Litecoin mining questions

[Leprechaun93]

I have a couple questions about lite coin mining. I have a lite coin miner setup on my computer and I do get shares accepted a lot faster than bit coins. But is there any way to make money off LTC? Since the exchange rate I think is less than a dollar per LTC. Also, would one of these asic miners such as the one from butterfly labs, be able to mine litecoins? Or can the only mine bitcoins.

[OfekA]

I think those ASIC would only be able to mine bitcoins cause they are specifically designed to do that, and ONLY that.
Maybe (?) people will be able to hack/change the software somehow and adapt them.. I don't really know but it seems like it wont be possible.
Sorry if I mislead anyone, this is just from what I read online..

[wBlaza1]

I think that ASIC´s wont be able to mine LTC, they should be too specialized on "hardware level". But the FPGA´s may be more customizable

[Fiery Winds]

I think that ASIC´s wont be able to mine LTC, they should be too specialized on "hardware level". But the FPGA´s may be more customizable

Correct, the speed of the ASIC comes at the price of being able to do only one thing, which it does very well.  But being hardware, it cannot be adapted to other algorithms.  That said, there's nothing stopping people from designing and releasing an LTC ASIC in the future.

[corbs132]

Fiery Winds, except for scrypts memory requirement that bitcoin doesn't have. the ltc asics wouldn't be able to offer the same jump in performance as they did for btc.

[MineMind]

Do people mine LTC and BTC at the same time?

[Brunic]

Bitcoin ASIC CANNOT mine Litecoins. You have to make specific ASIC for Litecoins.

You also CANNOT mine Bitcoin and Litecoin with the same hardware at the same time. You have to choose which coin your GPU will work on.