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Author Topic: Solo mining with 2x S7 10 Th/S  (Read 4919 times)
vortexz
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November 04, 2015, 09:52:09 AM
 #1

I ordered 2x AntMiner S7 that costed me a whooping 13 BTC + VAT and now with the big price increase, the difficulty will sky rocket because people paid only 4 BTC for a S7  and I'm pretty sure I will not be able to make almost anything back with my S7 investment, therefore I was thinking of trying my luck and solo mine on ckpool with my 2x S7.
What do you guys think ?


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torepia
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November 04, 2015, 10:07:06 AM
 #2

I ordered 2x AntMiner S7 that costed me a whooping 13 BTC + VAT and now with the big price increase, the difficulty will sky rocket because people paid only 4 BTC for a S7  and I'm pretty sure I will not be able to make almost anything back with my S7 investment, therefore I was thinking of trying my luck and solo mine on ckpool with my 2x S7.
What do you guys think ?

You bought 2x Ant miners at 13 btc ~ 240USD/btc = 3100$
Now they sell for 8 btc ~ 430USD/btc =  3400$

Problem? ^^

No, you shouldn't solo mine. Try http://kano.is
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November 04, 2015, 10:11:01 AM
 #3

no they don't sell for 8 BTC, they are  sold for 4 BTC on Bitmaintech !
Nobody will buy them for 8 BTC now


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November 04, 2015, 10:19:54 AM
 #4

Given that the difficulty increases with a constant of 7%, you are likely to generate a block every 45 weeks. You can make ROI if your electrical cost is below $0.08 and the prices doesn't change. This is quite impossible as the price is highly violatile and difficulty increment varies. You also have to think about the cooling and the space issues.














 

 

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vortexz
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November 04, 2015, 10:21:59 AM
 #5

I don't have cooling and space issues, I never mentioned it.
I already mine with them on antpool ...


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vortexz
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November 04, 2015, 10:38:47 AM
 #6

what do you think about:
http://solo.ckpool.org/


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November 04, 2015, 12:06:14 PM
 #7

what do you think about:
http://solo.ckpool.org/

I have heard great reviews about this solomining pool. It does have a fee but it's relatively low and it saves you the trouble of managing your own solo mining node. You can easily recoup your losses if you mine a block when solo mining. It doesn't require an account which reduces the chances of it being hacked.














 

 

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rockyforever
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November 04, 2015, 04:27:15 PM
 #8

current ROI is 112 days at CURRENT bitcoin price. U have a excellent chance of making ROI and more than you did when you bought at 8btc with the bitcoin price at 230. Not sure what your worried about.

Yes you paid an extra 4 btc per unit but no one could predict the fast increase. Now you pay less BTC for the same unit but mining profits are faster. ROI was 280 days with one S7 now it is 112-150 depending on numerous things......

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November 04, 2015, 06:20:45 PM
 #9

current ROI is 112 days at CURRENT bitcoin price. U have a excellent chance of making ROI and more than you did when you bought at 8btc with the bitcoin price at 230. Not sure what your worried about.

Yes you paid an extra 4 btc per unit but no one could predict the fast increase. Now you pay less BTC for the same unit but mining profits are faster. ROI was 280 days with one S7 now it is 112-150 depending on numerous things......



How could 4.8 Th/S ROI 8 BTC if difficulty will rise a lot because of price increase of BTC?


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November 04, 2015, 06:40:33 PM
 #10

trying to solo with 10TH is a crapshoot.. better odds buying a scratch off lotto ticket
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November 04, 2015, 09:23:47 PM
 #11

current ROI is 112 days at CURRENT bitcoin price. U have a excellent chance of making ROI and more than you did when you bought at 8btc with the bitcoin price at 230. Not sure what your worried about.

Yes you paid an extra 4 btc per unit but no one could predict the fast increase. Now you pay less BTC for the same unit but mining profits are faster. ROI was 280 days with one S7 now it is 112-150 depending on numerous things......



How could 4.8 Th/S ROI 8 BTC if difficulty will rise a lot because of price increase of BTC?
Difficulty will always rise longterm, that's the point as more btc gets mined. Your stuck comparing ur btc to usd. You paid for the miner using btc that was worth 230 so 8x230=1840. Now bitcoin is 480ish, so 1840/480=3.83 btc to equal the same. U could of held the 8btc instead of buying a miner with it but who knew the price would skyrocket.

Also mining is more profitable at this point. Not sure why ur complaining. Also, you could have wired a payment instead of btc. maybe do that next time so you don't spend as much btc?
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November 05, 2015, 07:33:26 AM
 #12

no they don't sell for 8 BTC, they are  sold for 4 BTC on Bitmaintech !
Nobody will buy them for 8 BTC now

and why you payed 13? shouldn't be 8 the sum?

at 4 per s7 the roi should be sustainable in a relatively short term(100 days with free electricity, or 6 without), and i won't do solo because of this

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November 09, 2015, 01:50:16 PM
 #13

no they don't sell for 8 BTC, they are  sold for 4 BTC on Bitmaintech !
Nobody will buy them for 8 BTC now

and why you payed 13? shouldn't be 8 the sum?

at 4 per s7 the roi should be sustainable in a relatively short term(100 days with free electricity, or 6 without), and i won't do solo because of this

When I paid for them they were 6.5 BTC + VAT what don't you get it ?
Now they are 4 BTC + shipping + VAT because of BTC price increase


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November 10, 2015, 04:56:14 AM
 #14

First, you have no idea what the difficulty will do, none of us do.  Secondly, even if the higher price of BTC  does drive some larger difficulty increases, it also offsets your electricity cost.  Third, when you bought the miner you surely did a model on how long it would take to ROI, and whether it was a good investment at the time or not (in BTC) regardless of the future price of BTC.  Higher BTC price just means you will ROI faster due to lower costs, so stop complaining about it.  If only we would have all bought bitcoin in 2012 too.

As for solo mining, here is my thought on it (note: difficulty has increased since I posted this, so odds are slightly lower):

More realistically than trying to anticipate a time frame to find a block (because by nature that is impossible due to probability), is to look at every block that's found.  

At this moment, with 10 TH/s you have approximately a 1 in 46,338 chance of holding the magic hash every time a block is found.  Those odds do not lower at every block as the calculators would have you believe, they are the same odds every time (until difficulty is adjusted, and personally I would plan for a ~3% average difficulty increase between now and the halving)

You could have a 1 MH/s miner and the first hash that goes out is the winner, or likewise you could have 1 PH/s and go weeks without a block. Do yourself a favour and look at some of the medium-sized pools (like Eligius for example) and look at the block history and their luck.  The variance is huge, and they are operating with 14 PH/s.  For you to solve 1 block within 300 days would require flat difficulty and >100% luck in comparison.  Imagine how it would play out if "your" block was a 25% luck block (you would have to mine for ~3.25 years with your hashrate keeping up with difficulty if that was the case).

I hope this makes sense.

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November 10, 2015, 05:05:33 AM
 #15

No, you shouldn't solo mine. Try http://kano.is

Hmm, my lovely pool.  Smiley

Why shouldn't solo mine? It's a matter of luck. I'd like to try. But my S2 still was not able to find a block....  Embarrassed

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November 17, 2015, 08:01:14 PM
 #16

10TH even with S7 effiency is a waste of time and money mate.

Your are paying this for a hobby that wil never be paid back. Better point your miners a solid pool and get some ROI. Or with some earnings buy some outdated S3's and go solo mining with those asics.

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November 18, 2015, 07:44:21 AM
 #17

10TH even with S7 effiency is a waste of time and money mate.

Your are paying this for a hobby that wil never be paid back. Better point your miners a solid pool and get some ROI. Or with some earnings buy some outdated S3's and go solo mining with those asics.

i dunno two of those beast can do 2.4 btc per months approximately, this mean that in theory you should have a block in a 10 months as average

it worth a try if you have super cheap electricity, the diff should not increase much if the price remain the same like the last time, for 10 months straight...

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November 18, 2015, 08:34:56 AM
 #18

If it is 10 months to make a block, it really should worth a try it.

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November 18, 2015, 08:48:04 AM
 #19

Its a very big gamble. Chances are you might never hit a block, and then what?

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November 18, 2015, 09:01:08 PM
 #20

I ordered 2x AntMiner S7 that costed me a whooping 13 BTC + VAT and now with the big price increase, the difficulty will sky rocket because people paid only 4 BTC for a S7  and I'm pretty sure I will not be able to make almost anything back with my S7 investment, therefore I was thinking of trying my luck and solo mine on ckpool with my 2x S7.
What do you guys think ?

I would mine with it on a large pool and chip away at the ROI.  If they are selling for more on the open market.  That could be an option and you can mine a bit before you resell.

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