Bitcoin Forum

I'm an investor of bitcoin and quark, just wanting opinions.

Is joining a litecoin mining pool still a profitable venture? I haven't done ANYA math yet, but wondering about other people's experiences. Is it worth the electricity bill. I'll be using everyday pc equipment, nothing special.

Not at all on an average computer. Best off trying to mine a new crapcoin and then trade it for LTC or BTC etc, but I still wouldn't bother.

Fair play. Good to know  :) I suspected that would be the case. I'm into my raspberry pi stuff so wondered about setting those bad boys to work. Think ill stick to investing/earning.

I would definitely advise against mining on a Raspberry Pi haha.

Well, unless you have built one of these:

http://www.southampton.ac.uk/~sjc/raspberrypi/pi_supercomputer_southampton_files/image004.jpg

http://www.southampton.ac.uk/~sjc/raspberrypi/

Would be surprised if you would break even on costs lol. Then there is wear and tear to the hardware, general maintenance, cooling. Ship has sailed.

Alts maybe, but not on a Raspberry Pi.

I've a actually heard a lot of people mining on the pi. Seen on the pi forums that a lot of people are getting into it.

I think that it is more of an exercise to see it in action, than a means for mining coins seriously. It might be worth mining a few new coins, but the hashrate is very low. As the difficulty increase it becomes uneconomical very fast. Not speaking from experience mind, but Scrypt mining is currently a GPU thing with some ASICs coming out in due course (game-changer).

Yes, sure!!

Probably right now Litecoin is not too much profitable, but I am sure in a few months the price will be higher. In May I was mining Litecoin and all my friends were changing to other coins because they said it wasn't profitable. A few months after, price was about 40$ and I had a lot of profit meanwhile my friends hadn't litecoins.... my recomendation is, that YES, but you have to be patience.

regards,

Thanks for the responses. Might just try it to see the process through. Maybe with a crapcoin to trade up. I shall post any progress here.

Might change my mind on using the pi but ill see what it can do. Got them controlling my house appliances and xbmc on my tv at the mo. Awesome little things!

I would say it is. I have not done the math here as I don't know the cost of your electricity but as long as you have a GPU that does over 200 KH it probably is. However mining other scrypt based alt coins is probably more profitable than litecoin itself.

It is still slightly profitable to mine LTC and it is definitely profitable to mine alts.  Its just a grind figuring out which ones to mine and when to sell what you get.  I know that I looked at LTC about 8 months ago and passed on mining because it wasnt profitable enough (I was looking at $800 in yearly profits from my crap NVIDIA card).  But then the price shot up, and I was very very wrong about it not being profitable.  If you have faith the price will rise again, then yes, its profitable.

the most profitable alt coin for mining is currently dogecoin, so you should go for doge instead of litecoin :)

You have some pools that automatically mine the most profitable coin at the moment

I doubt it is with a standard everyday computer, which is what OP has.

don't listen to these cats...mining litecoin is still profitable.  unless you live in Australia and pay out the ass for power.  however, I expect it will rise in the future so even if not profitable at this very moment...holding the coins and waiting for it to take off again will still net you profits in the long run

Is it profitable to mine on a iphone?  ::)

This, you may exchange then to Bitcoin or any other coin you want

I've switched from mining ltc to mining dogecoins.  I have the dogecoins automatically sold on Cryptsy.  It seems to be more profitable than mining ltc, specially since the difficulty for litecoins is going up so fast.

Don't we have to consider ASICs coming out apparently in 6 months too?  Won't that make GPU mining of any scrypt coin a waste of time?  I'm considering spending £1400 building a rig now, but not sure it its worth it!

Thanks for all the help. Going to start mining DOGE, purely to see how it all works. Never mined before so it's more about that for me. And if I make a profit then great  ;D

Let us know how it goes, but wouldn't it be better maybe mining another coin? I heard/think Doge is on its way down in mining profitability, popularity and price.

Yeah maybe, but I don't want to mine some 'pump-and-dump' crap. Doge has a little longevity at least. I'll look into it properly before I start  :)

Doge is pump and dump crap. They pretty much all are, and Doge has been dumped already, They only real way to make money from these coins is to get in with the pumping and dumping.

I agree, when fonts was contributing to the pump and dump, people made some serious coin. Of course some people lost some serious coin too.

Doge is dogeshit.