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Author Topic: Mining 50$/day???  (Read 2490 times)
E.exchanger (OP)
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March 20, 2014, 02:28:15 AM
 #1

Alrighty so as the title says, I want to mine 50$  on daily basis so need suggestions and advises from the community on how to get that target, and what I'll be needing to achieve 50$ a day & where to start from also mentioning that iam not at all limited to funds, but as a starting just try to keep it in bound. So suggestions???
Thanks everyone  Smiley
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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March 20, 2014, 02:54:17 AM
 #2

You would need about 800gh/s to 1Th/s gear at current price of 610.00...Then buy enough gear every 10 to 14 days to keep up with difficult...

To put a Dollar amount on mining per day is a real crap shoot.....too many variables....

These are back of the napkin numbers based on my 500GH/ gear...Based on TODAY....tomorrow could be a different ...

You could just buy 50$ a days worth of bitcoins..... which might be your best option at this time...Just my opinion...
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March 20, 2014, 02:57:35 AM
 #3

Something like this is impossible to achieve outside of maybe one retargeting because there are several variables moving all at the same time.

Here's some quick-and-dirty to make some estimates:

http://blockexplorer.com/q/probability

That webservices link returns the probability of any given hash being successful based on the current difficulty.

Your hashrate expressed as hashes/s multiplied by 86400 seconds in a day tells you how many tries you get to solve a block every day.

If we call those P and H, based on the expected value theorem your average BTC income per day (not counting tx fees or pool fees, which could be estimated in if desired) --

P * H * 86400 * 25

P * H * 86400 itself basically tells you what fraction of a block on average per day you would win

Taking that original model, call the BTC/USD exchange rate E.

Your dollar revenue will on average equal:

E * P * H * 86400 * 25

Setting this equal to $50 and doing the algebra yields --

H = 1 / (E*P*43200)

For $50 right now that requires about 700 GH/s just ballparking 1 BTC = $600.

This relationship breaks down very quickly unless BTC price and difficulty increase perfectly in tandem.

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March 20, 2014, 03:03:12 AM
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Good Day,

I currently mine at around that for scypt. I have about 12,000 Kh/s.

With Bitcoin,  that is a different animal (I use 3 X KNC Juptiers).

I have the following doing the work for me:

R9 280X Toxic Saphire X 6
R29 280X MSI X 5
7970 X 6
7950 X 4

I use two PSU's in most cases, using a purchased cable to put them together. I don't use less than 1250 watt Seasonics, and sometimes 1600 Lepa's,

I suggest you learn the following:

- Frame construction:  I build my frames custom.  Each design is different,  but I use all aluminum.  There are many designs out there,  pick one, and go with it.
- Use a box fan for cooling....  the cheapest and easiest way to do it.
- Location:  Fans,  rigs make noise and heat.  Pick a location that you can deal with both of it.  I am installing a new window in my windowless mining room,  with an A/C to be added soon. I will be paying for this in LiteCoin/BitCoin profits. It costs coin to make coin!
- Use 6 cards whenever possible on any rig. But cards that are all the same to have less config issues.  After dealing with LOTS of ass-pain with motherboards....  my new default is the AsRock BTC motherboard. I know,  it has alot of detractors like being a motherboard that is best for mining only... but it just works....  and in the end,  selling a mining rig (frame included) can be less ass pain, and in some cases, more profitable than parting it out.
- Use risers...  either powered ones that vary in length....  from 20 to 30 CM,  or the USB powered style.  Keep in mind,  with the ASRock BTC motherboard,  you don't need to hook up the power to ribbon cables...  except with the USB style where you need power.
- Learn linux,  and be patient with the process.
- Consider BAMT miner.  Even though I hate some aspects of it (like it mining to the author's pool by default on startup),  it just works with the R9 cards as compared to other Ubuntu versions.  This may all change with the new version of ubuntu coming online.  I am becoming a fan of debian however....  Just be ready for linux troublshooting no matter what linux OS you choose.
- Use a cheap USB key as a HD when using linux.  Otherwise,  consider a cheap SSD if running windows.
- Consider purchasing a USB 2.0 DVD drive to install os's via DVD (often more stable than burning mem stick)
- Windows 8 can be heart ache for more than 5 cards. I do run one windows machine so I can connect remotely from google remote access,  and then SSH into my machines remotely.
- Time...LOTS of it. Remember this isn't a no work business.  Once things are running,  it can be low maintenance...  but not always. The machines need to be maintained, and pools need to be checked.
- Power:  For the machines,  and cooling.  You need lots of it. Consider a setup close to the panel to cheapen your costs of installing extra electricity
- Consider a 220 volt PDU to supply power to PSU's,  and consider using 220 volts. Learn the C13 & C14 cable standard (and C19 for Lepa's). Google the IEC 60320 standard on Wikipedia for more info. I use a 30 AMP 220 volt circuit,  and I am starting to go to 120 volt 20 amp tandem breakers in my panel for anything beyond.

Anyways,  good luck on mining.

Ryan

Ryan


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March 20, 2014, 03:07:52 AM
 #5

With new difficulties mining Bitcoin is getting Harder and Harder even the top guilds are struggling to solve blocks now to make the bitcoin and many new farms popping up to compete with is seriously taking away from everybody earnings.At bitcoin prices now your better off just buying bitcoin straight out as your going to need at least 1TH and factor the cost of equipment 4 to 5kk+ and electricity and + guild fees and at the rate of  of bitcoin rapidly deflating its hard to say if people will break even in the end or how much bitcoin you will ever actually mine?a lot depends on where the price of bitcoin ends up at eventually which should be more?Also factoring in waiting time to get equipment as time is bitcoin earnings lost with constant delays all around from companies promising to deliver miners are constantly getting the short end of the stick these days your better of buying and holding for the long haul unfortunately at these prices they wont ever get this low again as the buy price is cheaper then mining it right now unfortunately so there's a lot to Think About and consider......

Your either part of THE SOLUTION?Or your part of THE PROBLEM!
E.exchanger (OP)
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March 20, 2014, 12:52:50 PM
 #6

Thanks alot everyone for sharing your knowledge and information, that was surely alot of information then i expected i would get. Thanks again and i'll bother the forum again if have a query    Grin Grin
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April 14, 2017, 03:43:09 AM
 #7

Get some Antminer s9's you could make more than 50$ a day on free power.

send me a message if you want your signature to be posted
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April 15, 2017, 04:39:57 AM
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Get some Antminer s9's you could make more than 50$ a day on free power.

lol in 2014 s9s didn't exist.. when this post was made i dont even think the s1s were on sale yet or if they were they just came out were in high demand.



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April 23, 2017, 01:45:40 PM
 #9

Get some Antminer s9's you could make more than 50$ a day on free power.

I think you were a little late with your advice. Grin

Apart from raising from the dead a 3 year old topic it would be pretty interesting from the author (he hasn't been around from January 24, 2017) how his mining operation went.
Too many guys going around on how to build it and then disappearing into the fog.
Not enough " mining porn " these days.

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