LiteCoin Mining

[ayau]

Originally Posted by SVTSHC

And from what I see you get fractions of a bitcoin every time a block is found... So I guess my next question would be how long it takes on average to get a single bitcoin...? Or am I still not thinking about this correctly?

Here's what I gather

• Bitcoins are digital currency
• When mining it's ideal to work as part of a large group
• Similar hardware specs do not guarantee similar results
• Currency can be traded at certain banks for USD or used to purchase goods/services from a number of small/large businesses
• mining utilizes GPU and the higher your processing power the larger share you'll get when blocks are found

That's probably all mega basic, but I'm more or less trying to wrap my head around the basics of this.

You don't have to wait until you mine 1 BTC before you can cash out. You earn fractions of a BTC and can cash that out anytime you want. For example, 1 BTC = $592 USD. Yesterday 1 BTC = $619. I'd hold my currency in BTC until the exchange went up before I would cash out.

To earn a single BTC, you'd have to have a lot of GPU power and would have to wait for quite some time. Roughly, 1 AMD R9 280x (cost $500) will net you a couple bucks each day. You can imagine how long it would take net 1 BTC.

In general, the break even point right now is about 3-4 months, assuming nothing crazy happens. If you put in a high initial investment, then your payout will be greater after the break even point. If you're just mining with 1 GPU, then your pay out isn't going to be worth it IMO unless you already have the GPU.

[SVTSHC]

Much appreciated gentlemen, I've a lot of reading and research to do.
I plan to build a solid gaming rig sometime in the near future; with this in mind I was originally going to go with a dual card setup but it might be worth it to go with 3-4 cards just for the sake of giving it something to do when I'm not around (if I understand correctly)..

[ayau]

In other news, BTC is dropping to $575 lol.

[Giccin]

Wtf is litecoin mining.

[utekineir]

How does google work?

[Giccin]

Originally Posted by utekineir

How does google work?

Yea, I'm reading on it. Don't you trip chocolate chip.

[SVTSHC]

Well after 3 hours of reading I've pretty much got the jist of the basics. Although at this point it seems like to make the initial investment would be pointless. Getting that I missed the boat on this feeling.

[Guff]

One of my cards has started doing the hash rate "bleed off" thing again... It might be due to the fact that I'm CPU mining as well, but I brought the miner down to four threads and it's still doing it...

[Luis_GT]

Originally Posted by Guff

One of my cards has started doing the hash rate "bleed off" thing again... It might be due to the fact that I'm CPU mining as well, but I brought the miner down to four threads and it's still doing it...

At this point, I would simply get a second HDD and set it up for mining only...


In other news

[cactus]

Well at current prices I am not covering power. I try to take the long view of it will go up, I don't need to transfer to fiat, but it is demoralizing lol

[ayau]

Happy mining Friday everyone.

[utekineir]

Scrap wood and a table saw.






Left it long for a second power supply.

Even with extra ps jumped couldn't get 7th slot to recognize card

Also had to use fresh instal of windows 8 and crossfire cables to get these going

[ayau]

Originally Posted by utekineir

Scrap wood and a table saw.






Left it long for a second power supply.

Even with extra ps jumped couldn't get 7th slot to recognize card

Also had to use fresh instal of windows 8 and crossfire cables to get these going

Why did you install the GPUs so close? Isn't the benefit of a custom "case" is the ability to use risers and space out the GPUs?

[utekineir]

Cables are only so long