Some Questions About Litecoin

Communities Science, Engineering, & Security
1

So ive been hearing alot about bitcoin and have found that its not very viable for late miners, so im thinking of getting into lite coin as its much more feasible for me. My specs are http://ca.pcpartpicker.com/user/stryking/saved/2M8r , i have some questions though:

1. Can mining litecoins damage my hardware? If so is there some way of restricting it so it wont damage my hardware as much or at all?

2. Assuming it damages my hardware, would it be okay to only run it at night (when i sleep)?

3. Is it profitable (i don't pay for my electricity (my parents do), will it effect electricity cost?, how much will i make roughly? (think 1 litecoin is roughly $40 CAD)

4. (opinion) Do you think it will become more profitable as time passes?

5. Where would i exchange litecoins if i wanted to cash them out? 

6. Im new to mining so how do i set Liteoin mining up and is there different ways of doing it?

7. Is it worth the hassle of doing?

8. Can i still use my pc when im not mining for gaming, productivity, etc? 

 

I'll update with more questions if i think of more 

2

1. ofcourse anything that runs at full load for long periods of time will degrade your componants faster than if they were not at high load, not that it will directly "damage" your hardware

2. you can run the miner at a lower intensity, it will lower heat and load, but give lower hashrates (i'm currently at low intensity because high keeps crashing my driver)

3, at current prices i would say yes

4.well, a few months ago they were worth $2,50 on a good day, but that's probably closer linked to the bitcoin craze

5. btc-e is popular

6. plenty of tutorials available, and some pools will recomend different methods

7. at current prices, i say yes

8. i wouldn't game, but productivity that doesn't use gpu would be fine (at high intensities video playback might not work)

3

For the last one, i can still use my pc (depending on different intensities of mining) but when im not mining for lit coins i can still use my pc normally right?

4

yeah, it will not affect anything when not mining