Title: Losing money is fun!!! Post by: n01d3x on August 12, 2013, 09:46:28 PM After lurking for a while, 2 months ago I decided to build a mining rig. I knew mining bitcoin with gpus was out, so I went with litecoin. I built a 5x 7950 rig. A few years back I ran a 1000 watt hps 12 hours a day and didn't notice much difference in my electric bill. I knew with this rig it would go up, and I finally got my first full bill! Needless to say I have since sold everything and at a pretty good size loss. So if you're thinking of gpu mining any coin and you pay any rate for power DO NOT DO IT!! Losing money that fast was a nice expensive lesson to research everything thoroughly before spending a dime!
Title: Re: Losing money is fun!!! Post by: firstlast on August 12, 2013, 09:50:16 PM I would have saved one 7950 to play games with. That's a nice GPU.
Title: Re: Losing money is fun!!! Post by: ElectricMucus on August 12, 2013, 09:56:39 PM Watching people lose money is even funnier.
Title: Re: Losing money is fun!!! Post by: Athanasios Motok on August 12, 2013, 10:04:38 PM Title: Re: Losing money is fun!!! Post by: zemario on August 12, 2013, 10:06:15 PM Respect for talking about it without bullshit. All the people here bragging about their baddass mining rigs, with ASICs bought for a small fortune, I wonder which percentage of them even break even. 10%??? Even the ones that hang around in the forums posting pictures and whatnot.
Look at it this way: you did, it was stupid, but you learn your lesson by your mistakes. as pointed by other, you still got a whole lot more than those that prefer to think that they may eventually make a ton of easy money, and end up loosing money all the time. Title: Re: Losing money is fun!!! Post by: n01d3x on August 13, 2013, 04:07:07 AM Crypto mining has humbled me greatly and I have no problem admitting it. It was fun playing the game while I did. I am not really upset about it because I followed the rule of not investing money I was scared to lose. And yes, as bas as it sucks, I don't see much difference between my lose and the huge amounts of people who preordered bfls forever ago. Not that it helps me in any way. I also have no problem with it being funnier watching me lose money. When I saw my power bill I about cried in laughter. The whole ordeal was very comical to me. Thinking about how much I could make and stuff. Then BAM!!! Reality owned me.
Title: Re: Losing money is fun!!! Post by: flipper on August 13, 2013, 04:16:30 AM Finding a place where you can run your gpu rig with free electricity (at work, dorm) is about the only option that makes roi sense these days.
Title: Re: Losing money is fun!!! Post by: r3wt on August 13, 2013, 04:21:50 AM well i bought two block eruptors. in one week of near continuous operation(i stop them and let them cool usually once a day) i've managed to pull in .1 btc. will i ever meet roi of ~180 invested? probably not. is it worth it to me? hell yeah man, i love these little things. they're just so... cool.
Title: Re: Losing money is fun!!! Post by: n01d3x on August 13, 2013, 04:31:22 AM Ironic that you posted in here r3wt. After I saw my bill I mined J-Coin for about a day before I shut the rig down. Haha
Title: Re: Losing money is fun!!! Post by: r3wt on August 13, 2013, 04:37:01 AM Ironic that you posted in here r3wt. After I saw my bill I mined J-Coin for about a day before I shut the rig down. Haha lol, really? any luck? post your j-coin address. i'll send you some freebies Title: Re: Losing money is fun!!! Post by: Anduck on August 13, 2013, 04:43:28 AM Yeah guys.. The mining of coins is already and soon gets even lower profit hobby for non-pros. Easiest way to get coins is to trade.
Title: Re: Losing money is fun!!! Post by: worldinacoin on August 13, 2013, 04:44:36 AM After lurking for a while, 2 months ago I decided to build a mining rig. I knew mining bitcoin with gpus was out, so I went with litecoin. I built a 5x 7950 rig. A few years back I ran a 1000 watt hps 12 hours a day and didn't notice much difference in my electric bill. I knew with this rig it would go up, and I finally got my first full bill! Needless to say I have since sold everything and at a pretty good size loss. So if you're thinking of gpu mining any coin and you pay any rate for power DO NOT DO IT!! Losing money that fast was a nice expensive lesson to research everything thoroughly before spending a dime! Mind giving us a hint on the size of your electricity bills? :) Title: Re: Losing money is fun!!! Post by: n01d3x on August 13, 2013, 05:17:01 AM Total was about $650 and I was running 4 cards for around 2 weeks, all 5 for maybe 2 weeks. That's probably around $400 more than normal. I pay around .30 kwh. Thanks for the offer r3wt, but I'm just going to sell the jcoins for btc at some point. I did pretty good, I have a little over 100.
Title: Re: Losing money is fun!!! Post by: r3wt on August 13, 2013, 05:20:38 AM Total was about $650 and I was running 4 cards for around 2 weeks, all 5 for maybe 2 weeks. That's probably around $400 more than normal. I pay around .30 kwh. Thanks for the offer r3wt, but I'm just going to sell the jcoins for btc at some point. I did pretty good, I have a little over 100. wow, lol you've got more than me. props Title: Re: Losing money is fun!!! Post by: worldinacoin on August 13, 2013, 05:26:12 AM Total was about $650 and I was running 4 cards for around 2 weeks, all 5 for maybe 2 weeks. That's probably around $400 more than normal. I pay around .30 kwh. Thanks for the offer r3wt, but I'm just going to sell the jcoins for btc at some point. I did pretty good, I have a little over 100. That's a lot of money! I would have just rent a space in a nearby datacenter and use the electricity (make sure it comes with the rack and is unmetered), will be 1/2 price or even lower. Title: Re: Losing money is fun!!! Post by: Bfljosh on August 13, 2013, 08:24:51 AM I don't pay for power. A 7950 pays itself back pretty fast.
Title: Re: Losing money is fun!!! Post by: mlyckoX on August 13, 2013, 09:49:20 AM You can still mine altcoins with GPU.
Title: Re: Losing money is fun!!! Post by: freedomno1 on August 13, 2013, 09:55:43 AM Shoot 30 cents a kWh no wonder props.
Title: Re: Losing money is fun!!! Post by: imabauss on August 13, 2013, 09:58:54 AM Thanks for posting this!
While losing money is no fun... Other members can learn from what you did! Title: Re: Losing money is fun!!! Post by: Amph on August 13, 2013, 10:55:07 AM You can still mine altcoins with GPU. they are unprofitable already, unless you mine coin with 600%+++ profit |