Questions about litecoin

[Coswar]

Can you mine litecoin like you can bitcoin? Thinking of setting up my rig to mine while I'm not using it. Also is it easy to cash litecoin? The way I'm hoping is that I leave my rig mining, get the coins, cash them and then they pay for the electricity and I get a profit. How long do you think it takes to mine each coin? 

[megadarkwood]

What is your current Hash rate? How much do you pay for electricity? 

[Coswar]

Well I haven't started yet, so I don't know my hash rate. Are there any online calculators? and I'm thinking it's around  15 cent per kilowatt hr @megadarkwood

[megadarkwood]

Well I haven't started yet, so I don't know my hash rate. Are there any online calculators? and I'm thinking it's around  15 cent per kilowatt hr @megadarkwood

http://www.bitcoinx.com/profit/

[Yokim]

If you wanna mine Bitcoin, you should use ASIC miners, they are optimized for it. Use less W/Ghash

 

If you wanna mine Litecoin or any other Cryptocoin you wanna use graphicscard.

I would suggest mining Dogecoin right now because it is most profitable.

 

You can trade your coins to $ at BTC-e and then cash it out.

[roid]

Hash rate can vary depending on your model, but your gpu 7950 is pretty good for mining. Most of them are sold out cause people been mining with it so much and h/r is high. Hash rate is the number I circled in red. (Hash rate is in kh/s).

[Yokim]

Here is an good mining calc, there you can compare different coin,

http://dustcoin.com/mining

[Coswar]

http://www.bitcoinx.com/profit/

I want to mine litecoin, not bitcoin.

 

If you wanna mine Bitcoin, you should use ASIC miners, they are optimized for it. Use less W/Ghash

 

If you wanna mine Litecoin or any other Cryptocoin you wanna use graphicscard.

I would suggest mining Dogecoin right now because it is most profitable.

 

You can trade your coins to $ at BTC-e and then cash it out.

So I make the coins, upload them? and then convert them to cash? And yes litecoin because I want to use my current rig

 

Hash rate can vary depending on your model, but your gpu 7950 is pretty good for mining. Most of them are sold out cause people been mining with it so much and h/r is high. Hash rate is the number I circled in red. (Hash rate is in kh/s).

Ty for that , but btw are hashes the same for all currencies? For instance is my card worth 650 for dodgecoin, litecoin and bitcoin?

[Coswar]

Here is an good mining calc, there you can compare different coin,

http://dustcoin.com/mining

For the power box, do I put in my rigs total power consumption?

[Coswar]

I would suggest mining Dogecoin right now because it is most profitable.

 Can dodgecoin be cashed the same as litecoin?

[roid]

I want to mine litecoin, not bitcoin.

 

So I make the coins, upload them? and then convert them to cash? And yes litecoin because I want to use my current rig

 

Ty for that , but btw are hashes the same for all currencies? For instance is my card worth 650 for dodgecoin, litecoin and bitcoin?

 

Ya your hashrate will remain the same, but the value of each coin is different. Litecoin calc:https://www.litecoinpool.org/calc

 

Edit: * This is what you'd get with a 650 kh/s with $0 electricity bill.

 

[Yokim]

I want to mine litecoin, not bitcoin.

 

So I make the coins, upload them? and then convert them to cash? And yes litecoin because I want to use my current rig

 

Ty for that , but btw are hashes the same for all currencies? For instance is my card worth 650 for dodgecoin, litecoin and bitcoin?

You mine in a pool like wemineltc.com and on the payout section on there website you put in the adress you got from btc-e and when your pool if paying out coins, you get them directly to your btc-e.

 

With the coins at btc-e you can trade your coins for $ and then cash then out to your bank.

[Yokim]

For the power box, do I put in my rigs total power consumption?

Yes and then the list will update automatic so you can see what you earn with wich coin.

[Yokim]

 Can dodgecoin be cashed the same as litecoin?

BTC-e doesn't support Dogecoin(I think) so you need to use another website for that, like cryptsy.com, there you can trade dogecoin for bitcoin/litecoin and then cash out or send them to BTC-e and cash them out there.

[Coswar]

You mine in a pool like wemineltc.com and on the payout section on there website you put in the adress you got from btc-e and when your pool if paying out coins, you get them directly to your btc-e.

 

With the coins at btc-e you can trade your coins for $ and then cash then out to your bank.

Do you have to mine in a pool? 

 

BTC-e doesn't support Dogecoin(I think) so you need to use another website for that, like cryptsy.com, there you can trade dogecoin for bitcoin/litecoin and then cash out or send them to BTC-e and cash them out there.

Does you bank have to be american? Ty for the help

[Coswar]

Ya your hashrate will remain the same, but the value of each coin is different. Litecoin calc:https://www.litecoinpool.org/calc

 

Edit: * This is what you'd get with a 650 kh/s with $0 electricity bill.

 

 

Can I mine on my CPU as well? And I'm not really sure if that would pay the electricity bill, lol. Maybe I should hold the litecoins till their worth increases and then cash them

[Yokim]

Do you have to mine in a pool? 

 

Does you bank have to be american? Ty for the help

You can mine alone without a pool but it would take ages to find a coin. Pool is recommended.

 

I dont know if it need to be amarican, sorry I'am from Sweden... 

[Coswar]

You can mine alone without a pool but it would take ages to find a coin. Pool is recommended.

 

I dont know if it need to be amarican, sorry I'am from Sweden... 

Ah ok, so you don't mine?

[roid]

Can I mine on my CPU as well? And I'm not really sure if that would pay the electricity bill, lol. Maybe I should hold the litecoins till their worth increases and then cash them

Mining with your CPU is useless, your CPU kh/s is ~70. Bitcoin value will inflate the more people who mine so better off selling now then holding onto them.

[Yokim]

Ah ok, so you don't mine?

Iam in the middle of building on my first rig (4 gpus) but I have tried to mine with some computers I have at home. Works really well

 

I have searched and find a guy located in sweden near where I live that want to buy bitcoin for cash. I meet him and made a trade. I think Iam going to do so in the future as well because as you said, I dont know if I need an amarican bank. But I have heard that people like trading with BTC-e and think they works well.

[Coswar]

Mining with your CPU is useless, your CPU kh/s is ~70. Bitcoin value will inflate the more people who mine so better off selling now then holding onto them.

Yeah but litecoin could do a big jump up like bitcoin did no?

[Coswar]

Iam in the middle of building on my first rig (4 gpus) but I have tried to mine with some computers I have at home. Works really well

 

I have searched and find a guy located in sweden near where I live that want to buy bitcoin for cash. I meet him and made a trade. I think Iam going to do so in the future as well because as you said, I dont know if I need an amarican bank. But I have heard that people like trading with BTC-e and think they works well.

Wow, you using r9 290s in that?

[Yokim]

Yeah but litecoin could do a big jump up like bitcoin did no?

Yeah it could or it could not, you never know.....

[Yokim]

Wow, you using r9 290s in that?

No only 280x but 290 would be better if you had the money I think.