Bitcoin Forum

I am getting a 1TH Dragon Miner soon, I pay a lot for electricity in my country but wanted to participate in mining. I pay 0.3$/kwh.

Now that means a projected profit of 22$ per day, with 9$ on electricity per day at most. How long can I expect to make profits? How long until it's obsolete?

How many $ will I be able to get before its useless? How many BTC actually, not $ since the price of BTC changes so much.

Anyone able to estimate it for a nub like me?

https://bitcoinwisdom.com/bitcoin/calculator

According to this... I have a very bad outlook, if its running at 1000W, I will be making barely 800$ profits in total before it become obsolete. Is this correct or did I do something wrong?
Can I overclock it or something?

you should have hosted the miner with lee in china..  at 30 cents a kwatt home mining will almost certainly lose money.   

you should have asked first.  I would have said buy a low priced miner for your house and solo mine  think of it a lottery ticket.

then buy the miner and host.


with this seller

https://bitcointalk.org/index.php?topic=514758.0

your way is almost a certain loser .  I am sorry you did not ask for advice.

if it is on the way to your homeland and it must be shipped you did a poor choice hosting is better.

what you can do if you must take it  is mine and pray to whatever god you like that btc price goes up.


sorry.

I get what you are saying, I just wanted to get started, is there a way to add chips/rewire it to get more TH?

Winning strategy of the Month:

Buy miners first, ask questions later.

You would better sell it and with the dollars buy bitcoins directly, I think that you will profit more doing this.

No. You can't add chips or rewire it. Don't you think the manufacturer of the miner would have already done that if it were possible? You may be able to overclock it a tiny bit. But then your electrical efficiency will be much worse.

Your only hope of profit is that you paid with fiat and that the mined BTC increases in price.

Oh by the way, did you include difficulty adjustments in your profitability? The difficulty is going up another 13% in a few minutes. So your Dragon is going to earn 13% less before it even arrives. Difficulty goes up ever ~12 days.

well he can get lucky if btc goes up to 1k -1.5k  he would be okay.

but 30 cents a kwatt means don't mine much at home.    if he hosted it in china he would have saved shipping and paid less for power.  he could have purchased a small rock miner learned to solo mine and that would be all he should use in house.

I use 560 watts at 4 cents a kwatt   and I use 748  watts at 14 cents a kwatt.

in house so to speak.  I could have purchased the dragon and had it sent to me 14 cent a k-watt location I did not i figured letting it be hosted was a little better for me.  but 30 cents a kwatt can only work out with a big coin price jump. 

Alright, is there a way to re-use the chips later? Or will it just be a piece of junk? Because I see people purchasing old miners and never hear from them again, I guess they re-use the A1 chips somehow.

In a year it will use about $2600 for electricity, and mine maybe about 5btc, most of that in the first months.

You can not reuse chips for nothing else but sha256 mining.
But some are mining on cheaper electricity (or free), and some are mining even if it's not profitable, but is still cheaper for them to pay for electricity than to buy that minted amount of (m)BTC on some exchange (and go through all that verification process all exchanges are using now).

If you were in the US I would offer to host it for you and take a small chunk of the coin.  I don't see how you can ever run that thing at .30kw
It will literally be costing you money to plug in.
Bummer.  Maybe sell on the ebay??

How can I re-use the chips? How can I make it more efficient? Any tips? Maybe use it for a few months while its still slightly profitable then try to move it to canada/US?

Gotta agree with phillip1957 on this one.  If your paying 0.30/kw/h the last thing you want to think about doing is getting into the mining game. 

not useless but as the others addressed your cost of electricity will not be covered

i guess if you feel you must aquire some bitcoin and this is the only way to do it, at least you are going into it knowing your will be able to mine a small amount at a high cost if you feel it will appreciate in value in the future to offset this,

personally i feel eventually , long term, maybe 20 maybe 30 years bitcoin is going to be extremely valuable

but if you just got bit by the bug may be better to sell the rig and use the cash to buy some btc..... just an idea....

Did you not read the responses to your posts? You simply can't reuse the chips. They do one thing, hash SHA256.  ASIC means Application-Specific Integrated Circuit. And the specific application is for mining bitcoin.

Well that's not completely true. Supposedly you can use them for password cracking but I don't recommend that as an occupation unless you want Interpol showing up on your doorstep.

You may be able to make it slightly more efficient by underclocking it. But then your hashrate will drop too. Finding a sweet spot where your hashrate doesn't drop as much as your electrical use is difficult and time consuming and not possible with all mining ASICs.

So its only the chips that are the problem and the rest is not a ROI problem>?

wow that was bad phrasing haha, sorry I am tired.

What i meant is, do the chips have re-usability? do they have any worth and use after the profit stops flowing in?

You said for bruteforce hacking?

Theoretically, it is possible to design mining-chips which can be used to hack passwords. In practice, all existing chips
just report back nonces within the specified difficulty parameters, if my understanding is right. This is quite different
from brute-force reversing hash functions, aka hacking passwords.
You should certainly not consider hacking passwords as something you can actually do
with your miner. And even if you could, you should not count on monetary
benefits from that..

I was just wondering if the chips will have any worth later on...

How many ways do we have to answer this? I think you are suffering from a severe case of buyer's remorse and denial. No, they have no value for anything other than SHA256 mining.

I suppose they may have scrap value of a few cents, lol. You can always resell your miner too. But the resale market is pretty awful because new generations of ASIC miners are constantly released.

Once the machine costs more to run than it can mine it will be essentially worth nothing except for it's basic metal recycling value.

Your best bet would be to sell it as soon as you get it to somebody who has cheap electricity.