mining?

[gwigokon]

i'm pretty new to bitcoin and wondering if i could make any profit. Is it any rig which is worth to buy?? how much do i need to pay for a rig I got free electricity and should i mine btc or litecoins??

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[Jhonka86]

Mining is a bit of an arms race, and nobody can tell you whether or not you will make money by doing so; there are just far too many variables at play.

If you want to mine a sha-256 coin (bitcoin or the like), you should buy yourself an ASIC miner.  A good place to check on potential returns is here: http://mining.thegenesisblock.com/  If you want to mine a scrypt coin (Litecoin or its children), you would need to build yourself a rig with a fair amount of ATI-based video cards (nvidia just don't have the same performance).

There are also CPU-only mining coins, which might be the best way for you to learn about it.  I recommend looking into Primecoin for that.  I just can't recommend you spend over $1000 on mining if you've never done it before.  Maybe get a block eruptor?

[Itun]

Unless you get mining devices for really cheap, you most likely will not profit out of mining.

If price of btc increase as it is right now, then maybe youll get your money's worth.

But you wouldve gotten more money from buying btc now and selling it then.

I wouldn't recommend you start mining.

[unknownrebel]

I am not 100% sure, but I read somewhere, that it doesn't make sense to mine bitcoin with GPU rigs. But they are still ok for litecoin mining because there are still no asics for litecoin mining. It seems more profitable, you can calculate possible profit here:
https://www.litecoinpool.org/calc

you can also find the hash rates and power consumptions of different rigs. Most profitable rig seems to be the one with Radeon 7950. See details in:
https://litecoin.info/Mining_hardware_comparison

[Litecoinminingco]

For whatever it's worth I invested in some 7950 cards last year when everyone told me not to and needless to say between BTC mining at first and now LTC mining I've made out pretty good .

[Eex77]

The main issue with mining is that the difficulty for many coins continue to ramp up. There is no guarantee how much of a profit you will make as it can very easily vary from day to day.

For instance a ASIC miner may have an average rate of .001 one day, then .0008 the next.

Another issue currently is that the price for miners depend on the price of BTC, meaning that in its current state it's expensive.

[biffosaur]

Mining scrypt right now can be extremely profitable. I just put together more rigs this weekend and expect to pay them off within two weeks tops. I would suggest putting something together!

[fonter]

mining is not a good idea for now

[defenestrator]

So if I have a 7950 graphics card right now and free electricity is it probably worth it to mine some sort of scrypt based cryptocurrency?

[Soappa]

So if I have a 7950 graphics card right now and free electricity is it probably worth it to mine some sort of scrypt based cryptocurrency?

If you have free electricity, you won't lose anything at all.

[orescek]

I was mining with 10 USB ASIC miners for 10 days and I didn't reach 0.01 BTC :S

[Itun]

So if I have a 7950 graphics card right now and free electricity is it probably worth it to mine some sort of scrypt based cryptocurrency?

Go for it.

If you have a GPU and free electricity, you have nothing to lose!

Mine something like LTC until the scrypt ASICs increase the difficulty as it did for BTC.

I was mining with 10 USB ASIC miners for 10 days and I didn't reach 0.01 BTC :S

Yeah, the difficulty is just too high.

[gwigokon]

how much will i earn per month with 3 amd radeon 7950

[Damnsammit]

Do it!  Altcoin mining has been profitable for me and still is... to anyone that thinks it isn't, I'm only using 2 cards right now and pulling 600KH/s, but that is getting about .3LTC a day or about 9LTC a month.  At current rates that is over $360

I don't know how expensive your electricity is, but for my 850W PSU at $0.12/KWh that's only (24 * 30 * .85 * .12) $73.44 a month if it is actually pulling 850W from the wall (it is not) and it is on 24/7 (it is)...

so $286.56 profit to $73.44 expense...  seems like a good ratio to me!

[Ekolol]

Mining is not good for now.. sorry

[kryss]

Mining is always good if you have free electricity or/and cheap hardware. Else, in this times, in my opinion it's better to invest some money on some exchange, and try to catch high's and low's

[GhanaGamboy]

So if I have a 7950 graphics card right now and free electricity is it probably worth it to mine some sort of scrypt based cryptocurrency?

Go for it.

If you have a GPU and free electricity, you have nothing to lose!

Mine something like LTC until the scrypt ASICs increase the difficulty as it did for BTC.

I agree, and exchange to BTC before scrypt ASICs shown up. You will be able to sell your GPU to get some more out of your GPU

[Prolifik]

Having at least one mining rig isn't a bad Idea. It could make you rich one day.

[gwigokon]

Isthis calculation right if i got 1800kh/s???
 i got free electricity




24 hours   0.88458882 LTC   35.19 USD
7 days   6.19212173 LTC   246.32 USD
30 days   26.53766455 LTC   1055.67 USD

[Damnsammit]

Mining is not good for now.. sorry

Please elaborate.

You seem ill informed.