Late to mining

[Marco André]

Hello all,

I've been lurking around the forums and some other websites about bitcoin and litecoin mining. I've used my computing power to good in the past, helping with Folding and Boinc projects. I've been off that for a while and I'm now looking to start pool mining bitcoin or litecoin.

Right now I've some spare graphic cards laying around: 2x 6990, 1x7950 and 1x5870. I've also available the other computers parts needed to assemble 2 mining machines if it is worth.

Local power cost is .13EUR/kWh

I was willing to give it a try for a experimental period with 24/7 mining (let's say 1 month) and check the results. Since I've the hardware ready and collecting dust, probably I'll get something out of it. Is that the case or I'm just too late to the party?

But from what I've read it's always better to ask over Bitcoin forum for some advice


Thanks and sorry for my english 

[BlackLilac Grant]

I am far from a mining expert, but my advice would be to look in to mining Litecoin instead of Bitcoin with your GPUs. The Bitcoin difficulty is in the early stages of skyrocketing due to the introduction of ASICs.

[DM90]

Agreed. In addition the value of litecoins have been increasing slowly. However I'm not sure if the litecoin will take over the bitcoin in terms of popularity or value. Thoughts?

[BlackLilac Grant]

Agreed. In addition the value of litecoins have been increasing slowly. However I'm not sure if the litecoin will take over the bitcoin in terms of popularity or value. Thoughts?

I don't think that LTC will ever overtake BTC, I think the two can be successful in tandem.

Litecoin has really shot up in value recently, I was considering putting a few thousand bucks into it a couple of months ago but didn't... the price has doubled since then.

[Marco André]

I might just mine a little of both and see how it goes and adjust on the fly. Could you guys recommend me some threads about flags? I'd like to understand more and check what's recommended for the cards I own.

Thanks again 

[WckUm]

Yep, we're late. In 2011 it was possible to mine on a videocard and for 2 weeks recoup videcard's price.

[mt_bird]

Even with you electricity cost, you might be able to make a small profit with your 7950 mining LTC. I don't know about your other cards, though.

[Marco André]

So, 1740 MHash/s with the two 6990 mining bitcoin using 700W. 310 MHash/s with 7850 mining bitcoin (not only for mining purposes). I'm considering setting up another pc with 5870 and 7950 (not sure if they work together and mine litecoin).

Do you think it's worth?

For bitcoin I'll have something like:
1740 MHash/s (24/7)
310 MHash/s (10hours/day)

From the online calculators results I guess it is still worth. But probably they are not 100% accurate and don't take in consideration variables like pool fees, etc.

Could you please give me some insight? Thanks

[akabane]

Sure you can still make profit by mining ltc with 7950 cards.

You can check with this tool : http://ltc.kattare.com/calc.php

[SolidSnke]

ofcourse you could mine LTC... but also look at FTC...

going for about 335 FTC = 1 BTC at the moment..

[bizaro]

ofcourse you could mine LTC... but also look at FTC...

going for about 335 FTC = 1 BTC at the moment..

Where's that being exchanged?

[kelreth]

ofcourse you could mine LTC... but also look at FTC...

going for about 335 FTC = 1 BTC at the moment..

Where's that being exchanged?

Based on current exchange rates:

~.06LTC/FC: http://cryptonit.net/exchange/ltc/ftc
~.03BTC/LTC: https://btc-e.com/exchange/ltc_btc

You'd be looking at:

~16.7FC / LTC
~33.3LTC / BC

~555FC to get one BTC, minus exchange fees.

If my math serves correctly, at the current BTC/USD rate of ~$123, that'd put an estimated value of ~0.22USD/FC

[btc2themoon]

ofcourse you could mine LTC... but also look at FTC...

going for about 335 FTC = 1 BTC at the moment..

Where's that being exchanged?

it's more now

[bizaro]

ofcourse you could mine LTC... but also look at FTC...

going for about 335 FTC = 1 BTC at the moment..

Where's that being exchanged?

it's more now

That's so interesting.  Crazy how far hype/bandwagon can take a cryptocurrency.  It has nothing special to offer.

[Marco André]

Which miner do you recommend for LTC? I was looking for cgminer but all links are down? :s

I'll read more about FTC now

[Marco André]

Hi again,

So I've my 6990 setup and I was ready to mine but I'm getting an error:

Verification failed, check hardware! (0:3:Cayman, 39e00cf7)

I get 0 shares accepted. Same error for all GPUs (0:0 , 0:1 , 0:2 , :03)

Any suggestion?

[kzetts]

Mine Feathercoins with your GPUs, theyre currently being pumped hard on BTC-e. Looks more profitable than LTC at the moment.

[dcwsco]

Your never too late to go mining :-) You just missed the big scoop of 2011..... So did I but then worse things have happened huh.