Bitcoin Forum

Is mining Litecoin or Bitcoin still profitable?

Depends if your making more then it costs to produce said bitcoins.
Factors could include hardware cost, electricity cost, maintenance etc

Even with the increased difficulty, my dual 7970 rig should bring in 2.5 coins/month or $187.

Now as ASICs flood into the hands of miners, GUI mining will probably shift to Litecoins where the returns are about the same.  You can trade LTC for BTC on btc-e.com.

Bitcoin mining is getting near its end for small players. Cost of electricity > Bitcoin value mined. Even if ASICs turn out to be a fraud its still not really worth the effort IMHO.

LItecoin... who knows??

Yes, definitely. Exactly how profitable depends on a number of factord: power cost, hardware cost, mining difficulty, hash rate, market prices and whether you are part of a pool or solo mining.

I dont pay for electricity, still in High School.

This blows my mind.

If you run a 1000w mining rig for 24/7 for a month I bet your parents electric bill goes up at least $50

As a parent, if my electric bill goes up $50 all of a sudden, feces will hit the ventilator.

Thought the same :)

Maybe instead of generating money, which burns your parents money, you could just ask them to give you more pocket money.

Sometimes electricity to run a mining rig actually can be free, particularly in colder environments where you would normally have to run a heater.

However, OP did not state that power is included in HIS rent or that he owns a wind farm, simply that he is still in high school.  This implies that he lives at home and HE doesn't pay for power someone else (a parent?) does.

OP implies that power consumption is not important to him because he will steal the power from his parents.

(This my understanding of and may actually be an incorrect assumption)

I've been mining litecoins for a while and they are still quite profitable, especially with the rising prices.

Try like 450-500w

could get 2-3 7970's for 450watt

I just orderd few avalon miners so I hope so  :D

Bitcoin is profitable but eventually, when the ASICs are in miners hands, it won't be and you'll need to switch to LiteCoin with graphics cards.

Litecoin has been designed to make it hard for anyone to create a dedicated FPGA/ASIC hardware miner.

Bitcoin mining will always be profitable for some miners. If it becomes unprofitable enough for a miner, they can drop out of the game, making it more profitable for the remaining miners.

Post of God. Bow.

GPU Mining: No
ASIC Mining: Yes

Ive stopped mining bitcoins, its either LTC or CHN/CNC now

Yeah, dustcoin has recently added some new alt currencies to their list and nearly every other alt coin is more profitable than BTC.

I'm mining BQC (BBQ Coins, another scrypt currency). Apparently an exchange is coming soon.

I would mine Litecoins, except that every miner out there was written with trojan code (not the malicious kind, just to connect to everyone apparently) and the only way to get past it is to uninstall my virus protection..

What antivirus are you using? Microsoft Security Essentials doesn't have any problem with LTC miners...

McAfee has a problem with all of them sadly. Apparently they were written with the kind of code used with trojans so it gets a generic trojan flag. There are options to appeal it with mcafee but i dont think anything ever comes of it.

Mining with good amd gpu's is still profitable especially the last few days with the alt coin craze. I wouldn't expect this to last but feathercoin was 400% more profitable to mine than bitcoin almost all of yesterday and china coin was 1000% more profitable than bitcoin all day today. With my 4.5 kh/s, chinacoin made me about 2 bitcoins today by immediately exchanging mined chinacoins for bitcoins.

However, by buying hardware now you would still be making a bet on how long people are going to be entertained by these new alt coins which really don't offer anything new. At current exchange rates a single 7970 will make you about $5.33 a day mining litecoins or $3.51 a day mining bitcoin (not factoing in power costs) and this rate is generally going down as the difficulty keeps rising.

Yeah I just switched from bitcoin mining to litecoin myself. Gave me a couple extra dollars per day than mining bitcoin.

Except if you have an ASIC, mining bitcoins is hardly profitable now (as BTC price is relatively low currently and mining difficulty is high due to many ASICs mining)

Ive also recently started mining again. I mined last in 2011, made 3 coins off a 9600GT in like 2 weeks, good old days with low difficulty xD... come back 2013 with a 7970 + 5870 averaging 1.05 GH, 2-3weeks straight mining i have 0.5 coins xD, taking in to account i did gamble off 0.2 coins :P.. but non-the less i am enjoying it :) and im now in it for the long run

Mining feathercoins right now, quite profitable right now.
My major issue which effects my efficiency is the amount of hackers and the denial of service attackers out there.
Any mining pool that is doing the popular coin of the day will be attacked, i've hopped from one pool to another and i've experienced issues with all of them.

yes...

see this, plug in your info

http://dustcoin.com/mining

You can still make a profite on BTC, but many things will change, BTC value, ASIC rigs, difficulty.
But there are many other currancies out there.

is there any way to get an asics?

http://www.butterflylabs.com/

You can order one, but you will have to wait many months before you actually receive one.
I think butterfly labs is the popular choice, i dont even know if anyone has actually received their order.

but  i hear that butterfly is scam

In the long run, yes!

Could be but they did deliver some machines in the past. OTOH, right now, they might decide to keep everyone's money and run for it.

That would actually be a bonus for BTC mining :)

all depends on the value that will ...

maybe

it is still profitable, at least if you already have a good GPU

Yep, from https://en.bitcoin.it/wiki/Litecoin, apparently GPUs are at least as good as other specilized hardware.

Everyone talks about how huge your electricity bill would be, but I have a real time monitor for my electricity usage, and it costs about £0.08 per hour to run my PC (with 2 monitors) at idle, and about £0.085 p/h to run it with GPU mining (Radeon 7850).
OK, my PC is on 24/7 anyway (I'm a torrentor), so for me, this power increase costs me about £3.24 extra per month, and gains me 0.05BTC per 5 days (.3BTC per month) - or £22 at todays exchange rate.
So if you have your PC on 24/7 anyway, then GPU mining with a decent mid-range Radeon is definitely worth it, but running it purely to mine, then not really, unless you have a really awesome GPU, or crossfire set up.

Just get a job at a power plant. They probably wouldn't care about a few watts...