Topic: Total newbie, bitcoin or litecoin most longterm profitable? safest bet? - page 2. (Read 3624 times)

Wow  Thanks guys!

Really wasn't expecting so much help and response.

Right, its not that I want to sit on my fat ar#e and do nothing , I like the idea of do it yourself, I am an engineer by trade. built many a pc.. you know my main put off for the cpu and gpu route is cooling. ive seen so many graphics cards fans fail, its like a never ending circle, the big plus about the asic system for me is just 2 fans.... me likes that a lot... (its always bloody fans that fail )

What kind of graphics card is best? I have already looked and the r9-290 is popular, but in the uk its about £300 yes I have a bit of cash but I still would like most bang for my buck (both buying hardware and hashing).
these 6 card systems you can make for circa $1600 what components are you using?
if i was to build my own, would it be better to use 3 x 4 card systems instead of 2 x 6 card (less heat per cm3)
if i was to build my own what difference will a decent cpu make? can I mine that too? what mainboard / processor you think i should go for? and the most important the GPU!
I just had a look at the panda miner £2300 just seems to much for the power it delivers!

@Philip lol had a heart attack when i saw the pages.... im working away atm so ill be reading that over the next few days... its that or eat eat eat lol. (thanks for the links) ill have a read and ask some less noob questions once digested.

op   I have a series of threads in this section dating back to april last year

yeah  spend the hour to read them  you will see a  how 1 card rig grew

link to thread 1

https://bitcointalksearch.org/topic/my-1-gpu-now-11gpus-5rigs-for-ethereum-45-days-of-mining-photos-thoughts-1429151

Link to thread 2

https://bitcointalksearch.org/topic/my-1-gpu-now-11gpus-5rigs-for-ethereum-45-days-of-mining-photos-thoughts-1429151

link to thread 3

https://bitcointalksearch.org/topic/third-alt-coin-thread-last-two-were-too-big-builds-links-thoughts-etc-1799555


link to thread 4

https://bitcointalksearch.org/topic/fourth-alt-coin-thread-last-three-got-oversized-1877588


there is a lot of info and you can see a lot of people are will willing to help each other.


yeah  I am diverse   I mine bitcoin direct  and 3 other coins.

I push  pc/gpus at you because real companies with decent warranties  sell them.

vs some very spotty asic builders.

lots of links in those four threads.  Shoot me a pm or two while you are at it if you don't understand something

a 6 card mining rig can be had for around $1400-1600 new, this is a crazy price.

If you dont want to mess around with building them yourself id say take a look at the PandaMiner. You pay a small premium for not having to do any of the manual labor yourself. They are an all in one altcoin rig that from what I have seen is a bit more stable than the standard home built altcoin rig. There are some threads on the forum that show this miner and its capabilities in great detail.

If you don't want to bother yourself with too much details ( Sorry but some details are unavoidable ) you can buy a decent ready-made GPU mining rig for $4k or something like that. I guess that is comparable to the price of the ASIC miners you were planning to buy. Many of them come pre-configured and you just need to add your payout address. If you want to build your own rig, it can end up being cheaper and at least for me it is a nice learning experience if you like computer stuff. There is a ton of youtube videos that walk you through the details of building a rig.

Altcoins are better to mine nowadays. It's faster.

hahaha 
well that gobsmacked the fook out of me... im so way in over my head....

Right this isn't the easiest thing I thought it would be.... my original plan was to buy some LTC miners and leave un attended, but this has opened my eye totally. (yea just one eye. only cos im in too deep and the other eye is under the surface lol) 
so what would I need to buy if I went down the GPU / CPU path? more importunately im guessing its a lot more complicated...
do you have to keep hopping form currency to currency or is there a best of the bunch?
how do you work out the hash rate of GPUs etc etc
all very noob questions I know lol

thanks

Ahhh a newbie with free power.

Okay  pc's built with gpu's  can mine ETH or ZEC or SKlein and a few others.

point the pc at nicehash it directly converts the coin into BTC and you are owning the most stable coin.

Here are 2 of my pc rigs one has 2 cards one has 4 cards    they mine 1700-1800h of zec  which is about 11-12 usd
this is about 900 watts of power
if you have 8000 watts and use 6300 of that or 7 six card rigs  you could be earning 80 usd per day

Hey,
cheers for the info, Yea its something I hadn't thought of... maybe worth a look. tbh my aim is to by (or cobble a rig together) and set it up and leave it running I wont be fannying about changing between (unless it becomes stupidly profitable to do so)

what kind of speeds can you get out of GPU mining? and what would you say is the next best newer coin to look into?

cheers

From a Newbie to A Newbie follow the GPU advice. ASIC miners (for now) only implement SHA256 and Scrypt, the two hashing algorithms used for Bitcoin and Litecoin. These two markets are pretty well saturated with mining farms in countries with cheap electricity. For a starter you can buy a few GPUs ( if you have the money ) and mine the newer coins which use different hashing algos. The main pro is that GPUs can be configured to mine any new algo ( provided there is an available SW miner) so you can chase the most profitable coins. At the end of the day, if you got sick of mining, you still can sell your GPUs to the general public.

Hey,

Cheers for the quick reply...

I thought gpu mining was a lot slower than the units im looking into.

the Antminer L3+ is  504MH/s

ive got setious power (kw) that I can use I want to maximize dosh out of it... I don't mind the outlay!

Dude go with vid cards & mine GPU only coins,lots to chose from & faster return than ASIC crap.

And 3 year warranty on most PC hardware,ASICS=90-180 days...............  

BTW,I use old dual core PCs with PCIE slots & 4 gig old ram (all free),just need vid cards & powersupplies new  

Uh,if you have an average firewall no one will hack you........and bandwidth usage is minimal

Hi Guys

3rd attempt at posting due to laptop deleting the bloody thing on catching back buttons  

I am exited to be here (they say flattery gets you everywhere  )

I have a friend that has a water turbine with about 8kw of power that I can utilize onsite. (something about feed in tarrifs and doesn't get paid more if he sends it back to the grid! lucky him!)

so it hits me.... use the power and bit mine!

im looking to mine either bitcoins or litecoins but once I buy the hardware I can no longer retreat  

with the power 'kw' (and cash) available I am looking at buying :-
 5 x Antminer T9 - 12.5 TH/S (or s9 as T9 is not available) = approx. 55 TH/S = 9.67 BTC mined per yr (at current hash time etc)
or
 6 x Antminer L3+ 504MH/s = approx. 3000MH/s = 4800 LTC mined per yr (at current hash time etc)


both coins seem to have pros and cons

BITCOIN
Pros
well known
a lot of idiot guides to refer to
a stable currency seeming to be upward bound.

Cons
hash time is circa 5 weeks per coin (using above H/W)
will have to use a pool (cuts into payments)

LITECOIN
Pros
Smaller hash time (but smaller payments)
can go it alone (no pools)

cons
trends seem to show a low average LTC - $

can anyone give me their thoughts on which to go for... ?!?

looking at litecoin calculator online I had a small wee, todays rate would yield $70k per yr lolol
I have done some research and I want to play it safe on returns, even though BTC is high right now if it drops it seems you have a lot more to loose vs Lite coin.
 Lets do some very crude workings out.
BTC are currently $1300 a block it seems to be going up and up (lets hope it does) but lets air on the side of caution and looking at history im going to base my blocks on $700 seems fair?
again the same with litecoin, its at a whopping $15 right now but if I want to be cautious for payback I am going for lowest average of $2.5 per block, the trends seem to show an average of maybe $3-4 average lowest.
so...
BITCOIN  my equiptment  = 9.67 mined per yr @$700 = $6769 = £5229 vs £9788 at todays actual BTC rate ! (minus pooling fees etc)
LITECOIN my equiptment = 4800 mined per yr @$2.5  =$12000 = £9271 vs £55000 todays rate hahahahahah I wish  

So my thoughts are I could poss earn more with Bitcoin, but litecoin seems a safer bet but smaller payout.

what type of e currency did you guys go for?
what type of e currency would you go for at present time?
same with equiptment, whats the best,  fastest etc etc? (I hear the s9 runs hot.. bloody hot, why im after t9's)
whats the recommended processing power for main program that drives miners? would an old server be ok?
what kind of internet speed do I need?  3mb enough?
will the miners work if the pc and miners are cut offline?

Any input from you guys will be gladly taken. if you have any thoughts what so ever im all ears

a tech question now.
miners Ethernet connection is it advisable to use a separate network from miners to mining pc, then home network to mining pc for internet access! I only ask because I want to keep them unseen by hackers etc.

cheers for any help guys.

happy mining  

ian