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I don't want to be cruel but honestly that hardware is so dated you can't mine anything with it. Not even CPU mining which needs at least a C2D level CPU to beat electricity costs.
What is your motivation to mine? Mining is there to support the network. If you want to make $ you need to spend money.
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ProtoShares is much better in my opinion. check it!
What a convincing arguement  There are no ASICS known to be released for LTC. Somebody may be planning it, but even at $40 somebody must really want to corner the market to shell out that much $ that may be better spent on BTC. |
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The whole point of alt currencies was that they could bring some features to bear that BTC did not. For example Primecoin has a functional benefit for mathematicians. If nobody ever uses the coin other than to make money then it will become adopted and will be worthless once the initial surge is over.
Having said that you can make $ with alts, but it requires time to trade them. Trading requires exposure to risk of having currency sit on an exchange.
Buy BTC with the $ you're not willing to gamble with. Buy your favorite alts with whatever you're willing to put on 23 (or whatever number) on the roulette wheel. Alts can run up like BTC too, but I can't see any of them being used to trade like BTC (at least until somebody sells a Porsche for LTC).
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yup just pick up some cheap PoS coins for the coming scrypt ASIC bloodbath , more fun to mine 10 mins every 5-10 days on a cheap laptop, less heat.
Yeah I just really don't see that happening anytime soon. Which shitcoin is someone going to invest all the time and big money into creating an ASIC for? FPGA maybe as some sort of hobby project, ASIC no way - there is no way to justify the investment. No way on the FPGA either. People have tried and their results were less than desirable to say the least. I believe someone created an FPGA that hashed at about 80kh/s... but hey it was energy efficient! ASIC development would just be too expensive to make it worthwhile, IMO. People think because Litecoin is above $30 that people will start design ASIC's for Scrypt, but I don't think they realize how different SHA256 and Scrypt are... I know I sure as hell don't know anything about ASIC design but have heard others say that it would be much, much more difficult/costly to develop an ASIC for Scrypt. I smell more preorder fodder for out favorite ASIC manufacturer BFL (Blind Faith in Logistics) |
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Many people have amounts in their banners that are derived from their contribution to Ghash.IO (not power they bought).
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Yeah it doesn't effect ASIC mining but does effect Scrypt GPUs
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Sheesh, these new people so anxious to make money they're willing to throw it into the gutter.
Things you need to know:
1) No mining equipment sold today is likely to make a "profit" - and by profit I mean the eq will be able to earn more BTC than you can buy with the upfront cost of the fiat. Everybody buying mining eq is gambling to mine more than they could buy
2) Never, ever send Paypal as a Gift unless you know where the person lives
3) Group buys are risky for both the organizer and the shareholders (I organized one before and it was a headache). Thankfully it failed because it was an Avalon B3 - a blessing in disguise.
Go to the marketplace section of the forums. Find somebody willing to sell BTC who will accept a well know escrow and buy it that way.
If you absolutely have to buy mining eq, at least spend 10-20 calculating how much it would earn over the next 3 months in a worst case scenario, multiply by current exchange rate and that should be the amount you should be spending. Most people selling eq are looking for suckers.
If you feel you must throw your money away, PM me. I need some $ to buy clothes for uninsured people at my hospital. We get a lot of transients admitted who don't have shoes or shirts at time of discharge.
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Or think about it this way: It is a medium to high risk investment that pays 23% interest monthly. (at 0.07/GH and today's difficulty). Slightly better if you reinvest (compound) that interest by buying additional GHS on a regular basis with your interest. Obviously the "interest" will continue declining as difficulty increases which is why over a long period of time the average returns are going to be worse because the cost/GHS will continue to decrease in line with the "interest".
Don't think of it as buying mining power but rather from the investment/returns perspective and it makes a lot more sense.
I've seen posts where people say the GHS price should be 0.03. If someone was offering you an investment that made better than 10%/week and was backed, at least somewhat, by a company rather than some guy with a hammer that would break kneecaps of debtors if they didn't pay that would be pretty popular, hence the current cost.
This is how I think of it. Instead of coins sitting in a wallet, coins at CEX are generating a slight income. And if you want to trade periodically, you can make some profits that way too. You are not getting 23% monthly. Your return drops significantly every 12 (or less) days. You write as if you expect to get all of your initial investment back, but you don't. The price of 1 GH/s drops faster(on average) than the amount you receive as income. The price has dropped 25% in the last month, so even your exaggerated 23% is not enough to break even. There is simply no way to make a profit at the current price. Since you lose money every time you buy cex.io, you are compounding your losses when you reinvest. The price should be around 0.03 BTC because that is the total amount of income you will receive from 1 GH/s. Why pay 0.07 when you are only going to get back 0.03? You can potentially make profits by trading, but trading is going to lose money on average because the price is dropping. For every trader that makes money there will at least one trader that loses money. I urge the two of you to make a serious effort to determine the total income you will receive from 1 GH/s and then justify paying the current price for that income. Sshhhh. Quiet. You'll let the cat out of the bag. |
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Wow I do mine once a week but they are cpumining haha.
How much damage are we talking about for cpumining, not pushing it or anything, and it's well ventilated? anyone have experience with laptops that got fried?
CPU mining on a desktop should be fine even with a stock fan. I would not do any kind of mining with a laptop. I just bought a brand new 17" I7 and went with a GTX 770 since I have no intention of killing it (even with warranty). It's just not worth my time. |
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For the OS pick whichever you are more comfortable with. Linux has BAMT for ease of use, Windows allows undervolting without having to flash the cards.
Don't pick coins based on profitability. That is manipulated by people who have far more coins. Pick based one which you believe will survive 3 months out. Most alt currencies have come and gone.
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Yeah the cards are backordered everywhere. People who ordered on Black Friday from Newegg still haven't seen their orders ship  |
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If the scammer is doing a chargeback why would he care what money he is putting up for the outlay. It just makes the poor seller just more eager to ship.
Too bad eBay won't let you know which transactions are actually successful.
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Stop. Just Stop. There is no point mining on nVidia hardware unless you want to generate heat at the expense of life of the components. CPU mining maybe, but nVidia |
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Haha, everybody better go back and edit their posts.  |
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To keep safe I would probably say at least once a week. The couple of minutes of lost mining is nothing for being on the safe side and restarting.
But each restart does result in a thermal contraction/expansion cycle for the cards unless you're fast about it. |
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Logmein uses a mirror driver and the GPU does writes to it, I suspect the same holds true for teamviewer so it would lower rates.
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LTC moves up and down much faster than BTC does. At least recently. A few months ago it was ~$2 and now its around $35, which is a much bigger increase than BTC which has about doubled in the same length of time.
This is bullshit. Everyone can check the price graph over time to prove your way off  Percentagewise LTC has grown more recently compared to BTC |
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Woah, I didn't think about this till now...
How are you supposed to make money off Spike/Dip on BTC-e with the fees involved... Doesn't that mean you can only trade small amounts of bitcoin to actually make it worth it?
Cause I mean if BTC is at 950 and you bought one, you'd have to wait until the price is 969 to even make it worth it?
Sorta confused haha
As noted above the fee is only 0.2% per trade, so 0.4% on a buy-sell cycle. But to make $ you need to take risk. Most successful people had to take risk sometime. The only people who can make $ without taking risk are crooks (who risks other's money) or people so intelligent they don't frequent these forums  |
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Lol this one thread is turning some newbies into Hero members!
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Profitability over the long run will be determined by electricity costs.
In the short term, LTC is better since nobody is selling a profitable ASIC device.
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