Will I earn money by mining?- An answer to all newcomers (self.Bitcoin)submitted by [M]When people start their adventure with Bitcoin, they often go through a small gold fever with the concept of mining (I would know, that's how I started ;) ).Here is a small guide to answer your eternal question "will I make money with it?": First of all, lets talk about hardware (click on the link for a long and useful list).You won't make money mining bitcoins unless you either have a really high-end GPU from ATI, an FPGA or an ASIC.That's the short answer.Having a decent CPU can be used for Litecoin mining, which can be a small income in itself, but we are here to talk about Bitcoin.To see whether you will earn any money, you need to input a few pieces of data into a special calculator: cost of your hardware (cost of buying an ASIC, GPUs, motherboards, power supplies, etc.)how fast can it hash (mega hashes per second).This you can get from your hardware list how much power does it consume (again, hardware list) your cost of electricity (check with your power company) And then there are two magical variables that will either make it all work out, or be doomed for failure: * difficulty - it is automatically filled in by the calculator, but for long-term mining (more than a few weeks), you want to be a pessimist.

Multiply the value by 10 for predictions over a few months or 100 for a year or two (it will rise steeply soon) * bitcoin price - also filled by the calculator - it might go up or down in the future, affecting your bottom line.It will probably increase in the long run, but lets be pessimistic and lower that to $10-$20 to make sure we are earning money no matter what Having all your hard data and your guesses on the last two variables, you put it all into the mining calculator and see what you get.You will get your earnings in BTC and dollars, as well as summary of your costs and when you will brake even, and what will your net income be over your investment period.Most likely you won't be earning money with Bitcoin mining, and that's okay - mining has become a very specialised process.If you want to invest money into new ASICs, you might be able to turn a tidy profit.TLDR: Use this to check everything.ASICs may earn you money, GPUs won't anymore.π Rendered by PID 12890 on app-281 at 2017-06-24 10:39:55.637819+00:00 running 3522178 country code: SG.

So you've heard about Litecoin mining and you want to find out more.This page is for you.See the Litecoin Association's introductory video to Litecoin.Just like its older brother Bitcoin, Litecoin is an online network that people can use to send payments from one person to another.Litecoin is peer-to-peer and decentralized, meaning that it is not controlled by any single entity or government.The payment system does not handle physical currencies, like the dollar or the euro; instead, it uses its own unit of account, which is also called litecoin (symbol: Ł or LTC).ceo of bitcoin exchange found dead in singaporeThis is why you will often see Litecoin categorized as a virtual or digital currency.bitcoin brute forceLitecoins can be bought and sold for traditional money at a variety of exchanges available online.bitcoin 365 club review

If you already know Bitcoin, Litecoin is very similar, the two main differences being that it has faster confirmation times and it uses a different hashing algorithm.Instead of having one central authority that secures and controls the money supply (like most governments do for their national currencies), Litecoin spreads this work across a network of “miners”.Miners assemble all new transactions appearing on the Litecoin network into large bundles called blocks, which collectively constitute an authoritative record of all transactions ever made, the blockchain.good wife bitcoin episodeThe way Litecoin makes sure there is only one blockchain is by making blocks really hard to produce.safest bitcoin web walletSo instead of just being able to make blocks at will, miners have to produce a cryptographic hash of the block that meets certain criteria, and the only way to find one is to try computing many of them until you get lucky and find one that works.ethereum reliability

This process is referred to as hashing.The miner that successfully creates a block is rewarded with 25 freshly minted litecoins.Every few days, the difficulty of the criteria for the hash is adjusted based on how frequently blocks are appearing, so more competition between miners equals more work needed to find a block.This network difficulty, so called because it is the same for all miners, can be quantified by a number; right now, it is 255,206.Litecoin mining can be profitable, but only under certain conditions.In the early days people could make a profit by mining with their CPUs and GPUs, but that is no more the case today.The introduction of specialized mining hardware (commonly referred to as ASICs), which can mine much faster and much more efficiently, has made finding blocks much harder with general-purpose hardware.If you compare the profitability analyses for a CPU, a GPU and an ASIC, you will see that the costs of CPU and GPU mining largely exceed the rewards, and even with free electricity the profits are so small that they are hardly worth the effort.

Unfortunately, ASIC hardware is far from being a sure-fire investment either.Potential buyers should be extremely careful, as various elements should be considered: Most importantly: always do your own research, and never trust any single source of information.Good starting points are LitecoinTalk.io and the /r/litecoin and /r/litecoinmining subreddits.Don't feel like investing in expensive hardware?Not everyone needs to be a miner.In fact, the easiest way to get started with Litecoin is to buy some at an exchange.As we've seen above, finding a block is very hard.Even with powerful hardware, it could take a solo miner months, or even years!This is why mining pools were invented: by sharing their processing power, miners can find blocks much faster.Pool users earn shares by submitting valid proofs of work, and are then rewarded according to the amount of work they contributed to solving a block.The reward systems used by mining pools can be roughly subdivided into two categories: proportional systems and pay-per-share systems.