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Mining Question

Simmonz

Simmonz

2[H]4U
Joined
May 14, 2008
Messages
2,504
I am looking to make some money to supplement my income and was wondering if it would be worth my while to mine Bitcoins with my single 7950 while at work ? It is overclocked to 1047/1575. Is it worth the hydro expense ?
 
Bitcoins? No.

Altcoins? Yes. A 7950 should be good for 25 to 40 bucks per week, depending on coin and valuation.
 
DJS4000 said:
Bitcoins? No.

Altcoins? Yes. A 7950 should be good for 25 to 40 bucks per week, depending on coin and valuation.
Click to expand...

What he said with one bit of additional detail. Not only would Bitcoin be not worth it, but you would probably lose money.
 
Thanks guys. Any tips on Altcoins ? I haven't heard of those before.
 
A single gpu no matter what it is can mine virtually all the alt-coins and pull profit SHA based or Scrypt based however scrypt is the better potential profit maker as for the moment ASICS are not able to mine scrypt based alt coins. So the term to supplement your income, well a single card really will not do that much and still chews a fair amount of power, for me running my ascis and such ~$90/mth here in Ontario and I have declocked as much as possible and highly tuned my cpu/gpu to get the most out of them while reducing power/temps and it ~$50 for 24/7 if I was just mining with 2 jalapeno and my gpu 24/7 per month, not sure direct profit but 25-40 sounds awful high I would peg it around $20 at best average.

NVC/LTC are the highest value altcoin WDC is next after them really, BTC highest overall but wicked difficulty so not worth it unless you have 50+Gh/s next after that would probably be PPC, so IMHO PPC/NVC are the 2 to try and mine, WDC is probably the best bet though as long as you take the time to tune your settings for scrypt based mining as in proper scantime, intensity, clocks etc.

Yes you would be losing $ every day you try and mine BTC directly, I have a total of ~14.7Gh/s available mining power and even for me to run BTC non stop would barely break even at ~300w of power(14GH of this is ~90w tops)
 
I'm looking into Litecoins but seems hard to convert them to money.
 
Do NOT mine Bitcoin. As others mentioned, you'll be operating at a loss. Litecoin is alright and it's one of the easier coins to convert to fiat considering it's one of the big coins and the most well known of the alt coins. You can refer to Weuselitecoins for all the links you need, including exchanges to convert your LTC to money. Also, you can refer to CoinWarz to determine what's profitable at the time. The thing you have to realize is that you're probably not gonna be turning a profit right away. Majority of the coins aren't worth much, but some of them will be. There's a lot of people mining Dogecoin right now and it will probably gain a lot of traction as more places continue accepting the coin, while others are implementing tip bots and fiat exchanges are opening up (Vault of Satoshi and another started accepting Doge the other day). The Doge community is incredibly helpful and they've been doing some great things which is why I've stuck with them lately. When I started mining Doge and hit 100k in early January I only had about $10 worth of coin. Now it's hovering around $160-180. I've been mining it on and off for a few weeks and after giving away a good chunk of it, I'm sitting on my last 100k. Whatever I make now is for donations and for friends. You may want to keep an eye on Ethereum. A lot of people are excited about the potential for this new coin and the way it works could open up a lot of avenues for many coins.
 
I realize rates and valuations change every minute but at current btc/doge exchange rates, a single 290 should return roughly $12 per day. What am I missing?
 
what do you mean what are you missing?

LTC difficulty is way high compared to many of the other scrypt based alt coins, think of it this way BTC is the SHA coins father, LTC is the scrypt coins father, both of these have enormous difficulty and there are far better and easier coins to mine.

You can use for example btc-e or any number of exchanges to transfer LTC to cash or what I do is transfer them to whatever coin make a bit by bouncing back and forth between some coins(watch #s for a few days or whatever) then when I want to "cash out" I transfer to BTC and cash out at the place I have always done I easy as pie.
 
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