My end for BitCoin and other cryptocurrencies

Here I sit, waiting for the remaining bit of VertCoin to confirm so I can make my last trade.  Totally fed up.

This is my second year of mining for ultimately BitCoins, and this will be my last year.  In fact, tonight is my last night.

Never mind the fact that it’s not worth it, at least for small-scale/hobby miners.  Although it does matter to me that the technology moves so fast that a rig that produces X amount of cryptocurrency in a month requires about six months for the same amount a year later.  But that is just the beginning of my frustrations.

Last year I was mining for MinCoin, got out before the market died, and was left with 0.006BTC (and change) – and I downloaded the wrong wallet to put it in.  To change wallets, I would have needed about twice that amount (I have found out later, unless I pay the network fee at 0.0001BTC – but by then, I have kludged the issues I had with the wallet).

This year, I did some research, and the best payout for my hardware was VertCoin.  So everything was going slow, but steady, and once I had any amount, I would transfer from my wallet to the bank (Bter) to convert to BitCoin.  I found out pretty soon that they had increased minimums on BitCoin withdrawals, at 0.001BTC.  That seemed fine, until it was not.

Around the new year, there was a bank heist, and my balance (a little over quarter of minimum) was cleaned out.  They have since restored some of it, a paltry 0.00018BTC (or 7% of my balance).  Worse, they round down for trades (as I wanted to convert it back to VTC and get it out of there) so I only had 0.0001BTC (or about 3 cents) at my disposal.

Around this time, my mining program has gone wonky, and my pool (where you mine to) was unresponsive.  Turns out, there was a “hard fork” (where everyone was to change mining software and wallets, as a new algorithm was to be used instead).  What I was mining in the past few weeks went into the ether.

But I played along.  Downloaded the new software, compiled it (also having to update my CUDA software as I use an nVidia GPU), changed my script to use ccminer instead, found a new pool, and I was back in business.  I even found (in regards to the above problem) a new bank that handles VTC.

All seemed good for a long while.  While with the new bank, I could accumulate a BTC balance faster than with Bter (but that would have been the better overall valuation of VTC at that point).  Valuation really started to go up, but so did difficulty (roughly, the amount of CPU cycles required to process a block).  It was harder to be rewarded a coin, where before I could get 6VTC in a week, after about May, all of a sudden, it would take about a month.

But my monthly trades at the bank were still positive, so I didn’t think too much of it.

Verters - Hard Fork

Then, another hard fork looms.  This time, I have to upgrade CUDA toolkit again, as the latest ccminer will not compile.  Heck, it may not even compile if I do upgrade the CUDA toolkit.   At this point, I am so close to getting the 0.001BTC in my bank, that I could just withdraw and say “to heck with it all.”

So I nudged it along a little.  Saturday (the predicted day of the hard fork) is here, and I cannot get any more VTC naturally.  Knowing I can pay the network fee, I transferred 0.001BTC to my bank, to get it over the fabled 0.01BTC mark to be able to withdraw.  Now, to clean out my pool, trade the earnings and withdraw it back to my BTC wallet.  I predict slow, but problem free.

Okay, first problem, it seems I have forgotten my password with the bank.  No worries, just reset it.  With regard to the VTC pool, I gave up on waiting for all the confirmations and dumped what I had confirmed.  Now to wait for the transfer to the bank, which takes forever…

Traded, and there you have it…

MultiBit Balance

…what to do with my balance now?  Wait for it to go to the moon?  Good luck on that!  Really, I will probably donate it to the area of my choice.  Whomever to choose, that’s a good question.  We will see.

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My end for BitCoin and other cryptocurrencies

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