So I'm a newbie and I'm looking into getting into bitcoining and litecoining. From what I've heard litecoin is more profitable since it's like bitcoin jr right now. (That's how I've heard it put) So with that being said I'm going to have a maximum of $2000 to invest at the first of the year and I'm curious which is the best way to go? First things first.... Do I need a dedicated machine for each bitcoin and litecoin mining? Or if I was to get a butterfly labs rig that could handle 25gh/s for $1249 could I share that between mining for each application? My guess is no! Please guide me in this direction. I'm basing my funds to use on current technology not what they may have next year. Also is it really that easy to hook a 25Gh/s bitcoin miner to a new computer and run the miner program connecting to a pool and let it do it's thing? Also another question I have is do you put all your nuts in one basket by only dedicating your computer to one pool or do you run multiple pools? I can do my research on who the best one's are I'm just curious on so many things. Please do your best to guide me on this subject as I'm very tech savy with pc's and hardware but with this mining is NEW to me!!! One other thought I've seen so many of these rigs where people are using multiple video cards to mine. Why is this the best way to mine? Or is this not all it's cracked up to be? Seems to me 3 or 6 or 9 video cards all running parallel at like 685Mh/s is nothing compared to a Butterfly labs 25Gh/s....... Clarity requested please!
okay do this slowly do not put in 2k.
join cex.io
just buy 1gh
I get a free 3 % commission if you use the link below.
Why do I say this well I would make about 1 dollar a week. btu that is not why as you can join them without using my referral link.
You need to understand BTC world with a cheap investment to start.
Not a big high end 2k 4k 5k move.
1gh of hash at cex.io is not cheap it is about 75 bucks . but the value is very important. due to the extra benefits offered. notice the attack on my carefully designed explanation done by the other member below. see that he insulted my advice without waiting for the longer writing required to explain why you really want a small account in cex.io
okay if you join cex.io spending about 75 usd in btc to get 1gh of hash. you get the ability to use the largest pool in the world to mine
BTC
NMC
DEV
ITX coins.
DEV and ITX coins are not worth much but if you let them sit for a month that do get bigger.
NMC are about 1 usd and cex.io will let you directly trade your nmc into btc.
Let me explain why you want to point your in house miners at big pool. the bigger the pool the shorter the bad luck streaks . you earn consistent..
I have 6gh in purchased hash on cex.io I have 1.4 referral hash from people that read posts I write explaining the benefits of cex.io.
Lastly I point 20 to 40 gh from my in home miners at cex.io.
the fees are tiny I get bonus nmc and I can convert the nmc to btc right on the same site. I then convert the btc to more hash on the site
my grand total of hash is 6 + 1.4 + 25 = 32.4 today.. once a month sell some of the on site hash for btc transfer to coinbase and convert to usd.
While I realize many will tell you mining is a gear thing it is not a gear thing.
it is a larger game then my knc miner does 600gh hash and spends just 600 watts to do it.
but if you can get a knc miner to do that for under 6k usd I will buy it.
if you can get better gear at good price points buy it.
many more important things then getting a good deal on a good piece of gear.
1) get it fast
2) trade up hash power and pull out some cash.
3) all the gear gets out dated fast so you need to be able to sell slower gear and buy better gear.
4)
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