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Author Topic: Mining BTC dead? Mining LTC Alive for how long?  (Read 4364 times)
bitrainbow
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April 22, 2013, 06:59:10 PM
 #1

BTC community,

I've recently become interested in mining BTC, only to find that many people are posting articles stating the mining for BTC is dead - because so many people have such high capacity for mining that they will wint the blocks over you

I'd like some opinions on alternative mining: How long will mining LTC be practically viable/feasible?
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crazyates
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April 22, 2013, 07:08:09 PM
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BTC mining is dead? Huh, that must be why the difficulty is the highest it's ever been. Oh, and the price is 10x what it was a year ago.

The only thing that might be dead is SOLO mining, which now makes it next to impossible to find a block on your own unless you have a massive chunk of the hashrate.

Actually, BTC mining with a pool is more profitable than ever right now. You might be mining fewer coins, but those coins are worth a heck of a lot more.

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bitrainbow
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April 22, 2013, 08:56:24 PM
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BTC mining is dead? Huh, that must be why the difficulty is the highest it's ever been. Oh, and the price is 10x what it was a year ago.

The only thing that might be dead is SOLO mining, which now makes it next to impossible to find a block on your own unless you have a massive chunk of the hashrate.

Actually, BTC mining with a pool is more profitable than ever right now. You might be mining fewer coins, but those coins are worth a heck of a lot more.

Yes, that is exactly what everyone is saying (about the impossibility of finding a block)-- How safe is mining for a pool? Should they be checked out first?
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April 22, 2013, 09:04:24 PM
 #4

Choose a reputable pool, some pools don't have a fee so be wary of those, others ask for donations Between 0.5%-3%.
This could prove useful to you:
https://en.bitcoin.it/wiki/Comparison_of_mining_pools
Bitsaurus
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April 23, 2013, 04:27:00 AM
 #5

If all the GPU miners moved from BTC to LTC then LTC would have to be 1/4 of the price of BTC before the run in difficulty. Figure mining was barely profitable in 01/13 at $14, so LTC would have to be at least $3.50 with the 20 GH that was on BTC in January. If LTC doesn't go up in price the only ones who would mine would be the ones who expect the coin to go up in value.
vonross2012
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April 23, 2013, 05:10:39 AM
 #6

Could be just cheaper to buy the coins rather than buying the gpu mining equipment.  I just recieved 4 free pc's but after buying graphics cards my payback will probably take 3 months.  Thats calling it close expecially if the difficulty rate soars on script mining.  I know in a few months sha mining will be too difficult for gpu mining.  There is a slight chance that you can buy an avalon batch 4 IF they produce one.  but you got to have a lot of bitcoins ready to go because they sell out in hours.
Bitsaurus
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April 23, 2013, 07:20:42 AM
 #7

Could be just cheaper to buy the coins rather than buying the gpu mining equipment.  I just recieved 4 free pc's but after buying graphics cards my payback will probably take 3 months.  Thats calling it close expecially if the difficulty rate soars on script mining.  I know in a few months sha mining will be too difficult for gpu mining.  There is a slight chance that you can buy an avalon batch 4 IF they produce one.  but you got to have a lot of bitcoins ready to go because they sell out in hours.

Batch 3 took three days to sell out because everybody was uncertain on ROI. It's still up in the air.

If ASIC owners and buyers are having doubts about making back hardware costs what are GPU miners thinking?  I still have a few cards but as soon my Batch 3 units arrive I'm tossing all but a couple 7970s Cheesy
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April 23, 2013, 12:21:59 PM
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Could be just cheaper to buy the coins rather than buying the gpu mining equipment.  I just recieved 4 free pc's but after buying graphics cards my payback will probably take 3 months.  Thats calling it close expecially if the difficulty rate soars on script mining.  I know in a few months sha mining will be too difficult for gpu mining.  There is a slight chance that you can buy an avalon batch 4 IF they produce one.  but you got to have a lot of bitcoins ready to go because they sell out in hours.

they won't sell out in hours if they're priced the same as the 3rd batch

i would have bought one from batch 2, except i missed it.  batch 3 (with the pricing), is just a loss

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April 25, 2013, 08:00:00 PM
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Could be just cheaper to buy the coins rather than buying the gpu mining equipment.  I just recieved 4 free pc's but after buying graphics cards my payback will probably take 3 months.  Thats calling it close expecially if the difficulty rate soars on script mining.  I know in a few months sha mining will be too difficult for gpu mining.  There is a slight chance that you can buy an avalon batch 4 IF they produce one.  but you got to have a lot of bitcoins ready to go because they sell out in hours.

Batch 3 took three days to sell out because everybody was uncertain on ROI. It's still up in the air.

If ASIC owners and buyers are having doubts about making back hardware costs what are GPU miners thinking?  I still have a few cards but as soon my Batch 3 units arrive I'm tossing all but a couple 7970s Cheesy

Hey, don't toss them! I'll rescue them!  Grin

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April 25, 2013, 08:04:42 PM
 #10

If all the GPU miners moved from BTC to LTC then LTC would have to be 1/4 of the price of BTC before the run in difficulty.
Mmm not quite. The network hashrate does not affect the price. User adoption and investment does.

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flound1129
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April 25, 2013, 08:30:49 PM
 #11

If all the GPU miners moved from BTC to LTC then LTC would have to be 1/4 of the price of BTC before the run in difficulty.
Mmm not quite. The network hashrate does not affect the price. User adoption and investment does.

This. The difficulty adjusts so that the average number of bitcoins mined remains the same no matter the hashrate.

Multipool - Always mine the most profitable coin - Scrypt, X11 or SHA-256!
btcpedia
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April 26, 2013, 01:22:46 PM
 #12

Bitcoin mining isn't dead at the moment, unless you have one of those Asic based mining rig. Mining on PC isn't profitable at current difficulty level.
Gabi
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April 26, 2013, 02:48:48 PM
 #13

People messing difficulty and price.

FFMG
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April 28, 2013, 12:56:46 PM
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I don't think that BTC, (or LTC), mining is dead, it is just very hard and not very rewarding, (for the vast majority of miners).
Like real mining, you get a very small return for a lot of work/expenses.

Personally I am hedging my bets on both currencies, but I would really rather see one single currency taking off.
I have one machine mining LTC and another mining BTC.

Like a few miners my main objective is to mine as much as possible before I can actually use the currencies.
My plan is to mine for about a year before I use my coins for 'real' transactions.

By the looks of it, LTC might only be usable as an investment rather than for actual transactions, only time will tell I guess.

FFMG

BTC : 1EQG1ZdThvkauvm2HBBWMvXTBBJQB5hfjG
TwinTurboTyler
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April 28, 2013, 07:09:31 PM
 #15

I don't think that BTC, (or LTC), mining is dead, it is just very hard and not very rewarding, (for the vast majority of miners).
Like real mining, you get a very small return for a lot of work/expenses.

Personally I am hedging my bets on both currencies, but I would really rather see one single currency taking off.
I have one machine mining LTC and another mining BTC.

Like a few miners my main objective is to mine as much as possible before I can actually use the currencies.
My plan is to mine for about a year before I use my coins for 'real' transactions.

By the looks of it, LTC might only be usable as an investment rather than for actual transactions, only time will tell I guess.

FFMG

LTC is much faster than BTC so I don't see how that is only usable as an investment.

Anyways, BTC mining isn't dead and won't be in the foreseeable future. Find a pool and its easy.
FFMG
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April 28, 2013, 07:22:39 PM
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LTC is much faster than BTC so I don't see how that is only usable as an investment.

Unlike BTC, there are not that many places that accept LTC, (and, to be fair, even BTC is not that widely accepted either, but it is a lot more accepted than LTC).
So LTC, for now, only looks like an investment for trading on the exchanges.

Anyways, BTC mining isn't dead and won't be in the foreseeable future. Find a pool and its easy.

I agree, it is just a lot harder to mine. You have to mine for weeks before you have enough to use them on something substantial.

FFMG

BTC : 1EQG1ZdThvkauvm2HBBWMvXTBBJQB5hfjG
TwinTurboTyler
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April 28, 2013, 09:42:10 PM
 #17

LTC is much faster than BTC so I don't see how that is only usable as an investment.

Unlike BTC, there are not that many places that accept LTC, (and, to be fair, even BTC is not that widely accepted either, but it is a lot more accepted than LTC).
So LTC, for now, only looks like an investment for trading on the exchanges.

Anyways, BTC mining isn't dead and won't be in the foreseeable future. Find a pool and its easy.

I agree, it is just a lot harder to mine. You have to mine for weeks before you have enough to use them on something substantial.

FFMG

This is more about the relationship between btc to fiat value and difficulty as most businesses do not deal in only BTC. However, comparitively I don't think that statement is very true.

Now when you mine in a pool .1 BTC it is worth $12 when before you needed an entire bitcoin to get that much in USD.

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April 29, 2013, 10:24:34 AM
 #18

BTC is dead, only if mining BTC mean mining 10 amount per day, then yes it's dead, otherwise not
even making 2-3 bitcoins in one months is profitable at least for me, especially if the value keeps on increasing(and it will increase for sure)

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Bitsaurus
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April 29, 2013, 10:40:26 AM
 #19

If all the GPU miners moved from BTC to LTC then LTC would have to be 1/4 of the price of BTC before the run in difficulty.
Mmm not quite. The network hashrate does not affect the price. User adoption and investment does.

This. The difficulty adjusts so that the average number of bitcoins mined remains the same no matter the hashrate.

What are you guys going on about?  I'm talking about LTC price since that was what was asked.  Fundamentally BTC miners expanded when it was worth it.  Anybody jumping BTC to LTC either believes in LTC or makes more $ mining it (and perhaps converting).

Price is a whole other animal. That has more to do with people gaming the markets.  LTC prices have no basis in acceptance since almost nobody uses them at stores (relative to BTC).  When then that changes perhaps then price will follow, it's all spec now.

As to "this", um yeah well yeah.
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