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RE: Mining Cryptocurrencies? Don't repeat my mistakes (GRIDCOIN)
I wasted time with some long hour, large data size projects with low RAC
No time is wasted when crunching for science. And each project gets its own share of GRC rewards, so it doesn't matter if the project awards low credits - you get your rewards proportional to your RAC share, not according to your absolute RAC value. Meaning a project can award only 1000 credits per day - if you get 500 credits, you'll get half of the magnitude and half of the GRC rewards.
What I am trying to pass across is that, there are some projects you finish faster than others, depending on your device.
Imagine a project that takes you three days to finish compared to those you finish daily and based on your very submission, earning daily is better than every three days.
Except for FP32 vs FP64 performance on GPUs, that is not the case.
In two projects with equal competition, the length of the job is irrelevant.
What happens when I am done with a project and starts crunching another, while a friend is still crunching a different project 2 days going? All I am saying is, be selective or choose wisely.
Maybe, I am still not getting the hang of it...
As long as the projects are equivalent in competition, you would both receive the same payout. In fact, based on how mag builds up, you would receive slightly more in the long run.
Many thanks for the info
Doesn't matter how quickly the tasks finish. I contribute to 2 gpu projects: gpugrid and collatz conjecture. The collatz tasks are about 30 minutes each, so I complete several of them a day. The gpugrid tasks are about 8-12 hours each. I may finish one or 2 a day. As you would expect, my RAC for collatz is about 265,000 while my RAC for gpugrid is 70,000. However, what matters most is mag. My mag for collatz is almost 1.8 (I just started this week) while the mag for gpugrid is about 3.4, almost double. The chart that shows the daily mag growth also shows that the gpugrid mag is growing faster than the collatz mag (the lines are diverging). All of this means is that my share of the overall team's RAC is greater with gpugrid than with collatz, so I earn more with gpugrid which is the opposite of what you would think.
My advice is to find a few projects that you believe in (after all that's what this is all about), sign up and start mining. After a couple of weeks of real world mining, you can adjust where you want to focus your computing power.
I signed up for collatz based on some suggestions I read on different forums on how to choose projects to maximize your earnings. Now that I have been doing this for about a week, I'm just going to focus on gpugrid because I really believe in the research, and come to find out I earn more by doing so. :)