Need your expertise!

[Enthusiast Extreme]

Guys, I'm quite intrigued by the litecoin/bitcoin idea. I have heard a lot of good things about it and I am very much interested. I have a couple questions that I need answered though if you can help out that would be great.

1. How do I start mining? Do I go to a certain website and sign up? Is it a program that I download?

2. What is the difference between litecoin and bitcoin? I keep hearing conflicting reports.

3. I am a huge NVIDIA guy with a couple of Titans ready to go, what is the best way to mine them, with NVIDIA or AMD?

4. Is it illegal in U.S?

If everything works out I am looking to get 4-5 rigs to do continues mining 24/7.

Thanks for all the help and input!

 

[LordEC911]

1. Software setup is relatively easy and takes a few hours. Find a guide and read through it.
http://www.cryptobadger.com/2013/04/build-a-litecoin-mining-rig-linux/

2. Bitcoin has too high of a difficulty to get into now, there are special ASIC farms meaning you would be losing money trying to mine with off the shelf desktop parts.
Litecoin is on the rise, Nov 1st - Dec 1st, difficulty doubled but should still be profitable for awhile as long as custom ASICs don't take over the mining.

3. AMD is the only worthwhile way to mine LiteCoin. 7950/7970 seem to be the sweet spot when you can get them at MSRP for hash/watt. R9 290 is a good substitute.

4. I don't think there has been any rulings made.

 

[Enthusiast Extreme]

How do I convert the Litecoin into real currency after I get some? Also what will the fees look like?

 

[Enthusiast Extreme]

Is there anyone here that's been doing this for a long time?

EDIT: I just spent couple of hours reading up on this and it doesn't seem like much profit unless you don't have to pay your electricity. Wish I would of found out about this couple years ago when I was an I.T manager....

 

[LordEC911]

Is there anyone here that's been doing this for a long time?

EDIT: I just spent couple of hours reading up on this and it doesn't seem like much profit unless you don't have to pay your electricity. Wish I would of found out about this couple years ago when I was an I.T manager....

What? Right now @ ~.12kw/h, electricity should only amount to ~10% of your revenue.

A 6x 290 setup should net around $2k profit this month, with the value staying steady.

http://dustcoin.com/mining

 

[Decimus]

Is there anyone here that's been doing this for a long time?

EDIT: I just spent couple of hours reading up on this and it doesn't seem like much profit unless you don't have to pay your electricity. Wish I would of found out about this couple years ago when I was an I.T manager....

At current prices I am currently making around 40-60 a day minus electricity which is about $5 with one mining rig of 280x's + 2 7950's. Money can be made just don't expect it to be massive.

Also right now the shortages on AMD cards is making this extremely hard to get into.

 

[GameHard6]

I used to mine with a couple HD 7950's back a while ago but sold them and I just bought a couple ASUS R9 280X's today.

To be honest, it's really all a gamble. The market may plummet or it may skyrocket. Trading coins or hording them are really the only options you have and you can really only mine scrypt right now. SHA-256 is a waste to try mining with ASIC miners out there.

 

[Enthusiast Extreme]

Ok, lets say I do get into it and start mining; In what marketplace to I get rid of the coins and what are the fees? 10%?

 

[SamiiRoss]

At current prices I am currently making around 40-60 a day minus electricity which is about $5 with one mining rig of 280x's + 2 7950's. Money can be made just don't expect it to be massive.

Also right now the shortages on AMD cards is making this extremely hard to get into.

tell me, i have been waiting since yesterday 2am and my order still "packaging"

 

[Enthusiast Extreme]

Does anybody live in Charlotte NC? Perhaps someone could provide me with a brief tutorial? Thanks guys

 

[Decimus]

tell me, i have been waiting since yesterday 2am and my order still "packaging"

Run over the "I Hate Newegg" thread in hot deal discussions

I have 2nd day shipping on my next order I placed on Wednesday. It just now was processed through shoprunner but still hasn't been shipped and is in "packaging" with no one over there able to tell me anything. Apparently knowing shipping information is "impossible" Good Luck to you sir.

Does anybody live in Charlotte NC? Perhaps someone could provide me with a brief tutorial? Thanks guys

What do you need help with in particular?

 

[Enthusiast Extreme]

Just need to find out all the information to get the thing going. Also, living in apartments how would it work with the electricity. I don't want it to overload the circuit and the whole place will burn down, it's not like living in a house....

 

[Schro]

Is there anyone here that's been doing this for a long time?

EDIT: I just spent couple of hours reading up on this and it doesn't seem like much profit unless you don't have to pay your electricity. Wish I would of found out about this couple years ago when I was an I.T manager....

I did bitcoin mining for several years and now I'm doing litecoin... profit really depends on price of the coin, whether you want to mine and hold or mine and cash out and network difficulty. Right now, BTC isn't worth mining with GPUs even with free power. Litecoin at its current prices and difficulty is worthwhile, however, as more GPUs come online, its profitability will decrease fairly quickly due to the network difficulty increasing. The current Litecoin goldrush is really no different than the Bitcoin goldrush was about two and a half years ago.

How do I convert the Litecoin into real currency after I get some? Also what will the fees look like?

For Litecoin, you can trade directly to USD on BTC-E.com or trade LTC to BTC then send that over to Coinbase. Coinbase seems to be a solid way to get a fair price for the coins and have the cash dropped into a US bank account.

Does anybody live in Charlotte NC? Perhaps someone could provide me with a brief tutorial? Thanks guys

I happen to live in Winston-Salem, NC, but I'm not sure how an in-person tutorial would help you more than internet FAQs on this....

Just need to find out all the information to get the thing going. Also, living in apartments how would it work with the electricity. I don't want it to overload the circuit and the whole place will burn down, it's not like living in a house....

Apartments are no different than houses as they all are built to the same electric code. In general, you're going to have 15A circuits that you won't run to run over 80% total load, so you can do about 1440W per circuit (i.e. your two 290 rigs would just about max out a 15A circuit). I would suggest finding two different circuits and plugging one into each and that should work just fine. Use lamps and trial and error at the circuit box to figure out which is which. If you overload a circuit, the breaker will trip and as long as the wires are rated for that level of current and installed properly, you're not going to burn anything down.

 

[Enthusiast Extreme]

David, I just sent you a PM. You seem like the guy I need to talk to get this going!