Bitcoin Forum

what do you guys think of this as my planned setup before i go into it (i dont have huge stacks to throw down on terrahash miners)


electricity cost: £16.82 KWh
miners id have going:
2x Rockminer R-Box 2 110-110GH/Sec  cost me £75
1x redfury 2.44GH/Sec cost me £0    (just to push up the numbers a tiny bit
1x Bitmain AntMiner U2+ - 2Gh/s cost me £0   same as above


i dont have alot to plunge into really expensive miners but can afford these ones above im also pooled here
https://mining.bitcoin.cz/

i know its not exactly a farm of miners but do you reckon il see some kind of money?
 

I assume that's a mistake on your power price! If you want to do it for fun go for it! To make money? Forget about it! 

nah its on a pay as you go meter in the UK npower
i thought it didnt seem right either but the display shows it

yeah your reading it wrong bud, it's in pence not pounds lol

thank god for that xD
so with the new updated price will i see any profit do you think?

sorry mate, even at that price you will be operating at a loss.

Even in pence, that's going to be expensive.  The R-Boxes are going to run about 100W each, so 200W there.  The USB sticks are pretty negligible, so I won't even bother counting their draw.  I'm not even going to bother including the hardware costs... you'll see why :)

.2kWh * 16.82 * 24 = 80.736p a day

Current expected earnings from 224GH/s (I'm giving you the benefit of the doubt that each r-box will get 110GH/s): 0.002375BTC

Converted to GBP: 0.46 daily.

Last I checked, there were 100p in a GBP.

So, it's going to cost you 80.74p to make 46p a day.  Sounds like a good deal to you?

I think the OP thinks its 2012.


Your electricity is CRAZY EXPENSIVE and your equipment is CRAZY OLD. You will only waste time and money.

Just buy BTC instead.

You will see a profit if you mine now and then BitCoin price gors up a lot. In that case you will be making a bigger profit if you simply buy BitCoins now. It is also a lot less work.

I would not promise that.  With "electricity cost: £16.82 KWh" and less than 250 GHz of gear it will be hard.  Chances are you will be lucky to pay off the gear even at that electricity price and miners you mentioned.

Hard?  Check out my post above showing the numbers.  Even not factoring in initial hardware costs at current BTC->GBP conversions OP is losing money every day by turning those miners on.  Even if BTC went up to £350 OP would barely be covering the electricity to run the miners - and that's given the current difficulty, which is going to change in less than a week's time.

Maybe I was not clear.  But I was not referring to your post.   I was referring to the post i quoted.

I meant it is hard for BTC to go up and make this profitable.   This is because of the amount of money being lost mining each day, it would take a drastic change in price.

I think we are in agreement that it is the OP's best interest to not bother to mine with the hardware listed :)

I put into numbers what you're stating.  OP is mining at a loss until such time that BTC goes over £350, which is just going to make him a few pence a day even then... Assuming today's difficulty.

We do agree :)

op should mine but on the smallest scale possible  which is a usb stick.
1  stick  = 10 pounds or less
1 stick =    less then 5 pounds a year in power.
run the stick on a solo pool like ck's

https://bitcointalk.org/index.php?topic=763510.0

and run it on mmpool.org
https://bitcointalk.org/index.php?topic=700411.0

Most likely it will lose money but it keeps you involved and does not cost much.

He should buy a coin or 2. Which is about 200 pounds a coin(don't know the rates this is a guess)

http://imagizer.imageshack.us/v2/1280x1024q90/540/jzSrKh.jpg
http://imagizer.imageshack.us/v2/1280x1024q90/910/9ga1id.png

I have 5 Antminer U2 sticks in a USB hub plugged into an rPi running cgminer pointed to ck.'s solo pool.  The whole setup costs virtually nothing to run and it's literally set it and forget it - I haven't touched it since December when we lost power in the house and I had to reboot everything.  I also spend about a day every week where I point 6 S3s to ck.'s pool as well.  Chances are exceptionally slim, but it's worth the gamble - currently losing on a potential 0.02916BTC for the chance at 25BTC.

By the way, you linked Discus Fish and not mmpool in your post.  Here's the proper link for mmpool: https://bitcointalk.org/index.php?topic=559011.0

And if it's going to take for a price increase in BTC to make this profitable then a person would be much better off to just buy the coins in the first place.

That would be true in this case.  Some people are better off mining.  Yes number is getting fewer and fewer but still are some out there.

It varies between miners depending on cost of mining.  Lower the electricity better off you are.  Also more efficient gear helps.  USB miners are mostly a item you will never make back.   It is good to learn mining with, just not enough powere for money.

My point was even in the optimistic event that he makes a profit by mining, he stands to make a bigger profit by buying Bitcoins now instead. It is also a lot less work, simply buy and hold.

that electricity cost must be a joke, you will never roi, even with the best technology and the biggest farm out there

cost of mining equipment is a non-issue here, with that electricity...


well buy and holding, it's good and all, but it will not increase your btc count, which is the point of mining

Instead of mining, you could invest some money buying bitcoins and trade them with altcoins for a small profit, playing with pump and dumps, or simply stash them until price skyrockets.

Over the lifetime before the mining equipment gets outdated, the total amount earned through mining is less than the total bought in for the same amount spent. So buying and holding doesnt increase but in th efirst place it is more.

Besides, there are investment opportunities which may let you earn a small interest on the Bitcoins.