Enjoy the Last 24 Hours of Profitable GPU Mining

[Meatball]

Yeah, I know it's not exact, but I just noticed we had hit block 209,858, or 142 blocks from BTC reward halving.  Assuming 6 blocks/hour, we're just under 24 hours (23.66 to be exact) until we hit block 210,000 and reward goes down to 25 BTC/block.

Unless BTC/$ goes way up, at .10 kilowatt/hour here, I'll still be profitable, but just barely, and likely not worth the effort/aggravation.

It's been fun...and I'll be sad to see it go away.  

[Jack1Rip1BurnIt]

Yeah, I know it's not exact, but I just noticed we had hit block 209,858, or 142 blocks from BTC reward halving.  Assuming 6 blocks/hour, we're just under 24 hours (23.66 to be exact) until we hit block 210,000 and reward goes down to 25 BTC/block.

Unless BTC/$ goes way up, at .10 kilowatt/hour here, I'll still be profitable, but just barely, and likely not worth the effort/aggravation.

It's been fun...and I'll be sad to see it go away.  

I totally agree! I'm going to stop mining Bitcoins tomorrow and switch what few gpus I have left over to Litecoin until I sell them. It's been fun, but I won't miss the heat and noise!

[Aseras]

its still profitable, just less profitable.

[SebastianJu]

And i was so sure that the guys will wait with realizing wins at least after halfing or some days after that. But one started last night, dropping the exchange course. Lets see if all the guys claiming that with halving for miners the btc price will go up can make this selffulfilling prophecy still true. I hope, cause i bought at $12.26...

[crazyates]

Im at 0.15%/kwh, so even if I undervolt, I can barely make about 40 cents after electric costs. I just got my Single running on a MK802, so I think I'll let that run, and turn off my computer for the first time in oh, 14 months? 

[SebastianJu]

If you really wanted to shut it down and sell the hardware wouldnt it be way wiser to do it some weeks before? Now you will get a real bad price because the market will be flooded. So much worse that its probably worth months of mining. Am i wrong?

[crazyates]

If you really wanted to shut it down and sell the hardware wouldnt it be way wiser to do it some weeks before? Now you will get a real bad price because the market will be flooded. So much worse that its probably worth months of mining. Am i wrong?

No you are right. I sold most of my GPUs quite a while back, but kept 1 7970 to game on.

[GenTarkin]

to the OP, except for those w/ free electricity and those who have lotsa shares w/ CoinLab =)

[SebastianJu]

I wondered if something other could be done with all these new used gpus on the market. Im sure some miners would have found something already. But i think in the near future many cheap high end gpus will be out there. Maybe a super-computer could be created for cheap? I dunno, but its a pity that there isnt a solution for this opportunity.

[Jutarul]

I wondered if something other could be done with all these new used gpus on the market. Im sure some miners would have found something already. But i think in the near future many cheap high end gpus will be out there. Maybe a super-computer could be created for cheap? I dunno, but its a pity that there isnt a solution for this opportunity.

There was another thread suggesting to create a blockchain which actually computes something useful as POW. (lookup fuzz coin?) The underlying computation can be moderately complex which makes it suitable for GPUs...

[Jack1Rip1BurnIt]

If you really wanted to shut it down and sell the hardware wouldnt it be way wiser to do it some weeks before? Now you will get a real bad price because the market will be flooded. So much worse that its probably worth months of mining. Am i wrong?

No you are right. I sold most of my GPUs quite a while back, but kept 1 7970 to game on.

Lol! I kept a 7950 to game on. I decided to sell my 7970 because I was able to get another $100 dollars out of it vs. my 7950s. These 7xxx series cards ain't no joke. I'm crushing BF3 frames now!

[Graet]

If you really wanted to shut it down and sell the hardware wouldnt it be way wiser to do it some weeks before? Now you will get a real bad price because the market will be flooded. So much worse that its probably worth months of mining. Am i wrong?

No you are right. I sold most of my GPUs quite a while back, but kept 1 7970 to game on.

Lol! I kept a 7950 to game on. I decided to sell my 7970 because I was able to get another $100 dollars out of it vs. my 7950s. These 7xxx series cards ain't no joke. I'm crushing BF3 frames now!

lol, I'm keeping 2 x 7970 to crossfire and another as a cold spare, all the other cards I'll sell for what I can get

[Meatball]

Down to the last 18 blocks.  Less than 3 hours till split...

[Graet]

<gribble> Estimated time of bitcoin block reward halving: Wed Nov 28 15:19:36 2012 UTC | Time remaining: 1 hour, 50 minutes, and 0 seconds.
11 blocks left, still moving closer

[DeathAndTaxes]

Yeah, I know it's not exact, but I just noticed we had hit block 209,858, or 142 blocks from BTC reward halving.  Assuming 6 blocks/hour, we're just under 24 hours (23.66 to be exact) until we hit block 210,000 and reward goes down to 25 BTC/block.

Unless BTC/$ goes way up, at .10 kilowatt/hour here, I'll still be profitable, but just barely, and likely not worth the effort/aggravation.

It's been fun...and I'll be sad to see it go away. 

You do know there are 3 inputs to profitability for a miner
a) exchange rate
b) difficulty
c) miner's cost

You do realize it is impossible for difficulty to both remain too high for profitability AND miners quick because it is unprofitable.  The market will find no equilibrium.  It always has.  Price was 1/4th of what it is now less than a year ago and (some) miners were profitable.   Price could go to $20,000 USD:BTC and many GPU miners would be unprofitable (if 4th generation aSICs drove difficulty to 40 billion by then).

[crazyates]

The first reward half has hit.

May there be many more. /cheers

[pandemic]

It's winter. That means we have to use heat. So, rather than running the electric base-board heaters, I'll run my BTC miner. Even if it breaks even, it's still better than having to pay for heat.

[CoinHoarder]

Aaaaand it's gone. 

[ThaSpacePope]

It's winter. That means we have to use heat. So, rather than running the electric base-board heaters, I'll run my BTC miner. Even if it breaks even, it's still better than having to pay for heat.

If you are unfortunate to have electric heat I guess that is true. For those of us with natural gas heaters, using miners as heat would cost more.

I just did a calculation based on current price of $12.31

Mining profitability (my rigs) per day: $5.29

Cost of whole house per day electricity (most recent bill): $4.86
Cost of mining rigs (which help to heat now): $3.44

So it appears bitcoin would still pay my electric bill plus about $10/mo and reduce my gas bill somewhat. Not enough to keep $1200 worth of GPUs unsold.

I'll give the coin price a few days to rise. If it doesn't, shutting down. In reality, with ASICs right around the corner, its either shut down today or what, shutdown in a month or so?

[bcpokey]

It's winter. That means we have to use heat. So, rather than running the electric base-board heaters, I'll run my BTC miner. Even if it breaks even, it's still better than having to pay for heat.

If you are unfortunate to have electric heat I guess that is true. For those of us with natural gas heaters, using miners as heat would cost more.

I just did a calculation based on current price of $12.31

Mining profitability (my rigs) per day: $5.29

Cost of whole house per day electricity (most recent bill): $4.86
Cost of mining rigs (which help to heat now): $3.44

So it appears bitcoin would still pay my electric bill plus about $10/mo and reduce my gas bill somewhat. Not enough to keep $1200 worth of GPUs unsold.

I'll give the coin price a few days to rise. If it doesn't, shutting down. In reality, with ASICs right around the corner, its either shut down today or what, shutdown in a month or so?

I don't know what size house you have, or mining rig you have (probably large and small respectively), but you're looking at it the wrong way. You have a 24/7 heater running, all electrical use in your house is paid, and it is also making you $13/mo towards any additional heating you're running.

Not saying you shouldn't shut down, but it's not just paying itself +10 bucks towards your gas bill.