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May 15, 2013, 07:30:31 PM |
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Hi T,
I've been following cryptocurrency for years although I just started mining last night (and just finally stopped lurking here only moments ago), so I can maybe help you.
Basically, if you're looking to make money, you're going to have to spend some money. ASICs will make mining Bitcoin next to impossible for the casual miner who relies on using CPU or GPU to hash through the equations. So that means you're going to have to have an ASIC or FPGA unit to be a realistic miner.
You may be interested in looking at Litecoin. The premise of Litecoin is that it uses a different hash than Bitcoin, which is designed for GPU's to process more efficiently. While FPGA units are supposedly coming for Litecoins, they aren't here yet, and ASIC systems are even further out.
One of the advantages of Litecoin is that you can mine using your normal computer (I'm doing it right now), and that the 'little guy' will be competitive for a while yet in that market, without needing to spend money on a specialized mining rig.
Regarding the idea that cheaper models may be more worth the investment, the problem is that you're competing against other people and pools that spent the money on the equipment. So while the cost of mining rigs will continue to drop, the effectiveness of each unit will also continue to drop over time.
Long story short; gotta pay to play if you're looking to purchase actual equipment.
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