Anyone mining crytocurrency for money? eg Litecoin

So I was thinking of building myself a pretty specced out desktop for gaming this christmas when I googled around and found that you can use your GPU to mine cryptocurrency.

Anyone else thinking the same thing? I mean, I'm about to drop just over a grand in building my desktop anyway, so was thinking of putting it to some good use in case litecoin gets like bitcoin.

Reply 1

kumori

I know a few months back it cost more in eletric then you got back mining. You may want to check if this is still the case (with them rising in value and what not)

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Reply 2

rickfloss

not worth it

get a asic miner or make your own

the reason why bitcoin difficulty has dramatically increased is due to asic mining

Reply 3

thisistheend

Original post by rickfloss

not worth it

get a asic miner or make your own

the reason why bitcoin difficulty has dramatically increased is due to asic mining

well yeah. wasn't thinking of mining bitcoin. just litecoin or other alt coins maybe to trade up for bitcoin or hoard and sell in a years time?

Reply 4

Chlorophile

I wouldn't bother. You're competing against people who are using supercomputers. Regardless of how flashy your desktop is, the profit you'll make will be negligible if you make a profit at all (and you probably won't).

Reply 5

thisistheend

Original post by Chlorophile

i thought it was hashrate:watt ratio that was important. so if that ratio is good, you'll make a profit if mined coins exceed electricity costs. In anycase, I've just ordered 2 x AMD R9 290 GPUs. the whole rig will be up and kicking by next week.

(edited 10 years ago)

Reply 6

rickfloss

Original post by thisistheend

LOL at that, with ASIC miners about, youd have to be pretty dumb to use GPU's to hash,

just lol, might as well sell your GPU and stick it all on red

atleast that way you have a chance of making some profit

Reply 7

thisistheend

Original post by rickfloss

ASICs are for Bitcoin. I'm going to mine litecoin which is GPU intensive and there's no ASICs for that.

Reply 8

Hal.E.Lujah

So many people fail at reading in here, posting about Bitcoin which he's deliberately avoiding.

Personally I don't see Litecoin ever having a spike like Bitcoin has, that was due to a huge number of factors that will also lower the value of other online currencies against it.

Not worth getting into in my opinion. Not sure about the power consumption thing, but it does have a ring of truth to it.

Reply 9

thisistheend

Original post by Hal.E.Lujah

well people do seem to be concerned about the difficulty spikes now.

http://www.reddit.com/r/litecoinmining/comments/1snxfu/difficulty_going_to_be_up_about_another_7/

i think the advice given is that not to invest in a mining rig if you weren't intending to build a computer anyway because in say 2 months, what you mine won't cover the electricity. Though obviously you could try some other coins, Anoncoin, Terracoin anyone lol?

I think for me personally, it's worth a gamble because I was already intending on building a high end computer anyway (half the costs is paid out of my profits from scalping the PS4). I think also for the next 2 months I can switch off the heating in my room lol cos i'll have 90C+ hot air exhausting from the back of my pc.

Reply 10

rickfloss

Original post by Hal.E.Lujah

some people also fail at comprehension

If asics are built for bitcoin, doesnt take a genius to work out they will be built for litecoins ASAP, due to the potential profit existing for manufacturers

Knowing that op will have no idea when these ASIC's will be manufactured

Reply 11

thisistheend

Original post by rickfloss

no of course not. as things stand, i'm unlikely to continue mining beyond 2-3 months anyway due to rising difficulty. i just see this as a flutter on the side, i hope to at least earn back the extra £330 I paid for the extra R9 290 that I otherwise wouldn't have bought or at least enough to offset its depreciation should i choose to sell it off. but i do think in the future there will be different coins which could be profitable to mine and i'll have the hardware ready to seize the opportunity. plus if i hoard a few coins, it might rise in value.

plus in the meantime, i have a super kick ass computer. crossfire r9 290s is lolwut@? can game at 1200p maxxed out for the next 3 years

(edited 10 years ago)

Reply 12

Hal.E.Lujah

Original post by thisistheend

plus in the meantime, i have a super kick ass computer. crossfire r9 290s is lolwut@? can game at 1200p maxxed out for the next 3 years

Just going to say; not likely. Maxwell architecture is going to smash the market open within the next year. I'm personally waiting on buying until then.