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Author Topic: Is it still viable to build a mining rig?  (Read 3717 times)
makko
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July 14, 2011, 07:51:59 AM
 #1

Hey Guys,

I'm new here and also completely new to Bitcoining.

I'm very interested in this and would be interested in building a rig for mining. I am aware of the 21 million BTC limit and that as the number of generated bitcoins increases the rewards decreases.

I'm just wondering if it is still viable to build a rig designed for mining? Or is it a case that it's the only way to get a decent reward now?

I haven't even looked at rig specs yet but going to get into that now..

any opinions? Cheers! Smiley

Too lazy for a fancy sig.. Tongue
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nmat
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July 14, 2011, 07:56:22 AM
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In my opinion, right now it isn't profitable. Only if you don't pay for electricity or something. You should do some math before purchasing hardware just for mining. Consider the price for the hardware + price for electricity + bitcoin sell price and see how long will it take to get the investment back. And don't forget that difficulty continues to increase---
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July 14, 2011, 08:06:24 AM
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In my opinion, right now it isn't profitable. Only if you don't pay for electricity or something. You should do some math before purchasing hardware just for mining. Consider the price for the hardware + price for electricity + bitcoin sell price and see how long will it take to get the investment back. And don't forget that difficulty continues to increase---

Lol, Every miner says it's not profitable to mine, yet they continue to mine, every wonder why?  There is only so much network and each new miner takes a percentage from every other.  With the proportional difficulty, mining becomes a zero-sum game.  Just realize, for you to succeed, others must fail.  It is a free market, after all.  It's a good thing to remember when asking for advice.  If the cost of power consumption per bitcoin produced less the last price of a bitcoin sale is a positive number, it's profitable to mine.
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July 14, 2011, 09:46:35 AM
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over the thumb
your rig should payout in $count_GPU_cards*50BTC*$your_currency or it isn't that a good idea to even think about it.
In my case it is a 580€ for my rig (only two cards atm) so the 10€/btc means I have to earn 29BTC with each card to get proper returns means the first block found by each card pays the rig, further investments when you got a rig already (add a card) goes the same way! have a look at http://bitminer.info/ for proper calculations for the us market (details are live).

19mX5f3YzMSWpDmEwznJNkPBnMSjcTGjPc
vapourminer
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what is this "brake pedal" you speak of?


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July 14, 2011, 10:49:00 AM
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if you can get the base stuff (mobo, ram, case, fans, cpu) cheap enough (look at newegg open box, b-stock etc or even used) so youre really only into it for video cards youre better off.

just factor in power (obviously) but added cooling to the room (if needed), noise (they are loud with all those high RPM fans, and quiet fans cost), network drop (got a cable run to the locations and/or extra router port?). basements rock as mining locations as typically you dont cool them or care about noise.
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July 14, 2011, 10:52:04 PM
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Lol, Every miner says it's not profitable to mine, yet they continue to mine, every wonder why?  There is only so much network and each new miner takes a percentage from every other.  With the proportional difficulty, mining becomes a zero-sum game.  Just realize, for you to succeed, others must fail.  It is a free market, after all.  It's a good thing to remember when asking for advice.  If the cost of power consumption per bitcoin produced less the last price of a bitcoin sale is a positive number, it's profitable to mine.
That's not true. Some even say, "Go for it!" In reality, the CapEx on mining hardware won't pay off at this point and this difficulty. Incorrect formulae that do not take all expenses, exchange rate projections, and difficulty projections into account, or do any basic risk analysis, often say that it is profitable to some degree. You have a point that current miners do not need the difficulty raised unnecessarily, but many miners still mine because they got their hardware before the hype drove hardware supply down and prices up, made a lot of money from the boom because they were early adopters and could justify feeding their operation to offset the hype and remain competitive, or simply already had the hardware and had no CapEx to worry about. Some people can even reduce or remove their OpEx, but that is not very many people. Mining can be profitable. Starting a mining operation right now is likely to never be profitable.

https://tmmb2ro3icewhmqz.onion/
makko
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July 16, 2011, 04:52:38 PM
 #7

Thanks for the insights guys..

I currently own a rig with the following specs:

Intel Q6600
8GB DDR2
Nvidia GTX 260
Corsair 650W PSU

I've just started it it up with CUI Miner using Slush's pool to see what all the music is about.

My GTX260 is currently giving ~35 Mhash/s! I know this aint a patch on the newer ATI cards.

I have been considering upgrading my GPU for a while now (BattleField 3). I may just go for the best ATI which will happen to generate some cash on the side and offset GPU cost/buy me beer while in college.

Whats the craic with a bitcoin wallet address? Is it just linked to a hardware id?

Thanks guys! Smiley

Too lazy for a fancy sig.. Tongue
Yuusha
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July 16, 2011, 04:53:44 PM
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In my opinion, right now it isn't profitable. Only if you don't pay for electricity or something. You should do some math before purchasing hardware just for mining. Consider the price for the hardware + price for electricity + bitcoin sell price and see how long will it take to get the investment back. And don't forget that difficulty continues to increase---

Lol, Every miner says it's not profitable to mine, yet they continue to mine, every wonder why?  There is only so much network and each new miner takes a percentage from every other.  With the proportional difficulty, mining becomes a zero-sum game.  Just realize, for you to succeed, others must fail.  It is a free market, after all.  It's a good thing to remember when asking for advice.  If the cost of power consumption per bitcoin produced less the last price of a bitcoin sale is a positive number, it's profitable to mine.
There's a difference between investing in new hardware and continuing to use hardware you already have.
Morebitcoinsplease
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July 16, 2011, 08:42:28 PM
 #9

In my opinion, right now it isn't profitable. Only if you don't pay for electricity or something. You should do some math before purchasing hardware just for mining. Consider the price for the hardware + price for electricity + bitcoin sell price and see how long will it take to get the investment back. And don't forget that difficulty continues to increase---

Lol, Every miner says it's not profitable to mine, yet they continue to mine, every wonder why?  There is only so much network and each new miner takes a percentage from every other.  With the proportional difficulty, mining becomes a zero-sum game.  Just realize, for you to succeed, others must fail.  It is a free market, after all.  It's a good thing to remember when asking for advice.  If the cost of power consumption per bitcoin produced less the last price of a bitcoin sale is a positive number, it's profitable to mine.
There's a difference between investing in new hardware and continuing to use hardware you already have.

I agree with Yuusha, either way the decision to buy a rig or upgrade your existing rig and what to spend on that rig depends on your disposable income, personally bitcoin mining is a gamble anyway you look at it. The price could sky rocket or drop to pennies in theory and if you buy the equipment your always stuck with it but you could also just buy the coins and trade the coins. Just depends on what your comfort level and tolerance risk is in gambling with bitcoins.
Bart31
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July 16, 2011, 10:14:24 PM
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I started this week with two old systems. Bought a HD5850 last week. They are now doing about 440Mhash/sec on deepbit.net. Just got my first BTC Smiley. Want to know what happens if difficulty goes up. Is it really a big difference in turnover?

Will see what happens coming weeks, but seems to me that building a nice 2000Mhash/sec rig would take about 4 month to earn the investment back. Then the cash will flow. Or will increasing difficulty make this rig unusefull in a few months???


----------------------------------------------------------------------------------------------------
HD5850 mining at 340 Mhash/sec. What a waste of energy... but what to do without an ASIC ?
Morebitcoinsplease
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July 17, 2011, 04:30:42 PM
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I started this week with two old systems. Bought a HD5850 last week. They are now doing about 440Mhash/sec on deepbit.net. Just got my first BTC Smiley. Want to know what happens if difficulty goes up. Is it really a big difference in turnover?

Will see what happens coming weeks, but seems to me that building a nice 2000Mhash/sec rig would take about 4 month to earn the investment back. Then the cash will flow. Or will increasing difficulty make this rig unusefull in a few months???



That is an excellent question, I started a few months back just before the coin hit $20+ and then kept matching the difficulty with the amount of coins I made per day, in my experience every difficulty will also take about 1/3 away from you if you want to go conservative. So to even stay at the level you are at now your going to have to continually invest every 9 days on avg. I look at this as a long term investment, if bitcoin catches on great if not well I will sell the parts at a significant loss. But right now if I sell my rigs at 65% of their original cost and count the money I have made from selling the coins I would be in the black and not the red.

Its all based on your expectations and risk tolerance.
jl
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July 17, 2011, 05:46:39 PM
 #12

Within the last couple months I've invested $1200 in hardware - made $500 during the bullrun to $30 (through straight cash trading at the exchanges & I sold at $24). So am $700 in the hole which I'd need to recoup in order for the wife not to hit me. I need the current price to remain steady - and w/ my 1,800MHash ... I can balance out in a couple months.

I also get hobby-enjoyment from mining however - so maybe the question should be, "Is it still /financially/ viable to build a mining rig?"
jagminer2
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July 17, 2011, 06:45:47 PM
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Within the last couple months I've invested $1200 in hardware - made $500 during the bullrun to $30 (through straight cash trading at the exchanges & I sold at $24). So am $700 in the hole which I'd need to recoup in order for the wife not to hit me. I need the current price to remain steady - and w/ my 1,800MHash ... I can balance out in a couple months.

I also get hobby-enjoyment from mining however - so maybe the question should be, "Is it still /financially/ viable to build a mining rig?"
Good input. Personally I've invested in 5870x2, 5850, and 5770x2 so far. I should be somewhere around 1600mhash since I can't unlock some of these XFX cards. I'm calculating I'll make about $250 a month after power bill. Sound about right anyone?
MegaBux
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July 17, 2011, 08:19:51 PM
 #14

Hey Guys,

I'm new here and also completely new to Bitcoining.

I'm very interested in this and would be interested in building a rig for mining. I am aware of the 21 million BTC limit and that as the number of generated bitcoins increases the rewards decreases.

I'm just wondering if it is still viable to build a rig designed for mining? Or is it a case that it's the only way to get a decent reward now?

I haven't even looked at rig specs yet but going to get into that now..

any opinions? Cheers! Smiley


There are several calculators available that should help you make this determination.  If you are interested in total cost, including hidden costs like power consumption, visit http://bitcoinx.com/profit/.  Otherwise, http://www.alloscomp.com/bitcoin/calculator.php is a simple calculator that will tell you the expected amount of BTC that your system will generate.
barryT
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July 17, 2011, 09:19:50 PM
 #15

I'd say no
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July 17, 2011, 10:09:53 PM
 #16

only if you're using this rig:


Kivvi
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July 18, 2011, 02:58:06 AM
 #17

Does http://bitcoinx.com/profit/ take into account difficulty increases?  With my calculations i would be posting a profit in just over three months, but with increases in difficulty and none in BTC/USD, I don't think I'd do much more after that.  Am I correct in this assumption or is this accounting for difficulty?
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July 18, 2011, 02:59:54 AM
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Does http://bitcoinx.com/profit/ take into account difficulty increases?  With my calculations i would be posting a profit in just over three months, but with increases in difficulty and none in BTC/USD, I don't think I'd do much more after that.  Am I correct in this assumption or is this accounting for difficulty?

BTC/USD is going to AT LEAST double before christmas.
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July 18, 2011, 03:19:31 AM
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double as in ~26 BTC/ 1 USD? or the other way around?
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July 18, 2011, 03:24:00 AM
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double as in ~26 BTC/ 1 USD? or the other way around?

Yes, what I meant was 25 USB/BTC
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