'Coin choice' (X11, Scrypt-N, LTC, BTC) at Litecoin GEAR (LTCGear) Explained
The next payout is scheduled on Oct 3rd, 2014, and although the rumored deadline for entering details is Oct. 3rd, we recommend updating your data ASAP if you are cloud mining at LTCGear.
We received a question regarding 'Coin choice', so we'll try to explain it here.
Litecoin GEAR has had a number of products over the course of 1 year of operations, but their most popular product (we believe) and one that most new owners purchased is the 1 ASIC Share 1K6X - Anniversary, which is 160MH/s being sold for $922, after a 51% anniversary discount (using coupon 'anniversary1yr'), plus an extra 8% if paid using bitcoins.
The good news is if you purchased 1ASIC Share 1K6X like us (we bought 4 of them right when they came out on Aug. 21st, 2014) then the 'Coin choice' is pretty straight forward!
If you read the product description for 1 ASIC Share Share 1K6X Anniversary, you'll notice that you're purchasing mining power for Litecoin/Feathercoin network.
When we started with Litecoin GEAR in August, 2014, you could choose between Litecoin (LTC) or Feathercoin (FTC) for payouts, but in Sept. 2014, Bitcoin (BTC) payouts were introduced for Litecoin (LTC), and we had an option to choose between Litecoin (LTC), Feathercoin (FTC), and Bitcoin (BTC) for a while (throughout Sept. 2014).
However, looking at 'Coin choice' now, Feathercoin (FTC) is no longer available as a choice, which means that if you are a ASIC 1K6X Anniversary owner, you have the option of choosing (1) Litecoin (LTC) or (2) Bitcoin.
(1) Choosing Litecoin (LTC) means you would be cloud mining Litecoin and getting paid in Litecoin. This is what we have chosen for our 4 ASIC1K6X Anniversary purchases at LTCGear.
(2) Choosing Bitcoin (BTC) means you would be cloud mining Litecoin but receiving payouts in Bitcoin based on the exchange rate that LTCGear provides, which is supposedly roughly 5% better than the rates offered at Cryptsy on the day of payout.
If you want to hold on to your litecoins, we recommend choosing LTC, but if you are planning to exchange litecoin for bitcoin, choosing BTC and letting LTCGear do the exchange is a good choice since their rate has been competitive. Of course, if you have great trading skills, you can always receive payouts in litecoins and wait until the right moment to exchange to bitcoins.
You can check out their latest exchange rates on their 'Farm Payments' page. For your information, the most recent Sept. 27th payout involved the following exchange rates:
'Coin choice' appears confusing, because there are 4 choices - 'X11', 'Scrypt-N', 'LTC', 'BTC' - but 'X11' (refers to darkcoin only as of Sept. 2014, at LTCGear), and 'Scrypt-N' (refers to vertcoin only as of Sept. 2014 at LTCGear) ARE NOT applicable to ASIC 1K6X Anniversary.
The 'X11's and 'Scrypt-N's applies to 'Dual Mods' or 'Scrypt-N Mods' or 'X11 Mods' which can be combined with ASICs (including ASIC 1K6X Anniversary) to cloud mine darkcoin and/or vertcoin (Scrypt-N mods for vertcoin, X11 mods for darkcoin, and Dual Mods for both (although only one coin is mineable at a time)). However, these products have been out of stock for a long time.
Tricoin Pack' is a prepackaged products that includes the dual mods with ASIC shares and saves you the trouble of buying ASICs then the modules. This product is sometimes available although it is also out of stock at the time of this writing.
This is a product that you would want to consider for darkcoin and vertcoin cloud mining at LTCGear, and one that would involve 'X11 or 'Scrypt-N' for 'Coin choice'.
That's about it on 'Coin choice' for ASIC 1K6X Anniversary owners! Just choose between 'LTC' and 'BTC' according to your preferences!
And don't forget to fill out ALL of your wallet addresses either!