Copper Bars beats LiteCoin in per-coin value
At times, it’s hard to find the real gems among the massive amount of altcoins thrown at us every week. No, I’m not talking about Bitgem, I’m not that lame. Have you heard about Copper Bars yet? No, it’s not the same as CopperLark, or BitBar, it’s something complete..(stop laughing!)ly different this time. Well, not entirely, but i can see you’re interested to read this article now.
So what are these Copper Bars? Is it an actual, physical, bar of copper? Well, no, but you can purchase actual, physical copper bars with Copper Bars. (See what i did there?) Are you getting confused yet? No? Good!
Copper Bars is a scrypt coin, using the scrypt-Jane algorithm. Now wait a minute, scrypt-Jane isn’t something new, I’ve seen it before! Yes, I’m sure you have indeed. Scrypt-Jane was introduced to me personally for the first time when YaCoin was released. Remember YaCoin? No? Doesn’t matter. Let’s carry on.
The basic idea behind Scrypt-Jane is that it “should” only be mined on CPU’s. Right. CPU’s. No graphics card. Uhuh. Sure. That will last long… Nope, it didn’t. But that’s not a real surprise either in fairness, because YaCoin (and all other Scrypt-Jane coins ever since) have had a GPU miner of some sorts. Copper Bars is no different on this front. Not that this is a bad thing, mind you, but it has some consequences.
Before i forget, the developer behind Copper Bars is the same developer who brought us Spots. I’m sure you’ve heard of Spots. No? Look it up then, I’m not going to teach you everything here (unless you pay me for private tutoring).
To quote the original forum post : ” Copper Bars will be fast blocks with small rewards. This will attract miners that like slow, big numbers, as well as the people that prefer fast, frequent payouts. Copper Bars will be used to purchase…imagine that, copper bars” See, i wasn’t kidding earlier.
We like big numbers and we cannot lie! But, how can you have big numbers AND frequent payouts, without creating another InfiniteCoin or Androids Token? Well, it’s simple to be honest. The blocks are on a 16 second timer (more or less), so that covers the frequent part. The big numbers….slightly misleading.
Each block found grants you 0.0064 Copper Bars. Not really what you expected, I’m sure? But wait, there’s good news too.
Let’s say you have an awesome mining farm, and you can pool/solo mine 3 Copper Bars per day. I know 3 isn’t a big number, but allow me to indulge you in why it actually is a big number. So, you have your 3 Copper Bars in your wallet. You, of course, want to turn them into millions of dollars. Not going to happen. Yet.
As of this writing, if you care to open your webbrowser and head over to our friends at Cryptsy.com , you will see that Copper Bars trades are paired with LiteCoin. You know Litecoin , the second highest per-coin value out there. Then, take a look at the exchange rate. Look again. Do not adjust your monitors, these are the actual numbers. Have you looked yet? No? Fine.
For the non-believers out there, as of this writing, ONE Copper Bars (yes, it’s still Bars), is equal to, and you might want to sit down for this one, FOUR Litecoin. Yes, FOUR Litecoin. That’s , give or take, 0.08 Bitcoin. You haven’t fainted, have you? Good! Because before you start switching over all your miners and expect to make a gazillion LiteCoin per day, there is something you need to take into consideration.
As i mentioned earlier, Copper Bars uses the Scrypt-Jane algorithm. And it can be mined on a GPU. All fine and dandy, but it has diminishing returns. In layman words : every so often, the efficiency of mining Copper Bars (or any other Scrypt-Jane coin) will drop. Usually, it’s a 30-50% efficiency loss. Meaning every time this happens, you’ll get less, and less, and less Copper Bars. Until it eventually can only be mined on CPU’s, because the returns wouldn’t be worth it anymore on a GPU, which can then be used to mine other things.
In all : Copper Bars has surpassed LiteCoin as the second most profitable in per-coin value. Will this change in future? Perhaps. But keep in mind that there will also less and less Copper Bars mined, so prices might go even higher. Or it might die a slow and painful death. Who knows?
If you have a few GPU’s to spare i’ld start mining Copper Bars before it’s too late.
By: Jdebunt for CryptoCoinsNews.com