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Author Topic: Mt. Gox drops to $10 -- reconsidering your mining rigs?  (Read 3057 times)
AngelusWebDesign
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June 12, 2011, 06:21:58 AM
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That other thread is SO 24 hours ago. $20 is a pipe dream now!
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June 12, 2011, 06:31:11 AM
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That other thread is SO 24 hours ago. $20 is a pipe dream now!


Nope. When monday comes in the US, it will go back up.
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June 12, 2011, 06:31:55 AM
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nope cause they have paid themselves off and are making profit no matter what the rate is.

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June 12, 2011, 06:59:55 AM
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nope cause they have paid themselves off and are making profit no matter what the rate is.
only if you have free electric and free time

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June 12, 2011, 07:06:08 AM
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nope cause they have paid themselves off and are making profit no matter what the rate is.
only if you have free electric and free time

check and check :-)

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June 12, 2011, 07:07:58 AM
 #6

Nope, did my spreadsheets at 10 anyway.

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June 12, 2011, 07:29:46 AM
 #7

Nope, did my spreadsheets at 10 anyway.

Me too.
As long as it stays over 5$ a BTC it stilll pays of for me.
I like the hobby too Smiley
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June 12, 2011, 08:36:51 AM
 #8

LOL.  Making $6,000 of your "american dollars" every month even at $10.  Hardware paid for self, electricity paid for in the first few days of mining per month. 

Explain the problem?
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June 12, 2011, 08:38:01 AM
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I'm profitable at any price above $1.70.

Nope, am not reconsidering it at all.  If anything, I'm still considering buying more.
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June 12, 2011, 08:48:49 AM
 #10

I'm now sitting on 100 BTC !!! Of which 50 I bought @ $11 - $12

I have recovered all my money invested in the rigs, now I am using any profit to play the speculation game Smiley

The rigs are still chugging away, ofc Smiley
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June 12, 2011, 08:53:43 AM
 #11

I snagged some at 11.1 then 10.3 today Cheesy It's already gone up!  If it falls even more in the $10 range, I'll buy more.  Although mining profits are not as good now, I'm re-investing my mining profits into buying some BTC.

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June 12, 2011, 09:22:25 AM
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I snagged some at 11.1 then 10.3 today Cheesy It's already gone up!  If it falls even more in the $10 range, I'll buy more.  Although mining profits are not as good now, I'm re-investing my mining profits into buying some BTC.

That's the way to do it. I'd invest more but I withdrew most of my funds, and I have a rule that funds only go one way, from MT Gox to my bank a/c Smiley

Speculation is the best way to make money now (if you have the cash), but miners are still needed.
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June 12, 2011, 12:10:35 PM
 #13

I spent $1200 on mining hardware this week and already regret it.  Of course, I knew the difficulty rating would go up, and I was very concerned about the rapid run up in price to $30.  But I had hoped the hash rate would stabilise or even fall when the market crashed.  No dice.  It's still rising.  This means people will mine no matter what.  Down to the last dollar per day profitability.  Makes sense I guess, but it's very wasteful of a very valuable resource (electricity).

I'm already think of retiring one older PC with a 5750 and am tempted to dump my 6950s onto eBay as soon as possible.  The longer I wait, the less they're worth.

Current BTC price is $16.50, but I well know it could be $10 tomorrow.  No online retailer is ever going to support a currency with such wild fluctuations.

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June 12, 2011, 12:20:49 PM
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I have 9 6990 sopmewhere on the way (3 computers when they become available).

I will mine as long as they are profitable unless I need the computers for something else (2-3 times per day)... which is trying out some full exchange option strategies (i.e. calculating volatility, intrinsic value, theta, beta, gamma, delta, var on abou 200.000 financial instruments fast). Happy to finally have some use for those computers when they dont do the end of day run.
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June 12, 2011, 02:40:05 PM
 #15

I will mine as long as there is mining. Heck I used to fold all these 9 rigs 24/7 and never complained about it. Now that these rigs are generating money, Even 1$ per BTC I won't complain.

A % of something is better than a % of nothing.


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June 12, 2011, 03:13:21 PM
 #16

OMG, I already packed up all 2000 of my mining rigs and sent them back to Amazon, and now the price is back up to $18! Gah! I'll have to order them all again! Good thing I've got free two-day shipping.
Jack of Diamonds
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June 12, 2011, 03:39:32 PM
 #17

OMG, I already packed up all 2000 of my mining rigs and sent them back to Amazon, and now the price is back up to $18! Gah! I'll have to order them all again! Good thing I've got free two-day shipping.


You mean $23?

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chungenhung
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June 12, 2011, 04:08:43 PM
 #18

I will mine as long as there is mining. Heck I used to fold all these 9 rigs 24/7 and never complained about it. Now that these rigs are generating money, Even 1$ per BTC I won't complain.

A % of something is better than a % of nothing.


That is what I think also. Every rig I build uses Core i7 so it can mine using the GPUs, and F@H on the CPU.
Gives me excuse to buy high end CPU for the F@H cause.

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
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June 12, 2011, 04:10:27 PM
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These threads amuse me to no end.

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