Need help estimating profitability

[dude7691]

Hey guys, so recently I got into bitcoin mining and on my GPU (R9 290) I'm getting around 25MH/s which is generating around 1.3mBTC (0.0013 BTC) per day, giving me around £2.50 per day revenue. I was looking at a Bitmain Antminer U1 Bitcoin ASIC Miner USB 1.6 - 2 GH/s, which costs around £50 on eBay. Now if this thing mines at 2GH/s for instance (2000MH/s) would I make 80 times more money because I can process 80 times the number of hashes per second? (2000/25 = 80). I know this sounds stupidly dumb to ask but the calculators I have used are all wrong when you put in 25MH/s and tell me I'll make practically nothing, whereas when I multiply the number by 86400 I get the correct amount I generate per day, which suggests it MIGHT be correct. I'm probably dumb for asking this but I would really appreciate some feedback from more experienced users. Many thanks.

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[Muhammed Zakir]

http://www.bitcoinx.com/profit/

[dude7691]

I understand that fully yeah, the problem is if I put in 25MH/s I get literally nothing but if I put in that number multiplied by 86,400 (no. seconds/day) then that gives me the actual amount I'm generating through NiceHash. How does that work?

[Muhammed Zakir]

I understand that fully yeah, the problem is if I put in 25MH/s I get literally nothing but if I put in that number multiplied by 86,400 (no. seconds/day) then that gives me the actual amount I'm generating through NiceHash. How does that work?

I was shocked to see you get 1.3mBTC/day with 25MH/s because it is impossible. After checking around for a bit, I understand now! You didn't hear me wrong, it is impossible, but for mining Bitcoin and most currencies.

You got that result when you checked profitability in bitcoinx.com/profit because you won't get any Bitcoin by mining with GPU anymore.

You are mining an altcoin which uses different algorithm when you connect to NiceHash. You can't mine this coin with Antiminer U1 or other SHA-256 ASICs, which is used for mining Bitcoin or other coins which uses SHA-256 algorithm. If you want to buy an ASIC used for mining a coin, first find out which algorithm coin is using and buy an ASIC specific to that algorithm. You can calculate profit in NiceHash using https://www.nicehash.com/?p=calc. I suggest you to first calculate profit in mining different coins and buy an ASIC specific to the algorithm used by that coin or buy a few GPUs to mine what you are mining now. Do note that, this profit may not last long. So you should calculate how long it takes to break even when buying hardwares.

[QuintLeo]

Hey guys, so recently I got into bitcoin mining and on my GPU (R9 290) I'm getting around 25MH/s which is generating around 1.3mBTC (0.0013 BTC) per day, giving me around £2.50 per day revenue. I was looking at a Bitmain Antminer U1 Bitcoin ASIC Miner USB 1.6 - 2 GH/s, which costs around £50 on eBay. Now if this thing mines at 2GH/s for instance (2000MH/s) would I make 80 times more money because I can process 80 times the number of hashes per second? (2000/25 = 80). I know this sounds stupidly dumb to ask but the calculators I have used are all wrong when you put in 25MH/s and tell me I'll make practically nothing, whereas when I multiply the number by 86400 I get the correct amount I generate per day, which suggests it MIGHT be correct. I'm probably dumb for asking this but I would really appreciate some feedback from more experienced users. Many thanks.

 Given your reported hashrate, you are probably mining ETH (or one of the ETH spinoffs like ETC) and then Nicehash converts the ETH you mine TO BTC.

 You are not mining BTC directly - your hashrate would be a LOT higher but your income would be a LOT lower.


 I would suggest reading up on how Nicehash actually works - they are a "market" much more than they are a "pool".

[dude7691]

Hey again, sorry for the late response. I understand where you're both coming from and very much appreciate you explaining why I wasn't going to make £200 a day off a USB xD Because if I was somehow managing 1.3mBTC which was actual BTC then yeah it might have worked with the USB but obviously they're not gonna set up a system that can be broken so easily, so this thread was more to understand the reasoning behind it to gain some more insight, and you guys did exactly that so I really appreciate the responses! Thank you very much )