Bitcoin Forum

I was wondering whether mining is now more about the fun of mining and keeping Bitcoin going or if there was any chance of profit involved for miners like myself.
I currently have some Bitcoin saved up, not too much but enough to buy an antminer s7.

My electricity costs appear quite high to other peoples. I have a day and night rate which differ

11.89p/kWh - Day (0.18 USD)
6.63p/kWh - Night (0.10 USD)

each run for 12 hours 8 - 20, 20 - 8. So I say on average about 0.14 USD/kWh.

I really enjoyed the fun of mining when I had a 4 x GFX card system set up. I loved it. But I am now wondering whether this is just going to lose me money. I don't mind a small profit as long as I get my ROI. But is that likely to happen?

If you really love bitcoin and want to go for the long haul, I'd say buy it. I'd have a hard time personally wiping out my bitcoin stash for an s7. If you can buy with fiat that's even better. You could even take the ultimate gamble with it and point at ck's solo pool, as long as you can handle that electric bill each month. Looks like you'll be paying around $120 a month in electricity, but if you actually find a block it's nearly $9,000 of bitcoin ;)

Sorry but you need to realize your power costs are just too high. You would be better off buying mining power on Hashnest. S5 is a bargain right now.

take a look at the s7 it hash at 4800 and can produce around 0.033 per day, so 1 btc month, which is $360

consumption with your rate is around $1.44(assuming 12 hours only for the best rate) x 30 days = $45

so you see plenty of profit, you can even mine in the other 12 hours

You are a bit high with an overall price of 0.14USD, but that is probably as good as it gets in the UK, however you do have an option in the future as difficulty rises to just mine at night with the 6.63p tariff.

As a matter of interest who is that tariff with? It does not appear to be economy 7 as you have 12 Hours at the lower rate?


Rich

 That's worse than my (3 months out of the year) SUMMER rates, the ones that have comitted me to moving to Washington this summer.
 (My winter incrimental rates average close to 7.5 cents/KWH which profitable 'cause I already HAVE some mining gear - but I'm not sure my S5s and SP20 are going to achieve RoI even WITH the recent bump in Bitcoin pricing, even though I've had them a while already).

 Your probability of achieving RoI on any current gear, if you have to pay current pricing to buy it, is pretty much zero.



 But then they'd only be grossing $180/month, net $135/month - which is not going to get even CLOSE to RoI on the cost of an S7 before the halfing kills most or all of it's profitability - and that's also NOT taking diff increases into account (over 10% on the last one, next one looks likely to match that, and the average diff increase since the S7 first was ANNOUNCED has been close to 5%).