All About Bitcoin and Litecoin mining and other alternative crypto currencies
We’ve been playing around and experimenting with the Haasonline Automated Trading Bot software and above you can see an example of how our testing is going on. We have 8 bots currently setup and actively trading and though there are some trades executed with slight loss they are generally making profit. The total profit may seem low, but we are still testing with low trading amounts, so it is normal that when you subtract the trading feed the generated profit from just a few trades is not that high. We are using small amounts from different currencies and with different exchanges in order to see what works better. If you have missed our First Impressions from the Haasonline Automated Trading Bot, then you might want to check it out first in order to have a better idea what are we talking about here.
A good advice is to look for crypto currencies that have larger trade volume and not a steady exchange rate, you cannot make a profit when the exchange is a flat line. Another helpful thing is to trade on the CEX.io exchange, but instead of trading GHS there you can trade the LTC/BTC and NMC/BTC pairs. The good thing about that particular exchange is that there are no fees for trading, so as long as you buy cheaper than you sell you are generating profit. Trading GHS/BTC there with an automated bot may not be that good of an idea as it is riskier, but if you manage to configure a good automated trading bot, then you might end up making some nice profit. The other exchange we are testing a lot at is Cryptsy, because there are quite a lot of alternative crypto currency pairs to play with. However not all have large volumes or even if they do, many of them have a steady exchange rate that may be good for the miners, but not so good for the traders willing to make some profit from trading.
After the announcement of the dual mining awards for the new Ghash.io Litecoin mining pool and then “changing the rules” on the go two times already, now it seems the LTC mining pool at the CEX.io operated service is experiencing some temporary issues. A series of blocks (11 in total) in the LTC pool are getting no confirmations, probably marked as orphans, however this is about 3 hours of mining time literally wasted for the people that expect to be getting double awards for their hashrate. We have already gave our recommendation to move your miners from the LTC pool as soon as they started adding extra rules some time after the initial announcement for double mining awards. So if you still haven’t done so, we are again going to recommend that you do this now, because with a few more rule changes and issues in the pool there is a chance that you might end up with less than the normal LTC mining profit for a week instead of the promised 2x (or up to 2x in the best case). It seems that CEX.io were not fully ready to launch their LTC mining pool and they were not ready to handle the overwhelming user interest to their 2x mining award and they are not handling it well even after changing the rules for the 2x award.
It seems that CEX.io did not expect so overwhelming users interest in their dual mining rewards for Litecoin mining in their new pool. The pool has almost reached 40 GHS of Litecoing mining hashrate in less than 24 hours since the announcement of the promotion for the double payout per LTC block. And in order to prevent getting 51% of the Litecoin network, now the reward multiplier will be adjusted according to the pool speed. For a total hashrate of the pool below 40 GHS the 2x multiplier will remain active, between 40 and 60 GHS the multiplier will be just 1.25x and for over 60 GHS it will will go down back to x1. And since the Litecoin pool hahrate has already gone very close to 40 GHS it is possible that soon the profitability of mining LTC at the CEX.io Litecoin mining pool might not be as good as if mining in alternative pools with automatic switching for the most profitable altcoin. So keep an eye on the pool hashrate if you have moved your Scrypt miners to the Ghash.io pool already to mine Litecoin and if the hashrate of the pool continues to rise so rapidly be ready to move back to other pools…
Update: It seems that CEX.io now wants to drive away all of the users they brought back to their pool. The 2x bonus awards that was initially without a limit and then was available with the total pool speed of up to 40 GHS has now been reduced for a pool speed of 25 GHS. We no longer recommend to stay at their Litecoin mining pool, get your miners away from there as they are really not handling the situation well… move them now and withdraw your mined LTC earnings. We don’t want to have to check every few minutes if they have changed their mind yet again and as a result to have mined less LTC that we could’ve if we used another pool with no rules that change all the time and probably neither do most of you!