Author Topic: Solo mining devcoins  (Read 7675 times)

Offline misterr8472

  • Newbie
  • *
  • Posts: 1
  • Karma: +0/-0
  • Hello I'm new :D
Solo mining devcoins
« on: July 18, 2013, 03:57:44 pm »
Hi all,

I am liking this new cryptocurrency. Particularly the ethics behind it!
However, being neither a writer, nor developer, nor anything useful to a cryptocurrency, I'd like to use some of my processing power to mine devcoins.
Is there a way to solo mine them and how would I go about that? :)

Thanks

Offline FuzzyBear

  • Administrator
  • Full Member
  • *****
  • Posts: 71
  • Karma: +19/-0
  • devcointalk.org and ppcointalk.org owner
    • This site!! devcointalk
Re: Solo mining devcoins
« Reply #1 on: July 20, 2013, 02:32:47 pm »
Hi all,

I am liking this new cryptocurrency. Particularly the ethics behind it!
However, being neither a writer, nor developer, nor anything useful to a cryptocurrency, I'd like to use some of my processing power to mine devcoins.
Is there a way to solo mine them and how would I go about that? :)

Thanks

Hello misterr8472 many thanks for your question and let me give you some info as a reply...

You can solo mine devcoins by running the client on your computer you are mining on and point your miner at 127.0.0.1 and use the username and password that you setup in the devcoin.conf file (in your %Appsdata%>devcoin folder) when you installed the client.

However two things.  One Devcoin is a Merged mined coin... meaning it can be mined alongside bitcoin with the same hashrate on both chains :)

secondly and most importantly... check the difficulty of the coin you are looking to solo mine and how much hashrate you have pointing at the coin.  Devcoin difficulty is high at the moment for even most large mining farms, and pools with 1TH + even take a long time to hit a devcoin block.  I would recommend joining a pool to mine your coins.  Which nicely bring me onto the next point that I am almost about ready to launch a Merge Mine Pool for BTC, DVC, NMC, IXC and possibly more... just ironing out few last bugs and whatnot but watch this space as i'll post a link to it soon :)

FuzzyBear
BTC: 1FvMYwtkrQakoL8Zq1GjfKqTkm2a7TKt6N  |  LTC: LbMPUzwPRkWa5hCJGrEiRCeoYExY6Ujt1D  |  DEV: 1JfbPx4nSGFxfzhTK1h3gHbp1E1BkFbwFW 
PPC: PDtcFPhMa9Hc9zTfoRG7zcURCRpcpRdMym  |  TRC: 1FzdruHpffAeW2ZBctDLwR8P4APVpATu2j  |  FRC: 1BADxscUvT42SFXZwXgxEfWVDHkV1QPTEj
NMC: N7q9zg9h4Scfx6R25RTL8LdGxCBQbgq8wz  |  BBQ: bWnUiCU3MGxjKBFifHEtvXLjSq33wMFHbt ***** Earn DEV at http://devtome.com *****

Offline wiser

  • Devtome Writer
  • Jr. Member
  • ***
  • Posts: 25
  • Karma: +4/-0
  • Will write for Devcoins
Re: Solo mining devcoins
« Reply #2 on: July 20, 2013, 11:51:39 pm »
Any chance you'd be willing to issue shares in your venture, Fuzzy Bear?  I have figured out that I do not want to be a miner in the sense of using or buying my own hardware.  However, I would like to get in on it somehow, and I like your idea.  As for set up, I like the way COGNITIVE is set up on BTCT.co, where some of the mined coins get paid out as dividends but others go back into the fund to buy more hardware so as to keep up with difficulty increases.  I'm priced out of COGNITIVE at the moment, but I figure if you start something new that has a similar model, the initial price will probably be low enough that I could get in.  Plus, it would make for another DVC denominated security :)
DVC: 1CWArtuzpytiXnJ6Ay8V4d7nQv3f5mVLEH
BTC: 1GTWhVxTQyQMoaXVoxQ73Jxy7uQZmnTt7C
LTC: LSz389gRXuPi26tezwEqRRKnvj4NTpq4pj

Offline FuzzyBear

  • Administrator
  • Full Member
  • *****
  • Posts: 71
  • Karma: +19/-0
  • devcointalk.org and ppcointalk.org owner
    • This site!! devcointalk
Re: Solo mining devcoins
« Reply #3 on: July 23, 2013, 12:14:41 pm »
Any chance you'd be willing to issue shares in your venture, Fuzzy Bear?  I have figured out that I do not want to be a miner in the sense of using or buying my own hardware.  However, I would like to get in on it somehow, and I like your idea.  As for set up, I like the way COGNITIVE is set up on BTCT.co, where some of the mined coins get paid out as dividends but others go back into the fund to buy more hardware so as to keep up with difficulty increases.  I'm priced out of COGNITIVE at the moment, but I figure if you start something new that has a similar model, the initial price will probably be low enough that I could get in.  Plus, it would make for another DVC denominated security :)

To be honest this is something I am very seriously considering... maybe something like raise listing to pay for server costs etc, then any profit pool makes will be sent out in dividends to the shareholders... think people would be interested in this??

here the link to the pool http://fuzzypool.mine.bz/

Still needs more work but you can mine btc on it :) and you will be mining the MM coins but need to sort out payment for these.

FuzzyBear
BTC: 1FvMYwtkrQakoL8Zq1GjfKqTkm2a7TKt6N  |  LTC: LbMPUzwPRkWa5hCJGrEiRCeoYExY6Ujt1D  |  DEV: 1JfbPx4nSGFxfzhTK1h3gHbp1E1BkFbwFW 
PPC: PDtcFPhMa9Hc9zTfoRG7zcURCRpcpRdMym  |  TRC: 1FzdruHpffAeW2ZBctDLwR8P4APVpATu2j  |  FRC: 1BADxscUvT42SFXZwXgxEfWVDHkV1QPTEj
NMC: N7q9zg9h4Scfx6R25RTL8LdGxCBQbgq8wz  |  BBQ: bWnUiCU3MGxjKBFifHEtvXLjSq33wMFHbt ***** Earn DEV at http://devtome.com *****

Offline wiser

  • Devtome Writer
  • Jr. Member
  • ***
  • Posts: 25
  • Karma: +4/-0
  • Will write for Devcoins
Re: Solo mining devcoins
« Reply #4 on: July 27, 2013, 04:06:33 am »
To be honest this is something I am very seriously considering... maybe something like raise listing to pay for server costs etc, then any profit pool makes will be sent out in dividends to the shareholders... think people would be interested in this??

I would be very interested in this assuming a sound business model and all that.  I've seen securities in mining operations before, and one thing I always look for is whether or not there is a built-in way for the venture to upgrade hardware so as to be able to keep up with mining difficulty increases.  For example, I like the way COGNITIVE is set up, but not the way TAT.VIRTUALMINE is set up.  The former reinvests profits into upgrading hardware; the latter you purchase a fixed amount of hashing power which of course is always going to yield less and less as difficulty increases.

Another point to consider--particularly if you want to make your security a DVC denominated one.  If you're issuing dividends in DVC that first come as BTC (as is the case with your ASICMINER passthrough security), there's an added value in that it makes those DVC (earned as dividends) somewhat less vulnerable to the exchange rate.  So for example, if the price of DVC is 80 sat, then the dividend would pay a few DVC.  If the price of DVC is 40 sat, then the dividend would pay twice the amount of DVC.  That makes a solid security even more valuable, at least to me.  I figured this out with the latest price drop (right before today's massive pump).

Anyway, keep me posted.  If you issue a security based on your mining activities, I would be very interested in learning more, and as long as the fundamentals work I'd love to buy in.
DVC: 1CWArtuzpytiXnJ6Ay8V4d7nQv3f5mVLEH
BTC: 1GTWhVxTQyQMoaXVoxQ73Jxy7uQZmnTt7C
LTC: LSz389gRXuPi26tezwEqRRKnvj4NTpq4pj