New to Cryptocurrency Mining

[Dolphyn42]

Hello

I've done a some research on cryptocurrency mining ever since I saw the sticky on this subforum. It sounds like a promising way to earn some money.
Our plan is to have a few friends pitch in some money to build a dedicated mining rig, which we will put in the house that has the fastest internet (if that is important). We would have a private mining pool that we would connect all of our computers to plus the dedicated one. The earnings from the dedicated build would be shared among us.
I am still unsure about how to make a mining pool; wether to use AMD or Nvidia or ASICs; and wether to mine Bitcoin, Litecoin, Dogecoin, or another type (although I think we should use Litecoin, and I also think that means I can't use ASIC). I know AMD has been the top choice for a while but I've read that Nvidia's stepped up their game recently. Tips?

 

[Avocade]

That persons power bill is going to skyrocket and unless you dump thousands in you will lose money vs cost of power per crypto coin the earn rate is very slow for a high yield you'll need to really plan

 

[Dolphyn42]

That persons power bill is going to skyrocket and unless you dump thousands in you will lose money vs cost of power per crypto coin the earn rate is very slow for a high yield you'll need to really plan

Up to $2000 dollars, I think, would be our combined max. Maybe $2500. So we would get 80 Plus gold or platinum PSU I assume. Does nVidia tend to be more efficient than AMD or is it completely dependent on the card you get?

 

[Avocade]

R9 290x are the brutes of mining. Just a forewarning not many people who get into mining walk away with much if not in the complete negatives so many people do it that to ear 1 coin\credit a day would require a bank of 3-4 r9's even 1 a day won't make you break even from the price of power bills and the cost of the machine

 

[Dolphyn42]

This(http://www.forbes.com/sites/jasonevangelho/2013/12/09/litecoin-101-how-to-build-your-own-mining-rigs/) post says you can make a profit even after power costs (Build 2). I guess unless difficulty has changed drastically. Does it matter whether it's a 290 or 290x?
Also, how well would a bunch of ASICs on a Pi work?

 

[MoCoins]

Here's a simple headscarf to break you into crypto mining
There are altcoins that can be mined on a home computer then exchanged for bitcoins.
I use Minergate, a software that can be used on a mac, PC or even a mobile device.
Minergate provides the most profitable altcoins to mine and is so easy to set up and learn.
You can very easily exchange your coins for bitcoins.
http://tinyurl.com/mc5gg8x.
For cloud mining with the option to mine on a computer there's Eobot.
http://tinyurl.com/kqx6t5p
You can mine on your computer or claim a little from their faucet then build up cloud power
I can only compare my mining ventures to using a coinstar,, you won't make a living but it's extra money.
Most importantly, never run a computer or device 24 hours a day.