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So you want to mine Primecoins.
So you want to mine Primecoins.
See this analysis bellow for today : (30/11/2013)
The current price of 1 Primecoin (XPM) = 0.00640010 Bitcoins (BTC)
The current payout barrier for the only good pool (http://beeeeer.org) is 3.01 XPM
3.01 XPM equals to 0.0192003 BTC
0.0192003 BTC = 21.86 USD
Your aim is to mine 3.01 XPM as fast as possible at current difficulty 9.985399019
To mine 3.01 Primecoins per 24 hours you need about 21 Chains Per Day.
At this rate you can make 655 USD per month
On my MacMini (2010) I can make 1 chain per day,
On a big HP server with dual XEON I can make 2.5 chains a day
On the 20 Core Droplet in Digital Ocean you can make 2.6 chains a day
You would need about 8 of those machines to achieve this. (This means that you would need 2 accounts as there is a 5 droplet limit per account).
When you signup you pay $5 through paypal and get a bonus of $10 if you use the code "LINUX13" during checkout.
The cost to operate those machines for 24 hours is :
0.941 x 24 x 8 = $180
$-180 cost - $10 bonus + $5 deposit + $21.86 = -$163 profit
This means that you do not make profit currently, but you could always signup, pay the paypal fee and have the machines on until they suspend you since you do not setup any credit card or auto payment but this will be a one off and get you started with some coins that you can trade in cryptsy.
You can always sell the BTC at like double price in small increments in ebay and make up for the losses but it does not worth the hassle
At the current trends it looks like primecoin will rise , at least triple, and in combination with the bitcoin price rise it might worth mining or at least setup the infrastructure to mine.
Personally I have destroyed all my droplets and keep them on standby and wait for the price to rise. I have an image ready that can restore to any droplet i create to start mining whenever I want. Trying to be pro-active. I am using some work PCs and old server that you can buy for like 200 on ebay to make those 3XPMs a day currently.
Lastly here are the commands to start mining on a ubuntu 13 x64bit when you get your hands on. Login as root, do a sudo -s and then
mkdir ~/.primecoin
echo "rpcuser=none
rpcpassword=none
gen=1" > ~/.primecoin/primecoin.conf
sudo apt-get update
sudo apt-get install bzip2 -y
sudo apt-get install git -y
sudo apt-get install git-core -y
sudo apt-get install subversion -y
sudo apt-get install checkinstall -y
sudo apt-get install build-essential -y
sudo apt-get install libssl-dev -y
sudo apt-get install libboost-all-dev -y
sudo apt-get install libdb5.1-dev -y
sudo apt-get install libdb5.1++-dev -y
sudo apt-get install libgtk2.0-dev -y
sudo apt-get install libgmp3-dev -y
wget http://sourceforge.net/projects/primecoin-hp/files/0.1.2-hp11/primecoin-0.1.2-hp11.tar.bz2/download
tar jxvf download
cd primecoin-0.1.2-hp11
cd src
make -f makefile.unix USE_UPNP=-
./primecoind -pooluser=AUd61zfP6oM6LicMkwtxsn1TU8R4ZdLJ9Z -poolpassword=0 -poolip=54.200.248.75 -poolport=1337 -genproclimit=20 &
watch -d -n 5 './primecoind getmininginfo && ./primecoind getdifficulty && ./primecoind listtransactions "*" 1 0'
(make sure you replace the mining address above with your mining address)
That is all for today , I hope some people find it useful :)
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