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Author Topic: Mining still worth it?  (Read 10736 times)
Cluster2k
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June 15, 2011, 07:05:48 AM
 #21

Am I living in right country with cheap electricity because it seems that mining will be very much worth it for some time at least.

It's important to look beyond the cost of power when considering a mining rig.  It has to be cooled.  Where I am it's winter right now, so the waste heat is being put to good use.  But come summer time and 35C weather I will definately not be mining.  Don't forget air conditioning costs.

People keep looking at the current difficulty level and make calculations based on that.

$40/day at 567,000 is $26/day when difficulty resets today.  So far the difficulty rate is on a long exponential upward trend.  Inefficient miners will bail out but efficient rigs will stay and even increase.  Someone who mail ordered hardware is likely to receive it and start mining in the next difficulty bracket.  Then come the FPGAs.  Difficulty is resetting every 10 days or so.

In 20 days time you'll make $17.  In 30 days $11.  In 40 days $7/day, etc.  Maybe BTC's price will keep rising to compensate (and make the people hoarding $1 BTCs smile ear to ear as they dump).  Maybe the difficulty rate won't climb so quickly as people see it's pointless making a $1000 investment that might possibly pay for itself within 3 months if everything goes very well.

Nothing grows exponentially over the long term.  Either difficulty will taper off, or the BTC/USD exchange rate will.  Don't bet on both climbing hand-in-hand just because they have done so over the last couple of months.

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computerparts
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June 15, 2011, 08:20:04 AM
 #22

Unless the 7 series comes soon, this next difficulty bump is pretty much going to make it impossible to break even on electricity.

7 series won't be coming for a while so you can forget about that idea. 6 series was just released not too long ago so the earliest we will see 7 series will be in the fall. Absolute latest would be Q1 of next year but realistically it's most likely going to happen in the winter around christmas time.
minerX
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June 15, 2011, 11:13:08 AM
 #23

I'm paying .26cents a kilowat.  Stupid Hawaii.

I'll probably bow out in 2 difficulties.   Get ready for a massive liquidation sale!
Synaptic
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June 15, 2011, 11:26:52 AM
 #24

It's my opinion that mining was worth it right up to this last difficulty re-target. Meaning, if you bought in, and got all your hardware online before the LAST re-target, and mined all the way through the last difficulty, you should be able to break even on hardware by the end of the current difficulty (567,358).

For anyone that just came online during 567,358 or is about to come online or is thinking of coming online, they are in for a rude surprise when they don't even end up breaking even.

Now, for some of the new miners, even just getting a discount on their hardware might be enough for them.

But mining profitability is done and gone for anyone that isn't already totally paid off their hardware already.

Anyone buying purpose built mining rigs from here on out is just a fool...
Yeti
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June 15, 2011, 12:51:51 PM
 #25

Yeah. Get out! All of you! Stop mining immediately!

Makes my rig more profitable. Grin

Sure it's gonna be difficult, I pay 0.22 per KWh, that's $0.31. But the hardware sale is one factor to count on, even if you give a 50% discount on the original price because it's used. That's how car rental companies make their profit. So my investment is not $750, it's more like $400. And that should be covered in 3 to 4 months, even with difficulty ever-increasing. And even if I should not be able to sell it at all, I still had a fun time and learning experience.

Another point... I'd rather wait a couple of months to see if the high rate continues or if all the script kiddies that thought it would be fun to make money with their computer drop out soon once they realize it's not gonna make them millionaires in a matter of days.

However, I second the opinion that starting now to order parts for your rig is a pretty bad idea. Especially if you invest $2,000 or more to "get more out". You should be able to not lose sleep / housing / relationship over your sunk costs.

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skyhigh
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June 15, 2011, 01:37:43 PM
 #26

I think there is enough solid answers to the question in the topic, but I will add I more. Smiley  A simple one.

Up until today's move to 850000 difficulty, mining was ALWAYS profitable, at whatever point in time vs US$. From this point forward everyone adding new computing power solely for mining, they will have to HOPE that eventually bitcoins will be worth more in the future.

In other words they could simply just buy coins at the current price on the exchange and HOPE they will be worth more in the future. Buying and holding is way simpler then taking care of your miners with the same HOPE/CHANCE of profit in the future.


EASY SURE PROFIT is about to end in a few minutes.



Synaptic
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June 15, 2011, 01:41:56 PM
 #27

I think there is enough solid answers to the question in the topic, but I will add I more. Smiley  A simple one.

Up until today's move to 850000 difficulty, mining was ALWAYS profitable, at whatever point in time vs US$. From this point forward everyone adding new computing power solely for mining, they will have to HOPE that eventually bitcoins will be worth more in the future.

In other words they could simply just buy coins at the current price on the exchange and HOPE they will be worth more in the future. Buying and holding is way simpler then taking care of your miners with the same HOPE/CHANCE of profit in the future.


EASY SURE PROFIT is about to end in a few minutes.





Yep, as I said before, Bitcoin is coming out of "puberty."

We saw her grow tits, now we just have to wait for her to get knocked up and deliver the baby to see if it will suckle...
Swishercutter
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June 16, 2011, 01:05:08 AM
 #28

I pay less than $.05/kwh...thanks pacific northwest (industrial rating).  So I guess it will take quite a bit to make my machines not profitable by power...I will probably be one of the last miners...no sense in bailing because the difficulty is going up.  Not to mention I have a 200A 3phase power line so I won't be hitting a power limit on my building anytime soon, just a matter of reinvesting a percentage in hardware to attempt to keep up with difficulty.  Plus, I started this as a supplemental not a primary income.

Anyone who is bailing...I am sure the community will be happy enough to buy your hardware.
Bitonetta
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June 16, 2011, 02:47:00 AM
 #29

I pay less than $.05/kwh...thanks pacific northwest (industrial rating).  So I guess it will take quite a bit to make my machines not profitable by power...

LOL.  I can say I'll be around probably as long as well.  I have free utils so as long as the noise doesn't bother anyone it's free money.   Grin

Unfortunately I don't have unlimited amp-age.  I will trip my circuits way before I run outta room to place machines.   Cry
Mousepotato
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June 16, 2011, 02:54:11 AM
 #30

Nope.  Mining is no longer profitable.  Turn off your mining rig, disassemble it, and sell the parts.  PM me if you have any 5870s, 5970s, or 5850s.  Thanks!

Mousepotato
Swishercutter
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June 16, 2011, 04:10:13 AM
 #31

I pay less than $.05/kwh...thanks pacific northwest (industrial rating).  So I guess it will take quite a bit to make my machines not profitable by power...

LOL.  I can say I'll be around probably as long as well.  I have free utils so as long as the noise doesn't bother anyone it's free money.   Grin

Unfortunately I don't have unlimited amp-age.  I will trip my circuits way before I run outta room to place machines.   Cry

I have a 1200sq. ft. shop with 20ft ceilings...I think I will run out of space and/or no longer be able to control the heat before I run out of power...I ran a 6ga 70A 240V line from my breaker box that is dedicated to the computers...running them on 240v takes half the current, so I should be good for about 15 computers before I have to add a second line...3 of them heat my shop to 70deg f, better than the 2 rigs heating my friends apartment to almost 80deg f.  Plus, at his place the power couldn't handle 2kw safely.
kcobra
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June 16, 2011, 04:26:01 AM
 #32

I'm pulling around 3 kilowatt for my ~4 gh/s setup. At 10 cents per KW/hr in Missouri that works out to be ~$220 per month in electricity. Then add in about $50 or so for extra air conditioning and I am at a little under $300 per month in electricity. Will take a while before mining is un-profitable for me.

I just dived into this full bore about a week ago. Hardware investment totals ~$2100. Made ~$800 back in selling BTC the first week. If the exchange rate holds at around $20 then it should take me about 20 more days to pay off the hardware.

I do wish it was winter time here. Having all these rigs heating my basement would be a big benefit in the winter.
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