Monero mining


Rohit Dhingra asked 2 months ago

Hi Steven,
Just have few questions
1)How is the Dragonmint machines doing in the market are they better then Bitmain machines ?

2) I am trying to understand the cryptonight mining for Monero –

Nichash is showing monthly profit of $6000 a month by mining Cryptonight coins- like Monero
is it really possible right now when all the other coins are in loss.

Monero is about to make some changes by Hard folk by end of April will it end this profit earning scenario

Is it a good idea to invest in Bitmain X3 for Cryptonight mining or buying Dragonmint X1 today ??
will it make any money from next month ???

please advise

Thanks

1 Answers
Steven Hay answered 2 months ago

Hi Rohit,
 
OK, so the Dragonmint miner. Yes, I believe it achieves a higher hashrate than Bitmain’s S9 and is also more power-efficient. So technically, I do believe it’s better although perhaps not by very much. Some news came out recently that Dragonmint chips are being produced by Samsung, which was pretty interesting!
 
I believe Monero has already hard-forked. It was last month I think, they made some improvements but also changed their algorithm – meaning that the Bitmain Cryptonight ASIC is now useless for Monero mining! Definitely don’t buy one if your intention was to use it for Monero!
 
That said, there are now about 7 or 8 new forks of Monero, most of which I think are mineable with Bitmain’s ASIC… Most likely, Bitmain is behind them! That’s kind of how the Bcash fork went – Bitmain pushed out Bcash as a way to keep using covert ASICboost on a SHA256 chain of some value… I expect these new Monero forks will fizzle out though, so it would be quite risky to get the Bitmain ASIC for purposes of mining them, at least in my opinion.
 
If I was you, I would stick to GPU mining real Monero or perhaps getting a Dragonmint miner for Bitcoin… Compare the specs and price very closely against the S9 first however.

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