Bitcoin mining newbie!

[Athanasios Motok]

Hey all!  I'm a newb here on btctalk!

I am thinking about getting into mining, but from other posts is sees that it will not make a return on investment.  Why?  Also what is "scrypt" mining?  Is it a mining company or more profitable way of mining.  It seems to be the method in which most people mine.

Thanks for your feedback! 

[jayakej]

You should read some of the forums . You will most likely not make a return on BTC mining and scrypt is the algorithm by which LTC and most other alt coins are mined. Sites such as coinchoose.com can show you which coin is the most profitable to mine

[Athanasios Motok]

You should read some of the forums . You will most likely not make a return on BTC mining and scrypt is the algorithm by which LTC and most other alt coins are mined. Sites such as coinchoose.com can show you which coin is the most profitable to mine

Ok, thansk.  But the profitability keeps changing, how am I supposed to keep track all the time?

[WuLabsWuTecH]

You should read some of the forums . You will most likely not make a return on BTC mining and scrypt is the algorithm by which LTC and most other alt coins are mined. Sites such as coinchoose.com can show you which coin is the most profitable to mine

Ok, thansk.  But the profitability keeps changing, how am I supposed to keep track all the time?

That, my friend, is where the gold is.  If someone were to have found a way to track and predict profitability with 100% accuracy, they would be rolling in it right now!

[Hondaguy]

You probably shouldn't get into mining now. It's not really profitable anymore and there are people dedicating a lot of money into mining which increases the difficulty and makes it harder for you to earn btc.

[BoozeHoundPoker]

Mining alt scrypt coins is still profitable.  I would avoid mining sha-256 coins, ASICs eat them alive and spike the difficulty.

So what you would do, is mine scrypt coins and immediately sell them for BTC (in most cases)

Here are a few sites to get you started.

http://www.wheretomine.com/
http://www.coinwarz.com/cryptocurrency

Trade them for btc here:
http://www.cryptsy.com/

Have fun, get ahold of some good ATI Radeon GPUs (don't bother with Nvidia), and get ready to rack up some BTC 

[Coinmart]

Mining alt scrypt coins is still profitable.  I would avoid mining sha-256 coins, ASICs eat them alive and spike the difficulty.

So what you would do, is mine scrypt coins and immediately sell them for BTC (in most cases)

Here are a few sites to get you started.

http://www.wheretomine.com/
http://www.coinwarz.com/cryptocurrency

Trade them for btc here:
http://www.cryptsy.com/

Have fun, get ahold of some good ATI Radeon GPUs (don't bother with Nvidia), and get ready to rack up some BTC 

Thanks for this info

[polrpaul]

Get into mining for fun and/or to secure a crypto-coin. As a miner, finding shares/blocks can be fun and rewarding, but you are also verifying the transactions on the network - you become part of it.

Do a lot of reading in Wiki and Forum - there are many for different coins. If you are limited to GPU hardware, then you want to stick to "scrypt" mining. I found 5 Feathercoin blocks in 7 days (1000 FTC = 0.8 BTC) -- not bad at all!

[youpiyoupla]

Mining alt scrypt coins is still profitable.  I would avoid mining sha-256 coins, ASICs eat them alive and spike the difficulty.

So what you would do, is mine scrypt coins and immediately sell them for BTC (in most cases)

Here are a few sites to get you started.

http://www.wheretomine.com/
http://www.coinwarz.com/cryptocurrency

Trade them for btc here:
http://www.cryptsy.com/

Have fun, get ahold of some good ATI Radeon GPUs (don't bother with Nvidia), and get ready to rack up some BTC 

thx

[syn999]

mining this dayz is really hard.
i pretty sure you can answer your own questions by read the forum more carefully

[bolasoda]

You can search this forum for all the information you desire. Else:
scrypt is the alg behind LTC and most alts. It is FPGA and ASIC resistant and is currently best mined via GPU.

[BTCMiners.net]

If you're interested in Bitcoin mining, please consider joining us at BTCMiners.net!

Our server information is located in my signature!

[worldlybedouin]

You should read some of the forums . You will most likely not make a return on BTC mining and scrypt is the algorithm by which LTC and most other alt coins are mined. Sites such as coinchoose.com can show you which coin is the most profitable to mine

Ok, thansk.  But the profitability keeps changing, how am I supposed to keep track all the time?

I just heard of this pool:  http://middlecoin.com/

Apparently you can use it to always mine the most profitable coin...and it automatically sells the generated coins at market value for you and sends you the BTC.  One thing to note, is that it doesn't sell the generated coin right away if the price has dropped -- sort of a safe guard against a big drop in the value of the coin. 

I'm going to try it starting August.  I've only got 1 small mining rig and its currently generating LTC.  I'm doing a 1 month test of it...trying to measure 1 month's worth of coins generated, electricity used, etc. vs. my spreadsheet to see how my theoretical calculations match up to my real-world outcome.

The thing to remember with alt coins is that depending upon the coin the value is sometimes way up and then the next minute they're back in the toilet again...so by the time you've mined a few of whatever coin is the "most valuable" that hour/day it could have dropped considerably.  So if you use sites like http://www.coinchoose.com/ keep in mind it may take you a while to generate enough coins to make it worthwhile...vs say staying with a more stable coin but sacrificing the huge temporary upswing.

[Scorpia]

Another site is https://www.multipool.in/

it changes the coin to the best one as well