Mining bitcoin is tough now, only those with deep pockets need apply. If you did not get in on the ground floor of mining bitcoin there are new opportunites in mining litecoin and other scrypt coins that you may want to investigate.
In particular, there are a couple of companies that promise to ship ASIC miners for litecoin in mid 2014. Why ASICs? Well, if you use GPUs to mine scrypt coins you have to deal with the high electricity costs and heat and noise levels. ASIC miners for litecoin will cut power, heat and noise by at least one order of magnitude. The ASIC miners in development for litecoin right now will not be faster, but the lower power cost is very significant.
See the thread at Litecoin SCRYPT ASIC miners for up to date information.
From what I understand there’s a shitload of cryptocurrencies out there…..would you say that Litecoin is #2 after Bitcoin?
From what I understand there’s a shitload of cryptocurrencies out there…..would you say that Litecoin is #2 after Bitcoin?
Yes, litecoin has always been #2 and is lagging behind bitcoin in adoption by about 2 years. The time to buy litecoin is now, before Coinbase adopts it. Litecoin has not gone mainstream yet and is undervalued. My opinion is that litecoin has more upside potential than bitcoin.
Great info on your site there, axa. It answered a few questions I was gonna ask you here!
Good news, the website for Fibonacci is finely gone live and preorders for the scrypt miners not too long off – http://www.fibonacci.io/
If you missed the boat on making profits mining bitcoin Fibonacci is your best bet for litecoin if you do not want to make your own GPU mining rig.
Fibonacci is now taking preorders for their litecoin ASIC miner at https://fibonacci.io/
For about $350 in litecoin, bitcoin or CACHeCoin you can preorder a single 1000kH/sec chip (limit 16). For perspective, $700 will buy you 2000 kH/sec of Scrypt ASIC mining power that will only use 10 watts of electric power. Using GPU video cards to mine you could easily pay $1500 for 2000 kH/sec hashing and have to live with a space heater that uses 900 watts.
Preorders are expected to sell out this week so if you have been on the fence about getting into mining forget about bitcoin and consider mining litecoin (and other altcoins like DOGE) instead. These chips can be used to mine any Scrypt ASIC coin and delivery is planned for July. Initially Fibonacci will host the chips for a nominal fee and will ship the physical units to buyers later in the year.