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| Thread ID: 135990 | 2014-01-07 04:30:00 | Cashing in Litecoins | dugimodo (138) | Press F1 |
| Post ID | Timestamp | Content | User | ||
| 1364584 | 2014-01-07 04:30:00 | Anyone here tried Litecoin mining? I've been having a bit of a play and have got some coins (only 5 so far) but I can't figure out how best to turn them into cash. I can trade for USD or BTC on BTC-e but that still doesn't help, most guides I find are for overseas sites that don't seem to have any way to work in NZ. Any suggestions greatly appreciated. For anyone interested - Tried 3 graphics cards; 700 Kh/s on a sapphire 7970 500 Kh/s on a asus 7950 (should be higher but I can't seem to make it) 400 Kh/s on a gigabyte 5870 I can run any two of them in my current setup, working on making all 3 go together but I need riser cables and a custom rig for that. At 1100 Kh/s I was getting approx 1 coin every 3 days @ 630W, swapping the 5870 for the 7950 upped it to 1200 Kh/s and dropped the power usage to 580W |
dugimodo (138) | ||
| 1364585 | 2014-01-07 05:37:00 | Change them to bitcoins then sell them here: https://bitnz.com I've used them to cash out my 0.1 of a bitcoin, got $120. Cash cleared overnight. |
Chilling_Silence (9) | ||
| 1364586 | 2014-01-07 09:24:00 | Cheers, found that site and wasn't sure about it. The sell option seems a little confusing but I'll give it a whirl. | dugimodo (138) | ||
| 1364587 | 2014-01-07 22:24:00 | What on earth is the relationship between coins and running graphics cards??? Not that I want to do it - just curious. | linw (53) | ||
| 1364588 | 2014-01-07 23:38:00 | You mine the coins with your graphics card. | Chilling_Silence (9) | ||
| 1364589 | 2014-01-08 22:00:00 | Thanks Chill that worked, $150 from my first month of litecoin experimenting. Only been mining 24/7 for about 2.5 weeks though the rest of the time was a lot of stop start experimenting and it's gone from 400 - 600 - 1100 - 1200 Kh/s as I'm sorting it out. Currently waiting on some parts so I can run all 3 cards at once, hoping on 1600Kh/s+ and < 800W power consumption which should net $150 - $200 US/mnth. I'm not sure the 5870 is worth it though, adds $20-30 profit per month max due to it's high power consumption and will stress out the PSU which at 750W is marginal for 3 cards. It's an fun experiment but I half expect the whole thing to be a loss and am prepared for that :) |
dugimodo (138) | ||
| 1364590 | 2014-01-08 22:04:00 | So I don't understand how this works at all. :p Can someone enlighten me? | wratterus (105) | ||
| 1364591 | 2014-01-08 23:08:00 | You use high end AMD graphics cards running a program called CGminer to "mine" for coins by attempting to solve a complex mathematical problem designed to having increasing difficulty and a finite number of solutions. If you find a solution to the equation you are rewarded with a block of coins. All of which is solo mining and too hard, instead you join a pool of other miners and are rewarded in litecoins for your contribution to the overall work being done. It's a bit complex to set up and uses 100% of available GPU power so it's expensve to run and produces a lot of heat. The hash rate I mention is a measure of how fast your graphics card is calculating results. The goal of a minging rig is to get as high a hash rate as possible while keeping power consumption down, the serious miners spend a lto of time tweaking volatages and overclock speeds on their cards to find the optimal settings. Myself I just play with the batch file a bit until it seems reasonable. The unfortunate side effect is demand for AMD cards has gone up and made the prices go up as well and the cards have been in short supply. I'm attempting to get cheap 2nd hand cards and keep costs down but having limited success. |
dugimodo (138) | ||
| 1364592 | 2014-01-08 23:20:00 | Had a look but it's not worth it on my 5770, only ~200KH/s | Agent_24 (57) | ||
| 1364593 | 2014-01-08 23:25:00 | How long before greenpeace start complaining about this mining | plod (107) | ||
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