Cryptocurrency mining proof of concept (with actual numbers)

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Forums › Finance and wealth management › Cryptocurrency mining proof of concept (with actual numbers)

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488 posts

Ultimate Geek
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#953479 17-Dec-2013 08:25

Comparing these two tables, and taking into account the change in difficulty, it would appear that VPSNine is no longer a viable option.

Original table of effort:

Node           Rent     PPS    Return   Provider

node01        $5.00   450     9.81    DigitalOcean
node02        $5.00   490   10.68    DigitalOcean
node03        $5.00   465   10.13    DigitalOcean
node04        $5.00   490   10.68    DigitalOcean
node05        $5.00   540   11.77    DigitalOcean
node06        $5.00   680   14.82    VPSNine
node07        $5.00   680   14.82    VPSNine
node08        $5.00   520   11.33    VPSNine
node09        $5.00   430     9.37    VPSNine
node10        $5.00   490   10.68    VPSNine

Todays table of effort:

Node           Rent     PPS    Return   Provider      OS

node01   $5.00   260   8.40      DigitalOcean    13.10 x64
node02   $5.00   300   9.70      DigitalOcean   13.10 x64
node03   $5.00   290   9.37      DigitalOcean   13.10 x64
node04   $5.00   300   9.70      DigitalOcean     13.10 x64
node05   $5.00   348   11.25   DigitalOcean   13.10 x64
node06   $5.00   160   5.17      VPSNine   13.04 x64
node07   $5.00   150   4.85 VPSNine 13.04 x64
node08   $5.00   260   8.40 VPSNine   13.04 x64
node09   $5.00   100   3.23      VPSNine   13.04 x64
node10   $5.00   280   9.05      VPSNine    13.04 x64

Your thoughts?

Kingy

395 posts

Ultimate Geek
+1 received by user: 32

#953481 17-Dec-2013 08:37

I've yet to set it up so I'll have to do some testing to find the best setup.

I'd be interested in setting up a mining pool. Will do some investigation today to see how exactly we go about it.

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gundar

488 posts

Ultimate Geek
+1 received by user: 80

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#953501 17-Dec-2013 09:15

Not to say all is lost, but working through VPSNine, seems to be a bad idea. Digital Ocean, as shown above, is still profitable, as will a few other providers, I guess. Again, spread your minions out, if you can, there is no shortage of $5 providers.

I'd like a comment from a devloper who can say whether or not this may be the result of compiling against an older operating system?

Id also like to hear form people who have high performance CPU miners (physical i5 and i7s) - how has the difficulty change affected you?

mikerussellnz

283 posts

Ultimate Geek
+1 received by user: 2

#953860 17-Dec-2013 18:27

Maybe these charts might be a clue. The block reward seems to have taken a dive

http://xpm.muuttuja.org/charts/

gundar

488 posts

Ultimate Geek
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#953863 17-Dec-2013 18:29

mikerussellnz: Maybe these charts might be a clue. The block reward seems to have taken a dive

http://xpm.muuttuja.org/charts/

All the more reason to push harder and squeeze every spare cycle out of the hardware I have...

readyrmca

4 posts

Wannabe Geek

#954008 18-Dec-2013 03:50

Hi all. Thanks for the useful info. I was in the process of setting up nodes on VPSNine when I found this thread. I think I'll hold off for now. I'm currently running 5 machines that are a mixture of i5's and i7's and should be able to post some results when they've been running longer without interruption. I have the luxury of not having to worry about electricity with these so that's not a factor.

I do have a couple of questions though. I'm new to using cloud nodes to mine and have been using ypool for all of my physical machines. I just set up my first node on digital ocean and got it running using this tutorial

http://www.davidedicillo.com/developing/how-to-mine-primecoin-xpm-on-the-cloud/

It's currently set to my BTC-E address and I'll admit this was my first time ever using a Linux terminal for anything at all. Should I be doing something different than what is described in this tutorial, and if so, what changes should I make. Keep in mind that I'm a total Noob when it comes to Linux, but I can pick things up pretty quick and I can follow instructions precisely. Thanks in advance for any help you might provide. I want to set up some more droplets on D.O., but I want to make sure that I've got this right first. Like, for instance. I don't even know what my payout threshold is. How much do I have to have before it will be transferred to my BTC-E account?

Thanks,

Roger

@readyrmca Follow me on Twitter for daily BTC buy/sell points/analysis. You can check my track record. I can read a chart and make you money!!!

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gundar

488 posts

Ultimate Geek
+1 received by user: 80

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#954077 18-Dec-2013 09:29

readyrmca: Hi all. Thanks for the useful info. I was in the process of setting up nodes on VPSNine when I found this thread. I think I'll hold off for now. I'm currently running 5 machines that are a mixture of i5's and i7's and should be able to post some results when they've been running longer without interruption. I have the luxury of not having to worry about electricity with these so that's not a factor.

I do have a couple of questions though. I'm new to using cloud nodes to mine and have been using ypool for all of my physical machines. I just set up my first node on digital ocean and got it running using this tutorial

http://www.davidedicillo.com/developing/how-to-mine-primecoin-xpm-on-the-cloud/

It's currently set to my BTC-E address and I'll admit this was my first time ever using a Linux terminal for anything at all. Should I be doing something different than what is described in this tutorial, and if so, what changes should I make. Keep in mind that I'm a total Noob when it comes to Linux, but I can pick things up pretty quick and I can follow instructions precisely. Thanks in advance for any help you might provide. I want to set up some more droplets on D.O., but I want to make sure that I've got this right first. Like, for instance. I don't even know what my payout threshold is. How much do I have to have before it will be transferred to my BTC-E account?

Thanks,

Roger

@readyrmca Follow me on Twitter for daily BTC buy/sell points/analysis. You can check my track record. I can read a chart and make you money!!!

Hi,

The blog post mentioned works well. It didn't work for me becasue some VPS / cloud providers don't have that version of Ubuntu available and I felt it was a bit light on technical detail. I don;t think there is anymore you can do with David's post, but I stronlgy suggest you fire up another VPS and experiement with the gains you make on other versions of Ubuntu and possibly other XPM pools, something that I will have completed in a few days as a follow up post. Digital Ocean has a cap of 5 VPS per user and they get pretty invasive when you ask for more, so be prepared to lie big or try another VPS provider ;-)

If you are at beeeeer.org, the payout happens at 3.1XPM.

Currenlty, XPM is very low in value, but it can be traded for BTC on many exchanges, such as BTC-e. I found that this is a profitable venture at around 20-25XPM due to the cost of each trade. Just because it is low, don't stop mining; the value fluctuates constantly and I expect trade will slow down over the holiday period.

Good luck, hopefully this answers your questions.

readyrmca

4 posts

Wannabe Geek

#954106 18-Dec-2013 10:19

Thanks for the info. This does help quite a bit. Are there any other providers that you can recommend that I try. There are so many of them out there that I am having trouble deciding on which ones to use and which ones are the easiest on the crypto community. I'm in the process of setting up four more droplets right now sot that I can run five in hopes of getting similar results to the ones that you posted early in this thread.

I do have one more question for you. Do you happen to know what command I can use to see my miners running on the droplets. There is a command at the end of the tutorial I used that I'm posting below.

tail -f /var/log/supervisor/primecoin.log

Also, if you have any links to any other tutorials to get these droplets up and running on beeeer that you think might be better or might help me learn more about what I'm doing please feel free to post them for me.

This was supposed to be able to show me the miner working in the droplet, but I'm not able to see it. Nothing happens when I use this command. Any idea why that may be? Thanks again for all your help. I'll get there eventually. I've wanted to learn linux for a long time now, and this gives me a n excuse to play around with it.

Roger

gundar

488 posts

Ultimate Geek
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#954161 18-Dec-2013 11:13

readyrmca: Thanks for the info. This does help quite a bit. Are there any other providers that you can recommend that I try. There are so many of them out there that I am having trouble deciding on which ones to use and which ones are the easiest on the crypto community. I'm in the process of setting up four more droplets right now sot that I can run five in hopes of getting similar results to the ones that you posted early in this thread.

I do have one more question for you. Do you happen to know what command I can use to see my miners running on the droplets. There is a command at the end of the tutorial I used that I'm posting below.

tail -f /var/log/supervisor/primecoin.log

Also, if you have any links to any other tutorials to get these droplets up and running on beeeer that you think might be better or might help me learn more about what I'm doing please feel free to post them for me.

This was supposed to be able to show me the miner working in the droplet, but I'm not able to see it. Nothing happens when I use this command. Any idea why that may be? Thanks again for all your help. I'll get there eventually. I've wanted to learn linux for a long time now, and this gives me a n excuse to play around with it.

Roger

Hi

The supervisor package starts the miner and this creates it's own log file, this is a good place to start looking for trouble - it is in /var/log/supervisor/supervisor.log, I think (I'm at work and can;t check now). If that shows no errors, consider running the binary that is defined in /etc/supervisor/conf.d/primecoin.conf by hand. This will give you an interactive screen you can see the happenings on.

That command line of the primecoin.conf file is what the service runs, so if it doesn't work manually (with 'sudo'), it won't work automatically. As it is in the /etc/init.d/ folder it is run as 'root' at each system start.

'tail -f' is an instruction to detail the last lines of the log file as they are added, so this command, if run, will show you the log file updating as teh service is running. If the screen does not update - or the last time is not current (please consider time zones) then the service is not running.

Usually though, if tail -f /var/log/supervisor/primecoin.log is empty or does not exist, then the miner is not starting.

To my knowledge, beeeer and ypool are the only available pool mining communities for XPM. I will have a blog post on optimising ypool mining soon.

Digital Ocean and VPSNine are the only VPSs I have active and their yield varies during the day based on a number of external factors. You are welcome to try Amazon EC2 or Server4You, the last two I have mixed results with and won't renew my subscriptions as they don't produce a profit when XPM is under US$6.

Hope this helps, please share your findings and experience here so that we can all experience and learn.

Edited for clarity and grammar.

gjm

810 posts

Ultimate Geek
+1 received by user: 122

#954224 18-Dec-2013 12:27

its interesting to see how easily the price could be manipulated for XPM / USD. The volumes going through are generally tiny, often < 1 xpm however this has a large affect on price due to the small volumes traded. Looking at the depth it would be fairly trivial to buy up the cheaper sell orders to force the price up and it would be interesting to see the affect as to whether it brought more buyers or sellers out of the wood work. Anyone got a few hundred spare USD :)

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gundar

488 posts

Ultimate Geek
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#954227 18-Dec-2013 12:30

gjm: its interesting to see how easily the price could be manipulated for XPM / USD. The volumes going through are generally tiny, often < 1 xpm however this has a large affect on price due to the small volumes traded. Looking at the depth it would be fairly trivial to buy up the cheaper sell orders to force the price up and it would be interesting to see the affect as to whether it brought more buyers or sellers out of the wood work. Anyone got a few hundred spare USD :)

I think a lot of people do that to make very small, short term gains and that contributes to the volatility of the market.

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readyrmca

4 posts

Wannabe Geek

#954459 18-Dec-2013 19:00

The day trading aspect of the crypto currencies is more my cup of tea as I'm just now getting into the mining aspect of it more due to a curiosity about linux than anything. Volatility in the market is good in short bursts as in a pulsing of volume ramping up and pulling back is usually a sign of a growing market.

gundar

488 posts

Ultimate Geek
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#954463 18-Dec-2013 19:08

readyrmca: The day trading aspect of the crypto currencies is more my cup of tea as I'm just now getting into the mining aspect of it more due to a curiosity about linux than anything. Volatility in the market is good in short bursts as in a pulsing of volume ramping up and pulling back is usually a sign of a growing market.

I found this to be true on the NZX as well as the in game markets of Eve Online. I strongly suspect the current downswing is the result of many going on holiday and I expect the market to liven up in the new year, at least, I'm prepared to play this game until sometime in February. no matter what - I did push my small XPM pile up 10% last night by trading in BTC-e's market - buy low, sell high etc.

readyrmca

4 posts

Wannabe Geek

#954511 18-Dec-2013 21:23

I'm not gonna lie. I lost my shorts trying to trade in the alt market, but I know the bitcoin market very well. Gundar I think you're right about the time of year and the holidays having a lot to do with it, but there's another aspect as well. The market (BTC) is being manipulated on a HUGE scale by the media and very large investors. It seems like every other day the sky is falling and the Chinese are gonna sell all their bitcoin and the market is gonna crash. Most of this news is blown way out of proportion by the traders and the forums. The whole idea behind bitcoin and cryptos was to keep the banks out of the market, so who gives a damn if Chinese banks can't trade in it. Baidu pulling it's support as a payment type is the only real news that's come out of China that should affect the market, but that too, was most likely just so they could buy up cheap bitcoins themselves. Something smells fishy about all of this, but it'll take a few more months to play out.

Kingy

395 posts

Ultimate Geek
+1 received by user: 32

#954617 19-Dec-2013 08:21

Well I've got a VM setup running 4 cores with a max speed of 3000mhz (spread over the 4 cores).

It's only sitting at 220-250PPS. Here are my current stats (been running since about 5pm yesterday):

http://xpm.syware.de/?a=AWq157zGp73TJftpFSougzacR6ZpSmxywt

Basically pretty worthless at this stage. I might ramp it up to use half the CPU of the dedicated server. Once Xmas is done and dusted I might also look at getting a few DigitalOcean nodes setup. Any tips on what I can do to possibly increase it?

Web development blog: http://www.devhour.net
Follow me on twitter: @JAGracie

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