[vidyesh]

CPU Mining is possible but not profitable.

GPU mining is the traditional and the best way.

The thing is, if you have a very bad GPU you might not make any profit. The electrial costs are going to be a pain in that case.

If you have a fairly decent GPU, you can still mine and shine but expect a really low profit. If you aren't worried about the electrial costs ( as GPU is running 100% 24/7 ) then you could mine very well.

If you really want to know how much exactly you could mine

Use a manual calucaltor - https://tpbitcalc.appspot.com/

OR

Run a Miner http://bitminter.com/ ( Run the pool's miner for few minutes, it would calcuate an estimate for you )

[tlrobinson]

GPU mining is on the way out thanks the imminent proliferation of ASICs.

I've heard it's more profitable to mine Litecoin then convert to BTC at this point.

[vidyesh]

ASICs are yet to penetrate well, thanks to the delays. Till then GPUs would still work. Mine out till you can.

Here is the thing, after BTC's success many such online digital currency came into existence.

As soon as BTC gets enough traction, there would be some regulation to handle the growing digital currencies. There are chances that not every such currecny would grow like BTC did. So putting time in mining should be well calculated. If you think LTC would grow then go for it, but if not then no point putting time and money in mining for it. Better mine, earn, sell off and move on.