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You would need 14.28 megahash per dollar. Unless you found some fancy alien technology I highly doubt it.
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More risk, but much more reward.
Considering how risky bitcoin is already why would you want to add to that? |
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Not to mention that he could sell those 615 bitcoins for 16 dollars within 1-3 days of buying them at 13 making him $1840 within a week. He could probably do this multiple times. If he bought again using all $9840 at 13 he would have 757 coins and could cash out at $12112 if it hit 16 again. Thus making more than he could ever hope to mine in the matter of 1-2 weeks.
Day trading can be very risky and I honestly wouldn't recommend it with 8000 dollars on the line. I'd also like to point out that with hardware he has a way to recoup some if not close to all of his money back. If he buys coins then he doesn't get that security blanket. |
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Oh, I agree an efficient builder can still make the case for mining. The OP is far from an efficient builder. In fact, it'd be hard to build less efficiently unless you buy 6850s at ebay markups to go with $250 blinged out PSUs, $200 gamer cases and $400 gamer motherboards in addition to getting hard drives and windows licenses. The OP is a classic case for buying efficiently mined BTCs instead of overpriced mining gear as a BTC investment.
Also, your 3 month timeframe for an efficient builder (see: my post above) ignores the possibility of hardware failure, brownouts, downtime due to DoSed pools, network outage, and a wildly spiking difficulty.
True I'm sure as you gain more hardware there will be more failures but there isn't really a way to calculate that. Also I doubt all pools will be ddosed at the same time and worse case at that power he could still mine independently. Also the difficulty shouldn't be unpredictable as long as the price doesn't go sky high. |
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Here's another way to look at the OP's investment. He could have spent $8000 on bitcoins. I'm sure they'll be $13 again this weekend, so I'll use that as the price.
8000/13 = 615
At 7 gigahash the OP should be mining around 3.5 bitcoins a day, at a power cost of at least .5 btc/day. Now assuming no difficulty increases we're talking 200 days to earn that many BTC.
Look at prices and difficulties right around the end of last year (200 days ago) to guestimate how likely it is your hardware will *ever* generate anywhere near 600 bitcoins over its lifetime. You've just bet 8000 dollars no ASIC of FPGA miners get introduced until well into next year, and the 7 series radeons won't be very good at mining -- both very poor bets.
the op made a sloppy investment. You should be able to get at least 1.3 megahash per dollar easily. He gets .875 $8000*1.3=10.4 gigahash Under current difficulty that's 6.693 BTC I assume that .5 btc is still acceptable because some of the slower more expensive cards consume more power. So 615/6.193 a day =99 days So in about 3 months he will have the same amount after that he will continue to gain more bitcoins then the original possible investment. edit: If for example he went with the most extreme case he could get 1.58 megahash per total cost with 5830's at 110. $8000*1.58=12.64 gigahash thats 8.134-.5=7.634 615/7.634= 80 days |
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I'm assuming that's not overclocked though?
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Going off this. If you add up the costs for a server (bare minimum)
cpu- $30
ram- $10
psu- $150
mobo- $140 (if you know cheeper then this with 4 pci express then let me know)
hd- $15
PCIe x16 Extender Cable $12*4
+4*240=$1,353 (4*440)/1353=1.3008 megahash per server cost going with 6950 ( http://www.newegg.com/Product/Product.aspx?Item=N82E16814150523) +(4*223)=1,253 (going with 420 because it seems reasonable from the mining hardware comparison not sure what a normal megahash is for the card.) (4*420)/1253 =1.3407 megahash per server cost according to this site ( https://spreadsheets.google.com/spreadsheet/ccc?key=0AsSwOT3E1XTGdGtpa1BQcmJLN2x6TG1MRmxzb29BeFE&hl=en_US&authkey=COWC8toK#gid=0) power consumption is basically the same as well a little in favor of the 6950. At bare minimum the 6950 is better then the 5870 at those prices. Let me know what the average megahash for a 6950 is because that will change the ratio a lot. edit: found a better costing card for the 6950 |
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I wont lie this doesn't seem like the most reliable board. Especially after reading your post that included this: I bought this board a couple of months ago and it died after a couple of hours. This board is the RMA replacement which I just received.
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I'm not really understanding the idea of buying used mining cards to be honest especially if your buying them for more then retail. Theres a risk that the previous owner abused the card and it will not last. Unfortunately you can't rma to ebay or craigslist. I guess if your getting the card for cheaper then retail it might be worth the risk but it confuses me why people will pay more then retail for a used mining card.
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It's the $110 Sapphire so ill try on top and ill experiment in a few places I think might help
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Another question is if I put the fan directly on top of my 5830's would it ruin the fan motors on the gpu's?
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Yeah good luck with that! I guess you haven't noticed, but the going price on the 5870 is returning to normal. Those cards really are a terrible buy even at that price unless you're short on space.
Absolutely wrong. If you add up the costs for a server (bare minimum)
cpu- $30
ram- $10
psu- $150
mobo- $140 (if you know cheeper then this with 4 pci express then let me know)
hd- $15
PCIe x16 Extender Cable $12*4
5870 $190x4
= $1,153
(440x4)/1153=1.53 megahash per dollar(full server cost)
with 5830
5830 $110x4
= $833
(330x4)/833=1.58
So as long as you go the absolute cheapest route 5830 rig at 110 is better but not much so. If you add a case or more to the cost at all the 5870 at 190 will probably overcome the 5830.
It almost ties the 110 5830 at megahash per entire server cost at bare minimum. If you add a case or raise the price of the server in any way it will be better then the 5830. At bare minimum it is better then the $130 5830. Also this is better on electricity then the 5830 so they are not a terrible buy. |
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You guys are wasting your money.
If you look at the thread on the 5870 in hardware you'll see if your going to buy a new rig this is one of the best cards you could get. I still don't believe mining is a waist especially if you take the time to calculate the best machines. I'd agree though that it's not worth it to build something like a 6990 rig. |
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The last price the 5830s was available at was $130, not $110. Using that figure the ratio comes out to 1.445 for the 5830 rig, so the 5870 rig is actually more economical.
Not that I would dream of buying new rigs right now!
I went with the best possible conditions to show the cheapest scenario. Also just because its not in stock now doesn't mean its gone forever at 110 I mean I just bought a 5830 last week at 110 on newegg. |
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I'm getting around 440MH/s out of mine. I can't remember where I saw it, but there was a chart comparing MH/s, cost, and power consumption and the 5870 is THE card to get for MH/s vs. Power used.
If you add up the costs for a server (bare minimum) cpu- $30 ram- $10 psu- $150 mobo- $140 (if you know cheeper then this with 4 pci express then let me know) hd- $15 PCIe x16 Extender Cable $12*4 5870 $190x4 = $1,153 (440x4)/1153=1.53 megahash per dollar(full server cost) with 5830 5830 $110x4 = $833 (330x4)/833=1.58 So as long as you go the absolute cheapest route 5830 rig at 110 is better but not much so. If you add a case or more to the cost at all the 5870 at 190 will probably overcome the 5830. |
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This looks like a pretty solid deal when you look at megahash per entire server cost. I don't know the exact numbers though because I'm not sure what is considered a reasonable speed to get out of a 5870.
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Well, there you have it... 345/130 = 2.65
Anyway, all this was started because it was proposed that at $130 5830 is no good. Obviously that's not the case...
Are we gonna put this to rest, or continue with non-productive arguments?
With this new proof yes the 5830 at 130 is better than a 5850 at megahash per dollar. I still believe you should wait to purchase it at 110 because you gain nothing for purchasing it at 20 dollars more. |
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