BitCoin or LiteCoin?

[Keen_Interest]

Hey guys, here's my situation, I live in the UK, therefore I use the GBP. In September, I'll be starting my my first year at Uni which means I'll be living in Halls. The relevance of this, for those that are unsure, is that I will not have to worry about power consumption as my accommodation is a fix rent, which includes utilities. I'm looking to have PC with a 4670K (overclocked) and dual 7950s (also overclocked).

 

So, my question you ask? LiteCoin mining or BitCoin mining, which is for me? Considering I want to be making as much as possible a month [i will be using it to pay off my new PC(along with the sale of my current PC), and then anything extra will pay for food.].

 

Its also important, for me, that there's a reputable and reliable exchange for whichever coin type, to the GBP.

 

PS

 

I've not made a poll, because I'm really looking for experienced or knowledgeable (or both :P ) advice on this, as well as a straight Bit/LiteCoin for an answer.

 

PPS

 

If this can pan-out as I hope, there will be further threads on 'New Build Ideas', 'Build Log' and 'Help to configure my Bit/LiteCoin mining'. I hope you'll all be interested in following through those threads. However, if the mining idea can't be viable, I'm afraid no posts will follow. 

 

Thanks guys!

[RuecanOnRails]

Prices are in constant fluctuation. A coin rarely stays as the highest profitable to mine. If you plan to dump immediately without holding any coins. Look into jumping between blockchains based on demand.

 

http://www.coinwarz.com/cryptocurrency/?sha256HashRate=1260.00&sha256Power=500.00&sha256PowerCost=0.0&scryptHashRate=1260.00&scryptPower=500.00&scryptPowerCost=0.0

http://www.coinchoose.com/

[SteepGnomeKing]

I'd recommend going with litecoin and joining a pool because of the difficulty it is at for bitcoins at the moment. But here's hoping that the price goes up with litecoins. Not sure what you would be getting in coin amount though.

[pGuerrerox]

with GPUs it will be better mining Litecoins.

 

If the power is not a problem i think you will make a descent profit if the price stays the same or goes up. x2 7950 will be a good starting point.

 

 

good luck!

[Keen_Interest]

I'd recommend going with litecoin and joining a pool because of the difficulty it is at for bitcoins at the moment. But here's hoping that the price goes up with litecoins. Not sure what you would be getting in coin amount though.

When you say join a pool, do you know any honest and reliable ones? How does a pool work? How would I go about choosing which? How do pay-outs from pools work?

[t0wer]

I'd put one gpu on litecoins and the other on bitcoins.

If the value if one drops you still have the other.

[SteepGnomeKing]

When you say join a pool, do you know any honest and reliable ones? How does a pool work? How would I go about choosing which? How do pay-outs from pools work?

 

The way bitcoins and litecoins work is every computer works to solve the algorithm but who ever finishes it of and solves it gets the whole bitcoin/litecoin. The way a pool works is everyone works together to try and solve it increasing your odds that someone in the pool will finished and get the coin. That is than divided between the whole pool and a % is payed out depending on how much work you did. 

 

Logans site TekSyndicate has a lot of information on pools/miners and general information about the coins. 

 

As for finding a pool you will have to look around for what is best for you. The big ones are reputable. Some have 2 plans for your payment 1 that is more of a fixed income that can net you less if you go hard for a week but more if you take a bit of a break. and one that pays you based of your contrabution. Which is the opposite of the other way. Just have to find out what is best for your scenario.

 

Pools take a % off everything <=3% usually. They have automatic deposits to your wallet (Don't get a online wallet get one you download and put a password on it otherwise you can lose your coins) once you get to a certain amount. A manual withdrawl usually cost a # of coins usually like .05 so wait till you have a couple hundred.

[Keen_Interest]

The way bitcoins and litecoins work is every computer works to solve the algorithm but who ever finishes it of and solves it gets the whole bitcoin/litecoin. The way a pool works is everyone works together to try and solve it increasing your odds that someone in the pool will finished and get the coin. That is than divided between the whole pool and a % is payed out depending on how much work you did. 

 

Logans site TekSyndicate has a lot of information on pools/miners and general information about the coins. 

 

As for finding a pool you will have to look around for what is best for you. The big ones are reputable. Some have 2 plans for your payment 1 that is more of a fixed income that can net you less if you go hard for a week but more if you take a bit of a break. and one that pays you based of your contrabution. Which is the opposite of the other way. Just have to find out what is best for your scenario.

 

Pools take a % off everything <=3% usually. They have automatic deposits to your wallet (Don't get a online wallet get one you download and put a password on it otherwise you can lose your coins) once you get to a certain amount. A manual withdrawl usually cost a # of coins usually like .05 so wait till you have a couple hundred.

Okay, thanks!