lose, because what I would lose is all I have. I require confidence.
- faizanaziz 13y agoIndia has very strict laws about corporate fraud. If you do find that the URL ceases to exist you can put a case on the company with the LLPIN mentioned, even the name is enough. That will cause India to cease the funds and arrest all directors and put them on bail. Its not that easy to do fraud in India and run away. India is not South Africa, Soviet Union or Middle East. The GDP of India is 1.84 trillion USD. Many companies want to invest in India, especially companies like Walmart, Starbucks and so on. India has car assembly units of Toyota, Nissan, Renault, Honda, Maruti, Huyndai and many more each costing about 1 billion USD. That type of investment does not come if your country allows easy corporate fraud.
- verroq 13y ago1.5mh/s is tiny.
- theanirudh 13y ago1.5 MH/s is pretty fast in Litecoin mining, and we are working towards getting more capacity. From our initial estimate we found that you can earn upwards of $50 a week
- Caketh 13y agoLets quickly do the math on this. At the time of writing, Litecoin is at $23.50 and Bitstamp is showing Bitcoin at $821. The cost of the lowest service is 0.75BTC pa, which works out to be $615.75 per year. 615.75/23.50 = 26.2021276596 At a rate of 0.5 MH/s, we're looking at 0.12406948 LTC a day[1] at the current network difficulty. So, to mine 26.2021276596 LTC, it would take us 211.1891470779115 days. That came out a lot quicker than I thought it would, but still an exorbitant amount of time. LTC is not my interest or strong point, so if there are any errors, please let me know so I can correct them. [1] https://www.litecoinpool.org/calc?hashrate=500&difficulty=3891.34232183&power=&energycost=0.10¤cy=USD https://www.litecoinpool.org/calc?hashrate=500&difficulty=38...
- faizanaziz 13y agoThis is all assuming that litecoin does not go up in trading at all. If assuming litecoin goes to 40 - 60 USD which it was just Dec 2013, source http://coinmarketcap.com/xrp_180.html http://coinmarketcap.com/xrp_180.html then the recovery time will be between 50 to 100 days. Only do this if you believe in litecoins
- nwh 13y agoIf the price goes up you would have been better off just keeping your money in litecoin to begin with. There's no way you can win with this, that's why they're selling it.
- Caketh 13y agoYes, that is true. My post was assuming the price of LTC did not change, although over the past 2 weeks it hasn't ventured very far north of of $24 or even very far south $22. http://www.ltc-charts.com/period-charts.php?period=2-weeks&resolution=day&pair=ltc-usd&market=btc-e http://www.ltc-charts.com/period-charts.php?period=2-weeks&r...
- mrud 13y agoDon't forget that the difficulty [1] will increase over time. By using the calculator [2] with only a 5% increase, zero electricity costs etc. we don't see any return at all. [1] http://bitcoinwisdom.com/litecoin/difficulty http://bitcoinwisdom.com/litecoin/difficulty [2] http://bitcoinwisdom.com/litecoin/calculator http://bitcoinwisdom.com/litecoin/calculator
- rglullis 13y agoThe interesting thing is that India has one of lowest costs for electricity.
- theanirudh 13y agoExactly, thats why we are able to be so cheap
- chandrew 13y agoare you running any promos? :P
- theanirudh 13y agoThanks for the suggestions, we will consider adding a referral program. Also what do you mean by promos? like a discount on contracts?
- chandrew 13y agopromos for early users, to get the word out, etc. so yes, discounts.
- chandrew 13y agoMaybe a referral program like CEX will help Coinwell out