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Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

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Old 04-05-2013, 06:31 AM   #1
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Litecoin - the GPU Mining Alternative to Bitcoin

As we all know, mining Bitcoin is dead unless you have ASIC hardware. Well it's not quite there yet, but it will be. And because Litecoin is so new, it might be better to switch now than later, when GPU Bitcoin mining does eventually die.

I wrote an article that goes into why, and I really think there is a good reason for there to be a supplement to Bitcoin.

Litecoin, the GPU Mining Alternative to Bitcoin

It also uses less power... If you have a GPU to spare, I would say go for it! The people who got into Bitcoin at the very beginning are very rich now. If you are kicking yourself for not participating, here is your second chance

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Old 04-05-2013, 06:43 AM   #2
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Thanks for replying to my PM about it
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Old 04-05-2013, 08:10 AM   #3
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can you give some sort of explanation as the what this is?

i looked on wikipedia but it doesnt make sense to me.

you just leave your computer on and let your GPU's stress test and you get bitcoins in exchange?

then you sell your bitcoins for real money?

what do you buy with bitcoins? and why would people even want bitcoins?
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Old 04-05-2013, 08:48 AM   #4
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Thanks for replying to my PM about it
lol sorry, I was going to give you a link to my article when I was done, then I forgot
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can you give some sort of explanation as the what this is?

i looked on wikipedia but it doesnt make sense to me.

you just leave your computer on and let your GPU's stress test and you get bitcoins in exchange?

then you sell your bitcoins for real money?

what do you buy with bitcoins? and why would people even want bitcoins?
Yes, you mine with your GPU. Beware, as some GPUs don't mine well enough to make the energy cost worthwhile.

What you do with your bitcoin is up to you. There is a very good chance that it will replace a lot of currencies - who knows, maybe all of them? It depends on how shitty the world gets.

If you'd been mining and selling when it was $1 or whatever, you'd be kicking yourself now that it's in the $140 range. But the end ratio could be upwards of $10K per 1 BTC (remember it is divisible by 8 decimal points.. so a lot of transactions would be like 0.00005 BTC)... but then once it gets to that point, who wants USD anymore?

Litecoin aims to be the 'silver' to Bitcoin's 'gold'. There is more of it, and it is easier to mine. It's like having a silver coin to go along with your gold coin. It will buy smaller things, and be faster to use.

Or you could wait and try selling it.. right now it's like $4 USD per LTC, but I think the actual value is more like $15 or so. So if anything, buy now, sell when it reaches proper value.

Since it will be so easy for people who accept BTC to add LTC, it won't have the super long adoption wait BTC has.
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Old 04-05-2013, 08:51 AM   #5
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What kind of card would you need to effectively mine? I've got a 2gb 6970 I believe
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Old 04-05-2013, 08:56 AM   #6
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use GUIMINER-scrypt. Has presets for ATI cards.
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Old 04-05-2013, 08:57 AM   #7
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So i have a high end computer sitting around doing nothing. How do I set it up to make some of this money?
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Old 04-05-2013, 08:58 AM   #8
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What kind of card would you need to effectively mine? I've got a 2gb 6970 I believe
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You can do some serious LTC mining with that. One benefit of LTC is that it uses less power too. Load up GUIMiner and see what you get. Use this page for preset recommendations.
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Old 04-05-2013, 09:32 AM   #9
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does CFX scale almost linearly when you mine? WTB 6990/7990
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Old 04-05-2013, 09:52 AM   #10
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Yup it's pretty much linear AFAIK. The more ram and processors you throw at it, the faster it will go. It's not like SLI where the cores have to wait for each other to display the next frame.
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Old 04-05-2013, 09:53 AM   #11
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well time to go to the ncix warehouse sale
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Old 04-05-2013, 09:54 AM   #12
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Too much calculation in the power efficiency to output... imagine you fry your video card gonna cost you more than you can mine
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Old 04-05-2013, 09:56 AM   #13
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Too much calculation in the power efficiency to output... imagine you fry your video card gonna cost you more than you can mine
wat
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Old 04-05-2013, 10:17 AM   #14
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Too much calculation in the power efficiency to output... imagine you fry your video card gonna cost you more than you can mine
You can't fry your video card n00b, it has safeguards against that.
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Old 04-05-2013, 11:21 AM   #15
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where can i use litecoin?

are there exchanges? like mtgox
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Old 04-05-2013, 11:32 AM   #16
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This is something that interests me, but as a student, I don't really have the money to spend on a half decent computer to set aside for mining, and I'm willing to bet it'd fry my laptop...

I also don't understand the process 100%. It seems to me, your computer solves complex algorithms through some method, and is "rewarded" with say, a fraction of one LTC? Which can then be traded for real money?
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Old 04-05-2013, 11:47 AM   #17
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You can't fry your video card n00b, it has safeguards against that.
you are stressing your video card 24/7 mining particularly if you overclock them and dont provide ample cooling

your chances of killing your card goes up lolsafeguard
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Old 04-05-2013, 11:56 AM   #18
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so how does one get started?
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Old 04-05-2013, 12:17 PM   #19
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you are stressing your video card 24/7 mining particularly if you overclock them and dont provide ample cooling

your chances of killing your card goes up lolsafeguard
If you overclock and don't provide adequate cooling then that's your fault n00b.
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Old 04-05-2013, 12:24 PM   #20
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Let's say i buy litecoin how do i save it. do i have like a e wallet or is it a code lol stupid question!

Last edited by Gerbs; 04-05-2013 at 02:22 PM.
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Old 04-05-2013, 12:45 PM   #21
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how do you sell litecoins for bitcoins?
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Old 04-05-2013, 01:05 PM   #22
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let me Google that for you.... wait.... NOT!
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Old 04-05-2013, 01:13 PM   #23
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Because of the modified difficulty (bitcoin mining is a bit like gold mining) I don't see litecoin having massive spikes in value like bitcoin. (ex: $25 > $125 in a few months).
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Old 04-05-2013, 01:20 PM   #24
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Litecoin seem to be down
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Old 04-05-2013, 03:01 PM   #25
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You can do some serious LTC mining with that. One benefit of LTC is that it uses less power too. Load up GUIMiner and see what you get. Use this page for preset recommendations.
theres no preset for gtx670
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