-
Hello everyone! I am new to cryptocurrencies in general, and have ended up here. I am a PC gamer with an interest in building/modding/using computers for different purposes, and this seems fun. Alas, I have an Nvidia graphics card.
So, am I allowed to ask a few questions in this introductory thread?
First, from reading I’ve gotten the vibe that bitcoin and litecoin mining is pretty hard to get into now, because of the difficulty increasing so much. This is what drew me here. Is this an accurate assumption? How long will it be until feathercoin becomes too hard to mine to be profitable?
How hard is it to convert feathercoins to USD, either directly or through other cryptocurrencies?
Is there anywhere that I can see the historical value of the FTC? Like an X-month graph of the value.
If you were just starting out with this, would you come to FTC or another? Am I making a good decision in buying new GPU’s to mine FTC, or is this a mistake? From what I have calculated (with the assistance of the profitability calculator on this site) it will take anywhere from 180-300 days to be profitable at the current FTC value, difficulty, and electricity rates. As the difficulty increases, will this become longer or shorter, I mean, will the value of the FTC increase enough to balance out the difficulty in mining? Of course no one knows the answer, but from what you guys know, since you know more than anyone.
Thanks!
-
[quote name=“TawClaw” post=“15399” timestamp=“1371319685”]
Hello everyone! I am new to cryptocurrencies in general, and have ended up here. I am a PC gamer with an interest in building/modding/using computers for different purposes, and this seems fun. Alas, I have an Nvidia graphics card.So, am I allowed to ask a few questions in this introductory thread?
[/quote]
Hello TawClaw, welcome to feathercoin.
You can ask anything you want, also don’t forget to check for Tutorials on almost anything feathercoin related here.
http://forum.feathercoin.com/index.php?topic=685.0[quote author=TawClaw link=topic=1914.msg15399#msg15399 date=1371319685]
First, from reading I’ve gotten the vibe that bitcoin and litecoin mining is pretty hard to get into now, because of the difficulty increasing so much. This is what drew me here. Is this an accurate assumption? How long will it be until feathercoin becomes too hard to mine to be profitable?[/quote]
That’s correct bitcoin and litecoin mining is pretty hard at the moment, and feathercoin was too hard to mine to be profitable until recently, but I stuck around, like many others in the community,
how hard a coin becomes to mine, depends on much hash power you have plus what the coins difficulty is and the network hash of coin, these variables can change, some can change quickly.
Using a site like www.coinwarz.com can help you determine what is good for profit, but this changes every minute depending upon all the variables, including current fiat to coin exchange value.
For example I mine feathercoin even when my profit is none because I can keep the network hash up and to help change the difficulty down, this in turns makes the coin better, I see that as a long term investment.[quote author=TawClaw link=topic=1914.msg15399#msg15399 date=1371319685]
How hard is it to convert feathercoins to USD, either directly or through other cryptocurrencies?
[/quote]
Using the Btc-e exchange its easy, you exchange feathercoins(FTC) for bitcoins(BTC), then exchange BTC for USD and withdraw USD to your bank account, hopefully soon will be see on btc-e on other exchanges a FTC to USD direct exchange.
[quote author=TawClaw link=topic=1914.msg15399#msg15399 date=1371319685]
Is there anywhere that I can see the historical value of the FTC? Like an X-month graph of the value.
[/quote]
I don’t know this one, but try here, you may need to post this queston here.
http://forum.feathercoin.com/index.php?board=14.0[quote author=TawClaw link=topic=1914.msg15399#msg15399 date=1371319685]
If you were just starting out with this, would you come to FTC or another?
[/quote]
Well I’ll be bias and say FTC, because that’s what I did, I’ve been in this game only 6 months and FTC caught me, the community was the big sell.
[quote author=TawClaw link=topic=1914.msg15399#msg15399 date=1371319685]
Am I making a good decision in buying new GPU’s to mine FTC, or is this a mistake?
[/quote]
I spent 1200 bucks on 4 x 7950 Cards to mine with and also I play with the exchanges to buy more FTC when prices are good, I would get more GPU’s only power costs are expensive. Wheather its a mistake for you depends entirely on what you do with them, the best thing about buying GPU’s is that you can resell them again at near enough what you paid for them, as there is a very high demand for GPU’s for mining as well as games.
[quote author=TawClaw link=topic=1914.msg15399#msg15399 date=1371319685]
As the difficulty increases, will this become longer or shorter, I mean, will the value of the FTC increase enough to balance out the difficulty in mining?
[/quote]
Can’t answer that one, but that’s why we are a strong community, we want to give feathercoin value now and the future, you can help with this yourself by just mining feathercoin and being active in the community.
-
Oh man, if BTC-e adds FTC->USD as a currency pair, that would make my day…
-
Thanks for the detailed response, Pyxis.
So, from my calculations it seems FTC mining will really only be decently profitable if the value of the FTC goes up. What would cause this to happen? I keep reading comments like “if the FTC goes up to $1” etc etc, are these realistic, do people believe that will happen, or are they jokes?
-
So exposure is the key to the success of the FTC?
Now I’m young and naive, but perhaps a Kickstarter project could help with this. For instance, the project would be to build mining PC’s to mine Feathercoins. The Kickstarter rewards are a fraction of the FTC the mining PC’s bring in, proportional to the donation of the backer ($100 backers get X%, $300 backers get Y%, sorted out at the end once the total backed amount is found).
This would help in a few ways. First, it brings exposure to Feathercoin. Perhaps some people would see it on Kickstarter who would not otherwise have known about Feathercoin, or any cryptocurrencies. I believe the type of people who are on Kickstarter would be interested in this, too.
Second, it puts Feathercoins in the hands of more people. The more backers there are, the more people have a stake in the FTC market. The more people involved in FTC, the better. (right?)
And third (is this good or bad??), more Feathercoins are being mined as a result of this project.
Does this sound like a good idea? I’ve got time, and space, and electricity, and could put something like this together if it would help Feathercoin. I’ve really gotten more and more interested in FTC the more I read, and truly believe that it will be big one day. Anything I can do to help.