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Author Topic: How much does it cost YOU to produce a bitcoin?  (Read 7385 times)
nazgulnarsil
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July 12, 2011, 12:22:46 AM
 #21

counting solar panel cost as a cost of production is silly.  the marginal cost of using the electricity for BTC is zero assuming he is generating a surplus.  counting the costs of the solar panels would only make sense if he installed them specifically for mining or mining made them more expensive somehow.

No, ignoring the opportunit cost is ignorant. Stupid.

Put 25.000 USD into a bank account and you get money. Sell the electricity and you get money. Use it for mining and you loose that - this is a cost. It is  called opportunity cost. Same with depreciation - yes, aldo solar cells dont live forever.

The cost of capital and loss of other income sources is a cost. For example every hour I spend tending my farm is a cost of 100 USD (actually more) because I loose an hour I can invoice a customer for.

DERP marginal cost.  Most people aren't set up to sell back the electricity from their panels.  Overage is often mostly wasted.  BTC is monetizing the overage.
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July 12, 2011, 12:34:21 AM
 #22

The setup in the signature = 0.800kWh = 19.2kWh a day x 0.10306p = ~£2

So 1BTC costs £2 ($3.18) to produce

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Yannick
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July 12, 2011, 01:23:07 AM
 #23

I didn't buy solar panels just to start mining. :p I'm still a student and live with my dad. Our government was promoting solar panels last year and encouraged everyone to buy them by refunding almost the entire cost of installation over a long period. I believe we will actually start making money from them after 2 or 3 years. So yes it's an investement but it will definitely pay off after a couple of years.

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July 12, 2011, 04:10:54 AM
 #24

According to BitcoinX.com's calculator, My revenue/day is $31.96 for 3500 mhash/s. It gives "Less power consumption" @ .17/kw, 2000w as 23.80. Meaning it costs about $8.16/day for 2.252 bitcoins.

TL;DR= $3.62/bitcoin
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July 12, 2011, 04:16:32 AM
 #25

According to BitcoinX.com's calculator, My revenue/day is $31.96 for 3500 mhash/s. It gives "Less power consumption" @ .17/kw, 2000w as 23.80. Meaning it costs about $8.16/day for 2.252 bitcoins.

TL;DR= $3.62/bitcoin

Maybe I'm getting old. Ok, I *know* I'm getting old, and I'm still in my 30's.

What is the world coming to, when they can't read two sentences, and need a "quick version" or "Too long, don't read"?

Cliff's notes for a 2 sentence post? Is there really anyone who can't be bothered to read the "entire" post? Come on!

Matthew
nazgulnarsil
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July 12, 2011, 05:08:01 AM
 #26

According to BitcoinX.com's calculator, My revenue/day is $31.96 for 3500 mhash/s. It gives "Less power consumption" @ .17/kw, 2000w as 23.80. Meaning it costs about $8.16/day for 2.252 bitcoins.

TL;DR= $3.62/bitcoin

Maybe I'm getting old. Ok, I *know* I'm getting old, and I'm still in my 30's.

What is the world coming to, when they can't read two sentences, and need a "quick version" or "Too long, don't read"?

Cliff's notes for a 2 sentence post? Is there really anyone who can't be bothered to read the "entire" post? Come on!

Matthew


TL;DR: old guy says young people are lazy, news at 11.
AngelusWebDesign
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July 12, 2011, 06:35:54 AM
 #27

You know, there must be some truth to the stereotype or it wouldn't be so persistent...

Admit it -- behavior like that isn't going far to dispel that "false stereotype" of young people today.

"I don't read books. I don't read entire articles. Heck, even on a forum on a topic I'm into -- whose material is such light reading I could handle it when I'm tired -- I don't even read whole forum posts!"

Pretty pathetic, if it actually applied to anyone. I have my doubts that anyone is actually that far gone.

Matthew

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July 12, 2011, 08:14:06 AM
 #28

Paying a flat-rate for electricity here in Germany.  My condo and all the other condos in my building don't have separate meters, so we pay flat-rate, and everyone pays an adjustment once a year, or, gets the adjustment cash back.  I got 110 Euros back this months for overpayment of the past year Smiley

So I guess, 100% profit for a Ghash Cheesy

Bitcoin address : 12B7HJTx2fLVEfRymamFyMABh5tzMV5LcZ
Cluster2k
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July 12, 2011, 10:57:26 AM
 #29

I get about US$1 profit per day on costs of US$1.25.  320Mhash/s.  I've cut back mining and sold most of my hardware on eBay while it was still worth something.

Solar power being installed soon, so I should make enough power with my 1.5kWh system to make mining costs nominally zero.  Thank you, tax payers of Australia :-)

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killer2021
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July 12, 2011, 11:06:39 AM
 #30

I live in a predominately college town so this may not apply everywhere.
A lot of landlords here offer some or all utilities included in rent as an incentive to the college kids. Being an apartment dweller at the end of my lease this summer, I specifically found an affordable place I could rent with utilities included. My landlord pays my electricity for me, therefore my he pays my rent for me! He can't be making any money off me, I imagine the power bill is pretty ridiculous with the AC and Bitcoin rigs running all day. Fortunately he can't do anything about it until my lease expires in 12 months. Grin

If you have a big mining farm that eats up a few hundred dollars/month in electricity, it may be worth finding a cheap, electricity-included apartment just to house your rigs. Of course if you are spending that much per month in electricity, I imagine you've probably already considered this option as well as a hundred others. Just be prepared to get tossed out on your ass as soon as your lease expires. Tongue

Hmmm, you sure about that? I have rentals and I pay for utilities but I put a disclaimer in the lease that says I only pay up to $50/month for water or electricity and the remaining balance gets added to next month's payment.

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jasonk
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July 13, 2011, 01:27:30 AM
 #31

About 30 hours and $3 in electricity.  Tongue

Like my post?  Consider giving me a tip! =)

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silverchair
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July 13, 2011, 07:52:40 AM
 #32

Higher power consumption and a busted lamp. LOL Grin

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July 13, 2011, 09:18:05 AM
 #33

Costs me an arm and leg, in future maybe kidney.

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hennessy
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July 13, 2011, 09:31:58 AM
 #34

I'm running two miners with a power consumption of roughly 1300W, doing about 1.4BTC/day. 0.22€/kwh =
1.3kw * (24h / 1.4BTC) * 0.22€ =
4.90€/BTC =~ 6.90$/BTC

Germany definitely isn't the best place for mining...

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xtoro
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July 13, 2011, 10:09:32 AM
 #35

I'm running two miners with a power consumption of roughly 1300W, doing about 1.4BTC/day. 0.22€/kwh =
1.3kw * (24h / 1.4BTC) * 0.22€ =
4.90€/BTC =~ 6.90$/BTC

Germany definitely isn't the best place for mining...

No problems for me!

I will rent you a spot in my storage room in the kellar for 0.3BTC/day flatrate Cheesy

I'm in Western Germany

Bitcoin address : 12B7HJTx2fLVEfRymamFyMABh5tzMV5LcZ
cupkakes
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July 13, 2011, 11:22:06 AM
 #36

Running at about 1.2GHash/s it takes me roughly 31 hours to generate 1 BTC.

My rig sucks up in an around 575w and here in Northern Ireland we pay £0.129/kWh.

So I make that to be £2.30 / 1 BTC. At current exchange rates that's about $3.67 USD.

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cupkakes
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July 13, 2011, 11:24:12 AM
 #37

The setup in the signature = 0.800kWh = 19.2kWh a day x 0.10306p = ~£2

So 1BTC costs £2 ($3.18) to produce

Who's your electricity provider? We're pretty shafted for choice across the water in NI.

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nebiki
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July 13, 2011, 12:47:33 PM
 #38

i'm doing about 2000 shares per kWh (only counting gpu consumption because the computer is on anyway). 1 kWh is 0.22€ ($0.31) here. you need about 31000 shares per coin, so 15.5kWh or 3.41€ (or $4.80).


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I'm running two miners with a power consumption of roughly 1300W, doing about 1.4BTC/day. 0.22€/kwh =
1.3kw * (24h / 1.4BTC) * 0.22€ =
4.90€/BTC =~ 6.90$/BTC

Germany definitely isn't the best place for mining...

with your 2500Mhash/s, you should be doing about 2100 shares per hour, or at 1.3kW 1625 shares per kWh. that's 4.16€ or $5.85. still not too great. 19kWh per btc is probably not the most efficient mining setup. did you increase the voltage on your 5830s? if yes, that's probably not efficient (in my case it's not), undo it. go with whatever clocks your stock voltage allows.

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hennessy
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July 13, 2011, 02:32:03 PM
 #39

with your 2500Mhash/s, you should be doing about 2100 shares per hour, or at 1.3kW 1625 shares per kWh. that's 4.16€ or $5.85. still not too great. 19kWh per btc is probably not the most efficient mining setup. did you increase the voltage on your 5830s? if yes, that's probably not efficient (in my case it's not), undo it. go with whatever clocks your stock voltage allows.

I think you did a little too much theorycrafting. If you mine at a pool, just check how much BTC you produced over the last 24h. Those are the real numbers, including pool downtime etc. deepbit shows that directly at the account page. If you calculate with requirered shares, that does not include difficulty increases.

I was just going by the lastest numbers deepbit provides, which varies between 1.3 and 1.5 BTC/day. The MH/s rate deepbit shows me (actual number for a solved block) varies between 2100 and 2300 since overclocking is not quite complete yet. Btw I did not change anything on the voltages.

Shares look different though, I took some of the numbers from deepbit and divided it with the time it took to solve the block, result is 32-33 shares per minute, which is 1900-2000 shares per hour.

You left out all other parts of your system except gpus so you can't really compare to my rigs. CPUs are 50W each, HDDs 15W each, Mainboard itself 10W each, RAM 2x15W each = 105W per rig.
I've disable all I could like second lan, sound, firewire etc. and I don't know what else I could do, besides probably underclocking/volting the CPU which I will do soon.

If I was of any help, donations are appreciated - 1FrCtiQsVoy2YTTYqgjsvVvdgvHS4Umah4
8x Sapphire 5830 @950/300 in 2 dedicated mining rigs -> 2500Mhash/s
nebiki
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July 13, 2011, 03:58:45 PM
 #40

with your 2500Mhash/s, you should be doing about 2100 shares per hour, or at 1.3kW 1625 shares per kWh. that's 4.16€ or $5.85. still not too great. 19kWh per btc is probably not the most efficient mining setup. did you increase the voltage on your 5830s? if yes, that's probably not efficient (in my case it's not), undo it. go with whatever clocks your stock voltage allows.

I think you did a little too much theorycrafting. If you mine at a pool, just check how much BTC you produced over the last 24h. Those are the real numbers, including pool downtime etc. deepbit shows that directly at the account page. If you calculate with requirered shares, that does not include difficulty increases.

I was just going by the lastest numbers deepbit provides, which varies between 1.3 and 1.5 BTC/day. The MH/s rate deepbit shows me (actual number for a solved block) varies between 2100 and 2300 since overclocking is not quite complete yet. Btw I did not change anything on the voltages.

Shares look different though, I took some of the numbers from deepbit and divided it with the time it took to solve the block, result is 32-33 shares per minute, which is 1900-2000 shares per hour.

You left out all other parts of your system except gpus so you can't really compare to my rigs. CPUs are 50W each, HDDs 15W each, Mainboard itself 10W each, RAM 2x15W each = 105W per rig.
I've disable all I could like second lan, sound, firewire etc. and I don't know what else I could do, besides probably underclocking/volting the CPU which I will do soon.

of course i didn't include difficulty increases. i didn't include variance, either. on btcmine i get about 0.5% stales and have had 0 downtime for the past few weeks.

i can't include difficulty increases because i don't know where the network is going - it can go anywhere: http://bitcoin.sipa.be/growth-10k.png

if i included variance, i'd have to draw a gaussian curve. i don't think the op wanted to know at which % we pay which amount of $ but instead the expectation value.

i have included the 0.5% stale rate.

somewhere around this forums there is a post which says 1 share per minute requires 71 Mhash/s. that's a fixed value as a share is a solved block with difficulty = 1. maybe this explains something (i don't quite understand some of your post). it's much easier to calculate with that, because the chance to find a block is always 1 share divided by difficulty.

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