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Sunday, January 5, 2014

Geting Started with Litecoin

My venture into Litecoin started about two weeks after I bought my first ASICminer Blades. I couldn't stop reading about Bitcoin and trying to think of different ways to make money with it. Since I purchased my first ASICminer blades, the price of them had doubled every other ASIC miner was either sold out or way over inflated. I had three options now:

1. Invest in one of the next generation ASIC miners that are said be released in March/April with the risk that the difficulty would increase exponentially and an indefinite ROI.

2. Try to start a mining pool... a lot of unknowns here and with the abundance of recent "hacks" could take some time to make sure its secure.

3. Buy the currency outright... boring and still a big risk.

4. Build an scrypt miner with the new radeon R9 cards and try to mine profitable altcoins. Possibly less risky since the hardware should still be worth something if shit hits the fan with virtual currencies. Unknowns: how much current it will draw... hopefully less than 20A, noise?? heat?? cost??

After thinking it over for a few days I decided to throw my hat in the scrypt mining ring and bought an MSI R9 280x to test the waters before I invested in a larger setup. After a week of tweaking and playing with the best graphics card I've ever owned I decided to make a bigger investment and buy 5 more Sapphire R9 290s.

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