What's happening to Litecoin??

[redmist]

Hey guys,
I've got a lot of questions about Litecoin, as I've just bought parts for a rig I'm building.
About a week ago with the hash rate I will be getting, I would have been raking in around $800 a month.
Now, I'll only be making around $200 a month.

That's kind of worrying for me, as I've just spent $600 on my new rig. And the amount of LTC I'll be making a month has dropped rapidly.

Why is the LTC difficulty so high at the moment?
Can it go back down?
If so, will it go back down??

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[drawingthesun]

A lot of people are moving from Bitcoin mining into Litecoin mining, and a lot of those people are selling Litecoin straight into Bitcoin because its a better way to mine Bitcoin.

Is the hashrate going to drop? Not whilst http://dustcoin.com/mining shows how much more profitible it is to mine Litecoin.

[smoothie]

It really depends. Mining can be risky. Depends when you start and when you sell your litecoins.

My opinion, you will see Litecoin price go higher in the long-term.

Mining difficulty for LTC will also go higher over the long term.

[redmist]

It really depends. Mining can be risky. Depends when you start and when you sell your litecoins.

My opinion, you will see Litecoin price go higher in the long-term.

Mining difficulty for LTC will also go higher over the long term.

Well price going higher will obviously be good. But difficulty? I mean, difficulty has risen from 20 to 90 in about a week. Now I'm only making a quarter of what I was when it was at 20. What happens when it gets to 200 per say? I'll make like $5 a month haha
It's risen so quickly in the past week, it won't take long to get to 200 then

[minedeep]

I mined LTC all weekend due to the better rate of return.  Now its monday and I'm trying to decide what to stick with.  If you check the litecoin charts, it looks like its found its current bottom.  I'm optimistic.  Just built a rig last week to mine bitcoins but dropped a good proccessor and solid ram into the system so it would be a versatile rig.  Now I'm glad I did.  Even with the current state of litecoin, I'm still making 33% above what I'd make mining BTC.  

My theory is when big brother bitcoin starts movin on up, little brother litecoin will follow.  When one gets popular (which is happening with bitcoin) it brings the other into the limelight.  There are people here that know more about the fundamentals than me, but I've seen some stuff go mainstream via indirect press.  Crytocurrency is a hot topic right now.  Its the 80's all over again with swiss bank accounts, but this time its smarter, sexier, and has far more potential to change the way we do business.  

After proofing that, I've decided to stick with litecoin for a few.  Another look at the charts over at litecoinpool.org confirmed it.  Go check em out.

http://www.litecoinpool.org/charts

[redmist]

I mined LTC all weekend due to the better rate of return.  Now its monday and I'm trying to decide what to stick with.  If you check the litecoin charts, it looks like its found its current bottom.  I'm optimistic.  Just built a rig last week to mine bitcoins but dropped a good proccessor and solid ram into the system so it would be a versatile rig.  Now I'm glad I did.  Even with the current state of litecoin, I'm still making 33% above what I'd make mining BTC.  

My theory is when big brother bitcoin starts movin on up, little brother litecoin will follow.  When one gets popular (which is happening with bitcoin) it brings the other into the limelight.  There are people here that know more about the fundamentals than me, but I've seen some stuff go mainstream via indirect press.  Crytocurrency is a hot topic right now.  Its the 80's all over again with swiss bank accounts, but this time its smarter, sexier, and has far more potential to change the way we do business.  

After proofing that, I've decided to stick with litecoin for a few.  Another look at the charts over at litecoinpool.org confirmed it.  Go check em out.

http://www.litecoinpool.org/charts

Yeah I'm optimistic too. I'm hoping the difficulty will go down a bit and then the price will rise again due to Bitcoin rising a lot at the moment. When the ASICS's arrive, gpu miners will move to Litecoin though, then the difficulty will probably rise again.
My plan at the moment is to break even with the rig I've mad. Then buy a slightly better one, and have 2 running. Break even with that one and so on.
Overall I'm gonna try and stick with Litecoin for the long haul.

[minedeep]

Yeah I'm optimistic too. I'm hoping the difficulty will go down a bit and then the price will rise again due to Bitcoin rising a lot at the moment. When the ASICS's arrive, gpu miners will move to Litecoin though, then the difficulty will probably rise again.
My plan at the moment is to break even with the rig I've mad. Then buy a slightly better one, and have 2 running. Break even with that one and so on.
Overall I'm gonna try and stick with Litecoin for the long haul.

I'm doing the exact same thing.  As of tomorrow, I'll be running four 6770's at 240kHash/s each mining litecoin.  Right now just two.  I've been building my next rig in my head ever since I got my first one built.  I'm hoping these ASICs ship soon cause its going to be a free for all in the hardware section of the forum.  Will be a great time to pick up gear for next to nothing.

I decided to put solid processors (AMD FX series), at least 8gigs of ram and a stable video card, that runs cool, in my rig.  The parts are built buy the same manufacturer (Gigabyte, had some great experiences with their server boards).  Its simply a matter of building durable rigs that I can throw at whatever needs mining.  Cost an extra $200, but like you, I'm in this for the long haul.  What I'm not spending on electricity (its included in the rent) and isn't being spent on maintaining an office (eff that noise) is going directly into rigs. 

As for sticking to one crytocurrency or another, I'm undecided.  You know how it goes.  When your favorite sports team starts to loose there are a million reasons why there losing.  That doesn't work so well when dealing with investors.  I've found its best not to be biased in these matters. 

[redmist]

I'm doing the exact same thing.  As of tomorrow, I'll be running four 6770's at 240kHash/s each mining litecoin.  Right now just two.  I've been building my next rig in my head ever since I got my first one built.  I'm hoping these ASICs ship soon cause its going to be a free for all in the hardware section of the forum.  Will be a great time to pick up gear for next to nothing.

I decided to put solid processors (AMD FX series), at least 8gigs of ram and a stable video card, that runs cool, in my rig.  The parts are built buy the same manufacturer (Gigabyte, had some great experiences with their server boards).  Its simply a matter of building durable rigs that I can throw at whatever needs mining.  Cost an extra $200, but like you, I'm in this for the long haul.  What I'm not spending on electricity (its included in the rent) and isn't being spent on maintaining an office (eff that noise) is going directly into rigs. 

As for sticking to one crytocurrency or another, I'm undecided.  You know how it goes.  When your favorite sports team starts to loose there are a million reasons why there losing.  That doesn't work so well when dealing with investors.  I've found its best not to be biased in these matters. 

Nice, sounds like a good rig I kind of want to mine a little bit before the ASIC's get here, because then I can get a nice supply of LTC before the difficulty goes through the roof.
I'm pretty much putting all my money into this at the moment. Gonna get as many rigs as possible and just let them rake in the coins.
Yeah I know what you mean. However I think Litecoin's gonna be a good one to stick with

[minedeep]

Nice, sounds like a good rig I kind of want to mine a little bit before the ASIC's get here, because then I can get a nice supply of LTC before the difficulty goes through the roof.
I'm pretty much putting all my money into this at the moment. Gonna get as many rigs as possible and just let them rake in the coins.
Yeah I know what you mean. However I think Litecoin's gonna be a good one to stick with

Doing the same.  When I'm not designing my next rig or slapping powerpoint presentations together for investors, I'm studying the market and finding good entry points and exit points to buy/sell cryptocurrencies against each other.  Pumped about breaking 1000kHash/s tomorrow.  The ASICs were supposed to hit the market ~6 months ago.  Its been nothing but delays and the ones that have been shipped aren't changing the market that much.  And I read the other day that the guy who heads BFL just got out of prison for doing 3 years on a fraud beef.  Dunno if its true but if he's just been putting on a good show just to hit the door, I'm gonna lol my balls off.

[redmist]

Doing the same.  When I'm not designing my next rig or slapping powerpoint presentations together for investors, I'm studying the market and finding good entry points and exit points to buy/sell cryptocurrencies against each other.  Pumped about breaking 1000kHash/s tomorrow.  The ASICs were supposed to hit the market ~6 months ago.  Its been nothing but delays and the ones that have been shipped aren't changing the market that much.  And I read the other day that the guy who heads BFL just got out of prison for doing 3 years on a fraud beef.  Dunno if its true but if he's just been putting on a good show just to hit the door, I'm gonna lol my balls off.

Well if the ASICS are scams, I'll go back to mining Bitcoin instead of litecoin. Because then the gpu miners will still have a chance.
How many rigs have you got so far?
My first rig is supposed to get 1152 khash for LTC, but I haven't got all the parts yet.
Yeah I heard about that too. It'll be pretty funny if it turns out they're a scam. Although I doubt they will be, as I've seen pictures of their offices. And apparantly someone's already received theirs on this forum. Could be a real one to gain our trust though

[bitcoinnix]

Yea I'm starting to see that I might take a minor bath on my first effort to dip a toe in the water with coin mining.

I bought two 6870s on Craigslist for $125/each, and a bigger PSU for $125, so I'm only out $375 if the difficulty keeps shooting through the roof but it's frustrating to have missed the boat again.

[tymm0]

I have been mining Litecoin for a few months now since my 2 6870s can't keep up in the BTC mining scene.  I think some of the recent increases in LTC price is mainly miners trying to get a good profit off of their GPUs.  If its going to be sustainable LTC needs a marketplace where we can buy things with LTC.

[tacotime]

It costs 0.10 cents right now to make 1 USD with an Avalon ASIC through BTC, and about 10.0 cents to make 1 USD with a GPU through LTC with electricity at $0.10/kwh.

Probably as time goes on, mining LTC with a GPU will be much, much more profitable than mining BTC with a GPU.

[redmist]

Yea I'm starting to see that I might take a minor bath on my first effort to dip a toe in the water with coin mining.

I bought two 6870s on Craigslist for $125/each, and a bigger PSU for $125, so I'm only out $375 if the difficulty keeps shooting through the roof but it's frustrating to have missed the boat again.

Well either way, I hope the litecoin difficulty goes down a bit. It'll still be profitable for me if it doesn't, but so much better if it does.

[mr_random]

If its going to be sustainable LTC needs a marketplace where we can buy things with LTC.

Good news. Atlantis, an online marketplace for buying and selling with litecoins launched recently: https://bitcointalk.org/index.php?topic=154138.0

[markm]

On the other hand, mining bitcoin you can merged-mine umpteen other coins alongside at the same time, so GPU miners might start to pay more attention to all the money they are leaving on the table by failing to add every coin they can to their merge.

Right now people merging lots of coins are getting a below the radar slow steady accumulation of coins of many kinds.

The jumping around (chain-hopping) has a catch, time lag: by the time miners who saw some report that some particular chain is more profitable to mine actually mine some of the supposedly more profitable coin chances are it is no longer more profitable, because the people already holding lots of that coin, waiting for a good time to get a good price on it, didn't have to go mine some before selling as they were the wise ants that already stocked up, not the grasshopper who didn't...

-MarkM-

[hope2907]

if you keep comparing between BTC's profit and LTC's profit it not good for LTC furture

[minedeep]

if you keep comparing between BTC's profit and LTC's profit it not good for LTC furture

Agreed.  I think speed of transactions and solid GPU farming opportunity will drive LTC alone.  What can I say, I'm optimistic.  I think cryptocurrencies in general are a game changer and solid investment.