Bitcoin or Lite Coin?? 3

[Carlvic]

Hello,

I have 8 Rx580 and 8 580 Sapphire.

Currently I'm mining with the ethereum and planning to move on Litecoin or Bitcoin.


Any suggestion which one is better?

I'm thinking about to do mining with litecoin because on bitcoin I think it's very slow to do mining.

Thanks

 

[Scott24x7]

You'll need a lot more power to do either at this stage. You'll spend more in electricity than you will mine in either of these crypto's with such a small setup.


Best Regards,
Scott
MIET, MASHRAE, CDCP, CDCS, CDCE, CTDC, CTIA, ATS

"Everything should be made as simple as possible, and no simpler."

 

[goombawaho]

I would recommend getting a job to earn money. It's cheaper and foolproof.

"Living tomorrow is everyone's sorrow.
Modern man's daydreams have turned into nightmares.

 

[Beilstwh]

There is no way to make any money mining any virtual coin with such a small setup. Even the big boys are getting out of the business because their losing money.

Bill
Lead Application Developer
New York State, USA

 

[edfair]

Recent article in MYTimes discussed how some "big boys" were going into smaller towns in NY state and setting up farms because of the cheap electricity and possibly causing the rates to increase for the rest of the residents.

https://www.nytimes.com/2018/09/19/nyregion/bitcoin-mining-new-york-electricity.html

Ed Fair
Give the wrong symptoms, get the wrong solutions.

 

[goombawaho]

1. There is no free money tree.
2. Mining is expensive in terms of electricity.
Link

"Living tomorrow is everyone's sorrow.
Modern man's daydreams have turned into nightmares.

 

[Oorde]

Yeah, that's interesting questions. I guess that the ration of electricity invested to output produced should be more or less equal, or the miners are unaware of what kind of currency yields best output.
I would explore the experience of black hackers who mine crypto hiddenly. There is a an article

https://dailygram.com/index.php/blog/492275/mining-crypto-at-work/

with a wierd title reading 'mining crypto at work'. It actually reviews mining with a virus that hacks business computers, but still that might shed som light to the issue discussed at this thread: if we know what the sophisticated crooks are after, we might assume that would be the more profitable busket (curremcy)

 

[Scott24x7]

Just a further comment on this...
Realize that 80% of the world's crypto mining takes place in China. The reason for this is there are areas there where electricity is 2 - 5 cents per kw/h. World average is around 25 cents per kw average. I'm bad with math in my head but even I can see that's 10 times less... small localized crypto mining especially as syndicates are just making money for someone else. Realize 0 cents a kw/H is the cheapest ever, and if you are a syndicate minor, that's exactly what your upstream is paying for electricity.



Best Regards,
Scott
MSc ISM, MIET, MASHRAE, CDCP, CDCS, CDCE, CTDC, CTIA, ATS

"Everything should be made as simple as possible, and no simpler."