Digitizing LPs


I know this is an analog section, but I thought perhaps folks with a analog LPs might know more about this so I’ll ask if anyone has expertise in copying/digitizing LPs, the software needed, the equipment needed. And maybe most importantly, how tough is this job to do and get good results?? I don’t want to create CDs, I just want to send a copy of each to hard drives so I can stream them. I am digitizing my CDs too.

I should say I have a good start on it, a Windows 7 Desktop with attached Musical Fidelity Preamp with phono stage, Adcom amp, Spendor speakers, and ASUS Xonar Essence STX soundcard, and a choice of turntables. Still, I know I’ll need another piece of gear. Is that a USB DAC? If so, how good does this have to be? Or put another way, do I need to spend a lot of money on this?
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I have no bone to pick either. I will only submit that if you’re 70/30 leaning toward digital, then recording those LPs will eventually get you to 100% digital, and at a potentially higher level of satisfaction and lower cost than replicating an LP collection with hi-res downloads. Moreover, if you have 2500 hours of vinyl in your collection and a 30% attention span with analog, the likelihood is that you will never listen to most of those LPs in any case. The recording process is a pleasant re-engagement with that collection.

Another time consumer in the digitization process is the cleaning of LPs prior to recording. I find that I’m willing to accept more noise in the course of normal listening than for the purpose of archival recording. Recording makes me think harder about cleaning records and tonearm/cartridge set-up, and more critically about the quality of the analog source. I just purchased a Lyra Etna for this purpose that I would not have normally considered. This may be a good thing or a bad thing, depending on one’s degree of fanaticism and resources with respect to the LP. However, long after that Etna stylus is toast, I’ll be enjoying its recordings.

In any case, I find it interesting that analog-oriented audiophiles are beginning to think about this.

Thanks tons for such useful feedback.  I must say I am thoroughly discouraged!   The equipment to do it properly is expensive and babysitting  the process uses  gobs of time.  Just cleaning each LP is a time consuming process!  A good cleaning machine would make that part  much more palatable, but a good one would be  thousands more.  
  One real positive is it’s a good way to listen to one’s collection!  Even so,  I calculate it’d take me YEARS to do the job.  It’s been fun and instructive to think about this, but, sadly, at my age it’s not a realistic project.  
  Kudos to those of you who have done this!

For a shorter path, take a look at the Sweetvinyl Sugarcube.  It does almost all of the work automatically and sounds pretty good. 
I use a Mac Mini w/2nd storage drive and Magix Samplitude Pro X2 software, connected to my preamp. Every time I play an album I record it, I do my editing when I want to here that album again or when I have spare time. Some albums I just want certain tracks.
Look at the Sugar Cube. It declicks as it works, so you can eliminate at least one step of the conversion process. Analogplanet has a favorable review of it up now.