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Bitcoin Q & A - Ask Me Anything

Travis
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would you suggest mining litecoins?

 

That depends on your hardware. Look up the hash rate of your hardware for scrypt mining, find its max power consumption, and put it into a calculator (google it, there are tons).

 

If you will make more $ then you spend for electricity then go for it

~Judah

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Litecoin uses a scrypt mining method. It uses a lot of memory. The transaction times for Litecoins are supposed to be faster as well.

 

What this means is that Litecoins can be mined on normal everyday hardware, where Bitcoins are all going over to ASIC's. If you can not mine Bitcoins at a rate over 3GH/s I don't consider it worth your time. Litecoins have become a little more difficult to mine but they are still profitable and their value had doubled with the recent Bitcoin price jump.

thank you for the help 

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I ordered a butterfly labs 5GH miner back in the end of may when it would have been highly profitable.... no word from them that I will ever get it; they already told me i cant get my money back because it is apparently in production but never shipped? That company just makes me mad and from what I hear I should expect to see it in maybe a year from now. YAY a $350 paper weight with a fan.

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I ordered a butterfly labs 5GH miner back in the end of may when it would have been highly profitable.... no word from them that I will ever get it; they already told me i cant get my money back because it is apparently in production but never shipped? That company just makes me mad and from what I hear I should expect to see it in maybe a year from now. YAY a $350 paper weight with a fan.

You are simply being impatient. I ordered mine in April and just got it 3 days ago. You will be getting yours much faster than the people who threw money into it when Butterfly Labs started. Preorders for the "Jalapeno" took about a year to get out to customers. I wish I had bought one then because I would be rich right now.

 

Also, they cost 300 after shipping. Unless your taxes/shipping are insane.

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That depends on your hardware. Look up the hash rate of your hardware for scrypt mining, find its max power consumption, and put it into a calculator (google it, there are tons).

 

If you will make more $ then you spend for electricity then go for it

i wanted to say would you prefer litecoins over bitcoins in money perspective :)

G3258 - Sabertooth Mk. I - 560 Ti - 530 240GB - R4 - 750 G2

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What is the differences between ltc and btc? What are they used for?should buy in to them ?

I explain it well here: https://linustechtips.com/main/topic/64266-ultimate-bitcoin-guide/

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How long would it take me to mine a bitcoin with a 4770k and a 290x?

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Hello thank you for answering my last question I have another one can you mine ltc with asic miners if so which one should I buy I don't want to speed more than $30 thank you

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Hello thank you for answering my last question I have another one can you mine ltc with asic miners if so which one should I buy I don't want to speed more than $30 thank you

 

No you cannot. Litecoin uses the Scrypt algorithm. Current ASICS for Bitcoin can only do SHA-256.

I also wouldn't recommend purchasing an ASIC unless you get get a very cheap $ per G/hash, something around $3 per G/hash, at which point you're looking at a cost of around $5000 for a Pre-order (pre orders are bad)

 

Give this a read to understand why I recommend this.

http://www.reddit.com/r/Bitcoin/comments/1oto74/thinking_of_ordering_an_asic_there_is_most_likely/

You can estimate your earning with a calculator here

http://mining.thegenesisblock.com/

You keep using that word. I do not think it means what you think it means.
Users cannot, and will not securely manage key material. Most users can't and the ones that can, wont.

Ask me about Bitcoin, Litecoin, Crypto-Currencies, and/or Mining them.

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No you cannot. Litecoin uses the Scrypt algorithm. Current ASICS for Bitcoin can only do SHA-256.

I also wouldn't recommend purchasing an ASIC unless you get get a very cheap $ per G/hash, something around $3 per G/hash, at which point you're looking at a cost of around $5000 for a Pre-order (pre orders are bad)

 

Give this a read to understand why I recommend this.

http://www.reddit.com/r/Bitcoin/comments/1oto74/thinking_of_ordering_an_asic_there_is_most_likely/

You can estimate your earning with a calculator here

http://mining.thegenesisblock.com/

thank you for the help

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What would be good specs for bitcoin mining

 

you will make the most money by simply trading them, instead of mining them. At the current difficulty you would need an extremely powerful ASIC, and even then you likely wont make much money, if any

~Judah

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Is it bad if I am only getting 901 khash/s ?

There are 10 types of people in the world: Those who understand binary, and those who don't.

Just some helpful stuff: You're - You are, Your - Your car, They're - They are, Their - Their car, There - Over there.

 

Folding @ Home Install Guide and Links | My Build

 

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Is it bad if I am only getting 901 khash/s ?

 

That sounds good to me, but it depends on how much power you are pulling. You better check your proffit against the cost of power

~Judah

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That sounds good to me, but it depends on how much power you are pulling. You better check your proffit against the cost of power

 

Is that more then a mhash ? I am VERY new to this and I dont pay for power.

There are 10 types of people in the world: Those who understand binary, and those who don't.

Just some helpful stuff: You're - You are, Your - Your car, They're - They are, Their - Their car, There - Over there.

 

Folding @ Home Install Guide and Links | My Build

 

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Is that more then a mhash ? I am VERY new to this and I dont pay for power.

 

Khash<Mhash<Ghash<Thash<Phash

 

Keep in mind you will have a much lower hash rate mining scrypt coins then something like bitcoins

~Judah

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Khash<Mhash<Ghash<Thash<Phash

 

Keep in mind you will have a much lower hash rate mining scrypt coins then something like bitcoins

 

I thought I was mining bitcoins, 

There are 10 types of people in the world: Those who understand binary, and those who don't.

Just some helpful stuff: You're - You are, Your - Your car, They're - They are, Their - Their car, There - Over there.

 

Folding @ Home Install Guide and Links | My Build

 

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I thought I was mining bitcoins, 

 

If you dont know, you likely are mining bitcoins.

 

And in that case, that isnt a very good hash rate. What kind of hardware do you have?

~Judah

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I thought I was mining bitcoins, 

 

Those specs are either really good, or really bad. When you mine Bitcoin the base unit is M/hash, With Litecoin the base hash is K/hash due to Litecoin being more intense.

 

Bitcoin hardware comparison based on user submitted details.

https://en.bitcoin.it/wiki/Mining_hardware_comparison

 

Litecoin hardware comparison based on user submitted details.

https://litecoin.info/Mining_Hardware_Comparison

 

What mining software are you running? Are you connected to a pool?

Chances are you're mining Bitcoin, although for consumer hardware you would be better off mining Litecoin it's about 11 times more profitable.

You keep using that word. I do not think it means what you think it means.
Users cannot, and will not securely manage key material. Most users can't and the ones that can, wont.

Ask me about Bitcoin, Litecoin, Crypto-Currencies, and/or Mining them.

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If you dont know, you likely are mining bitcoins.

 

And in that case, that isnt a very good hash rate. What kind of hardware do you have?

 

 

Those specs are either really good, or really bad. When you mine Bitcoin the base unit is M/hash, With Litecoin the base hash is K/hash due to Litecoin being more intense.

 

Bitcoin hardware comparison based on user submitted details.

https://en.bitcoin.it/wiki/Mining_hardware_comparison

 

Litecoin hardware comparison based on user submitted details.

https://litecoin.info/Mining_Hardware_Comparison

 

What mining software are you running? Are you connected to a pool?

Chances are you're mining Bitcoin, although for consumer hardware you would be better off mining Litecoin it's about 11 times more profitable.

 

I am using GUI miner, I am using Slush's pool, and I am using an HD 6850 I should be getting I should be getting 213.7 mhash/s according to this.https://en.bitcoin.it/wiki/Mining_hardware_comparison

 

I just started again now to see I am getting 190mhash/s

There are 10 types of people in the world: Those who understand binary, and those who don't.

Just some helpful stuff: You're - You are, Your - Your car, They're - They are, Their - Their car, There - Over there.

 

Folding @ Home Install Guide and Links | My Build

 

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I am using GUI miner, I am using Slush's pool, and I am using an HD 6850 I should be getting I should be getting 213.7 mhash/s according to this.https://en.bitcoin.it/wiki/Mining_hardware_comparison

 

I just started again now to see I am getting 190mhash/s

 

That sounds much better then the 900Khash. You likely wont get the full 213Mhash that the site quotes, because the people who use that optimize their software a lot for the cards they have

~Judah

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That sounds much better then the 900Khash. You likely wont get the full 213Mhash that the site quotes, because the people who use that optimize their software a lot for the cards they have

 

Yeah, I am not sure that I want to get started in that field though...

There are 10 types of people in the world: Those who understand binary, and those who don't.

Just some helpful stuff: You're - You are, Your - Your car, They're - They are, Their - Their car, There - Over there.

 

Folding @ Home Install Guide and Links | My Build

 

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is this good for only 50 hours of mining?

 

7mhw.png

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is this good for only 50 hours of mining?

 

7mhw.png

 

Depends entirely on your hardware, hashrate, pool fee, and cost to run your mining equipment.

That is currently about $0.35 at the price of 1 Bitcoin at $800.

You keep using that word. I do not think it means what you think it means.
Users cannot, and will not securely manage key material. Most users can't and the ones that can, wont.

Ask me about Bitcoin, Litecoin, Crypto-Currencies, and/or Mining them.

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