LTC mining?

sn4265sn4265 Posts: 10Member
Just curious about LTC mining... I saw someone pitching LTC in another thread on here and they were pointing out the relative stability of LTC over the past month. I'm wondering if this might be a good option with the recent craziness of BTC, ETH, LBC, and so many other altcoins?

So what are you opinions on LTC mining? Which miner would you recommend? Is there any dual mining option like with the Claymore miner? Anything else I should be asking? Unfortunately I'm currently limited to a single GPU so I can't simply mine LTC while using the Claymore to continue mining ETH and LBC. Still learning about this entire world. Thanks for any feedback.

Comments

  • danxdanx californiaPosts: 126Member
    Things are going to change after August 1st for most coins, not just bitcoin. I'd hold off buying any new equipment or switching around until the dust settles and we see what's really happened.
  • sn4265sn4265 Posts: 10Member
    Agreed. I'm just curious about testing out things.

    Seriously considering picking up a GTX 1080Ti but definitely going to see what the Bitcoin issue does to the market overall.
  • danxdanx californiaPosts: 126Member
    Well if the market dies and you don't want to mine, you'll have a badass gaming card. So it's a win either way.
  • sutheksuthek Posts: 67Member
    what's the profitability of a RX 580 doing LTC? is that even an option?
  • dueiddueid Posts: 27Member
    Gpus are useless for mining Ltc, you need a asic miner.
  • sutheksuthek Posts: 67Member
    Yea that's what I thought. For whatever reason I saw people talking about switching from ETH to LTC... which makes no sense to me.
  • dueiddueid Posts: 27Member
    edited July 17
    Ltc is where the money is going at the moment in my opinion.
  • sutheksuthek Posts: 67Member
    So is there actually a viable GPU processing currency to make money right now? (Other than ETH)
  • sn4265sn4265 Posts: 10Member
    I don't think LTC is a viable mining option for GPUs at this time. Apparently ASIC mining is the only practical way to be profitable on LTC mining now, or so I've read.
  • kentankentan Posts: 30Member
    edited July 18
    suthek said:

    So is there actually a viable GPU processing currency to make money right now? (Other than ETH)

    Based on whattomine, the options are looking very slim with low profits of about $2 based on default values.....so the common "i can always switch to another currency' phrase doesn't hold very well. Eth profit is already down to 0.47. Zcash looks like an option but once POS is implemented or eth difficulty rises/price drops to such an extent, the hashing power switching over to these alternative coins will be tremendous and profitability (which is already slim) will be eroded. Unless you have free electricity, it is going to be increasingly difficult to turn a profit.


    At https://coinwarz.com/cryptocurrency, almost all the more profitable coins require dedicated ASIC machines to mine so, we may see a mass sell-off of GPUs and migration to ASICs.

    History repeats itself.
  • sn4265sn4265 Posts: 10Member
    Aren't ETH and many other altcoins basically impossible to develop ASIC miners for? I've read some of the coin descriptions and most like ETH, LBC, DCR, etc all have something in their various descriptions about being resistant to ASIC programming.

    Honestly, I'm still totally new to mining and I don't have a clue as to the difficulty mechanism but it seems to me that as coin prices rise mining efforts will generally become more profitable. I'm not talking getting rich by mining with your single GTX 1070 or anything, but possibly pocketing $100/mo seems within reach at least for the short term.
  • mikeomikeo Posts: 136Member ✭✭
    edited July 18
    sn4265 said:

    . . . Honestly, I'm still totally new to mining and I don't have a clue as to the difficulty mechanism but it seems to me that as coin prices rise mining efforts will generally become more profitable. . . .

    IMO, the key is future value. If you believe that 2 or 4 years from now ETH or any other cryptocurrency you are mining now will have increased significantly in value . . . Well, then present day mining profitability calculations are missing the point, as long as you hold all mining proceeds for that future. Speculation you say? Yes, yes it is.
  • sn4265sn4265 Posts: 10Member
    However that speculation is relatively low risk since in my case I'm only out the cost of electricity and I'm paying for that monthly rather than a lump sum investment. I do plan on adding a second GPU, but that is also to be used for gaming so not entirely a mining investment.
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