Profitable

[sbv3]

Hi,
I am a Newbie and am sure that this has been asked a 1000 times,but I still didn't get it.
I produce a 130Mhps mining load. My Q is: does that make sense? If I have done my math right, I will be making 0,0000033451444 EUR per hour?

Where is the mistake?

Thank you,
sbv

[1714119269]

1714119269

[1714119269]

1714119269

[mocacinno]

Hi,
I am a Newbie and am sure that this has been asked a 1000 times,but I still didn't get it.
I produce a 130Mhps mining load. My Q is: does that make sense? If I have done my math right, I will be making 0,0000033451444 EUR per hour?

Where is the mistake?

Thank you,
sbv

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=0.130&p=2600.00&pc=0&pf=0.00&d=475705205061.62900000&r=12.50000000&er=1069.00000000&hc=0.00

with that hashrate, you'll make about 3 dollarcents a YEAR, without factoring in power costs and hardware costs at current diff, block reward and BTC rate... Even with free electricity, the hardware cost and diff rise will make sure you have negative profit...

What happened? You're probably either CPU mining, or GPU mining to achieve this hashrate... Years ago, people started producing ASIC's, those ASIC's are basically machines that are made with the sole purpose of creating sha256d or scrypt hashes. Those machines are really efficient and achieve a waaaaay higher hashrate per Watt of power draw compared to your CPU or GPU.
Since those machines appeared in the bitcoin ecosystem, they have pushed the difficulty higher and higher. At this point, the difficulty is so high it makes more sense to invest your money into lottery tickets instead of investing it in power to mine with your CPU or GPU...

IF you want to mine profitably, you need a latest gen ASIC, really cheap power (sub 7 cents/Kwu), a ton of luck, a mining room, technical knowledge,...

IF it's just mining to decentralise the network/fun/learning, you can pick up some older ASIC's really cheap, or buy a new geccoscience usb miner... They probably won't break even, but you get to see some shares coming in when you add your hashrate to a bigger pool...

[sbv3]

mocacinno, thank you for clarifying...was worried that my math is completely off, but apparently it isn't.  :-(

[4sidedTRIANGLES]

For you it probably makes more sense to either save your money to buy better equipment such as ASIC miners ($50-$10000) or buy a lot more than 130 Mh/s equipment. At that profit margin it would make you more money to do cloud mining. Im sorry that your margins are so low and hope this helps.

[iamTom123]

At least we now know that what you are doing is not really profitable. In the coming months and years, I guess there would be many changes along the Bitcoin mining industry. The threat of that hard fork is on the horizon and after that could be solved we don't know for sure the things Bitcoin can encounter as this industry is always growing and with growth we should expect many happy problems.

On your part, I am sure you can find better alternatives with the end result of translating what you are doing into profits. Continue of educating yourself and sharing the things you know in this community.

[fitty]

For you it probably makes more sense to either save your money to buy better equipment such as ASIC miners ($50-$10000) or buy a lot more than 130 Mh/s equipment. At that profit margin it would make you more money to do cloud mining. Im sorry that your margins are so low and hope this helps.

Cloud Mining is not advisable since almost all cloud mining sites are either scam or will not generate a profit. Like for example, the genesis mining offers unlimited contract in terms of time but gives so low income per day. When I invested to that site, I calculated my income per day and found out that you will gain your capital in a year or so. So, it will not make sense waiting for a year just to gain your capital, unless that site will last for a couple more years, then the profit will be ensured.

I agree upgrading your mining rig and have a deep research on the best settings, maintaining your rigs properly to attain its best working conditions in order to increase your earnings and have a decent profit out of it.

[zombijs]

Maybe guy poted in wrong section and has been minning other algos. With what are you trying to mine? Your PC, only CPU?

[swogerino]

Maybe guy poted in wrong section and has been minning other algos. With what are you trying to mine? Your PC, only CPU?

Even if he did mine only with CPU, if he mined through some readily made miners like minergate or nicehash, if he mined BCN (Bytecoin) which has doubled in value lately, with an Intel XEON processor he would be making more than what he is saying. I think if he is mining with CPU and GPU he can make much more than that but this is the wrong section of the forum. This thread should be moved to Mining Altcoins I guess.

[el kaka22]

I don’t think its quite possible to mine 130 mhps for someone who is asking if this calculations are right.
That is possible for someone to do in bitcoin mining and ask this question but if you know what you are doing and have as high as 130 mhps for cpu mining than you wouldn’t be asking such a question.

There are lots of resources are available to cross check, I do not know how you are missing/ignoring them.