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Should I bitcoin mine?

Crosshair5599
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I am using a 7970 and am trying out the bitcoin mineing. I get like 600 MH/s hashrate! Is this profitable? Is bitcoin mineing still good?  I want to leave this running all night but will the electric bill be bad? How can I tell what I am using up?

 

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No. You should invest that money in the stock market for BTCUSD (Bitcoins to USD stock). It has been rising steadily for the past month or two. At $300, you would have already made $20. 

/joke that is stupid as the stock market is only for the people with lots of money

† Christian Member †

For my pertinent links to guides, reviews, and anything similar, go here, and look under the spoiler labeled such. A brief history of Unix and it's relation to OS X by Builder.

 

 

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Not new to double posting it seems. Scrypt mining is used to mine other coins sure as litecoin. There are no ASICs for scrypt mining which helps to keep the difficulty down and profitability up for us GPU miners. If you want to try mining ignore bitcoin. You can easily trade other coins for bitcoin if you want to after you mine them. Just follow the instruction which are already posted here. http://linustechtips.com/main/topic/50533-how-to-mine-coins/  

You are free, act like it~Warfairy. Moar guns. B) #3Dprinting

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Dont mine. You will only lose money.

 

If you wanted to mine, pre-order a BFL "Monarch." It will supposedly pull 600GH/s

 

However, i see little to no profit in mining anymore. I used to mine and i made some, but since ASIC's have come into the equation its simply not worth it anymore.

~Judah

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There is no way you could possibly  know if he will lose money. No, mining bitcoin now with GPUs is not a great idea, but scrypt based coins can still be quite profitable. There is no reason he can't make a couple extra bucks by mining as long as his power is cheap/free. The $1.50-2.00 per day in this case could easily be worth it. 

You are free, act like it~Warfairy. Moar guns. B) #3Dprinting

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There is no way you could possibly  know if he will lose money. No, mining bitcoin now with GPUs is not a great idea, but scrypt based coins can still be quite profitable. There is no reason he can't make a couple extra bucks by mining as long as his power is cheap/free. The $1.50-2.00 per day in this case could easily be worth it. 

 

I agree, another bonus is that he already has the hardware, making his entry into mining cost nothing. There is still great potential for profit, and even if only breaking even over electrical costs he would still be taking part in the future of the global economy. The more hash power spread out in the network, the more secure and reliable it becomes.

 

 

Im not too sure what scrypt is. I am new to bitcoin mineing lol.

 

When it comes to CryptoCurrencies, and there are many. The two most prominent and accepted are Bitcoins, followed then by Litecoin.

Bitcoin leads acceptance by a landslide where less than 8% of the cryptocurrencies users openly hold Litecoin in addition to their Bitcoins. Beyond that, the acceptance of other coins quickly drops to less than 1% for other well known, and even less for the others.

Because the Bitcoin protocol is open source, anyone who thinks they have an idea to improve upon Bitcoin can create their own coin with their own set of rules and features. Most of these coins never amount to anything, if you choose to play a game of chance you can try to bet on any of the upcoming coins by mining them rather than accepted coins.

 

Bitcoin uses the SHA-256 hashing algorithm, Currently there are ASICS available in what can be referred to as an arms race for manufacturers producing the ASICS. These ASICS, while following the natural progression of technology advances, they are quickly making GPU mining of the SHA-256 algorithm obsolete for efficiency.

 

Litecoin, and most of the other "Alt coins" use the Scrypt hashing algorithm, it's much more difficult to run where the conversion rate is nearly 1000 times harder. When referring to bitcoin hash speed, it's seen in M/hash, whereas Scrypt is seen as K/hash at give or take the same number. Because it's higher difficulty and more resource intense, has made Scrypt for the time being ASIC resistant allowing GPU miner to mine it with equal profitability. ASICS will eventually be built, but right now GPU mining is king for Scrypt.

 

 

For profitability ratios based on mining various coins already accepted on exchange sites, check http://coinchoose.com/index.php

While one coin might be top dog for several hours, it can easily get knocked down as it adjusts to the added network speed. It takes a lot of time to try and jump from coin to coin in order to stay on top and maximize profits.

 

 

As I stated above, new coins are created regularly with different feature sets. Most of them are designed as a "Pump and Dump" by the developer where their intention is to build the coin up and hope it hits an exchange at which point they offload their entire stash for quick money leaving everyone else empty handed.

By reading the feature set of various coins you learn to watch out for certain things, such as premines where the developer mines a bunch of coins before the public launch, a starting difficulty of 0, or even an absurdly low target solve rate could all point towards possible pump and dump coins.

 

If you are interested to check out a place where new coins are announced you can do so here. https://bitcointalk.org/index.php?board=67.0 Just don't expect to be able to mine a new coin without a pool, there are a lot of people who wait for new coins and jump on them with high hash rates to mine them into oblivion, hording and potentially killing the coin within hours of launch. if you try to compete, every block you solve will likely be orphaned due to the attacks overwhelming hashrate. Of course if you manage to mine a coin before it hits an exchange, your time mining may be worth 10 fold over other coins. It could also become wasted if the coin gets attacked and dies. I have seen and been on both sides of that.

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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I agree, another bonus is that he already has the hardware, making his entry into mining cost nothing. There is still great potential for profit, and even if only breaking even over electrical costs he would still be taking part in the future of the global economy. The more hash power spread out in the network, the more secure and reliable it becomes. 

 

This is exactly what I mean. If you already have a nice 7970 available why not go for it. Not only can you still make a nice profit now, but fully expect the price of Litecoin to rise.Right now with my mining I am making around $12 a day. However, I'm holding on to the coins. When the price goes back up to say $4 a coin I could then sell and it would be like I was making around $20 a day this whole time that I was mining. This is the same approach as buying the coins, get them now and sell when the price goes up. When the price goes up the difficulty will too, so start mining now.

You are free, act like it~Warfairy. Moar guns. B) #3Dprinting

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This is exactly what I mean. If you already have a nice 7970 available why not go for it. Not only can you still make a nice profit now, but fully expect the price of Litecoin to rise.Right now with my mining I am making around $12 a day. However, I'm holding on to the coins. When the price goes back up to say $4 a coin I could then sell and it would be like I was making around $20 a day this whole time that I was mining. This is the same approach as buying the coins, get them now and sell when the price goes up. When the price goes up the difficulty will too, so start mining now.

Thanks for the post. How can I tell how much litecoins cost and what miner/pool should I use?

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You can go here and create an account. http://www.netcodepool.org/?id=1 After that go to the chat and I will be happy to help you configure your miner.

 

There is also an excellent getting started guide here. http://forum.netcodepool.org/forum/showthread.php?tid=10

 

I would use cgminer 3.1.1 availible here http://ck.kolivas.org/apps/cgminer/3.1/ or the GUI version here https://mega.co.nz/#!dwUyzAiR!OdP072EOKc5i3r7xSlLdNhvyF4IZB97zEw-8EFC-vZ8

You are free, act like it~Warfairy. Moar guns. B) #3Dprinting

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If you're using a GPU, then no. There's no point in BTC mining with a GPU any more. ASIC is where it's at.

█ Motherboard: MSI Z97S Krait Edition █ CPU: Intel i7-4790K █ GPU: Nvidia Geforce GTX 780Ti █ RAM: 8GB AVEXIR DDR3 1600  █ Storage: 120GB Kingston HyperX SSD + 1TB Seagate Barracuda HDD █


█ Monitor: 21.5" 1080p 60Hz █ PSU: 700w █ Case: Fractal Define R4 █       ...LTT Dark Theme master race.


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