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Someone sugested that I make extra money by doing bitcoin mining. Has anyone done this and how would I go about getting paid or getting started. I was told that litecoin is better to try. Can someone please explain this to me in a better way. Do I just install the software and run it in the background.

In an extremely general sense of the term, yes, you download some software, create a "bank" account, and let it fly.

The problem now with Crypto-Currencies are that since it's pretty late in the game, the payback is going to be pretty minimal, borderline not being worth it. The amount of money you would get back, would barely pay off the amount of electricity needed to run your GPU/CPU at full speed to do the calculations.

here's an article with the gist of it...
http://arstechnica.com/gadgets/2013/06/ ... -bitcoins/

This article made a lot of scene and answered my questions. Good Post Thanks for the info.

There is a story at my new job that a guy quit because he went in to bitcoin mining. They said he ended up selling all his mining PC's and now just plays the bitcoin margin.

I still think Bitcoin is to unstable for investment, but to truly mine, why not. May take a year or two, but if you have the power, you can try.

I finally got to some mining. I am running about 200 kbps. not a lot. Only turns out that I am loosing money running the electricity.

bmeister1 wrote:Only turns out that I am loosing money running the electricity.

Told you lol