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Author Topic: Is Mining REALLY worth it?  (Read 4118 times)
webosftw
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July 11, 2011, 06:51:28 PM
 #41

I can only mine at 12mh =[. Kinda not worth it for me
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peps1c0la
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July 11, 2011, 06:58:58 PM
 #42


Mining, like everything else, can be profitable when management is involved. Got friends who will do what you say? There you go! Instant profit.

"Creative Delegation" -  Grin

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July 11, 2011, 07:04:10 PM
 #43

I have made a calculator which will estimate how much net profit you will make. It calculated how many BTC you will mine, how much you will spend on electricity, your gross profit, and net profit.
You could also use this calculator's mining estimate and compare it to how many BTC you could buy for the price of your hardware, don't forget to consider you may sell your hardware for a bit after you mine as well.

http://forum.bitcoin.org/index.php?topic=27550




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Rainbot
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July 11, 2011, 07:11:01 PM
 #44

I think the profit will raise and we will be miljonairs /sarcasm.

No, but I do think it will raise.

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lowlevel
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July 11, 2011, 07:31:18 PM
 #45

I see people post videos on youtube about how they paid off thier equiptment in the first month, and i see the uploaded date in youtube saying it was just 1 month ago.... Right now, I have about the same specs as that guy, and I don't see me paying this equiptment off for at LEAST 4 months if not more as the Diff level increases.

1.) The guy posted, and had well over 300 BitCoings for 1 month of mining..
2.) He showed the Mt. Gox website at $28 per Bitcoin.


I know this doesn't exist anymore... Just really discouraged today i guess... Wanted to get everyones input on the future of mining.

The first time I mined a few bitcoins.. they were worth 70 cents. A friend of mine was was considering paying $500 for a used high end video card to mine faster... I kind of scoffed at the idea, showing it would cost much more to generate than they were worth, and on top of that it was difficult to get the $ back from selling them in Candada.

Needless to say, if we had just taken $500 each and bought the roughly 700 btc each ... we would have been sitting on around $20,000 at around $28-29 USD per btc.  Hindsight is always 20/20... and yeah, I already kicked myself in the nuts a few times since.

So, I guess what I'm saying is yes... you could have bought 5830's last month and paid them off by the time the last difficulty increase came...  A whole mining rig though, no. And now? forget it Wink Just wait till they drop a bit and buy your way into the market. Unless the difficulty drops again, its not really worth it to mine unless you already own the equipment. (my opinion only.)

Would you rather talk Altcoins? - https://cryptocointalk.com/
ihokamik
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July 11, 2011, 07:48:16 PM
 #46

I think that it's pretty hard right now to make money by building dedicated mining rigs.   On the other hand, if you already have a decent gaming machine and that you already leave it open 24/24 why not put to work?

I thought about building a rig but the price of a new MOBO and PSU are what make it not really worth it for me.

BTC: 1J1qoYkA7ZUjBFcCHDJt3PSBvzvGhA3mmh
gdubya
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July 11, 2011, 08:27:06 PM
 #47

I bought my 6990 to mine with and for a better cards for the occasional gaming I do. I consider this a sunk cost from wanting a better GPU and it's in a PC I already own, so I don't consider that an expense. In just over a month of mining, I earned enough to purchase additional cas fans, a riser cable and a 5830 to use as a second card.

Personally, I anticipate mining bitcoins and slowly addding additional hardware from profits and seeing where that goes.
erpbridge
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July 12, 2011, 01:38:48 AM
 #48

The people who got in earlier, who were there when difficulty was low, were able to make bitcoins pretty fast. Now that difficulty is rising, and seems to go up exponentially faster than it used to, we won't be able to make 30 bitcoins, unless we have some serious graphic power on a whole farm of computers. That isn't to say mining isn't worth it... just that its not as profitable as it once was.

Right now, things to think about for mining. Is your graphics card used for something else... AKA, are you actively using it for gaming, or even looking at your computer screen. If so, then you can count it as half paid off, or all paid off, and consider anything else you make with mining as profit. If you intend to purchase a new one to replace your primary one, use this same reasoning.
Mining right now, with a "average" video card like I have (a 6870, a $190 card when I got it middle of June) gets about 310-315 MH/s on it. The online calculators show that as about $6/day. You're not getting tons of money, unless you run multiple computers each with multiple cards, and at that, NOT using them for anything except mining. No video games, nothing.

Eventually, that $6 will shrink to $4.50, to $3, to $1.75... there will come a point when it still makes you money, but when you look at it, its just maybe a dollar a day. Then, that will be the point when electricity costs come into mind. (Note... if you use AC or fans to cool your room the computer is in, add that into your operating costs too... unless they too are being used to cool something, or someone, else, in which case you can either split the cost or nullify it altogether.)

Long story short... right now, mining is so-so. The age of big deals is gone. Now, its the equivalent of you going to California and panning for gold. All the big nuggets are gone, you aren't going to be able to find huge rocks all over the place... but you still might find a sliver every day or two worth a few bucks. The better place to get to is trading, but thats a totally different state of mind.

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Wolenber
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July 12, 2011, 03:30:00 AM
 #49

 On the other hand, if you already have a decent gaming machine and that you already leave it open 24/24 why not put to work?

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