Bitcoin Forum

I've read lots of posts saying roi is impossible. I pay .13usd kwh and think it's possible.

Seems a lot of the speculation is from miners who have obsolete hardware from back in the hayday
of bitcoin, and want to steer away newcomers.

Or maybe it's a regional thing. Power cost way too much in certain areas of the world.

I like the purpose behind bitcoin and would be happy to make a few bucks and pay the cost of the power.

Plus I'd rather mine as a hobby than just buy!!!

Mining has a purpose!!! Shazam!!!

I don't understand why you would ask the question if there isn't a real profit motive in your mind. While it's all well and good to have an interesting hobby, and want to "support the Bitcoin network", it doesn't really mesh with the question.

With a consumption of 3350 watts for 7000 GHash, that's pretty efficient. Your bitcoin earnings will exceed you electricity cost for quite a while (say 6 months). You didn't say how much it will cost to acquire this mining capacity, so it's impossible to know if it will pay for the acquisition cost or not. You might want to consider:

https://bitcoinwisdom.com/bitcoin/calculator

I asked because so many say it's impossible. The profit I asked about is the few {hundreds/thousands/pennies/satoshies} bucks
 I had mentioned-after paying of the electricity. My out of pocket investment is 2800usd.


And when I do that calculator it only lets me put in my info. Nothing changes.

Thanx though.

https://coinplorer.com/Hardware/Simulate
I use this, it is a better calculator

Thanx...that one is functional.

don't be coy about which rigs you might get. there are so many scammy 'sellers' out there. people here will help..

At the moment the S5 seems the most efficient for my needs. But we are at the beginning of the year and a new design
is on the brink. I have read ALOT of scammy crap on here and seen the renderings with my own eyes.  :o
This forum has been a great helper for me and I feel there are some genuinely helpful people.

 

By ROI or profit, do you mean in bitcoins or fiat currency?  Both are possible, but on no certain terms.

Mining is a lot more fun than trading cash for coins

There is only 1 ROI worth considering. Bitcoin. If you can't mine more bitcoins than you can buy, then don't buy a miner.

I mean Bitcoin. The only possible exchange I would do for cash is to pay electricity.
I do have a good paying job though so I'm not to concerned with that.

ftfy  ;)

You are right that it is a regional thing.  Most hosting centers for bitcoin hardware have cheaper rates than you do at home.

Ultimately, we can't predict difficulty changes, so it makes little sense to just plug numbers into a guesstimator and order hardware. 

you can get ROI, if you have cheap electricty and power effective hardware.

Agree with above if you have cheap electricity and efficient miners bought at the right price you can make a profit.

Well, 7,000 GH/s at 3,550W is a decent ~0.51 J/Gh ...and judging by your numbers, it's essentially 6 AntMiner S5's.
With that in mind, at $0.13 per kWh, you're looking at $11.08 in electricity costs per day. So long as 7 TH/s generates more than that in the same period, you'll be good.

Here's what to think about instead: At what point will your setup no longer generate a profit (expenses equal revenue)? This largely depends on two factors; price per Bitcoin, and the network difficulty. There are other factors for larger setups, but we'll keep it simple for this one.

If a Bitcoin is valued at $230 (current price off of Coinbase as I write this), and at the current difficulty of 41,272,873,895, your revenue should come in around BTC0.08529572, or $19.62, per day (ignoring variance).

This means you'll be able to maintain profitability until the price per Bitcoin drops to about $129.90, with difficulty staying constant (though unlikely given many more miners would drop out of the game at that price).

Alternatively, if the price stayed constant instead, you could maintain profitability until the difficulty rises to roughly 73,076,881,507...you can be the judge on how long it takes to get there (1, 3, 6, 12 months, etc).

Obviously neither of these variables are constant, so I'd advise you do to your own calculations. As the price per Bitcoin rises, your difficulty ceiling rises by a similar proportion as well.

Its true. But keep in mind. Judgeing by what happened in the past. The difficulty will rise and the price will fall.

nan

The manufacturers are also more capable of rapidly building out new capacity than they were in the past.  If the exchange rate were to shoot up to $600 next week, adding power to the network would probably be done at the flip of a switch, accelerating your hardware's loss of value.

Mined coins might also be less identity-oriented than ones purchased.