Bitcoin Forum

Hi guys and girls!

I'm doing a paper on bitcoin mining and the main focus is going to be about the costs and profits of bitcoin mining.

I would greatly appreciate if anyone that has been or is involved in bitcoin mining would like to answer some questions. :)

I'll post the questions here and you can fill out the answers and post them in this thread.

I greatly appreciate any answer, as this would help a lot in my research. :)

If some of the questions sounds a bit awkward, it's because swedish is my mothertounge.

Here are the questions:

1) How long have you been working with bitcoin mining?

2) How many units are involved in the workload of your bitcoin mining?

2a) What did these units cost to purchase?

2b) The unit that operating the mining rigg, how much did that unit cost (the one with the operating system installed)?

3) How much did you spend on electricity each month?

4) The local where you keep all your equipment, how much does that cost you per month?

5) How many coins have you mined per month on an avarage?

6) What have you used your coins for (exchange them, buy more units to your mining rigg, etc.)?

6a) Do you feel the market is big enough for purchasing stuff with bitcoins?

Other information: (Basically any information that could be of use when examing the costs and profits of bitcoin mining)

Best regards
/Robin

ps. If this is posted in the wrong part of the forum, please tell me where to post a topic like this. :)

@2: mining BTC with GPUs has not been profitable for a long time. You might want to reconsider the phrasing of that question.

I'm sorry, I'm not very knowledgable when it comes to bitcoin mining. The last time I checked
people used graphic cards for their mining. :)

What is used now, so I can change the question so it makes more sense, then.

Regards
/Robin

My advice to you OP:

1. Use google forms and make a survey, which would be far more easily accessible and easier to answer all the questions.
2. Post that survey in Miner section where you'll get responses from the actual miners.

Okay, I'll bite! I'm a small-time miner (who might actually break even), running 2.8TH.

1) Since april 2013. (First 0.5 GH in Apr, then ~5GH in Dec 2013, and now 2800GH for the past few months)

2) Currently, ~20 undervolted antminer S1's

2a) $500 (total)

2b) The miners are standalone (IE they have control units built in). $0. Most miners are like that now, only the really small stuff needs an additional external control unit (Prismas are the only real exception here).

3) $280 (3.8KW)

4) No hosting fees other than electricity. (Located in Washington State)

5) A little under 1btc per month right now.

6) Pay my electricity costs, mostly (margins are razor thin). The rest I'm saving ATM for more gear, if the price is right (it usually isn't!).

6a) Sure, at least for mining hardware. Every manufacturer accepts BTC for their HW, and my co-location accepts BTC for electricity cost.

If you have any follow up questions let me know.

This would be the best route to take with your survey and make it possible to post anonymously. I'm interested in seeing the results. (will add my mining experience if you get this loaded into google docs)

Will do, thank you for the tip. :)

Thank you for all the answers.

I only have one follow up question for you:

You dont pay any fee at all for the "server space" of your mining rigg?

Regards

Hi again!

Here is the link to the form if anyone of you is willing to fill it out, would be greatly appreciated.
https://docs.google.com/forms/d/1G4W1wBTV_NPKp6S3iLUBrfb7s2REA9llYh8Pc1l8BAM/viewform?usp=send_form (https://docs.google.com/forms/d/1G4W1wBTV_NPKp6S3iLUBrfb7s2REA9llYh8Pc1l8BAM/viewform?usp=send_form)

Here is the link to the new thread I created in the Mining section:
https://bitcointalk.org/index.php?topic=883589.msg9745970#msg9745970 (https://bitcointalk.org/index.php?topic=883589.msg9745970#msg9745970)

Regards
/Robin

The fees are built into my electricity cost (the operator charges me more than the actual cost of power).

1) How long have you been working with bitcoin mining?  
- 1 Year

2) How many units are involved in the workload of your bitcoin mining?
- Six

2a) What did these units cost to purchase?  
- about $4k

2b) The unit that operating the mining rigg, how much did that unit cost (the one with the operating system installed)?  
- Came with it, Four S1's  and S3's.

3) How much did you spend on electricity each month?  
- A freaking lot LOL.  They have a "dispensing fee" that goes up the more you use.. the bastards.  Probably around $200 a month.. ya $200 LOL.

4) The local where you keep all your equipment, how much does that cost you per month?  
- I keep them at home.

5) How many coins have you mined per month on an avarage?
- I have mind 5.5 BTC and 480 PPC and a bunch of XJO, not sure on average.

6) What have you used your coins for (exchange them, buy more units to your mining rigg, etc.)?  
- Used some for S3's(Bought the 4 S1's used the coins mined to buy two S3's), and donations.. a lot of donating lol.

6a) Do you feel the market is big enough for purchasing stuff with bitcoins?  
-There are a lot of place accpeting BTC you can buy a lot with it off of the web currently so yes.



IMO mining is only for a hobby now and so you can have a "vote" on where BTC is going.  I mine so I have a vote, IMO if you are a true bitcoiner you are mining to secure the network and help prevent centralization.   Even 10Ghash helps.

I have said that for ages,home mining is just a hobby now.I home mine but just to learn new ideas and help the network grow.In fact to me all trading mining everything is just a hobby plus it helps to keep everything de-centralized not in this for the money