Bitcoin Forum

Hi

If i had 10 rigs, each with 1 x 6790 or HD 5790 GPU running only to produce Bitcoins and was paying £0.12 per KW/h for my electric, would it be a worthwhile endevour.

The rigs should cost around £300.00 each.
How long will it take to make 50BTC's as a sole miner or how many Bitcoins could i make per day, per rig, in a pool.

I want to make money by producing the Bit coins and trading them on Bitmarket, Athe the moment their worth £5.50 and ideally  want

Any advise??

R

I've done some of the math, others can do the rest.

A 6790 OC'd to 940MHz should pull roughly 220 MHash/s (800 stream processors).

A 5790 (which I believe is a 5770 with a wider bus) OC'd to 1000MHz should pull 260 MHash/s (800 stream processors).

At the above rates 4 cards = 1Gh/s, and at current difficulty it's about 2Gh/s to produce 1 coin per 24hrs on a pool.

Therefore, pool you'd pull about 10 rigs * 1 card = 10 cards / 4 cards per gigahash = 2.5Gh/s = 1.25BTC per day

$7USD/coin = 4.3802£ * 1.25BTC = 5.47525£ per day.

£0.12 * 10 rigs * say 0.25kW per rig = .3 per rig-hour * 24hrs = 7.2£ per day

5.47525£ - 7.2£ = -1.72475£ per day


So, you'd be losing -1.72475£ per day, -51.7425£ per month and be down 3000£ investment to buy hardware.

Hi

So your saying i cant make money producing Bitcoins????

Yes, this is what it means. Also the more the BTC value is falling the more loss you will incur.

So what is the point in mining??

Surely theres a rig that can be built that could pay for itself and earn real money?

Isnt there???

Mine as a hobby?

You can mine with an FPGA board, but the investment would take you ~2.5 years to recover from.
After that, it's pure profit.

Well, factoring in future BTC value loss, electricity price raises, difficulty raises and the reduction to 25 BTC per block in 2012, we would arrive at a recovery time of never.

Check out this thread ( https://bitcointalk.org/index.php?topic=41469.msg509456#msg509456 ).
Started working on some code to figure "suggested" USD price.

I'm going to try to talk to some exchanges and have them show something like a light-orange (or some color) line to show the suggested BTC price.
http://zombietoday.com/dev/pricecal.2.php (This is a more modified one with better dynamics and nothing is static (aside from $1 being 100c which is why I divided by 100)).

If you already have the hardware, then yes, it is possible to profit.
If you are buying a rig now, it isn't. Well, hardly at least.

If the bitcoin price rises, say to $12, you will still earn very little ($2 a day according to Sekioh) and it will take several months to cover the initial investment (or you may never cover it because better hardware will come up and rise the difficulty a lot).

In other words, a few months ago you could do it, but now you can't. Unless the bitcoin price jumps to $30 or so.

No.
Just buy bitcoins when you think the price is near the bottom.

You really shouldn't mine.  It isn't easy.  You will lose money. 

You must first level up!  You are currently level 0 electrician, level 1 business, level 0 self-education.

If electricity is excluded from my costs, as it is a sunk costs, will it be a Sure-Earn if I setup rigs?  Anyone has any FAQ on how to setup a rig?

No. There are a number of things that can happen, depending on the size of your investment. I would say that if you need more than than ~6 months to get your investment back, it probably is not a good idea. There two important things that may happen:

- Bitcoin price sinks because bitcoin is outlawd, becomes unpopular, fails somehow, etc. - this is uncertain. No one knows what is going to happen. Prices could also skyrocket tomorrow for all we know...
- Difficuly rises a lot because newer GPUs came out or because some new FPGA/ASIC board shows up - this is very likely to happen.

These factors will reduce your earnings and extend your "cover the initial costs" period for years.

lol, and the market needs to level up too.

Level 0 currency levels up, it evolves into Level 1 bubble! ???

At current rates it would take a while to pay off the rigs.

You missed the last big bubble.