Bitcoin Forum

Hello BTC community!  I sort of got into BTC and Alt coins late and really started researching them about a week ago after seeing them become more prevalent in the Poker community.  Unfortunately, I can see from the little research I've done that I am too late to profitably mine for BTC.  However, it does seem like there is a small opportunity window to get into LTC GPU mining right away.  I would like to get into it ASAP and try to convert some of my mined LTC over to BTC for both value and diversity.

I've seen several plans for LTC mining rigs ranging from 4-6 GPU's and I plan to get started on building mine right after christmas.  What I would like to do is build a miner with 1-2 GPU's just to get started, adding new GPU's every week or so as I generate more capital.  Can anyone tell me if this is feasible?  If I started mining in 3 weeks on a 1200 Kh/s machine which would eventually become ~3500 Kh/s, is it likely I could make a profit in 7-8 months time?  This is probably a question that has been asked a million times in different ways and I'm kind of just spewing thoughts here while introducing myself.

I have also seen some sites are going to be offering ASIC LTC miners soon.  I would like to be one of the early adopters of this hardware and view GPU mining as a temporary endeavor as I'm sure they will quickly become obsolete once ASIC's become available.  I have some background in electrical circuits, programming, etc. and have a BS in Electrical Engineering Technology, so I feel as though I will quickly be able to adopt the crypto currency lingo and learn how everything works.  Any information/suggestions are appreciated, or if you are in a similar situation, just say hi!

Hello. I too will be taking the plunge after the new year. To answer your question, first you have to decide what to mine. Mining BTC is a lost cause right now. There are too many ASIC's hitting the market now to keep up. Unless you have a big stock pile of them now, you are better to start mining other coins then exchange them for BTC. At least that  is what I have found researching over the past couple of months. As for ASIC's that mine scrypt coins, those are either a scam or way way too expensive right now when getting started. For me, I plan on making a 3-4 GPU rig and mining scrypt coins. According to my research, I will probably make around $50 a day. It will cost me about $5 a day in electricity to run. That way, if I decide that it isn't right for me, I can sell the parts and get 90% of my money back. My advice is to do ALOT of research here. Read everything, and use the search above. hances are, there was someone else asking the same question you are trying to ask. Hope this helps.

Yeah after doing a little research I wouldn't even think about trying to mine BTC at this point.  My plan is to mine LTC and trade for BTC on a regular basis, but I will probably keep my assets split around 50/50 between both.  I have ordered all the parts I need for a mining rig EXCEPT for the PSU and GPUs.  I wanted to do a little more research before purchasing these.  I think I have settled on the AMD 7970 x4 for my GPUs- because of a mix of availability,price,hashrate, and energy efficiency.

I am probably going to order a PSU and one GPU tonight, so I can get started ASAP.  I will add more GPUs as more funds become available.