what is litecoin

[ambiguousmoth1337]

not sure if this is the right category, so sorry if it isn't. So my question is how does cpu litecoin mining make you money? Is it legal, etc?

 

[USAFRet]

"Legal" depends on your country.
Basically, you are using computer resources to perform complex calculations. Do enough, and you will then be awarded a 'coin'. Which you can theoretically trade for actual money.

http://en.wikipedia.org/wiki/Litecoin

Think of it as going out into the mountains, and actually doing the physical work digging (mining) for gold. You then take those gold nuggets in to town and trade for goods and money.
Except in this case you are letting the PC do the physical work.

Can you make enough to offset the cost of the PC and the electricity? Maybe. Maybe not.

 

[Deuce65]

not sure if this is the right category, so sorry if it isn't. So my question is how does cpu litecoin mining make you money? Is it legal, etc?

www.google.com

 

[ambiguousmoth1337]

No I did use google, but just couldn't find out much besides someone you use a cpu to mine 🙁. Also thanks for the information so far. Lastly is it worth doing?

 

[USAFRet]

As said, maybe, maybe not.

You need a really good PC and GPU. $$$ for hardware
It needs to be running 24/7 at full blast. $$$ for electricity
Just like gold, market prices fluctuate. Sometimes daily.

If it were easy, everyone would be doing it.

 

[Illumynization]

It takes a lot of research before you get into doing it. I make about $3 a day just using my personal machine to run litecoin.

 

[jaguarskx]

Mining for litecoins is not very profitable.

I do not mine litecoins myself, but assuming Illumynization is earning $3 per day based on 16 hours per day and there are 30 days per month, that means he is making $90 per month. I am assuming 16 hours per day because he is mine while he is sleeping and working. When at home I assume he wants to do other things with his PC like playing games.

Of course it's not $90 for "free". You need to also pay for electricity as well. I would guess that an i7-4770k and a R9 280x uses about 200w per hour when mining . That works out to 96KWH of power per month. Assuming $0.10 per KWH that's $9.60 in electricity leaving you $80.40 per month.

Don't forget about possible wear and tear on the PC itself, specifically the CPU and GPU.

 

[logainofhades]

Litecoin is the bane to gamers everywhere, that want well priced AMD gaming cards. They have the market so jacked up right now.

 

[Illumynization]

Mining for litecoins is not very profitable.

I do not mine litecoins myself, but assuming Illumynization is earning $3 per day based on 16 hours per day and there are 30 days per month, that means he is making $90 per month. I am assuming 16 hours per day because he is mine while he is sleeping and working. When at home I assume he wants to do other things with his PC like playing games.

Of course it's not $90 for "free". You need to also pay for electricity as well. I would guess that an i7-4770k and a R9 280x uses about 200w per hour when mining . That works out to 96KWH of power per month. Assuming $0.10 per KWH that's $9.60 in electricity leaving you $80.40 per month.

Don't forget about possible wear and tear on the PC itself, specifically the CPU and GPU.

You are pretty close with the calculations. I don't pay for power though its included in my expenses regardless of how much I use. I also have a GTX 570 to use for gaming while mining.