Zen Hashlet

After looking at the various options I talked about in the Assessing Altcoin Mining Contracts post, I decided that I’d buy Hashlets (virtual Bitcoin and Altcoin miners) from GAW Miners.

There a three types of Hashlet on offer. I was thinking about getting one or two Hashlet Primes over the weekend, but the $10 price hike on those on Monday put paid to that idea. They’re supposed to be their flagship product, but they don’t seem to do anything different to the other Hashlets apart from offering the ability to mine both Bitcoin (SHA-256) and Scrypt for $49.95. They’re also …

Read the rest of this post...

Altcoin Mining Contracts

Update Sept. 8th. The price of the GAW Miners HashletPrime rose by $10 today to $49.95. I wrote the article below over the weekend (when the HashletPrime was still $39.99) and published it earlier today.

As I mentioned in my previous post, GPU mining of cryptocurrencies is now a dead duck for me. Rising network difficulty, the arrival of (Application-Specific Integrated Circuit) ASIC Scrypt miners and the relative high cost of electricity (US$0.24 per Kw/h) has meant that running a 390W mining rig is just throwing money down the drain. At least when the rig was …

Read the rest of this post...

Mining Altcoins

Wow, 6 months have passed since I last posted here on Bitcoin Newsflash. Summer and other stuff happened that took my focus away from the world of cryptocurrencies. But now I’m back.

When I lasted posted, in March, I was still GPU mining. I was more or less at the break-even level, just converting electricity into Bitcoin with no profit. No matter what cgminer settings I tried in my XUbuntu powered mining rig, I couldn’t get more than 620Mh/s hashing power out of my Sapphire R9 280X video card. The price of electricity where I live is about …

Read the rest of this post...

The Mt.Gox debacle has got some pundits chirping about how it will bring about the fall of Bitcoin. I came across this article in which an economist puts forward her ideas on why Bitcoin is a failed experiment and why it’s value will drop to zero.

I don’t agree with her, and here’s why (you’ll need to read her article first):

  1. She’s wrong on this statement: “Fiat currencies (money) are pegged to real assets and backed by governments“. Fiat currencies are basically backed by hot air and not by real assets. That all stopped when the dollar was

Read the rest of this post...

Wired are reporting that the Mt.Gox crypto-currency exchange has most likely gone out of business.

It has apparently lost hundreds of millions of dollars due to a years-long hacking effort that went unnoticed by the company.

The hacking attack is detailed in a leaked “crisis strategy draft” plan, apparently created by Gox and published Monday by Ryan Selkis, a bitcoin entrepreneur and blogger.

Gox’s insolvency has also been independently confirmed by Coinbase.

The exchange is reputed to have lost 744,408 Bitcoins — worth about $350 million at Monday’s (Fe, 24, 2014) trading prices.

Wired reached a Gox representative …

Read the rest of this post...

When I started this site, my entire focus was on Bitcoin with it having come to public prominence in November 2013. I realized though that the Bitcoin gold-rush was over – those who’d bought the crypto-coins (or mined them) when they were valued at dollars, or tens of dollars, had seen their value skyrocket over the course of 2013.

Building and running a mining rig just a wasn’t profitable enterprise for Bitcoin. That’s when I became aware of Litecoin and so I set about building the rig detailed elsewhere on this site for mining Litecoins. As it turns out, because …

Read the rest of this post...

Here’s the latest update on my Litecoin Mining Rig…

Having successfully built the rig and known that all the components were working, it was time to install an operating system. Since you can’t transfer Windows 7 hard drives between PCs and I didn’t have a spare eSATA hard drive lying around, it looked like running Linux from a USB key was the way to go.

This was not nearly as easy as I had expected.

Linux Install Problems

I found this set of instructions on how to install Linux on a PC specifically built to mine coins.

Now, it’s over …

Read the rest of this post...

Three days ago (Friday), the other mining rig components I ordered – the the ASROCK motherboard [UK], RAM [UK] and processor [UK] arrived. So now I had everything I needed to finally build this Litecoin mining rig…

Except I forgot to order a WiFi card! Never mind, I could take one from an old PC I hardly use any more.

With everything now ready, I could start assembling the PC.

It’s been many, many years since I actually built a PC from bought components so naturally I made a dumb mistake!

Mt first order …

Read the rest of this post...

Just a quick update on my R9 280X card [UK]. Since I couldn’t get the card to work in my PC (a 3-year old off-the-shelf PC) or a friend’s 2-year old gaming PC, we both figured the card was a dud. So I returned it to the supplier with a view to getting a replacement card.

Note: If you’re thinking of buying any video cards for a mining rig, go for the Sapphire, MSI or Gigibyte brands only. Other makes seem to have problems when used in dedicated mining rigs.

I sent the video card back by registered …

Read the rest of this post...

As I mentioned in my previous post, I couldn’t get the Sapphire R9 280X video card (UK/Europe) to work in my PC. Not knowing if it was some issue with my motherboard (the new 600W PSU [UK] has more than enough juice to run the card) or a dud video card, I tried the card out in a friend’s PC.

Every motherboard manufacturer seems to use a different method for locking PCIe cards in place and the Alienware machine we were going to test the card on was no different. Once we’d looked up how …

Read the rest of this post...

Website Development by Top Design Blogs