Bitcoin Forum

I recently bought an S4 from bit main on their latest deal. I decided to host it with umisoo and have to pay 150 $ /month for the power usage. I found lot of good reviews on f2pool and decided to use them.

I have now been mining for 1 week and my average hash rate is ~2 Ghash. My average payout is 0.02400611 BTC. That is equal to 0,7 BT per month. Which with the rate of today is equal to ~260 $. So that means that my profit is 110 $.

Note that I didn't calculate with the difficulty increase. With this small calculation you can easily see that it will take me at least 8 months of time to get my invested money back = 850 $.

Am I doing something wrong or this is how it is ? Should I change pool ?

I have 3 S4's and I make about .09/day so with one you should be making about .03/day

That's just the mining game these days. Breaking even is a goal most miners never achieve.

You've only been mining for a week. If you think it's bad now... just wait for the difficulty to start rising again.

Considering to re-sell now as used the miner can be a good idea, to attenuate the losses. Bitcoin mining has never been so un-profitable in these days

well it may lose money or it may make money.

I don't know much about that hosting service and if you can point to pools of your choice.

I also do not know if you can sell the gear in a few months since you own it but they are holding it.

I would say hold the coin it earns and hope for a coin  price spike in the next few months.  Also find out if you want to sell it want they will allow you to do.

Only thing I see wrong with your above post is the 2GH portion (2TH).  No, your figures are pretty much spot on insofar as daily profitability using a pool.

You might get modest gains switching over to say Discus Fish or ghash.io but yes, your looking at 8 months to ROI and that is assuming difficulty remains static (hint: it won't).

Start watching to see what the resell value of your hardware is in the next 3-4 months as well.  If you think the ever-shrinking # of satoshi's your generating per day is depressing, just wait a few months and then see what your unit is selling for on e-bay. 

Welcome to bitcoin mining.  Get out while you still can!

try to find some place where is no cost for electricityand you can start to earn something.

If you have an office job you'll know where to look :D

nearly 1.5kw and the noise cant be hidden in an office unless you are not afraid of risking it pluse your office is in
a remote location...

Electricity costs should be ~$80/mo for a place suitable for colocation (~$.08/KWh), so $70/mo is basically avoidable costs (assuming the unlikely situation where you have electricity costs ~$.08/KWh). Mining is an energy cost game again and you're SoL unless you have access to cheap electricity.

mining is not profitable now days
but it may become when next bitcoin price pump
at current value of bitcoin, it is profitable to the people who already mined their investment and now mining profit only

Mine&Keep strategy is more plausible than Mine&Sell strategy in these circumstances. You should try that for a month to collect some BTC, after that you can change it back.

Yes that's right. Do you honestly think that there would be such a thing as a money making machine that made more money than it cost? If that were the case, wouldn't everyone in the world want one? Mining is an expensive way of converting dollars into bitcoin while securing the network while hoping the value of bitcoin rises in the distant future to offset this cost. Economies of scale are the only way to minimise the amount lost in the process but at greater risk due to more initial outlay.

Well, good thing is that difficulty is halted and dropping. You have a good chance to ROI...

While ROI may never be achieved, you're still achieving something far more important for bitcoin as a whole: increasing the resistance of the network to attacks.  Miners should consider the public service they're doing more than simple monetary return.

Only way to ROI is to somehow get that S4 out of the service or Co-Lo and into cheap or free hosted electricity.

Those hosting/electrical/maintenance fees kill ROI from the get go.  If it's possible (not recommending this by any means), you could stash it in IT office datacenter rack or cabinet, and hope no one finds out.  If you don't have access to this, then you're shit out of luck.

If you do have access to free/cheap electric, then get that miner up out of there, put it in the cheap hosting facility, and mine for a couple months, then resell that ish on eBay to some sucka....boom Profit!

That unfortunately maybe the only way you break even or come close to profit.

with 7 BTC (~$2200) I bought 8T at hashnest. They charge around 50% fee, my return is about .05 BTC/day = ~$17/day =  $510/month. If I had bought the hardware would required 4 S4 @ a cost of $4800 and a return of about .10 BTC/day = 3 BTC/month = $1050. Power wise I would be spending 5600 kw/h @ $.14 or $784/month for a net profit of . $266.

not counting diff increases my ROI at hashnest is 4 1/2 month, with hardware ~18 month. O yes, it pays to do cloud mining, just not at the ripoff scamers at cex.io

Bitcoin Jedi?
See
http://99bitcoins.com/bitcoin-universe-what-bitcoin-character-are-you/

This is why I mine and the fact I have a "vote" on where bitcoin goes.

8 months ROI is very good actually

5.6*24*30*$0.14= $564.48 - very close to the hashnext fees (about equivalent to $0.12/kwh)

secondly, if you buy the S4 with coupons they are $800 each (plus shipping of ~$180). They have resale value even if not profitable.