Today i would like to discuss the current and future state of litecoin mining and why i think litecoin mining is more efficient with consumer-grade hardware than bitcoin. So i started my litecoin misadventure 1 month ago when i heard about it in the technology section on 4chan... So i decided to download it. Ever since then i have been making around 0.5-1 litecoins a night. I also like to trade my litecoins aswell on BTC-E i would sell my ltc at around $4 and wait for it to drop $2 so i can buy twice the amount. Anyway let me get into why i believe litecoin mining is better for the average power pc and consumer grade pc as well. My GPU is a 6870. With bitcoin mining i can get around 265.mhash average which is really bad at the current difficulty for bitcoins. I can barely make 0.02 per 16 hours which is pathetic. But switch to the other end of the spectrum and look at litecoins. With my current setup i am making 0.5-1 per 16 hours. Reason because of this is because there are more people with business grade hardware in the bitcoin scene. We are talking about full fledged businesses with racks of computers dedicated to mining bitcoins, And it does not end there. Soon Butterfly Labs will be shipping widespread devices known as ASIC (Application Specific Integrated Circuit) Basicly means they are dedicated to mining bitcoins. These devices get anywhere between 5gh/s to 1500gh/s of mining power. To put that into perspective the average consumer will be doing around 300-1000 mh/s yea.... Which means people with non dedicated devices like us will be alienated out. So Why litecoins are better for the average person with our hardware? And why are they future proof? Because litecoins cannot be mined using ASIC devices.. Litecoins sort of reject this. You cant build a device soley dedicated to litecoin mining like you can with bitcoins. Which means we people with our computers can mine them without worry of big businesses using up the entire litecoin network infrastructure and leaving us will almost nothing comparably.
So in my opinion Litecoin mining is far better for the average person. Now if you join a bitcoin pool and all the funds are meant to go to one person that is way better of a scenario. Take the Tek syndicates pool for example. They have a mining pool. All the mining power of the users goes directly to them meaning they have amazing power. As if they have hundreds of ASIC devices. This i can support but at this point and time mining bitcoins with consumer grade hardware for profiting yourself is dying out very rapidly with businesses and ASIC wanting into the bitcoin game.
My current setup is i mine litcoins from 12Am to 3Pm then when i get home from school at 3. I turn on my bitcoin miner to mine in the Tek Syndicate pool and support these amazing guys from 3Pm to 12Am That way i make profit to help pay off school related stuff. While able to support The tek.
Anyway this is my current opinion on bitcoin mining for personal profit compared to litecoin mining at this point. And if you dont want to mine litecoins. I suggest take out around $200 and invest in litecoins. Which at this price will get you around 60 litecoins to keep and sell when litecoins eventually sky rocket in price as bitcoins have.