EvilDevilCuckoo, Evil Devil Cuckoo, William Ryan, W.G. Ryan, Bill Ryan, Kim Ryan, Search Engine Optimization, Data Mining
DogeCoin Mining officially commenced today at the Ryan household. At least in terms of my solo effort it has.
DogeCoin mining is my latest hobby. Well, technically it’s more precise to say AltCoin mining has been my latest hobby, but I’m focused mainly on DogeCoin (at least until i can grab lunch with Chris G Williams and he can show me how I can do mine BitCoin in the cloud) . I’ve been blessed with some wonderful clients and at things couldn’t be going better. I started out contracting as a CRM Developer with a long term goal of getting the company up and running with a A-List Business Intelligence program. Within a few months, things progressed so well I’m now the Director of Analytics and Lead Data Scientist there. Outside of having my dream job handed to me, I have the pleasure of working with several phenomenally cool people. Luckily, many aren’t just cool they’re uber smart.
A few weeks ago, one of the other department heads mentioned the fact he was learning about Crypto-currency in his spare time. I’ve been dabbling in BitCoin for a few years now, but my interest was mainly wonkish as opposed to commercial. Computer Security has been the focus of much of my professional work as well as a private passion. Strong cryptography has been a fascination of mine since the earliest days of grad school when I first came across Bruce Schneier’s masterpiece, Applied Cryptography. Bruce Schneier and Phillip Zimmerman were among the first two great thinkers I encountered when I got into computing professionally and they absolutely ignited a true passion for the art within me. Computerized Cryptography, a new currency, I couldn’t help but fall in love with the concept of BitCoin from the second I heard of it.
For me, the problem was that I started a little late to the game and had a lot of other things I was focused on at the time, so I didn’t start BitCoin mining when I should have and I essentially missed the boat. The closest i could get was buying and trading them (although my friend Chris G Williams tells me there’s still ample opportunity to engage in cloud mining of BitCoin).
Anyway, a friend at work decided to start a pool. He decided to open up a pool to investors and we’d buy a percentage of some mining equipment. We’d mine, and if successful we’d be rewarded with whatever percentage of the take that we invested in originally. JB, the brains behind the initiative is a big thinker and has many ideas and we’re still very much in our infancy as far as that goes. Being that DogeCoin was still a pretty new commodity, I thought it would be the perfect coin to mine on my own as well. I started reading up on what are commonly known as AltCoins and quickly got up to speed on the entire subject. The primary allure for BitCoin was not as a primary investment vehicle but that’s certainly been what’s driven much of its popularity. Now, there’s an entire AltCoin market and the investment aspect is no small part of it.
Anyway, I started looking to buy DogeCoin and LiteCoin on Craigslist like I had in the past with BitCoin. At the time, I was traveling to New York on a regular basis so it was quite easy to find people buying and selling BitCoin. The Craigslist strategy ended up in a lot of Fail this time around though as seemingly everyone I responded to was out of state and insisted on doing things in a manner that can be best described as suspicious. A friend recommended Ebay and that seemed like a pretty safe bet. The only problem was, I wanted to buy a LOT of DogeCoin and most of the sellers had been ripped off so badly, they only wanted to deal in small transaction. After some digging and just good luck, I ran into a seller (who happened to be a graduate student with a background similar to mine) who had plenty to sell. [As a slight digression, I've done several transactions with him and found him to be the ideal seller. I've found a few others who I'd recommend but none as highly as this individual. He's honest, fair, responds to all inquiries quickly and always does what he says he'll do, and he does so quickly).
I was on the verge of buying a Rig for myself when JB told me there were new super miners coming out in August and that we were on the short list to get the first shipment of them. August however was a long time away. I spec'd out a rig with 4 GPU cards that ran around 2k and well , more on that in a bit. I saw some people on Ebay offering time slices on their mining rigs and decided to give that a try. Unfortunately , the ones I ran into with one exception were so paranoid it was impossible to do business with them. I found one excellent vendor who I still am working with who's been excellent. Not only has he always done what he says he'll do, he's very open to explaining the process and helping out. If you're interested in dipping your toe in without buying a rig, my experience with CompandTech was excellent - so much so I am buying a few weeks worth of time from him. I'm sure there are plenty of other good providers out there, but the ones I ran into were all so jaded from being burned that it made them hard to deal with. Steve of CompandTech is just exactly the type of guy you want to deal with on something like this.
While waiting on my heavy artillery to come in, I came across this. $110.00 for a starter kit? Sure, it didn’t have a lot of muscle, but how could you go wrong? Seemed like a perfect way to get things rolling. It’s cheap, if it didn’t work you’re only out $150.00 with shipping and he had excellent feedback. So I decided to give it a try. My other stuff won’t be here for another few weeks and the real super powered stuff won’t be here until August. All of that costs 2k on the low end, 7-10k for the actual stuff we’re going to use so even if the rig failed to pay for itself, I figured it’d be good for learning.
After ordering it, I got notice it was shipped immediately after I paid for it. The delivery time was supposed to be about a 8 days, but it arrived in 4. It was packaged with care, everything that was supposed to be in it was and the seller was kind enough to include instructions. Other than two trivial typos (he references a directory named “Download” which doesn’t exist, the name is “Downloads”) the instructions he includes provides everything you need to get up and running. I pointed out the typos but let me be clear, I’m not criticizing them, just the opposite. The fact the only thing wrong with his instructions are utterly trivial remnants of auto-correct speak volumes to how well things were done overall. Trust me, if this is the worst thing you can find to complain about, you are doing very well.
Unpacking the box took me about 10 minutes. Most of that time included cleaning up the styrofoam peanuts he included to make sure the package arrived safely and intact. I took it into the living room, grabbed one of my non-HD monitors, plugged in the provided keyboard and mouse, hooked it into my switch and I was 90% of the way there. The Box didn’t seem to come with a wireless card (at that price, you really have to be a jerk to expect anything like that) so I hooked it into my switch and just followed his instructions. I already have a few pools setup but I went ahead and setup an account with the same pool he used. Everything worked perfectly, without even a small glitch. From unpacking to live mining, the whole process took about 20 minutes and most of that was just plugging in cables , booting and setting up my accounts. His instructions covered everything and they were both thorough and accurate.
He mentions that he has a lower end card installed by default, but that you can easily upgrade the card if you like. I’m a little impatient so I’m heading over to one of the 24hr Wal-mart’s to pick up an upgraded card. I’m pretty sure i’m going to end up using the 4 card configuration for the time being until my other stuff arrives and I’ll report back tomorrow with some statistics.
All I can say is that the work it took to actually get up and mining was but a fraction of the work it takes to simply buy the things outright on Ebay, Amazon or Craigslist (Craigslist varies greatly from area to area and I don’t want to dissuade you from considering it – you may end up finding great deals there or find an opportunity to trade things you don’t want for a rig – I’m just saying from my experience, between CL in the greater Detroit area as well as the SC Upstate area, it’s probably not with the hassle). If you want to go the Ebay or Amazon route by all means look around – however if you use any of the vendors I mention above, I can tell you I’ve performed several transactions with each of them and have found them to be extremely honest, easy to deal with, helpful and competent. So much so, that even after I have all my mining rigs in full swing, I’ll continue to do business with them as I’ve found them wonderful to deal with.
Tomorrow morning, I’ll start posting the results and do my best to show the daily progress. I don’t expect anything too dramatic at the moment until I upgrade the video card (but remember, we’re talking about a $100.00 rig here. That’s a fraction of the cost of any hard core rig you’d contemplate and you get everything promised and then some. Right now, I’ve got almost 10k or machinery on order outside of my upcoming investment in the work pool.
My friend Chris G Williams , who’s much more knowledgeable than I am on the subject, says that he doesn’t think DogeCoin has the ‘oomph’ to make it worth while (and at first glance, it does seem to be more ‘cute’ than anything else. He’s figured out how to use the could to do all of his mining and hey, if you can still mine BitCoin and make money at it, you must be doing something right. I have a feeling i’ll be joining him in the cloud, although I think i’ll be sticking with both LiteCoin and DogeCoin for the time being.
If you have no idea what Cryptocurrencies are, if you have no idea why they matter, if you have heard of them and want to learn more, if you want to learn how you can start mining, if you want to learn to how to store your wealth in non-traditional currencies or securities of if you just want a little more background on the subject, you should find the links below helpful. And yes, if you’re wondering, I have been putting almost all of my extra money into crypto-currencies. If DogeCoin were to simply increase to $0.01, Kim and I will be taking an early retirement and we’ll be able to put Sarah through 4 years at Duke without even working any overtime to do so.
Keywords: DogeCoin, BitCoin, AltCoin, LiteCoin, Cryptocurrency, Crypto-Currency, Alternative Currency, Mining Pool, Mining Righs, DogeVault, CompadTech, Craigslist, Cryptsy, DogeVault, DogeCoin, Homestar Runner, StrongBad, Atsuko Sato, Shiba Inu, Kabuso, 4Chan, /b/, Murica, William Ryan, William G Ryan, William Ryan Director of Analytics, William Ryan Lead Data Scientist, Data Science.