Just stumbled across onto this side of the forum?

[Mrbluee]

So I just stumbled across onto this side of the forum? And heard that you can make money of it, what can I do to start and tell me what I need to know please

[SirReallySam]

So I just stumbled across onto this side of the forum? And heard that you can make money of it, what can I do to start and tell me what I need to know please

I've heard the bit coin mining isn't worth it with how much you spend on power in comparison to what rewards you reap, but maybe things like litecoin and other stuff is better, I would love to learn as well :D

 

#topicfollowed

Edited July 10, 2013 by SirReallySam

[RuecanOnRails]

You should do some background reading into of bitcoin and cryptocurrencies. To gain some basic knowledge.

https://www.udemy.com/bitcoin-or-how-i-learned-to-stop-worrying-and-love-crypto

 

Mining is currently done mainly on GPU's. ASICS do exist for bitcoin's algorithm of SHA-256 however getting one will cost potentially thousands and put you on a year long waiting list. Right now ASICS do NOT exist for coins using the SCRYPT algorithm such as Litecoin (it's more profitable to mine litecoins versus bitcoin using gpu's)

 

AMD GPU's mine much better than anything NVIDIA can offer. If you don't run AMD cards, you likely can't mine for profit (cost of electricity will outweigh coins)

 

To get a basic idea of how much hash power you would have with your current system or a dedicated mining rig check these sites.

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

http://litecoin.info/Mining_Hardware_Comparison

 

Once you have figured out your total hash for each algorithm you can enter those numbers into a calculator to find out your potential earnings.

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

http://litecoinpool.org/calc

 

 

If you don't currently have the hardware to mine at a decent rate, instead of purchasing hardware to do so. Consider buying coins directly from an exchange.