Bitcoin mining

vvhiteknight · 27 Apr 2013 at 10:00

Here are my rigs.

vvhiteknight · 27 Apr 2013 at 10:00

https://www.dropbox.com/s/41n90ulcwwsc0a2/IMG_1131.JPG

HAz · 27 Apr 2013 at 12:06

u guys obviously aint paying for the electricity bills.

G-MAN2004 · 27 Apr 2013 at 12:14

Isn't it all about Litecoins now?

Addicted · 27 Apr 2013 at 12:32

HAz said:
u guys obviously aint paying for the electricity bills.

Why not? There's still a hefty profit to be had even if you do pay for power..

sunama · 27 Apr 2013 at 14:29

vvhiteknight said:
Here are my rigs.

That's quite a lot of hardware.

Even if the bitcoin thing doesnt work out, you could host some computer programs, which require heavy processing.

All you'd need is a fast/reliable internet connection and to ensure that your computers are stable.

Companies are charging £30+/month for virtual computers with 1 CPU core and little memory.

sunama · 27 Apr 2013 at 14:30

Addicted said:
Why not? There's still a hefty profit to be had even if you do pay for power..

I wouldnt say "hefty".
It all depends on the price of the virtual currency.
If it crashes to almost zero, then there is no profit - only loss.

Biohazard · 27 Apr 2013 at 14:45

There's been enough movement in the value for other people not mining to make monies on it too!

isonomicjedi · 27 Apr 2013 at 15:02

So can anyone give me an idot guide to how to start Litecoin mining.

I downloaded the windows version from Litecoin.org but don't know what to do next.

Where do I register a wallet ?

It tells me I can start mining but is that it?

Fuzz · 27 Apr 2013 at 15:04

http://cryptocur.com/litecoin/litecoin-mining/

Rozzy85 · 27 Apr 2013 at 15:12

I can see the point of Bitcoin providing a safe, secure alternative for investment by making it exceptionally difficult to generate the currency. The computational power required to solve the hashes makes it almost fraud proof which I'm assuming was whole point of it. On the other hand is seems pointless with the resources wasted to generate them with nothing to show for it other than a slightly warmer house.

Unfortunate it had to be done I guess. You can trust a computer more than a human with money.

isonomicjedi · 27 Apr 2013 at 15:15

Very quickly changed mind as seems to be a lot of trouble just to get started.

Was only going to have a go for the hell of it but my time is better spent reviewing stocks than trying to work out how to get started.

sunama · 27 Apr 2013 at 21:12

If you want, you could try buying the virtual currency. Treat is like any other share/stock/commodity.

Due to the volatile nature of virtual currency, its possible to lose money quickly, but also to gain money fast. I think someone earlier in this thread stated that they made a very high percentage (by buying and selling, within a few days).

vvhiteknight · 28 Apr 2013 at 03:28

My rigs above r for litecoin not bitcoin. Do you think id be doing it if it wasnt profitable? Also yes I pay my own elec, about £250-300 a month.

vvhiteknight · 28 Apr 2013 at 03:28

isonomicjedi come onto freenode irc channel give-me-ltc if you want help to get started.

vvhiteknight · 28 Apr 2013 at 03:31

sunama said:
That's quite a lot of hardware.

Even if the bitcoin thing doesnt work out, you could host some computer programs, which require heavy processing.

All you'd need is a fast/reliable internet connection and to ensure that your computers are stable.

Companies are charging £30+/month for virtual computers with 1 CPU core and little memory.

Could be interesting in the unlikely event it becomes unprofitable to mine litecoins. I have a total of 17*7950 and 4*7850 cards.

vvhiteknight · 28 Apr 2013 at 03:33

Fuzz said:
http://cryptocur.com/litecoin/litecoin-mining/

This guide is pretty terrible, if you want to start mining and have an AMD graphics card come onto freenode irc channel give-me-ltc and someone there can help you.

Takes like 5 minutes to get started.

[FnG]magnolia · 28 Apr 2013 at 03:55

Rozzy85 said:
The computational power required to solve the hashes makes it almost fraud proof which I'm assuming was whole point of it

The whole point of it was to make the originators of this faux-currency very, very wealthy by appealing to geeks, get-rich-quick types, and criminals.

vvhiteknight · 28 Apr 2013 at 05:21

[FnG]magnolia;24192568 said:
The whole point of it was to make the originators of this faux-currency very, very wealthy by appealing to geeks, get-rich-quick types, and criminals.

Yes, thanks for your insight. Go do some more research then come back.

[FnG]magnolia · 28 Apr 2013 at 05:39

You are most welcome.

I'm not sure which bit of my statement you're challenging.