Wanna be newbie miner

[Slartybardfast]

Hi all, been lurking around for a bit, reading and absorbing the information. Looking to get into mining for a bit of fun, if I make a coin or two I wold be very happy. Just thought I would say hello to all. 

[_rusty_]

hello and welcome


good luck with mining.

regards

[Yuraj]

Hello and be rich with mining! 

[bitage]

Good luck..research before mining and have fun!

[Slartybardfast]

Thanks for the welcome _rusty_ and yuraj, not sure about getting rich mining but a bit of fun, learning and banter on the forum will be good enough for me.  

[at141am]

Best of luck, make sure you get a handle on the difficulty increases expected with new ASIC miners hitting the market before investing in hardware. 

[ncr1pt0r]

^^ agreed mining is about to change quite a bit. just starting myself

[kodo]

Difficulty is increasing exponentially.

[Slartybardfast]

Hopefully technology such as ASIC will keep pace. It like an arms race. Lol

[umair1122]

I want to mine powercoin but I'm still finding a step by step guide how to do it.

[NEcom]

The difficulty is changing rapidly on the coins that bring most newbies into mining, but there are a lot of options to mine "alt coins" with a GPU or two on a hobby level.  Even making a rig or two can gain some spare cash if you're just looking at it from a fun perspective and not trying to make big bank. 

[jacktarli]

Sorry for the noob question but what is mining and how does it work 

[mitk3y]

Sorry for the noob question but what is mining and how does it work 

Maybe you find this link useful: https://en.bitcoin.it/wiki/FAQ#Mining

[GeObsCrypt]

I suggest you buy dividend paying shares in a mining company like ASICMINER. You get weekly payouts, and the share prices are rising presently  

You can grab some pass-through shares on bitfunder.com or btct.co.

Also a new asset, PAMB on bitfunder has paid weekly dividends at ~2.5% of share price. This is a spectacular return on investment, but it smells to good to be true.

Alternatively, grab a ATI 7870 and mine some litecoin. You'll be getting a solid video card and get a decent hashing rate.

If you want to mine BTC personally, you need to grab some ASIC hardware. There have been a lot of bulk chip sales lately, so I suggest you wait a couple of months, because I think the hardware economy will be more competitive, and it will be more of a buyer's market. The difficulty will be higher then, but with all the new hardware coming online at the moment, you want to avoid paying super-high prices for ASIC tech at the moment.

[mat542]

Welcome to the forum. Enjoy !

[jacktarli]

Sorry for the noob question but what is mining and how does it work 

Maybe you find this link useful: https://en.bitcoin.it/wiki/FAQ#Mining

Thanks for the link

[uk1]

List of Avalon ASIC Miner Developers
https://bitcointalk.org/index.php?topic=192860.msg1998569#msg1998569

Low Watt Miners GH/BTC, ROI
https://bitcointalk.org/index.php?topic=209750.0

[mynameismud]

I just started GPU mining as well. Have 2 HD7970's tearing up some LTC! Not really looking to make a profit but if the rig pays for itself in a timely manner (not paying for elec) then I will consider it a smashing success!

Good luck to you!

[mirek]

I just started GPU mining as well. Have 2 HD7970's tearing up some LTC! Not really looking to make a profit but if the rig pays for itself in a timely manner (not paying for elec) then I will consider it a smashing success!

Good luck to you!

As I do not want to create new topic I want to ask is it still good idea to do GPU mining.
I want to buy new gaming/mining computer and I think about HD7950. Maybe then I could upgrade it to 2 HD7950.
How much Watt consumption should I assume for two graphics cards with AMD Phenom II processor?
I would like to mine when I do not use this computer.
You mention about mining LTC. Does this makes more sense?

[gary492]

Hello and welcome