Just thinking about switching currently my computer is worth about 4 bitcoins a months so about $300 a month before electricity, i could mine 527 lite coins (minus pool fees of about 4%). If litecoin picks up to become a competitor or an alternative to bitcoin I could have a small fortune like many bitcoin early adopters. Might be worth the speculation just for a month. Idea would be mine litecoin for one month of the quarter then mine bitcoin the rest to pay for electricity and other household cost as it is at the moment.
BITCON... WHY its totally FLAWED
- Thread starter 1for1
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1for1
Well-Known Member
Noppy said:
Good idea.. my thoughts on bit coins greatest threat have been from the start "barriers to entry"... the actual code itself could basically get copied and a new similar idea rolled out.. this will dilute the interest in bitcoin..
I will have a look at lite coin.. any additonal info.. i dont have much..
1for1
Interesting.
When I first looked at BitCoin, it was very early. It just reeked of a pyramid scheme to me.
LiteCoin hey?
Wonder how much my 7970 could mine.
When I first looked at BitCoin, it was very early. It just reeked of a pyramid scheme to me.
LiteCoin hey?
Wonder how much my 7970 could mine.
Dynoman
Active Member
So according to these calculators and other forum posts, my 7970 will get approximately 700 kH/s.
This equates to USD$5.96 per day (24hrs) with the current difficulty of 68~
These systems sure do only really benefit the people who jumped on when the difficulty was low!
Hardly seems worth mining for $6/day lol
This equates to USD$5.96 per day (24hrs) with the current difficulty of 68~
These systems sure do only really benefit the people who jumped on when the difficulty was low!
Hardly seems worth mining for $6/day lol
Also, hoping that the "value" of an LtC will increase from 0.58 (LtC/USD)
1for1
Well-Known Member
Cyprus Crisis Boosting Unique Currency, the Bitcoin
Currency markets are keeping close track of Cyprus' banking crisis and are braced for possible repercussions, but one currency has thrived in the chaos and zoomed in value -- Bitcoins. A Bitcoin is a digital currency that is traded electronically and does not need government backing. Despite its name, there is no coin to put in your pocket.
Two weeks ago, one Bitcoin was worth $40, then a record high. Today, it's worth $72, largely because of "incremental interest" from euro and Russian ruble holders who are terrified by the situation in Cyprus, said Nicholas Colas, chief market strategist at ConvergEx Group, a financial technology company in Manhattan.
READ ON:
http://bitcoinguy.blogspot.com.au/2013/03/cyprus-crisis-boosting-unique-currency.html
Currency markets are keeping close track of Cyprus' banking crisis and are braced for possible repercussions, but one currency has thrived in the chaos and zoomed in value -- Bitcoins. A Bitcoin is a digital currency that is traded electronically and does not need government backing. Despite its name, there is no coin to put in your pocket.
Two weeks ago, one Bitcoin was worth $40, then a record high. Today, it's worth $72, largely because of "incremental interest" from euro and Russian ruble holders who are terrified by the situation in Cyprus, said Nicholas Colas, chief market strategist at ConvergEx Group, a financial technology company in Manhattan.
READ ON:
http://bitcoinguy.blogspot.com.au/2013/03/cyprus-crisis-boosting-unique-currency.html
pro$pector
New Member
Bullion Baron said:
Hello Mr Baron,
Care to speculate as to what you believe to be driving it?
Very curious regarding your opinion since I am a fan of your blog writings.
So I ran up one of the miners, 590kH/s
After 25.3c per kWh and my card using 200w~ (judged on others numbers with similar cards), I'll be making a "profit" of US$3.80.... or 8.6 LtC per day.
Sure, if I mined them for a month, I'd have 250 LtC and about US$113 profit.
But I'd need 4 months of this to pay for just the graphics card I am using 24/7 to mine them.
Granted if they take off like BtC did, and even hit something like US$5 each, I'd be looking at massive profits.
That's the gamble I suppose!
EDIT: I'd be better off just buying some I think.
After 25.3c per kWh and my card using 200w~ (judged on others numbers with similar cards), I'll be making a "profit" of US$3.80.... or 8.6 LtC per day.
Sure, if I mined them for a month, I'd have 250 LtC and about US$113 profit.
But I'd need 4 months of this to pay for just the graphics card I am using 24/7 to mine them.
Granted if they take off like BtC did, and even hit something like US$5 each, I'd be looking at massive profits.
That's the gamble I suppose!
EDIT: I'd be better off just buying some I think.
Dynoman
Active Member
RetardedMonkey said:
Once you take into account your establishment costs & then the power to run it your probably right. However, there's a certain sense of magic derived from watching your computer generate income instead of selfishly devouring your time & money in the pursuit of more information. Too bad we're late in the game & there's no more nuggets left on the surface to collect.
Dynoman said:
Very true.
I have a spare 6970 that can do about 4-500kH/s, with another PC that could handle it.
They're not really doing anything - so initial outlay is minimal, just electricity costs. Might whirl it up and see.
Not too late to the game with LiteCoin at least, but it might be in a bubble too lol
Trichter
Member
Seems like pretty natural growth to me punctuated by influxes of people due to factors like waning faith in sovereign currencies/law (e.g. Spain) and major online websites starting to accept them (e.g. reddit, etc.).
I'm quite annoyed at myself for listening to naysayers way back without doing my own research, because in hindsight the bulk of the arguments (such as those at the start of this thread) are based on a fundamental misunderstanding of what bitcoins represent, how they are created, etc.
I think BB has done a pretty good job describing them. There are serious legitimate concerns but they are often eclipsed by people calling it "monopoly money" and "just made up".
I'm quite annoyed at myself for listening to naysayers way back without doing my own research, because in hindsight the bulk of the arguments (such as those at the start of this thread) are based on a fundamental misunderstanding of what bitcoins represent, how they are created, etc.
I think BB has done a pretty good job describing them. There are serious legitimate concerns but they are often eclipsed by people calling it "monopoly money" and "just made up".
Okay, kicking this off overnight on my 6970. Lets see what happens.
After 11-12 hours of mining, I am up 1.09 LtC.... about US$0.56
Difficulty has jumped overnight from 68, to 78.
Considering the calculators I've used suggest I should be getting about 6-7 LtC per 24 hour period, it seems they're out, by a long way.
Not sure if it's because I am on a PPLNS pool, and might need to give a PPS pool a go?
Will do some more testing tonight.
Difficulty has jumped overnight from 68, to 78.
Considering the calculators I've used suggest I should be getting about 6-7 LtC per 24 hour period, it seems they're out, by a long way.
Not sure if it's because I am on a PPLNS pool, and might need to give a PPS pool a go?
Will do some more testing tonight.
I am getting a lot lower hash rate than other people are saying they are getting so I might have to try some tweaking. It looks like last night my drives crashed a few times slowing down my hashing. Quick read says I need newer or older drivers as the ones I am on(12.10) apparently have issues with litecoin. Also my graphics card doesn't clock very well on the memory so I have to keep core at around 900 to achieve the 0.57 ratio to memory, when I can bitcoin mine at 1046 core with no voltage increase.
I hash at 575khash/s with one card when it is running well. Looks like that card is better suited to bitcoin than litecoin.
I hash at 575khash/s with one card when it is running well. Looks like that card is better suited to bitcoin than litecoin.
Which pool is that? Might sign up as I want to try a PPS pool.Noppy said:
Its http://ltcmine.ru/ went with them for the for the PPS and the fact they are Russian they probably wont get DDoS'd but will be doing it themselves 
. Don't forget to adjust your donation I think the default is 1%.
. Don't forget to adjust your donation I think the default is 1%.
Cool, signed up!