3 noob questions about mining

[ManOfDisguise]

very noob questions i know

 

1.so once you actually get(mine) some bitcoins where are they stored and how can you access them? 

2.could i use cryptocurrency to for example buy a game off Steam or something?

3.mining with a 770 - worthless?

[helping]

1) Either online of offline wallet, and mining bitcoin is not profitable.

2) You can convert your currency through a few sites, or buy Amazon, Newegg, of Visa giftcards through LTCasics

3) Yes, largely worthless. 

[Levent]

1-Wallets

2-Yes Steambits

3-Yes

[jameshumphries47]

1. in a virtual wallet

2. no you have to sell them first

3. all bitcoin mining is pretty worthless go for the litecoins

[RankUpGamers]

1: They are stored in the network, your wallet app just acts as a key for you to move the bitcoin around, so you need to keep your wallet.dat (generally located in %appdata%) Backed up

2: Crypto's can be exchanged for USD into a bank account or traded for gift cards to Amazon/Steam for example.

3: Don't mine BTC on a 770, or any GPU for that matter, Mine Litecoin or Dogecoin (or any scrypt based coin really).

 

Feel free to ask anything else

[RankUpGamers]

1) Either online of offline wallet, and mining bitcoin is not profitable.

2) You can convert your currency through a few sites, or buy Amazon, Newegg, of Visa giftcards through LTCasics

3) Yes, largely worthless. 

Why are so many people just posting "It's worthless" on every thread? Why not recommend Scrypt based mining?

[helping]

Why are so many people just posting "It's worthless" on every thread? Why not recommend Scrypt based mining?

Because scrypt based mining on a 770 is largely worthless. 

[RankUpGamers]

Because scrypt based mining on a 770 is largely worthless. 

No it isn't. It isn't MUCH but it will still net a profit, and if you get lucky, a good price increase could mean alot to a long term miner

[jameshumphries47]

No it isn't. It isn't MUCH but it will still net a profit, and if you get lucky, a good price increase could mean alot to a long term miner

its profitable if you don't have to pay for electric

[helping]

No it isn't. It isn't MUCH but it will still net a profit, and if you get lucky, a good price increase could mean alot to a long term miner

For the about 30$ or so a month assuming you leave it mining 24/7 at 200 hash @.10/kWh at the cost of heat, possible degradation, and unusability, it's largely worthless imo. 

 

Of course, it's up to him to decide that. 

 

As an investment, you would have to go for small altcoins and gamble that they make it big. 

[RankUpGamers]

its profitable if you don't have to pay for electric

I pay for my electricity and I still make $250+/month with dogecoin

[RankUpGamers]

For the about 30$ or so a month assuming you leave it mining 24/7 at 200 hash @.10/kWh at the cost of heat, possible degradation, and unusability, it's largely worthless imo. 

 

Of course, it's up to him to decide that. 

Well then tell him that, don't just say "no." 

[helping]

Well then tell him that, don't just say "no." 

I'm afraid I don't understand. I don't think I said no  :unsure:

 

Before you put words into my mouse, pay attention to my word choice. 

[jameshumphries47]

I pay for my electricity and I still make $250+/month with dogecoin

aha lol good for you, I think dogecoin is looked at by the world a a joke coin, for $250 a month with the extra heat noise and it will shorten the life of your cards, does not seem worth it in my eyes

[RankUpGamers]

aha lol good for you, I think dogecoin is looked at by the world a a joke coin, for $250 a month with the extra heat noise and it will shorten the life of your cards, does not seem worth it in my eyes

"Will shorten the life of your cards" They run at 60C which is perfectly fine. They both have 3 year warranties, and 24/7 use is perfectly fine within the warranty . Dogecoin is a decent way to get into mining, and for about two weeks was the most profitable scrypt coin to mine. Yep. And for that "heat" issue... I just don't turn on the heat in the house as often now. Fun Side-effect 

[jameshumphries47]

^^ lol good for you it works, I don't see the point of doing it at this point in time the currencies are low, I may start in a year or so when I get my new rig on lite coins but not 24/7 as I don't even have my servers run 24/7

[RankUpGamers]

^^ lol good for you it works, I don't see the point of doing it at this point in time the currencies are low, I may start in a year or so when I get my new rig on lite coins but not 24/7 as I don't even have my servers run 24/7

Litecoin will be so hard to mine in a year, it will be pointless. 99% chance of that.

[RankUpGamers]

I'm afraid I don't understand. I don't think I said no  :unsure:

 

Before you put words into my mouse, pay attention to my word choice. 

I think that more facts are needed to explain to people than just "largely worthless" But I think the OP needs to decide. I've put all I'm going to say on the table unless asked for more info.

[jameshumphries47]

you never know, its all a gambl. by then I assume there will be more of these currencies out so we will see

[Bloodyvalley]

Where I live, 1 kwh is $0.05