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Not for bitcoin you can't. Not really, anymore. The rise of ASICs has marginalized everyone but the ASIC producers. They will always have the edge going forw

Not for bitcoin you can't. Not really, anymore. The rise of ASICs has marginalized everyone but the ASIC producers. They will always have the edge going forward. Even if they rent you the equipment, you are sharecropping and paying them enough that your sole profit will be from an increase in the value of the currency, not in acquiring coins at the current rate. You may as well just buy the bitcoins. I'm still not sure if this is to the net benefit of the currency or not; I don't think anyone is, people argue both sides, but I tend to think it's a bit premature since productive mining will proceed for years to come at the hands of only a few. One of the potential benefits of the scrypt algorithm used by Litecoin and Dogecoin (and others) is that even with scrypt ASICs being developed, the memory-intensive nature of the algorithm has so far prohibited a massive disparity in hashing ability. You can still buy a sub-$2000 mining rig that will basically pay for itself in a couple months.

aestra 13y ago
>You can still buy a sub-$2000 mining rig that will basically pay for itself in a couple month No you absolutely can't. About 6 or 8 or so weeks ago I was making about $4 a day mining scrypt coins. Now I'm making $1.50. I don't think it is going to be profitable 6 weeks from now. When Dogecoin first exploded I had several $15-$24 days. Right after I first started there was actually a graphics card shortage(!) because of the interest in mining. My graphics cards haven't been paid off yet with just mining, and I don't think they will be. That's not a problem for me, because I can sell one of them, and keep the other, which will pay them off. If you don't already have the PSU, CPU, MOBO, etc, you are wasting your money building a mining rig, especially now the profits are so low. Only buy a graphics card if you want the card for other reasons. Those mining profit calculators way way way overestimate. EDIT: My system has 600 kH/s hashrate. EDIT EDIT: Even 6 or 8 or so some people on the litecoin mining subreddit were very confused about people who were building expensive mining rigs and pointing out how those rigs will never pay for themselves.
- driverdan 13y ago
  You need to change what you mine to whatever is most profitable. If you only target a single, popular one then yes, difficulty will increase and profitability will probably decrease. See http://www.coinwarz.com/cryptocurrency/ http://www.coinwarz.com/cryptocurrency/
  - aestra 13y ago
    Hahahaha. Yeah. And I do, which is why I said cyptocurrency not a single one. Those profitability calculators are a joke, each one has a completely different ordering. My point was profit is going down for all coins everywhere, there is no secret magic to get back the profits I had 8 weeks ago, and with the exception of doge just around Christmas, the trend is continuing downwards for every coin. altcoins cannot be forever profitable as basic economics tells us this.
- Guvante 13y ago
  As long as there is profit to be made people will join, until there is no more profit to be made. Pretty simple economics but kind of scary for a system which is based around mining.

aestra 13y ago

>You can still buy a sub-$2000 mining rig that will basically pay for itself in a couple month No you absolutely can't. About 6 or 8 or so weeks ago I was making about $4 a day mining scrypt coins. Now I'm making $1.50. I don't think it is going to be profitable 6 weeks from now. When Dogecoin first exploded I had several $15-$24 days. Right after I first started there was actually a graphics card shortage(!) because of the interest in mining. My graphics cards haven't been paid off yet with just mining, and I don't think they will be. That's not a problem for me, because I can sell one of them, and keep the other, which will pay them off. If you don't already have the PSU, CPU, MOBO, etc, you are wasting your money building a mining rig, especially now the profits are so low. Only buy a graphics card if you want the card for other reasons. Those mining profit calculators way way way overestimate. EDIT: My system has 600 kH/s hashrate. EDIT EDIT: Even 6 or 8 or so some people on the litecoin mining subreddit were very confused about people who were building expensive mining rigs and pointing out how those rigs will never pay for themselves.

driverdan 13y ago
You need to change what you mine to whatever is most profitable. If you only target a single, popular one then yes, difficulty will increase and profitability will probably decrease. See http://www.coinwarz.com/cryptocurrency/ http://www.coinwarz.com/cryptocurrency/
- aestra 13y ago
  Hahahaha. Yeah. And I do, which is why I said cyptocurrency not a single one. Those profitability calculators are a joke, each one has a completely different ordering. My point was profit is going down for all coins everywhere, there is no secret magic to get back the profits I had 8 weeks ago, and with the exception of doge just around Christmas, the trend is continuing downwards for every coin. altcoins cannot be forever profitable as basic economics tells us this.
Guvante 13y ago
As long as there is profit to be made people will join, until there is no more profit to be made. Pretty simple economics but kind of scary for a system which is based around mining.