Bitcoin Mining? Introduction please?

[JackieWackie]

So basically im 17 and I have a fair rig, My brothers work pays for our power and phone bill so power doesnt really matter! We also have "unlimited fibre" which is pretty fast in NZ

My friend said.

Good computer + Bitcoin = cash. I have a great computer ill list the specs at the end. I was wondering how this works and if bitcoin is risky. I have heard your computer uncodes stuff which then you earn bitcoins then you can buy stuff with bitcoin such as steam game codes. What is bitcoin mining? What do you recommend? 

 

i7 3770k @ 4.2 (all the time)

asrock oc formluar z77

8gb 1866 dominator platinum Ram

HD 7970

2x120gb ssd

 

[looney]

maybe do a simple search first next time :P

http://linustechtips.com/main/topic/10886-introduction-to-bitcoins/

[JackieWackie]

maybe do a simple search first next time :P

http://linustechtips.com/main/topic/10886-introduction-to-bitcoins/

What can I do with my bitcoins?

[JackieWackie]

I also have a gtx 580 which I want to sell. Which is better for mining? I dont play games but would like to start mining.

[wkronbaek]

I also have a gtx 580 which I want to sell. Which is better for mining? I dont play games but would like to start mining.

580 doesnt mine at all, nvodoa cards are really bad at mining. 7970 wouldmbe a good miner, but at the current state of mining you wouldnt earn much.

And, bitcoins can be transferred into dollars and then you can use that.

[Tonny]

This should be in the coin mining section .

[JackieWackie]

How much do you think i can make a day? Im hoping atleast $10 so i can buy lunch. 

[JackieWackie]

580 doesnt mine at all, nvodoa cards are really bad at mining. 7970 wouldmbe a good miner, but at the current state of mining you wouldnt earn much.

And, bitcoins can be transferred into dollars and then you can use that.

Im only looking to much some lunch money :P How much do you think i can make a day? $10?

[Ssoele]

Im only looking to much some lunch money :P How much do you think i can make a day? $10?

 

More like $ 2-5 A MONTH!

[mr moose]

More like $ 2-5 A MONTH!

so you pay more for power running your pc than you make from bit mining?

[Ssoele]

so you pay more for power running your pc than you make from bit mining?

 

Basically, yes.

[mr moose]

Basically, yes.

why do people do it?

[Ssoele]

why do people do it?

 

Most people are/should be using ASCII miner by now, because they are far more power efficient than GPU's.

[Cronus]

That's a gross underestimation. At the current difficulty a 7970 would net you around $20 per month going 24/7. If you mine Litecoins, you'd be making $60. That's, of course, disregarding power consumption. But if you live in a place where power is cheap or you don't pay for it yourself it's still a profit.

[mr moose]

That's a gross underestimation. At the current difficulty a 7970 would net you around $20 per month going 24/7. If you mine Litecoins, you'd be making $60. That's, of course, disregarding power consumption. But if you live in a place where power is cheap or you don't pay for it yourself it's still a profit.

If I left my pc running 24/7 it would cost me $43 a month in power. So I am guessing mining is not for me.

[Cronus]

Well, you'd make $17 off of Litecoins. It's probably not worth the heat and hardware stress though.

[wkronbaek]

So, approx if you want to know you'd make 10$ a month with bitcoin, would be around 30 a month with litecoins.

[RuecanOnRails]

A single 7970 works fairly well as a miner. If you mine Scrypt based coins you will can get around 700 - 750 K/hash.

mining litecoins would work out to $2.10 usd per day. (changes constantly based on price, and difficulty)

 

However litecoin is not the only coin you can mine. There are other alt coins which offer a higher profitability, you would need to constantly watch for which one is on top and jump to new ones constantly. But doing so could jump you up to $3.

 

That's only if you sell the coins you get right away. If you sit on them the price may go up much higher. Think of it as an investment in the stock market which you can buy shares with money, or you can slowly make shares with your computer. If you want to invest but your computer isn't able to produce coins fast enough or profitable enough then skip mining and buy directly, or a combination of mining and buying.

 

 

As for your initial question of an introduction to bitcoin, take a look at a few of the threads in this section for guides, info, and other general inquiries. Bitcoin is still very new and ever changing, no one has all the answers. you will need to research and discover lots for yourself ;)