mining?

[merc84]

new forum user been mining for a while i just want to post a guide for xpm cheers

[ashtonsunny]

dont bother mining now lol

[gwigokon]

dont bother mining now lol

Why?

[Damnsammit]

I think everyone telling you not to mine either has no understanding of how mining works or they are just trolling.

I asked the same questions, ran the numbers, then bought some cheap 5850s... they have more than paid for themselves by this point and also got me a few more GPUs.

Everyone saying "mining is unprofitable" are probably mining right now and don't want you to take all their coins as if they will be able to prevent all new miners from entering the market.

[jdarta]

I think everyone telling you not to mine either has no understanding of how mining works or they are just trolling.

I asked the same questions, ran the numbers, then bought some cheap 5850s... they have more than paid for themselves by this point and also got me a few more GPUs.

Everyone saying "mining is unprofitable" are probably mining right now and don't want you to take all their coins as if they will be able to prevent all new miners from entering the market.

I think you're right.
Before i decided to setup a mining rig, I read a lot about mining and most of the times someone say "it's not profitable". I've asked myself the same question.
I've decided to give it a try with some money that I can afford to "loose" in the worst case scenario. At least I'll never look back and say "What if I..."
I've invested 800€ in a mining rig, been mining since monday, and finally for the 24h stable at 640Kh/s. I'm not rich, yet. But I've "earned" the equivalent of 20€ in 24h.

For the moment I don't change pool, just giving a run.
Next  week going to try multipool like hashcows to see the diference.

At the same time if you want to be even more profitable you can always trade your alt-coins for BTC and BTC for alt-coins.

To resume, I think it's still profitable and going to stay like that for a while.

that's my oppinion.

[nerFohanzo]

Everyone saying "mining is unprofitable" are probably mining right now and don't want you to take all their coins as if they will be able to prevent all new miners from entering the market.

  It is not so easy, If you want GPU mine, check your electricity rates and use mining calculator before buying GPUs

 

[gwigokon]

I will probably buy 3 Used amd 7950 for around 200$ each in Sweden new 7950 cost around 400$ so it's tio much i already got à CPU ram etc i Will only need to buy a motherboard and some cables
I got totally free electricity how
Much should I expect to get in 1 month and when does Asics
come to scrypt

[Damnsammit]

I will probably buy 3 Used amd 7950 for around 200$ each in Sweden new 7950 cost around 400$ so it's tio much i already got à CPU ram etc i Will only need to buy a motherboard and some cables
I got totally free electricity how
Much should I expect to get in 1 month and when does Asics
come to scrypt

1) You can use this information to find the hashrate for your cards that you want to use:

https://litecoin.info/Mining_hardware_comparison

As you can see you should expect 600-700kH/s with those cards... if you get 3 then you can expect 1.8-2.1MH/s.  Then go to a calculator like this one:

https://www.litecoinpool.org/calc?hashrate=2000&difficulty=1964.83427079&power=&energycost=0.10&currency=USD

And you can plug in the numbers.  You should get right around 1LTC a day which is worth about $40 right now.

2) ASICs will never come to Scrypt.  Something new will come along before someone takes the time and money to properly develop a Scrypt ASIC.  Of course, I hope I am wrong on that.

It is not so easy, If you want GPU mine, check your electricity rates and use mining calculator before buying GPUs

That is an understatement.  GPU mining can be very tedious, time consuming, and frustrating.  It can take several trips to electronics stores to find parts, and then wait times on ordering supplies like risers, PSU cables, etc.  But it can also be quite fun and definitely profitable.  I don't know anywhere in the world that the electricity rates would be so high as to you not turn a profit if you don't factor in the cost of the GPU.  And I don't factor that in because most of the GPUs still retain their value through resale.  The 5850 I bought in April for $60 will still sell for about $60 today.

3x5850 = 1MH/s hashrate and supplied on 850W PSU, if 850W is used 24/7 for a month, the profit expected is:

.491 LTC a day * 30 days = 14.73 LTC = $534 at current price

Total kilowatt hours used during the month = 30(days) x 24(hours) x .850 (kilowatts per hour) = 612 KW hours*
*it will be lower than this since I don't think it's possible for a 850W PSU to constantly draw 850W from the wall, but we will just say that it does anyways

For a mining rig of this nature to be unprofitable then your electricity would have to be $0.87/KW hour or higher.  In comparison, the typical high average that I have seen is $0.15-0.25 which would mean you are turning electricity into 300-600% of the cost of straight up buying the coins.

I see absolutely no reason why anyone would have idle miners at this time, and cannot for the life of me understand why so many people can blindly say "mining is not profitable anymore"

[jdarta]

Don't forget that you can also mine other Alt-coins.

http://www.coinwarz.com/
and 
http://www.coinchoose.com/
are also good resources to help find estimated profitability from alt-coins.