Bitcoin Forum

Hello! My name is Nick and i am new to the consept of Bitcoin spend the last 3 days reading about it, specially the main logic behind, i have background in programming and i would like to start that "game". Need info regarding the first equipment in order to start, the first thoughts was for the REDFURY TWIN CHIP 4-5Gh/s but seem that was sold out in any store except two guys in E-Bay. After Reading more i see the eyeboot.com page and the following product http://www.eyeboot.com/Bitcoin-Miners-btc-mining/rockminer-r-box should i take that???? any other ideas would be most appreciated. Sorry for my english you see i am from Greece.

Mining is not profitable, you should buy Bitcoin instead of mining.

You can check Greek board. I'm sure Mitzie can help you.

Unfortunately, Bitcoin mining is already out for slow ASICs less than 500GH/s, will probably be out too when the difficulty rises more. Try to just use those money and purchase some bitcoins and try to hold. You can try if your electrical cost is none. However, the chance of ROI is still less than 70%.

It might be possible to get a positive ROI if your electricity is free and you resell the miner for a good price.

Go to the Market place section on this forum, and ask if you can render any kind of service for BTC. Your programming backgroung, will come in handy, and some people pay handsome amounts for your skills.

Also visit the Alt coin section, if you still interrested in mining. There might be some Alt coins worth mining, but Bitcoin mining days are over for solo miners. {ROI not possible, if you do the maths}

Good luck and enjoy the board.

Don't forget OP, you can convert these altcoins to bitcoins too via an exchange. In fact, this is a way for people without ASICs to still get bitcoins from mining with CPUs and GPUs. So don't think that you will be stuck forever with an altcoin you don't want.

You should check a mining calculator before buying any equipment.
5 GH/s will give you about 0.000145 a day, but that number will decrease every 2 weeks after difficulty increases.

Thank you for your reply, another, let say stupid question, can i use SHA256 equipment to mine litecoin?????

No, litecoin and bitcoin uses different algorithm. Litecoin uses scrypt and bitcoin uses sha256. You can only use SHA256 ASICs to mine SHA256 coins and scrypt ASICs to mine scrypt coins.

No, Litecoin is a scrypt coin. Bitcoin is a SHA-256 coin. You can only use SHA-256 ASICs to mine SHA-256 coins and scrypt ASICs to mine scrypt coins. Most altcoins are scrypt-based, but some of the older ones (Namecoin, Peercoin) are SHA-256-based and can be mined with equipment used to mine Bitcoin.

Edit: There are also other algorithims out there, such as scrypt-N, X11, X13, etc.

Equipments like CPU and GPU are designed to do many different calculations, and so they can be used to mine coins with different algorithms.
On the other hand, sha256 ASIC (application-specific integrated circuit) is designed to do sha256 calculations only, and so it won't work for other algorithms.

For it to generate profit u would need to hope the price explodes in the future while being on a loss as mining is so slow these days unless you are part of a big mining cartel  :-[
Just buy them imo, cant go wrong.