Bitcoin Forum

I started mining bitcoins not too long ago and I realized that I should have done a little bit more research before I jumped in.
I was excited to get started so I bought a BFL 10GH/s unit off ebay for what seemed like a great price. But it wasn't till later that I figured out the this BFL miner consumed way too much electricity for the GH/s it produced. In effect, it cancelled out the profits.
I ended up writing a simple php script to evaluate how much profit I should expect given the hardware specs. Now I have a dozen AntMiner U2's and a new BFL 60GH/s miner.  Even though the U2s are more efficient, I am still making a decent profit with the BFL 60GH/s.
The php script was originally for my own use, but I figured a lot of newbies probably could benefit from it as well. I was a newbie and I still consider myself new as I'm learning new things everyday. I could have saved a couple of hundred dollars had I bought the right kind of miner hardware.
For those who are just getting started, I suggest getting a Kill-A-Watt meter to find out how much power your system is using. And also the specs on whatever miner hardware you plan on using. Then plug in the numbers into the php script that I made on my new site: www.bitcoineval.com (http://www.bitcoineval.com)

My next project is to put the entire mining system on solar power. To be continued...

Cheers!
JWC

I'm sorry but as you're new to bitcoin mining you probably don't realise that ignoring difficulty rise means all your calculations are basically wrong. Your calculator does not take into account diff rise giving you an exponentially diminishing btc return with your hardware and you will not ever be making a profit from that 60GH device. Even if you got the hardware for free you'd be hard pressed to pay off its electricity soon with whatever bitcoin it makes.

Have you thought about using that BFL as a vibrator for your xwife to keep her Gina warm?

The BFLs are nice boxes, but they do pull too much power, especially if you do... things... to them.

As for solar note that I have 3kw on my sheds and it provides a fraction of the power.

Now with Monarchs, that may be a very different story. .3w per gh is a lot lot better than 1 or 4.

C

Yes, i realize that difficulty will rise and whatever current calculations will not be valid when that happens.
However, I think it is still a good starting estimate.  When I go solar, I'm hoping that the electricity usage of whatever system I'll have then won't even matter.