Bitcoin Q & A - Ask Me Anything

[Hazy125]

Has anyone tried the butterfly mining GPU's, are they going to be of any use or is the initial cost of the hardware not worth it

[RuecanOnRails]

Has anyone tried the butterfly mining GPU's, are they going to be of any use or is the initial cost of the hardware not worth it

 

Won't be worth it.

Not only are they are a terrible company but their $ per hash is always extremely high. I'd also expect many delays and people that never receive their orders for over a year.

 

You can compare various mining hardware here http://mining.thegenesisblock.com/ They have a list of ASIC's at the bottom. One thing to remember, with that calculator always change it to the appropriate start month for mining.

[FellTheSky]

is it still worth to mine with vga, lets say x2 7970

how much time will it take to recover the money

[RuecanOnRails]

is it still worth to mine with vga, lets say x2 7970

how much time will it take to recover the money

 

Definitely worth it to mine on 7970's

Each one can do 730 K/hash

 

https://www.litecoinpool.org/calc?hashrate=1460&difficulty=1486.12414801&power=&energycost=0.10&currency=USD

 

At this moment you will earn .94 Litecoins per day. roughly equal to about $10.53. It will change constantly as the market value jumps around and the difficulty increases.

[DarrenP]

Okay so i've started mining on my Macbook Pro. How does this Hash Rating translate to monies?

[RuecanOnRails]

Okay so i've started mining on my Macbook Pro. How does this Hash Rating translate to monies?

 

Mining Litecoin can only be done on efficiently on High end dedicated AMD GPU's.

Mining Bitcoin requires specialized mining ASIC's. Keep in mind most ASIC's are pre-orders and ones that aren't will likely cost more than they are worth. http://www.reddit.com/r/Bitcoin/comments/1oto74/thinking_of_ordering_an_asic_there_is_most_likely/

http://mining.thegenesisblock.com/

 

You can see where your Hardware stacks up for Litecoin mining here. https://litecoin.info/Mining_Hardware_Comparison Calculate Litecoin earnings https://www.litecoinpool.org/calc

 

Keep in mind, Bitcoin ASIC's cannot mine Litecoins.

[mogan23]

Ok I'm new and I'm interested in mining. I've read about hardware requirements so Firstly do I have to invest any starting capital? Or is this free ? And is there any virus/malware risk ? Thx

[Judahnator]

Ok I'm new and I'm interested in mining. I've read about hardware requirements so Firstly do I have to invest any starting capital? Or is this free ? And is there any virus/malware risk ? Thx

 

What kind of hardware are you running, and do you plan on mining BitCoins or LiteCoins (litecoins are more profitable)?

[mogan23]

I haven't set up my system yet, but I just want to know if I need to invest any money

[RuecanOnRails]

I haven't set up my system yet, but I just want to know if I need to invest any money

 

Nope, there is no entry fee to Crypto-Currencies. Everything is free and open source. https://www.weusecoins.com/en/ that site has some basic getting started guides and introduction.

[Guest GRRigger]

Are litecoins exploding because there is so much hype about mining them, where its more profitable than bitcoin for miners? Do you think litecoins will become new bitcoin?

 

Bitcoin is overpriced, dont you think lol. Everyone will start selling it. And the ones who buy it will get screwed.

 

Btw what kind of calculations does happen when you mine bitcoin? Like password hacking or what? Or something for a good cause? What is backing bitcoin?

 

What about peercoin? Is it worth mining now?

 

Sry for noob questions

[Bakgrund]

what can i do with them except for buying drugs, murders and sex?

[Oskarw90]

what can i do with them except for buying drugs, murders and sex?

Turn them into USD and buy drugs and sex?

 

[WiiManic]

I'm currently mining litecoins on a 7950 at 630~Kh/s. 

I was wondering if that was okay, and is there a down side to putting at max intensity. I'm currently doing it at 18, and am always under 80c.

 

And is it worth investing my litecoins into further mining? Currently I don't pay for my electricity (Selfish I know, but then again I'm paying a tonne for Uni + accommodation....), so essentially anything is profit, to me atleast.

(I say further mining as in dedicated hardware.)

 

Was just wondering.

[Aleppi]

How long would it take me to mine 1 litecoin at 750khashes average with an i7 4770k and a 290x

[RuecanOnRails]

Are litecoins exploding because there is so much hype about mining them, where its more profitable than bitcoin for miners? Do you think litecoins will become new bitcoin?

 

Bitcoin is overpriced, dont you think lol. Everyone will start selling it. And the ones who buy it will get screwed.

 

Btw what kind of calculations does happen when you mine bitcoin? Like password hacking or what? Or something for a good cause? What is backing bitcoin?

 

What about peercoin? Is it worth mining now?

 

Sry for noob questions

Maybe Litecoins are stable, and everything else in the world is crashing? 

Litecoin will not replace Bitcoin, similar to how Silver wont replace Gold. They compliment each other, allowing many benefits both seen and unseen. Competition is always a good thing to keep all parties involved honest.

 

Mining is not a wasted effort in any way. Mining is gathering all transactions that have occurred, ensuring they are legitimate, and then compiling them into blocks every 10 minutes. In order for a block to be created it uses proof of work, a method which is an answer to a question that's hard to figure out, but easy to prove. Without the proof of work the transactions will not be completed. In order to keep the estimate of one block every 10 minutes, Bitcoin self regulates by increasing or decreasing the difficulty of the question depending no how much hashing power is on the network. The more hashing power the more secure Bitcoin is.

 

Mining is a very important part of Bitcoin, it is the decentralized network which Bitcoin operates.

 

Peercoin is an Alt coin, similar to Litecoin in that it's an Alt coin. Most Alt coins look to solve issues they see with Bitcoin with innovative and new ideas. Example is Litecoin is 4 times faster, instead of 1 block of transactions every 10 minutes, it's 1 block every 2 and a half. Litecoin also chose a different, and much more memory intense algorithm. As of right now, Bitcoin mining has been taken over almost exclusively by ASIC's designed for just mining. Litecoin's algorithm is resistant to those types of devices, that's not to say they wont exist but for the time being mining on consumer grade hardware is possible. You need to look into each coin to find out of it's a copy of another coin, or has a decent feature set that interests you. Many coins are created for niche markets in the already niche world of Crypto-Currencies.

 

what can i do with them except for buying drugs, murders and sex?

What can't you do with them is a better question. Here's a map of a few places accepting them. You might find some places nearby that accept them. http://www.coinmap.org/ It's still a new site and a lot of retailers that do accept Bitcoin, are not on the map. Recently one large travel agency started accepting Bitcoin, you can now travel around the world never worrying about converting into local currency if you go to a Bitcoin friendly area.

If traveling the world isn't your style, how about the first commercial space travel? They just started accepting Bitcoin. Bitcoin is great for merchants because it has next to no fee's, can not be used for charge backs, very secure, nearly instant, no third party clearing house to cause delays, cannot be seized or frozen.

 

I'm currently mining litecoins on a 7950 at 630~Kh/s. 

I was wondering if that was okay, and is there a down side to putting at max intensity. I'm currently doing it at 18, and am always under 80c.

 

And is it worth investing my litecoins into further mining? Currently I don't pay for my electricity (Selfish I know, but then again I'm paying a tonne for Uni + accommodation....), so essentially anything is profit, to me atleast.

(I say further mining as in dedicated hardware.)

 

Was just wondering.

630 on a 7950 is exactly where you want that card to be. Some can go higher, but generally 630 K/hash is the sweet spot. As prices go up, mining gives less of a return than buying coins directly. When you purchase coins, you get the exact amount right then at a single price. When mining your return is slow and stretched over time in hopes of making more than what you could have gotten on your day 1 investment. You already have a start with mining, why not purchase some coins directly incase the price keeps going up? Then look at it again in a while and consider purchasing more coins or more mining hardware based on the trends observed.

 

How long would it take me to mine 1 litecoin at 750khashes average with an i7 4770k and a 290x

You can add up your total hashrate and compare it against other hardware here. https://litecoin.info/Mining_Hardware_Comparison

Here's a calculator to estimate how much potential your hardware has. https://www.litecoinpool.org/calc?hashrate=750&difficulty=1522.6087795&power=&energycost=0.10&currency=USD

Currently you would earn 0.47 Litecoins per 24 hours, I'd say 2 and bit days to earn 1 Litecoin at 750 K/hash.

[xrex64]

I want to mine with a HD 7450 and don't pay for power. I'm trying to use cgminer and it wont work. Any ideas?

[VelocitySpeed]

Hello everyone! i have a few questions: 

 

1) How much Watts would a litecoin mining rig with 4 AMD GPU's( probably Sapphire Radeon R9 280X) draw out ? would it be safe to put in my room alongside my gaming rig that is on 24/7 and a small server running across the room.

 

2) How would i be able to conert my litecoins to USD?

 

3) How can i keep my earnings safe and secure?

 

Thanks in advance! any feedback and replies would mean a lot to me! happy thanks giving everyone ...

[DarrenP]

2: You trade them for BTC than quickly convert the BTC into USD. 

 

You have a digital wallet on your HDD. No one can touch it unless they steal the HDD 

[nickpc]

How long would it take me to mine 1 litecoin at 750khashes average with an i7 4770k and a 290x

Daily 0.49544656

[nickpc]

are theses normal hash rates 

7970 500 k/hash

7850 330 k/hash

5770 150 k/hash

[RuecanOnRails]

are theses normal hash rates 

7970 500 k/hash

7850 330 k/hash

5770 150 k/hash

 

https://litecoin.info/Mining_Hardware_Comparison

 

7970 can do 730 K/hash. The others look to be about average. Some 7970's can be difficulty to get above 550 K/hash

[Aleppi]

When using guiminer scrypt with the pool coinotron but guiminer says that I have zero shares

[Guest GRRigger]

https://litecoin.info/Mining_Hardware_Comparison

 

7970 can do 730 K/hash. The others look to be about average. Some 7970's can be difficulty to get above 550 K/hash

undervolted 7950 trifire vs r9 290x ?

[RuecanOnRails]

undervolted 7950 trifire vs r9 290x ?

 

First don't run in a crossfire configuration, while it doesn't always affect hashrates, it's best to run the cards independently. Crossfire requires the vram to be mirrored across all cards lowering your over all headroom.

 

3 7950 = 1890 K/hash. A 290X has issues reaching 900 K/hash. Divide the hashrate by the price to see which would be a better value for your money. There's also issues when it comes to the 290 and 290x they appear to be difficult set up. I haven't used one before so I can't give any feedback on it, but heres a link to a discussion about the 290 and the issues faced with getting a decent hashrate. https://forum.litecoin.net/index.php/topic,6842.0.html

 

 

Another thing to keep in mind, the 7950 runs at a high intensity, making the computer unusable while mining. The 7970, runs at a lower intensity allowing you to mine and use your computer. The 7970 can also achieve 730 K/hash assuming you get a good card. (look up model numbers before any purchase, some have issues getting past 550 K/hash)