Bitcoin Forum
December 05, 2016, 08:35:25 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Mining profit  (Read 2156 times)
Phage
Newbie
*
Offline Offline

Activity: 6


View Profile
June 02, 2011, 11:40:55 PM
 #1

I recently got interested in BitCoin mining. Now I am considering buying 2 graphic cards for my current rig and let it mine whole summer. The problem is that I constantly read here how mining becomes unprofiting in the future (eg. you make less than the electricity bills). However when I use this calculator, I see that if I buy two 6950s I will make 500-550$ a month. This means that I will pay off the cards in 1,5 month(s) (this is with the electricity bills included) and everything I make after that is going to be a pure profit. Is there something wrong with my calculations?
1480926925
Hero Member
*
Offline Offline

Posts: 1480926925

View Profile Personal Message (Offline)

Ignore
1480926925
Reply with quote  #2

1480926925
Report to moderator
1480926925
Hero Member
*
Offline Offline

Posts: 1480926925

View Profile Personal Message (Offline)

Ignore
1480926925
Reply with quote  #2

1480926925
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Prze_koles
Full Member
***
Offline Offline

Activity: 153



View Profile
June 02, 2011, 11:44:14 PM
 #2

Yea, difficulty is changing every 2016 blocks. And price is changing every minute Smiley

bcpokey
Sr. Member
****
Offline Offline

Activity: 462


View Profile
June 02, 2011, 11:47:25 PM
 #3

Read the like 4 threads on this topic on the first page of this forum.

Your calculations are flawed in that the price is highly unstable, the difficulty is highly unstable, and mining bitcoins itself is highly unstable (the amount varies by luck, even in big pools).
Atroxes
Full Member
***
Offline Offline

Activity: 120



View Profile
June 02, 2011, 11:48:47 PM
 #4

The short version:

The calculator calculates profits based on *this* moment in time.

More miners = higher difficulty over time.

Higher difficulty *can* mean higher valuation of Bitcoin, but it's not a certainty.

Santa could be real.
Phage
Newbie
*
Offline Offline

Activity: 6


View Profile
June 03, 2011, 12:13:46 AM
 #5

Alright, even if I make half the money, it's still around 250 bucks for just keeping my computer ON, right?
Genrobo
Newbie
*
Offline Offline

Activity: 28


View Profile
June 03, 2011, 12:15:43 AM
 #6

Alright, even if I make half the money, it's still around 250 bucks for just keeping my computer ON, right?

Essentially, you will be making BTC.
-cough-
No one mines for *bucks* around here.

17YwW6cuSbXLT8cvvdAcfy1iHyPkhVE7CG
Donations welcome, not required.
I'll be honest, any donations aren't used for a good cause, they go directly to booze, food, herbal substances Wink, and computer hardware.
I will squander the money, but hell, at least you know one person is having a good time.
smell
Jr. Member
*
Offline Offline

Activity: 46



View Profile
June 10, 2011, 02:06:25 AM
 #7

Check out http://bitcoinstuff.appspot.com/ for a calculator that takes difficulty into account...  disclaimer: i wrote it
MCWey8
Jr. Member
*
Offline Offline

Activity: 53

[ Poor Miner ]


View Profile
June 10, 2011, 02:24:18 AM
 #8

I have read a lot and i feel it comes down to this,

mining is a hobby, it could be a loss, it could be a gain...

but you should only join to support Bitcoin not to make profit (since your probably wont), the people who have made big profits have been mining for AWHILE, have given back with charts of MH/s rates (lots of testing) , started a couple pools and spent a whole bunch of investment into hardware and electricity.

While it is VERY possible that you could come out ahead at the end of the summer, there are NO GUARANTEES and not even a percentage of success is available due to how fast Bitcoin price can change.
smell
Jr. Member
*
Offline Offline

Activity: 46



View Profile
June 10, 2011, 02:44:25 AM
 #9

While it is VERY possible that you could come out ahead at the end of the summer, there are NO GUARANTEES and not even a percentage of success is available due to how fast Bitcoin price can change.

I disagree.  Suppose you have a free PCIE and buy a 5830 for $100 (if you can find one), you start mining today at 300MH/s... by the 16th you should have 3.5 BTC which is worth about $100 right now.  You may argue that next week the market may crash.  Sure, let's suppose it does.  Suppose it crashes to US$10/BTC, well you've cash out for $35 and you return your GPU.  Now you're even or possibly up slightly...
Littleshop
Legendary
*
Offline Offline

Activity: 1316



View Profile WWW
June 10, 2011, 02:46:23 AM
 #10

Check out http://bitcoinstuff.appspot.com/ for a calculator that takes difficulty into account...  disclaimer: i wrote it

I like the calculator but wish it did not figure in the price increase in bitcoin the way it does.  Could it be an entry for a growth rate there as well? 

smell
Jr. Member
*
Offline Offline

Activity: 46



View Profile
June 10, 2011, 02:53:57 AM
 #11

I like the calculator but wish it did not figure in the price increase in bitcoin the way it does.  Could it be an entry for a growth rate there as well? 

Thanks for the suggestion.  I will add that later.  Did not want it to have too many options.  Probably will just go with a checkbox for either extrapolate price or not.  How's that sound?
yyduinihao0
Jr. Member
*
Offline Offline

Activity: 42


View Profile
June 10, 2011, 03:08:24 AM
 #12

Mining is still ok as long as you can earn more than the electric bill. The only problems is that you can not really predict the future difficulty growth and the price growth rate.

sigh up at new best competitor of Mt GOX
https://www.tradehill.com/
Referral Code: TH-R1306
Referral Rate: 10.0% of all commissions generated.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!