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Amd/ati Gpu Mining!........ I need some advice please.

post #1 of 4
Thread Starter 
So I have someone that is willing to give me a Loan so I can start a little Mining project I had in mind. 1st and foremost I have no clue what to say to this person ( id like to explain) what Mining is Exactly and all I know is your Gpu does some kind of calculations and you get paid for it correct? I need a basic run-down how it works, how much money can you make if you Mine 24hrs a day 7 days a week for example.
I can get a Loan of up to $3000- $4000 dollars to get things started, Iam wondering if its worth the effort mainly but I need to know how the program works, What the currency is used for- ( Is it cash ) that you get paid in or something else? And mainly which equipment is the best to use, I dont mind buying used or new ( dosent matter ) Would i be able to at least make enough to re-pay the loan back in a few months time? If I can at least break even somehow to re-pay the Equipment I might consider doing this, Just need some Numbers for examples Please? Thank you for your input as usual.thumb.gif
     
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CPUMotherboardGraphicsGraphics
amd fx 6100 asus m5a97 msi radeon 6970 Msi radeon 6970  
RAMHard DriveOptical DriveCooling
corsair vengence BLUE  baracuda seagate 7200 rpm asus sata 24x drw thermaltake contac 30 cpu cooler 
OSMonitorKeyboardPower
windows 7 home premium 64 bit LG 26 inch led 1900x1080 resolution logitech mk 260 coolermaster 750 watt gx bronze 
CaseMouseMouse PadAudio
coolermaster 430 elite logitech mk 260 logitech mk 260 sony reciver hooked up to asus optical port 
OtherOther
2 blue cathode lights and 4 coolmax blue led f... Modright sleeved blue molex to sata x 4  
  hide details  
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post #2 of 4
Mining Bitcoins on traditional GPU's is no longer profitable, as only a set amount are given out every so often, so the more people mining, the less each person gets. Your 4000$ will vanish into GPUs that could, with how the difficulty is increasing, never make you back your money.
You should consider an asic setup if you really want to mine bitcoins, but as I said; it's not profitable.
post #3 of 4
Bitcoins are not going to be profitable unless you use some serious ASIC mining rigs and those have a 3-6 month delivery delay for pretty much all of the ones on the market. Alt coins like Litecoins, DigitalCoins and others that use the "scrypt" hashing algorithms need to use the VRAM on GPUs unlike ASICs mining Bitcoins which use SHA-256. The scrypt coins are more profitable but you need some decent GPU power to really make a decent profit and you need to play the market to make the most money out of your coins.

There is a great community on OCN for *Coin mining, here is a link to the major thread where most of your questions can be answered Official Bitcoin Litecoin Digitalcoin and All Crypto Currencies Club and General Information Thread
post #4 of 4
Thread Starter 
Well if I cant make enough to at least return the Loan then it looks like its a no-go for me. I figured maybe if I can at least break even it might be worth it for the equipment. Thanks guys i will check out that link you provided.thumb.gif
     
CPUMotherboardGraphicsGraphics
amd fx 6100 asus m5a97 msi radeon 6970 Msi radeon 6970  
RAMHard DriveOptical DriveCooling
corsair vengence BLUE  baracuda seagate 7200 rpm asus sata 24x drw thermaltake contac 30 cpu cooler 
OSMonitorKeyboardPower
windows 7 home premium 64 bit LG 26 inch led 1900x1080 resolution logitech mk 260 coolermaster 750 watt gx bronze 
CaseMouseMouse PadAudio
coolermaster 430 elite logitech mk 260 logitech mk 260 sony reciver hooked up to asus optical port 
OtherOther
2 blue cathode lights and 4 coolmax blue led f... Modright sleeved blue molex to sata x 4  
  hide details  
Reply
     
CPUMotherboardGraphicsGraphics
amd fx 6100 asus m5a97 msi radeon 6970 Msi radeon 6970  
RAMHard DriveOptical DriveCooling
corsair vengence BLUE  baracuda seagate 7200 rpm asus sata 24x drw thermaltake contac 30 cpu cooler 
OSMonitorKeyboardPower
windows 7 home premium 64 bit LG 26 inch led 1900x1080 resolution logitech mk 260 coolermaster 750 watt gx bronze 
CaseMouseMouse PadAudio
coolermaster 430 elite logitech mk 260 logitech mk 260 sony reciver hooked up to asus optical port 
OtherOther
2 blue cathode lights and 4 coolmax blue led f... Modright sleeved blue molex to sata x 4  
  hide details  
Reply
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