Stupid Question Alert...
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Hey jharg…just want to add to what AmDD said. If you are planning to invest some money into Feathercoin in one way or another, at this point I recommend buying some coin over setting up a mining operation. I think its money better spent and it gets you a stake in the project very quickly as opposed to waiting for a mining investment to trickle in returns…The price of feathercoin has dropped significantly from where it was 1 month ago (although to be fair is still up from where it was a few months ago). Seems like a good buy price to me…
So how to buy feathercoin and deposit them into the wallet on your PC you are syncing.
1)Buy some bitcoin. Not sure where you live, but it shouldn’t be too hard to find a service.
2)Open an account on Bittrex.com
3)Deposit the Bitcoin you bought into your account on Bittrex.
4)Purchase FTC using the BTC- look for the FTC/BTC trading pair (you can either buy at the price someone is selling, or place a buy order at a specified price- again check the price history to get your bearings)
5)Withdraw the FTC from your Bittrex account into the wallet on your PC.The last step is critical. That’s how you put your money on your own computer. Its completely under your control at that point, entirely unlike your bank account!
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@AmDD Older cards aren’t worthless. They are less profitable due to lower hash rate to power consumption ratio.
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@ghostlander I’ll add to that too (I’m not a coder so I enjoy when there is a topic i can actually contribute to on here and help someone else) :smile:
Mining most coins solo is useless these days. Even with an expensive rig, your chances of finding a block on your own are very low. So you may run your computer for months/years and never receive a single coin. Thats why most mining is done in pools now. You basically put your computer’s mining ability into a pool with others. The pool then distributes the proceeds of your collective efforts by way of measuring who contributed how much processing power.
So if you use your PC as is, and you join a pool, your efforts won’t be useless. You will receive some FTC. But as ghostlander put it, you’d probably spend more on hydro then you’d receive back in FTC. Good for fun and learning, but not a way to make money.
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@bsotnikow said:
Mining most coins solo is useless these days. Even with an expensive rig, your chances of finding a block on your own are very low. So you may run your computer for months/years and never receive a single coin.
This depends on which blockchain you are mining. If you were mining BTC this is pretty much true and finding a block is like wining a lottery for smaller miners. However for FTC, and other smaller Alts solomining is still something you can have success doing even on a small scale. When I point my GPUs at FTC ill solve several blocks in a day and I only have a small farm.
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@jharg said:
@Wellenreiter Firstly thanks for the welcome, as for what I intend to do. Hmm well that’s where I’m a bit stuck. I’m guessing I need a "mining app/program to do the actual mining for me, and somewhere within said program I need to give it my wallet address to deposit all my ill gotten gains! Do I need to wait for my wallet to fully sync with the network before I can use it? And if so can I have the same wallet syncing on 2 pc’s at the same time? Thanks in advance for any resonse!
You can use your wallet as soon as it has generated the feathercoin address, that means you can send FTC to that address.
Nevertheless, the coins will show up in your wallet only after the wallet has synchronized with the block chain. Sending coins is possible only after the wallet is fully syncronized. -
@ghostlander said:
@AmDD Older cards aren’t worthless. They are less profitable due to lower hash rate to power consumption ratio.
Correct, worthless was a bad choice of words.
P2Pool Node: http://104.236.34.9:19327/ 0.5% fee
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@RIPPEDDRAGON Ah yes thanks, I shouldn’t have put it like that. Its all a sliding scale based on the tech and how many other people are mining it and using what. Its how big of a fish you are in comparison.
Also, if I can ask my own question…
I have heard that FTC is particularly resistant to the creation of ASIC miners that would swamp the network with fast/cheap processing and push out the little guy with his home computer. What I don’t understand is whether that’s because there simply isn’t the profitability to do the R&D/production required to create an ASIC miner for FTC and its unique algo… Or is there something about NeoScript in particular that would make it harder to transpose to ASIC?- supposing someone wanted to invest the money to create a dedicated miner for NeoScript.
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@bsotnikow It’s unreasonably expensive to design and manufacture a NeoScrypt ASIC miner unless the market grows to $100 million or so.
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@bsotnikow Its because the last time a company developed an ASIC for the algorithm that FTC used we wrote our own and switched to it. Whats to stop someone investing in NeoScrypt asics… nothing. However, that person is taking the risk that FTC and other NeoScrypt coins would switch to another algorithm. Also our market cap isnt high enough to draw attention for ASIC designers.
People that are good with FPGAs could easily create some lowwww power miners for FTC and I applaud anyone who already is running one.
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@AmDD said:
@ghostlander said:
@AmDD Older cards aren’t worthless. They are less profitable due to lower hash rate to power consumption ratio.
Correct, worthless was a bad choice of words.
Older cards are just… worth less. :)
