DoomDumas
Legendary
 Offline
Activity: 1002
Merit: 1000
Bitcoin
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March 16, 2013, 05:49:35 AM |
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I mine with only 2.2 Ghs of GPU
it cost me 2$ of power each day
I mine arround 1 BTC each 4 to 5 day (current diff)
So, each BTC cost me 10$ of power
and are currently sold for 50 Canadian $
it's arround 8$ / day profit... But I dont see that as simple as this.
I do not sell BTC as they are mined,
I hoard, buy, donate and buy fiat when badly in need of..
Hoard a small part for my retirement.
buy stuff (even stuff I dont need/want, like reddit gold, namecheap domain name)
donate,
buy fiat when I'm really broke.
As for their value.. for a while I'm concidering each BTC at a value of at least 100$ each..
100$ / BTC = I donate a lot, I buy stuff at very high price, etc..
I'm using part of those BTC to promote growth, encourage the braves who start accepting it so early.
I sold more than 5k BTC before it gets to 1$, and have no regrets at all.. I also mind myself to not regret a donation made today that could worth thousands (fiat $) in few years..
If I had hoard all mined BTC, and sell those today = It could paid in full a house and more.. I dont care, I'm in for the long run, mining and spending..
For the OP question.. I dont think I'll shutdown my little 2.2 Ghs of GPU.. they may be used until they broke.. they have paid themselve few times already.
Buying ASIC as I can.. I'm all in forever !!!!
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Rodyland
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March 16, 2013, 07:08:11 AM |
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I don't understand the "I don't mine bitcoin, I mine xxxcoin and sell them for bitcoin" angle. Are you saying there is a price differential between the difficulty ratio of btc to say litecoin, compared to the exchange rate?
Because if that were true, I'm pretty sure people would mine (say) litecoin and drive its price down until the difficulty/price ratios match.
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Beware the weak hands!
1NcL6Mjm4qeiYYi2rpoCtQopPrH4PyKfUC
GPG ID: E3AA41E3
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vdragon
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March 16, 2013, 10:07:56 AM |
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Thats exactly what people are doing, but litecoin adjusts every 2 or so days  |
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Bogart
Legendary
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Activity: 966
Merit: 1000
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March 16, 2013, 03:32:37 PM |
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I don't understand the "I don't mine bitcoin, I mine xxxcoin and sell them for bitcoin" angle. Are you saying there is a price differential between the difficulty ratio of btc to say litecoin, compared to the exchange rate?
http://dustcoin.com/ |
"All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S." - President F.D. Roosevelt, 1933
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Soros Shorts
Donator
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Activity: 1617
Merit: 1012
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March 16, 2013, 03:57:48 PM |
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I don't understand the "I don't mine bitcoin, I mine xxxcoin and sell them for bitcoin" angle. Are you saying there is a price differential between the difficulty ratio of btc to say litecoin, compared to the exchange rate?
http://dustcoin.com/One problem I encountered was that tuning a particular GPU for scrypt was not as well documented as tuning it for SHA256. I briefly tried LTC mining on 5870's and 7970's but could not figure out how to get the hashrates other people were getting. I was getting nowhere near the 1000:1 magical ratio so I gave up. My guess is that as GPUs become more unprofitable more people will figure out how to tune their GPUs for LTC mining and this arbitrage opportunity will be closed. |
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VinceSamios
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March 16, 2013, 04:35:11 PM |
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Just a brief point...
If you think BFL will ship within the next 60 days (approx) then you would be better off selling your $1300 worth of video cards mining at 1gh/s, and pre-ordering a BFL ASIC for the same amount, and 60x as powerful.
very very basic maths, I think 1gh/s of GPU's would probably cost more than $1300, or not, but the sentiment remains.
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Isokivi
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March 16, 2013, 04:46:50 PM |
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My gpu's are long gone.
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Bitcoin trinkets now on my online store: btc trinkets.com <- Bitcoin Tiepins, cufflinks, lapel pins, keychains, card holders and challenge coins. |
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goxed
Legendary
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Activity: 1946
Merit: 1006
Bitcoin / Crypto mining Hardware.
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March 16, 2013, 05:06:28 PM |
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My gpu's are long gone.
How about mining LTC for fun and speculation? |
Revewing Bitcoin / Crypto mining Hardware.
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vdragon
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March 16, 2013, 11:43:22 PM |
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I don't understand the "I don't mine bitcoin, I mine xxxcoin and sell them for bitcoin" angle. Are you saying there is a price differential between the difficulty ratio of btc to say litecoin, compared to the exchange rate?
http://dustcoin.com/One problem I encountered was that tuning a particular GPU for scrypt was not as well documented as tuning it for SHA256. I briefly tried LTC mining on 5870's and 7970's but could not figure out how to get the hashrates other people were getting. I was getting nowhere near the 1000:1 magical ratio so I gave up. My guess is that as GPUs become more unprofitable more people will figure out how to tune their GPUs for LTC mining and this arbitrage opportunity will be closed. I had a bit of trouble with this myself. I didnt try to mine ltc with 5 seris, but with 7, feel free to ask |
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ryantc
Sr. Member
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Activity: 329
Merit: 250
Bitcoin may be the TCP/IP of money.
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March 17, 2013, 03:33:36 AM |
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Since my electricity is at 0.0532/kWh, and I am only having 3 7950 and 1 7850, the utility bill is really acceptable. I actually mined only about a week of BTC, I'm mining LTC most of the time, it's still more profitable to do so. Actually you don't really have to turnoff you GPU rigs at all, unless you really fed up with the noise, there are coins like TRC/PPC you can mine and change it to BTC daily, at least doing it now is still more profitable.  |
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btcminer021
Member
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Activity: 98
Merit: 10
Mine hard!
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April 16, 2013, 06:51:58 PM |
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For those of you with more than 2x GPUs, are you using risers? open air cases? How d you keep the temps down?
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stevegee58
Legendary
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Activity: 916
Merit: 1003
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April 16, 2013, 06:54:28 PM |
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I finally stopped mining even LTC now. It's nice to have my PC back in a state where it's not sluggish and I can put the side cover back on.
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You are in a maze of twisty little passages, all alike.
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Luckybit
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April 16, 2013, 08:17:34 PM |
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I am very surprised to see a lot of postings on here https://bitcointalk.org/index.php?topic=21112.920 of people mining at rates of 30-300 Mhash (just randomly chosen numbers) I'm pulling about 3 Ghash and I'm debating when should I stop and sell my 7970's to recoup some of my investment. I think that at the current difficulty, almost 5m, it gets pretty pointless to mine at anything less than 2 Ghash/s unless you have free power. So how can we get more than 4Ghash? |
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Quix
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April 17, 2013, 03:41:22 AM |
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So how can we get more than 4Ghash?
Buy 8 Radeon 7950s. |
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Zalfrin
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April 17, 2013, 03:26:37 PM |
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I've been mining with a single 6950 for a couple years. Everyone said it wasn't profitable back then too. Fast forward to today and I have a nice little stockpile of bitcoins.
I'll stick with mining until my graphics card dies or electricity is vastly outstripping BTC generation rate. With so many alternative cryptocurrencies around, I doubt the electricity issue will ever happen.
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