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Author Topic: Bitcoin difficulty not making mining worthwhile.  (Read 7427 times)
johnnycoin
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June 11, 2011, 11:52:29 PM
 #1

I Built 30 rigs, each with 3 x 5830's which all and up cost me 15k which I purchased on credit cards at close to 20%. I am not making much money or bitcoins since the difficulty has gone up, I would have been quite well in the clear if I sold my bitcoins at $30 but I still have them, I don't want to sell them under $15.

Is the price of bitcoins going to go up, if so I will be alright but I am uncertain if I can continue to generate bitcoins in a profitable way. I still have to pay off the credit card. What do you guys think?

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Sideways
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June 11, 2011, 11:54:12 PM
 #2

I think you just failed at trolling.
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June 11, 2011, 11:54:32 PM
 #3

I Built 30 rigs, each with 3 x 5830's which all and up cost me 15k which I purchased on credit cards at close to 20%. I am not making much money or bitcoins since the difficulty has gone up, I would have been quite well in the clear if I sold my bitcoins at $30 but I still have them, I don't want to sell them under $15.

Is the price of bitcoins going to go up, if so I will be alright but I am uncertain if I can continue to generate bitcoins in a profitable way. I still have to pay off the credit card. What do you guys think?



Its the weekend... be patient.  Ask this question again mid week.

fabianhjr
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June 11, 2011, 11:56:01 PM
 #4

Just create a trailing order at 30 USD in TradeHill. That way when they get to 30 in a possible/theoretical future you could even profit over it.

If you credit is at 20% I would worry about a lot more. Also, a second option is do the same game as the treasury. Just release Bonds! Tongue

Sukrim
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June 11, 2011, 11:58:20 PM
 #5

https://bitoption.org/

Just create attractive longer term options on your BTC and make sure to be able to pay your CC depts on short term!

Also where the hell do you put 30 rigs with 3 GPUs each?! Must be a lot of heat and noise...

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
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snoopytime
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June 11, 2011, 11:59:33 PM
 #6

when you get the bill call the credit card company like "zomg! wtf is this?!?!? I didnt order anything from newegg!!!!?!??!?"

Then they send you a letter, sign it like "I swur I ain got no 30 ding dang commpewderrs" and they will go away forever.

If I make you smile you can hook me up a teeny bit:  13hKeyHMv5YMWxvwj9M1fTntGJiogdhbeo
Reckman
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June 12, 2011, 12:03:40 AM
 #7

sell your 90x 5830s on ebay for 150 each = 13500$$
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June 12, 2011, 12:11:55 AM
 #8

sell your 90x 5830s on ebay for 150 each = 13500$$

eBay takes a good cut from this and might also rate you as professional seller --> problems with taxes guaranteed (at least in Europe).

I'd rather try to sell as many rigs as possible here in the forum - the GPUs alone are woth a lot more to people here than 150 USD a piece.


I the end I just doubt that the OP is not a troll, so I'm outta here.

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thundertoe
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June 12, 2011, 12:30:10 AM
 #9

Hey troll pics or gtfo.

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June 12, 2011, 12:44:27 AM
 #10

I Built 30 rigs, each with 3 x 5830's which all and up cost me 15k which I purchased on credit cards at close to 20%. I am not making much money or bitcoins since the difficulty has gone up, I would have been quite well in the clear if I sold my bitcoins at $30 but I still have them, I don't want to sell them under $15.

Is the price of bitcoins going to go up, if so I will be alright but I am uncertain if I can continue to generate bitcoins in a profitable way. I still have to pay off the credit card. What do you guys think?



Pictures or it didn't happen.  You are talking about 15Kw's worth of power, unless you have a decent size commercial building, that's the only way you could power all of them.

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June 12, 2011, 01:13:12 AM
 #11

I Built 30 rigs, each with 3 x 5830's which all and up cost me 15k which I purchased on credit cards at close to 20%. I am not making much money or bitcoins since the difficulty has gone up, I would have been quite well in the clear if I sold my bitcoins at $30 but I still have them, I don't want to sell them under $15.

Is the price of bitcoins going to go up, if so I will be alright but I am uncertain if I can continue to generate bitcoins in a profitable way. I still have to pay off the credit card. What do you guys think?



First, I call shenanigans, because no one would be foolish enough to invest 30,000 in bitcoin mining without trying it out on a small scale first. Second, asking if the price is going to go up is pointless. If anyone knew the answer with certainty they would buy up all the bitcoins they could right now so they could sell them if/when the price went back up. Third, you paid way too much per Ghash/sec if you really spent 30 thousand!

You might have to start considering whether or not you should start selling the hardware. Your chance to make a profit in this still exists if you got the video cards at a decent price. There are tons of people who will pay inflated prices for them right now.
Soros Shorts
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June 12, 2011, 01:32:15 AM
 #12

Well keep mining for the moment because with over 22.5 Ghash/s you should be generating $560 / day worth of Bitcoins based on current difficulty and exchange rate. The used hardware would not depreciate significantly over the next few weeks whereas continuing to mine would recoup a large portion of your investment. In 3 weeks you can stop mining and sell your stuff on eBay and might still make a nice profit.

Of course, assuming you are not just full of bullshit ...
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June 12, 2011, 01:38:30 AM
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UGH! Whats that smell? Oops, I just landed in a bullshit thread

Make money from downloads! Get paid $1 on average per download, weekly payments, and the best offer optimization in the business.
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muyoso
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June 12, 2011, 01:43:33 AM
 #14

Where did you buy 90 5830's from? 

And you are sitting on 27Ghash/s of computing power.  How is that not profitable?
 

You could generate at least 3 blocks solo before the next difficulty increase.

I drink it up!
bcpokey
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June 12, 2011, 01:48:50 AM
 #15

I like this thead. It's amusing.

But on the other end of things, $15 / BTC is still profitable, quite profitable in fact. About $650 / day for the next 3 days. Then about $450 / day for the next 10 or 11 days.

Assuming you've already been mining for a while you must have a bunch of coins. So, that's $7000 in the next 2 weeks, + however many coins you would already have, boom, already almost paid off. $15 / BTC is awesome. It could go up to $30 / BTC, it could go down to $1. Ride the wave boys, where's it gonna go!

Honestly I still wish I had bought 90 5830s. If I had the power capacity I definitely would have. Would be swimmin in bitcoins and hoes right now.
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June 12, 2011, 01:56:01 AM
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Yes,  where did you get 90 of those things...  and who put all those rigs together... o and ......  do they have cases?  I would love to see a pic..

btw,  I was happy to find a couple of cards at microcenter, picking this up tomorrow
Gigabyte Radeon HD 5830 1024MB GDDR5 PCIe 2.1 x16 ...    2    $399.98
SKU: 609578
MSI 890FXA-GD65 Socket AM3 890FX ATX AMD Motherboa...    1    $149.99
SKU: 288589



(they did not have the GD70) which I would have prefered.


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June 12, 2011, 01:59:18 AM
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Yes,  where did you get 90 of those things...  and who put all those rigs together... o and ......  do they have cases?  I would love to see a pic..

btw,  I was happy to find a couple of cards at microcenter, picking this up tomorrow
Gigabyte Radeon HD 5830 1024MB GDDR5 PCIe 2.1 x16 ...    2    $399.98
SKU: 609578
MSI 890FXA-GD65 Socket AM3 890FX ATX AMD Motherboa...    1    $149.99
SKU: 288589



(they did not have the GD70) which I would have prefered.



How long is it going to take you to pay that back?  200 per 5830 is steep, even though I believe they have a 50 dollar rebate.  600mhash/s is gonna take a while to pay back 450 dollars (assuming MIR) )unless the bitcoins spike again in value.

I drink it up!
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June 12, 2011, 02:26:50 AM
 #18

when you get the bill call the credit card company like "zomg! wtf is this?!?!? I didnt order anything from newegg!!!!?!??!?"

Then they send you a letter, sign it like "I swur I ain got no 30 ding dang commpewderrs" and they will go away forever.

Yeah, that ain't going to work when they do even a basic investigation and see all the orders were delivered to his house.

Of course, I +1 to shenanigan's on the thread in general.
jasonk
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June 13, 2011, 09:08:37 AM
 #19

OP has not responded, which means the OP is full of shit!

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June 13, 2011, 09:20:20 AM
 #20

I Built 30 rigs, each with 3 x 5830's which all and up cost me 15k which I purchased on credit cards at close to 20%. I am not making much money or bitcoins since the difficulty has gone up, I would have been quite well in the clear if I sold my bitcoins at $30 but I still have them, I don't want to sell them under $15.

Is the price of bitcoins going to go up, if so I will be alright but I am uncertain if I can continue to generate bitcoins in a profitable way. I still have to pay off the credit card. What do you guys think?



Idiot.

Only comment I can ever give on someone financing a business at 20%.

Ever occured to you that running it as a business, you know, with sound business deciions, wold change your financial outlook?

my credit cards pay 12.5% rate after 60 days and this is the high end - I never would use them for an investment like that.
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