I'm a crypto currency newbie. I'm planning to mine lite coins. Is it possible to mine them using my Lenovo Y550 laptop? I have downloaded the wallet. I want to start with mining but im still in doubt if it is feasible with my laptop. Thanks already.
According to the Litecoin Wiki's Mining Hardware Comparison (look it up on Google), you would be hashing at 15.4 kH/s. This is quite slow. dustcoin (dot) com shows that even if you left your computer on 24/7, you would only make 4.94$/month at current exchange rates. Assuming your computer is using 75W of electricity (this looks like a lot, but remember, it is running at full throttle 24/7), and your utility charges 12.5 cents per kilowatthour (U.S. average), your Litecoin miner will use 6.85$ of electricity each month. This leaves you with a loss of 1.91$ each month.
This is not the only problem. Laptops often have inferior cooling compared to desktop computers, and can easily overheat if they are running at full power all day long. This is a quick way to have component failure and turn your laptop into a 15 inch paperweight, not to mention the costs of repair or replacement, which will surely be higher than 4.94$.
Bottom line: it could work, but it's not worth it.