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Title: A Must Check Out! Post by: NeonFlash on September 20, 2011, 09:50:17 AM I was calculating the profits of Bitcoin Mining and came across a weird thing. I wanted to share it with others and it would be great if guys also post your results.
It's simple. Find out the hash rate for your GPU, use a Bitcoin Mining Calculator like this one: http://tpbitcalc.appspot.com Enter the Hash Speed value for your GPU and press calculate. Check out the amount of USD you will be earning per year from mining. Make a note of this figure. Now, head over to Google and type in the name of GPU and find out the current price of it in the market. Do the 2 figures look similar, or relatively close? By running your GPU mining Bitcoins for 1 year, you can recover the cost of the hardware for which you purchased it. But you are incurring the price for electricity also. Probably, we should have a Calculator for that also. Enter the value of Electricity (per KWh) in your country and calculate the amount of Electricity you will end up spending and hence the money. Title: Re: A Must Check Out! Post by: conspirosphere.tk on September 20, 2011, 11:08:44 AM You can do all at once here:
http://bitcoinx.com/profit/ (http://bitcoinx.com/profit/) Title: Re: A Must Check Out! Post by: NeonFlash on September 20, 2011, 11:32:09 AM Thanks for that link. It's quite helpful. The feature to calculate the electricity cost is good.
Title: Re: A Must Check Out! Post by: Bitcraft on September 20, 2011, 01:23:50 PM You can do all at once here: http://bitcoinx.com/profit/ (http://bitcoinx.com/profit/) Tried and true! Title: Re: A Must Check Out! Post by: nmat on September 20, 2011, 01:44:46 PM The 1 year estimate is just that. An estimate. It assumes that everything stays the same, namely the Bitcoin price and the difficulty, which are unrealistic assumptions.
The difficulty is likely to increase and the Bitcoin price is likely to... No one knows ??? In July (only 2 months ago), those calculations had a break even point after 5/6 months because the Bitcoin price was above 10. Title: Re: A Must Check Out! Post by: worldinacoin on September 20, 2011, 01:46:42 PM Difficulty increases also the hash rates of the graphics cards will also grow by leaps and bounds, it is kinda tough even to break even.
Title: Re: A Must Check Out! Post by: ThePiachu on September 20, 2011, 07:31:21 PM Glad you found my calculator helpful. If you input the price of your rig/graphics card you can also see how long before you break even.
But yeah, estimates are estimates. You can always be a pessimist, lower the $/Bitcoin ratio, increase difficulty by some factor and see if it is still profitable for you. As someone pointed out though, if you buy a rig and mine, even if Bitcoins will be worthless tomorrow, you still have the hardware you can sell to get some of your investment back. |