Cryptocurrency
Posted: Sun Jul 20, 2014 8:28 pm
I've been hearing more and more about Cryptocurrency, mostly Bitcoin and Litecoin, and it's piquing my curiosity on how it works.
It's crazy, this stuff. One of the largest, or probably THE largest Bitcoin mining industry in North America makes about ~$8m a month. That's what, $266k per day? Some people don't make that in three years. Is mining some of these worth it? More specifically, Litecoin?
I've taken a bit of an interest in learning more things about Cryptocurrencies. Would anyone think it's smart for a 'young one like me' to begin mining, while things like this might be profitable, and investing in something with it? Or just drop the thought altogether? If you're going to answer to me why I should drop the thought, please give a fully fledged reason, with enough detail for me to understand why it is or is not worth it for me to do this, and your opinions on it. You don't learn that way, and learning is what I'm aiming for.
At the moment:
1 LTC = $8 CAD
1 BTC = $669 CAD
And believe it or not [this is directed towards Rav
] Dogecoin has become a fairly populator Cryptocurrency, from what I have seen. Dogecoin being the second result when searched "how to mine" on Google.
How long would it take for my desktop computer to mine 1 LTC would you predict? I'll list the specs I assume are necessary.
CPU: AMD FX-8120 8 Core Processor @ 3.1GHz
GPU: AMD Radeon HD 7700 Series
Power: XG-H600 [600 Watts]
8GB RAM
Cooler Master Hyper 212 EVO Cooling
I don't have a GPU cooler so yep. If there are any other things to list, tell me.
I think that's it for my questions. If I have more I'll be sure to ask. Any replies appreciated!
~Ice
It's crazy, this stuff. One of the largest, or probably THE largest Bitcoin mining industry in North America makes about ~$8m a month. That's what, $266k per day? Some people don't make that in three years. Is mining some of these worth it? More specifically, Litecoin?
I've taken a bit of an interest in learning more things about Cryptocurrencies. Would anyone think it's smart for a 'young one like me' to begin mining, while things like this might be profitable, and investing in something with it? Or just drop the thought altogether? If you're going to answer to me why I should drop the thought, please give a fully fledged reason, with enough detail for me to understand why it is or is not worth it for me to do this, and your opinions on it. You don't learn that way, and learning is what I'm aiming for.
At the moment:
1 LTC = $8 CAD
1 BTC = $669 CAD
And believe it or not [this is directed towards Rav
] Dogecoin has become a fairly populator Cryptocurrency, from what I have seen. Dogecoin being the second result when searched "how to mine" on Google. How long would it take for my desktop computer to mine 1 LTC would you predict? I'll list the specs I assume are necessary.
CPU: AMD FX-8120 8 Core Processor @ 3.1GHz
GPU: AMD Radeon HD 7700 Series
Power: XG-H600 [600 Watts]
8GB RAM
Cooler Master Hyper 212 EVO Cooling
I don't have a GPU cooler so yep. If there are any other things to list, tell me.
I think that's it for my questions. If I have more I'll be sure to ask. Any replies appreciated!
~Ice
