Starting litecoin

[GIJew]

Hey everyone.

 

First off, I'm sure theres 10 topics a day about this but what the hell.

 

So I've been planning to get into the bc mining business for quite some time now, but I'm still pretty unclear on things.

Recently I decided Litecoin is the way to go, anyone disagree, agree?

 

I know someone who runs a small software firm and they have access to a server room, where electricity isn't a problem and the pc sits nicely in a chilled cabinet.

 

So essentially I need a quick rundown of what to look out for when LC mining, what to do specifically and then finally what to actually do with the coins.

To me it seems that in 10 years or less BC will be a globally accepted currency, I want something to slowly gain money that I can use in a few years (hopefully internationally). So I would be actually keeping the coins, is this a bad plan?

 

Finally if I convince my friend to use their server cabinet, I'd have about $2000-$2500 to spend on a machine- rememeber power usage is negligible.

I was thinking something like this to start of with:

 

 

Thanks all

 

EDIT: took out intial ideas, realised its quite obvious

[helping]

Pentium whatever or Sempron processor, 4GB of ram. 

[Guest GRRigger]

Keeping the coing is probably the best, but keep em safe

[GIJew]

Pentium whatever or Sempron processor, 4GB of ram. 

Just dissasembled a Pentium PC today, best news I've heard all week!

[AK0490]

If you're looking to do it right and want to spend that much  money.  http://pcpartpicker.com/p/2jJ2B

[GIJew]

If you're looking to do it right and want to spend that much  money.  http://pcpartpicker.com/p/2jJ2B

That looks awesome, how long do you think it would take to pay itself off?

[GIJew]

Oh also add about 10% to all US price costs to get the general SA cost.

[rhyseyness]

That looks awesome, how long do you think it would take to pay itself off?

If you don't have to pay for electricity, 4-6 months at current difficulty

[FlakeyBanana]

^^ dont forget the chance of the price of LTC increasing

[GIJew]

^^ dont forget the chance of the price of LTC increasing

I'm counting on it!

 

If you don't have to pay for electricity, 4-6 months at current difficulty

 

I think I may even go for a slightly cheaper build first, with room for expandability.

[rhyseyness]

I'm counting on it!

 

 

I think I may even go for a slightly cheaper build first, with room for expandability.

Hmmmm, I'd go all out now while the coins are at this difficulty.

It's only gonna get less profitable and more difficult unfortunately

[GIJew]

So my business partner is definitely in.

 

I'm thinking of starting with:

 

Intel Pentium G3220 ( I was going to get the AMD FX4300k but the only AM3+ mobo I can get is $180)

Gigabyte Z87X-UD3H (Pricey I know,still cheaper than FX combo, also if the plan falls through I can always keep it for myself)

2X Gigabyte R9-290's (sadly reference, will that be a huge problem? There also seems to be much debate about the effectivity of xfire, any comments?)

Cheapest 4GB of RAM I can find

Old 500GB HDD I have lying around

Any case- probably Corsair Carbide series

 

How does that sound? I wanted to go for an AMD proc. but it just doesn't make sense

[GIJew]

Quick update:

 

Just worked out for just one R9290 I'm going to be spending around $1200 on the machine... $1700 for 2 of them.

 

Should I go for 2X R9280x's instead?

[RuecanOnRails]

Quick update:

 

Just worked out for just one R9290 I'm going to be spending around $1200 on the machine... $1700 for 2 of them.

 

Should I go for 2X R9280x's instead?

 

Depending on the price, the 280X's could get a better price per hash. Some of the 7970/280X can be difficult to get a high hashrate. Always look up the product number of those cards before you order it.

You can compare hashrates for various hardware here https://litecoin.info/Mining_Hardware_Comparison

 

You can check this guide for building a dedicated miner.

http://www.cryptobadger.com/2013/04/build-a-litecoin-mining-rig-hardware/

[GIJew]

Depending on the price, the 280X's could get a better price per hash. Some of the 7970/280X can be difficult to get a high hashrate. Always look up the product number of those cards before you order it.

You can compare hashrates for various hardware here https://litecoin.info/Mining_Hardware_Comparison

 

You can check this guide for building a dedicated miner.

http://www.cryptobadger.com/2013/04/build-a-litecoin-mining-rig-hardware/

Been through both those sites numerous times lol!

Well I could get the Lightning, guaranteeing somewhere in the 700-800 range.

 

 

The real question now is, do I get two R9280x's and upgrade in a few moths, or get one R9290 and wait.

 

Thanks for the help man, 'preciate it

[Theo]

cant you get 7950's?

Mine gets around 650kh/s whch makes me kind of happy lol

[RuecanOnRails]

The real question now is, do I get two R9280x's and upgrade in a few moths, or get one R9290 and wait.

 

That's a tough call. I think the two 280X would have a higher resale value over a single 290. Right now the 280X are pretty rare, sometimes with used 280X costing the same amount as a new 290.

[GIJew]

cant you get 7950's?

Mine gets around 650kh/s whch makes me kind of happy lol

I can most certainly get them, but at just $50 less than a 280x it seems like a bad idea

 

 

That's a tough call. I think the two 280X would have a higher resale value over a single 290. Right now the 280X are pretty rare, sometimes with used 280X costing the same amount as a new 290.

I can get one 290 for $505 and 2 280x's for $620, it seems to be the better deal.

How much more Kh/s would I be getting in crossfire?

[Theo]

I can most certainly get them, but at just $50 less than a 280x it seems like a bad idea

 

 

I can get one 290 for $505 and 2 280x's for $620, it seems to be the better deal.

How much more Kh/s would I be getting in crossfire?

Depends on how much less kh/s they can get, if its like 100 kh/s more for the 7950, personally i'd get that

[GIJew]

Depends on how much less kh/s they can get, if its like 100 kh/s more for the 7950, personally i'd get that

I actually just rechecked my pricelists, 7950 is literally 4 Rand (40 us cents) cheaper than a 280x  :wacko: 

 

The 7970's are closer to $500, the prices here are whack, especially since they haven't been skewed by the mining rush

[RuecanOnRails]

I can most certainly get them, but at just $50 less than a 280x it seems like a bad idea

 

 

I can get one 290 for $505 and 2 280x's for $620, it seems to be the better deal.

How much more Kh/s would I be getting in crossfire?

 

You don't run them in crossfire, but as independent GPU's. 280X/7970 can mine at 730 K/hash. 1460 K/hash for the 2.

A single 290 can get around 800 - 950 K/hash.

 

Here's a calculator https://www.litecoinpool.org/calc

Estimates are only good for 3 days as the difficulty and price changes cane make it very inaccurate.

[GIJew]

You don't run them in crossfire, but as independent GPU's. 280X/7970 can mine at 730 K/hash. 1460 K/hash for the 2.

A single 290 can get around 800 - 950 K/hash.

 

Here's a calculator https://www.litecoinpool.org/calc

Estimates are only good for 3 days as the difficulty and price changes cane make it very inaccurate.

I used the calculator but I had no idea thats how it really worked, I didn't think it was literally double.

 

I'm actually rather considering 2 290's, if I'm guaranteed about 1800 kh/s then I should break even in just over 3 and a half months.

 

Then again I think I'll go for 3 280x's off the bat, in 3-4 months I should pay off the machine, and by then I can sell them for a price and buy non-reference 290's (because even though it will be in a tempereture monitored server room the high temps don't excite me)

Edited December 14, 2013 by GIJew

[RuecanOnRails]

I used the calculator but I had no idea thats how it really worked, I didn't think it was literally double.

 

I'm actually rather considering 2 290's, if I'm guaranteed about 1800 kh/s then I should break even in just over 3 and a half months.

 

Then again I think I'll go for 3 280x's off the bat, in 3-4 months I should pay off the machine, and by then I can sell them for a price and buy non-reference 290's (because even though it will be in a tempereture monitored server room the high temps don't excite me)

 

Don't expect a return on investment that soon. As more people start mining, the higher the difficulty becomes. With seemingly everyone jumping on board to build a mining rig, I'd expect the difficulty to continue climbing rather quickly.

http://bitcoinwisdom.com/litecoin/difficulty

 

If the price doesn't increase with the difficulty, your pay off date will get pushed back.

 

You could also split your investment, purchase some coins directly. This would help hedge against a massive increase in difficulty and spike in price per coin. A miner has a slow constant stream of incoming coins, the profitability greatly relies on difficulty and price per coin. Buying coins allows you to get a set amount of coins immediately.

 

Choosing to mine, or buy coins directly is a matter of trying to guess which would see your money go further. If $500 today could buy 16 Litecoin, you are hoping that the $500 worth of mining equipment over the long term will produce more than 16 Litecoins. If the difficulty increases substantially, it might be less than 16 Litecoins. If the difficulty/price drops, you will get more than 16.

[Kiwiandapple]

Depending on the price, the 280X's could get a better price per hash. Some of the 7970/280X can be difficult to get a high hashrate. Always look up the product number of those cards before you order it.

You can compare hashrates for various hardware here https://litecoin.info/Mining_Hardware_Comparison

 

You can check this guide for building a dedicated miner.

http://www.cryptobadger.com/2013/04/build-a-litecoin-mining-rig-hardware/

 

That site is horrible. Or well, i've been told it's not the best. Those hash numbers aren't really correct. 

 

Been through both those sites numerous times lol!

Well I could get the Lightning, guaranteeing somewhere in the 700-800 range.

 

 

The real question now is, do I get two R9280x's and upgrade in a few moths, or get one R9290 and wait.

 

Thanks for the help man, 'preciate it

 

You want to see a Lightning card with GUIminer? Here is mine, sure it's not optimized what so ever yet. I managed to get 640 untill I crashed my card. Then had to reset it and now im not able to get it higher then this. But I don't see myself getting to 734 khash.

If you only mine on the cards, then get 2 times the 280x. If you will game, then get the 290. 

[RuecanOnRails]

That site is horrible. Or well, i've been told it's not the best. Those hash numbers aren't really correct. 

 

 

You want to see a Lightning card with GUIminer? Here is mine, sure it's not optimized what so ever yet. I managed to get 640 untill I crashed my card. Then had to reset it and now im not able to get it higher then this. But I don't see myself getting to 734 khash.

If you only mine on the cards, then get 2 times the 280x. If you will game, then get the 290. 

 

That site is not horrible, it is accurate and has been kept updated relatively well.

 

High hashrates listed on the that site are definitely obtainable. You need to take the time to actually tune the card correctly to get the most out of it. Something that cannot be done using Guiminer and it's limited reporting/configuring. I have an MSI 7970 running at 730 K/hash and a powercolor running at 760K/hash. I've pushed both further but they become instable and the amount of time it would take to get a higher stable hash isn't worth my time.