Is there any noob friendly FAQ about bitcoin/litecoin?

J

jkjambo

Limp Gawd
Joined
Jan 11, 2011
Messages
276
I can't find any

just need to know how you guys make money on this .

like if i have this build (don't really have it , i just copied it from other thread)
3.4GHz Core i3-3240
8GB DDR3 RAM
120GB Samsung 840 Pro
XFX R9 270x

if it will work 24/7 , how much $ it can make in month?


Yes, i know it's very noob questions , but really don't know anything about it . just want to know if it worth for me to start mining

thanks for your understanding :p
 
You are in the mobile phone forum. There are threads elsewhere about that topic.
 
haha... The only people who make real money from mining these days are the large scale industrial miners or people who aren't answerable to anyone regarding their power consumption. Taking into consideration electrical bills, it can be months before just breaking even. Even longer if you're buying a whole new system.
 
teh_chem said:
haha... The only people who make real money from mining these days are the large scale industrial miners or people who aren't answerable to anyone regarding their power consumption. Taking into consideration electrical bills, it can be months before just breaking even. Even longer if you're buying a whole new system.
Click to expand...
that depends on the crypto currency - how new it is and popularity.
 
even though this is the wrong forum, I'll give you a quick and dirty lesson because im at work and it makes me look busy typing.

Getting into the game now involves a lot more risk than it did a few months ago. The fact remains, you can still make a profit if you make the right moves at the right time. I mine with about 7000 khash worth of scrypt (across 4 rigs), and I only pay 5.5 cents her kwh. I've seen people who were paying 17 to 25 cents in nazi states like CA. So that's the first thing to consider, power costs.

Again: depending on where you live cooling is an issue. I live in north texas and we will soon be seeing days where the high is 110F and the low is 85F, me dumping 3500W worth of waste GPU heat into my house, well you gotta deal with that somehow and that costs money.

The cost of the hardware itself - it's coming down fast GPU wise due to the market, the days of 500 dollar 290's are over (for now). My average break even point for hardware the past few months was 90 days (that can change pretty quick depending on difficulty/price)

If you are a gambling man you could plunk down 10-20K for one of the new newfangled ASIC scrypt miners that people are getting hyped up about. My honest opinion though - unless you are one of THE first people to get them and start mining, you are in for a long uphill battle with ever decreasing returns.

It's a no brainer that any company capable of producing an asic chip will "use/test/run" said machine for a few weeks to soak up that initial massive profit, then sell the machine to the public who will (hopefully) reap a smaller net profit.

If you are just now wanting to get into the game.... to be honest you are pretty late. My best advice would be you can start to get your feet wet and buy a little hardware here and there but don't expect to get rich in 6 months or even a year.

It's mostly a hobby for me - I started with two 6950s and would use profits to buy more hardware. I've never really invested any personal money into it. I've cashed out a few times when I thought the time was right. Nobody is perfect though, if I'd have held onto all my LTC and waited till it was 35 dollars all those months ago, I'd be a REALLY rich guy right now, but alas I'm not. lol
 
Lol .

sorry mods , i thought i was in Mining & Cryptocurrency :D my bad
 
collegeboy69us said:
even though this is the wrong forum, I'll give you a quick and dirty lesson because im at work and it makes me look busy typing.

Getting into the game now involves a lot more risk than it did a few months ago. The fact remains, you can still make a profit if you make the right moves at the right time. I mine with about 7000 khash worth of scrypt (across 4 rigs), and I only pay 5.5 cents her kwh. I've seen people who were paying 17 to 25 cents in nazi states like CA. So that's the first thing to consider, power costs.

Again: depending on where you live cooling is an issue. I live in north texas and we will soon be seeing days where the high is 110F and the low is 85F, me dumping 3500W worth of waste GPU heat into my house, well you gotta deal with that somehow and that costs money.

The cost of the hardware itself - it's coming down fast GPU wise due to the market, the days of 500 dollar 290's are over (for now). My average break even point for hardware the past few months was 90 days (that can change pretty quick depending on difficulty/price)

If you are a gambling man you could plunk down 10-20K for one of the new newfangled ASIC scrypt miners that people are getting hyped up about. My honest opinion though - unless you are one of THE first people to get them and start mining, you are in for a long uphill battle with ever decreasing returns.

It's a no brainer that any company capable of producing an asic chip will "use/test/run" said machine for a few weeks to soak up that initial massive profit, then sell the machine to the public who will (hopefully) reap a smaller net profit.

If you are just now wanting to get into the game.... to be honest you are pretty late. My best advice would be you can start to get your feet wet and buy a little hardware here and there but don't expect to get rich in 6 months or even a year.

It's mostly a hobby for me - I started with two 6950s and would use profits to buy more hardware. I've never really invested any personal money into it. I've cashed out a few times when I thought the time was right. Nobody is perfect though, if I'd have held onto all my LTC and waited till it was 35 dollars all those months ago, I'd be a REALLY rich guy right now, but alas I'm not. lol
Click to expand...
thanks for your reply

actually i don't care about power ..

so you think it's too late ?

one thing i want to know ,like if i have that kind of rig (posted in 1st post) and i don't pay for power . will it make like 10 or 50 or 100$ in month or not? at this time that's what i want to know
 
Maybe he wants to start a smartphone botnet to mine crypto currency.
 
yeah thread needs to be moved for sure

If you want to know how much actual money you can generate -- there are MANY profit calculators on a site called dustcoin.com its fast/easy to get an idea of the revenue you can generate, minus power cost, etc etc.

I used to make ~1000 a month, things are in the crapper for everyone and I might be doing good to clear $350/month now in profit with 13 GPU's consuming all that juice @ 5.5 cents per kwh. I have super cheap electricity and It's barely worth my time at current rates when you look at scene now.

However there are multiple dimensions -- I can hold onto the coins im generating now and (maybe, if things bounce back or take off again) I could be sitting on 1500 dollars worth of coins instead of 500, nobody knows. It's long term gambling, which is kinda fun if you know going into it you could lose everything, or get a large chunk of free money.
 
jkjambo said:
I can't find any

just need to know how you guys make money on this .

like if i have this build (don't really have it , i just copied it from other thread)
3.4GHz Core i3-3240
8GB DDR3 RAM
120GB Samsung 840 Pro
XFX R9 270x

if it will work 24/7 , how much $ it can make in month?


Yes, i know it's very noob questions , but really don't know anything about it . just want to know if it worth for me to start mining

thanks for your understanding :p
Click to expand...

You picked a lousy time to start. The "gold rush" is already long past and you'll likely make < $0.50 per day with your hash rate for the added noise and heat (and unusability of your desktop).
 
Thanks guys for your replys.

Mods can close this thread , because i got answer on my questions

Thanks again
 
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