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Author Topic: for people who started mining recently, have you paid off your machines?  (Read 3727 times)
pennytrader
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July 18, 2011, 06:50:49 AM
 #1

Started mining in the begining of June. Panic sold some BTCs at $13.66 two weeks ago, which covers the cost of all my video cards. Still haven't paid off the cost of the rest of my machine yet. If the price of BTC goes down even further or the difficulty keeps going up, it'll probably take longer to pay off everything.

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antares
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July 18, 2011, 11:59:19 AM
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not another of these posts again...

FYI, some people did not buy rigs especially. Me for example, I do have a longer history in GPGPU computing(doings maths on a GPU, aka mining for other purposes ...). So yes, after subtracting a total of $0.0/kW/h, and after subtracting my investment cost of $0(yes I even got the Hardware for free) Bitcoin would be pure profit if I just did it for that reason.
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July 18, 2011, 01:33:01 PM
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not another of these posts again...

FYI, some people did not buy rigs especially. Me for example, I do have a longer history in GPGPU computing(doings maths on a GPU, aka mining for other purposes ...). So yes, after subtracting a total of $0.0/kW/h, and after subtracting my investment cost of $0(yes I even got the Hardware for free) Bitcoin would be pure profit if I just did it for that reason.

for people who started mining recently
, have you paid off your machines?
Nemesis099
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July 18, 2011, 01:45:21 PM
 #4

I started mining around the beginning of June, I purchased the machine I wanted to replace my 10 year old PC that is dying.  I then added the graphic cards which are nearly paid off.

My only real goal is to pay off the computer with bitcoins before the end of the year.  This way I have a computer which is much faster then what I had in a way got it for free.

I'm glad I got in when I did as well as the increases in price and difficulty were not expected if I looked into it now I wouldn't have started it up because I wouldn't be sure of the payback timeframe.
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July 18, 2011, 01:55:07 PM
 #5

Not yet, only started mining a few weeks ago. It's buzzing along nicely though and even if it never paid off, it's still one hell of a video/3D machine Smiley

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Rob P.
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July 18, 2011, 02:03:58 PM
 #6

Started mining around June 16th.

I've spent a total of $1835 on mining hardware:
2 x Motherboards
6 x HD 5830s
2 x 850W PSUs
6 x 1GB RAM
2 x AMD CPUs
1 x Corsair 600T Case + Additional Side Panel for 4x120mm fans
6 x 120mm Fans

I've earned, in Bitcoin related trade, a total of $690 in the last 30 days ($360 consulting, $330 selling BTC).

I sold 21 BTC for $16 on July 6th.

I've earned another 11 BTC in the last 12 days which I'm holding currently.

I figure, on mining alone, it will take another 80 days to pay everything off, difficulty increases not withstanding.  Only 5 of the 6 5830s are online, so I'm not mining at my full potential yet, and I'm expecting to bring that card online shortly, which should offset some of the difficulty increases and keep me at a steady 1 BTC / day (hopefully).  This also doesn't account for electricity, which I have estimated at $2.50/day.  So, adding that back into the equation it would be another $275 in electricity over the life of the mining (110 days), so I'll need to mine an additional 20 days to pay for the electricity.  That pushes my payoff out to around 100 days more (give or take).

I cannot in good conscious recommend anyone get into mining today.  I did this as cost effectively as possible and was able to get ALL of my 5830s for under $110.

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The_JMiner
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July 18, 2011, 02:56:37 PM
 #7

Built a new machine at the beginning of July and maybe have received 50$ (back when prices were floating at 14$).  The machine cost $400 to build. Personally I do not mind if it takes 6 months to pay off because I am looking at this from the hobby perspective I do not plan to build another 10 machines or anything.

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July 18, 2011, 03:46:17 PM
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not another of these posts again...

FYI, some people did not buy rigs especially. Me for example, I do have a longer history in GPGPU computing(doings maths on a GPU, aka mining for other purposes ...). So yes, after subtracting a total of $0.0/kW/h, and after subtracting my investment cost of $0(yes I even got the Hardware for free) Bitcoin would be pure profit if I just did it for that reason.

Many members here are younger, at least young enough to be in a college dorm, if not still at home with their parents.
So the concept of "free electricity" is well known around here.

But may I ask how you got *hardware* for free?  I must admit, "5 finger discount" is the first thing that comes to mind.

I certainly haven't met anyone giving away free computer hardware...at least not any hardware useful for GPU mining!  Wink
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July 18, 2011, 04:40:00 PM
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No, I have not paid off my machine yet.  I started mining with existing Nvidia hardware at the beginning of June, and saw how hopeless that was going to be.  My mining machine with Radeon hardware came in and I started mining in earnest June 18.  I acquired a second video card and started mining with it July 2.  Currently pulling in ~0.42 BTC/day.  By my calculations, the motherboard/cpu/memory/case have been paid off.  Now just the two video cards remain.

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July 18, 2011, 04:43:13 PM
 #10

I started mining recently, about a month ago for bitcoins, and last week for namecoins.  But unlike most folks, i didn't over extend myself buying alot of equipment, so i don't need to sell my btc/nmc right away.  I'm holding on to them as a long term investment.

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July 18, 2011, 05:00:02 PM
 #11

Started in June. Obviously have not paid off the hardware yet. I doubt most miners that started in June paid off their gear yet. Fractions of the gear, of course, but not 100%.

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July 18, 2011, 05:02:31 PM
 #12

At $10/BTC I've paid off one card.
At $15/BTC I've paid off two cards (roughly)
At $25/BTC I've paid off all of my cards and most of my system

But since I intend to actually use my Bitcoins and not exchange them for worthless USD$, it's a moot subject.

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pennytrader
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July 18, 2011, 09:05:04 PM
 #13


I've earned, in Bitcoin related trade, a total of $690 in the last 30 days ($360 consulting, $330 selling BTC).


So what does 'consulting' mean here?

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Rob P.
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July 18, 2011, 10:16:46 PM
 #14


I've earned, in Bitcoin related trade, a total of $690 in the last 30 days ($360 consulting, $330 selling BTC).


So what does 'consulting' mean here?

I setup mining rigs for people.  I have multiple references if interested, I've gotten paid twice in BTC and twice in PayPal USD for setting up rigs. 

PM me if interested.

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AngelusWebDesign
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July 18, 2011, 10:46:19 PM
 #15

Started mining around June 16th.

I've spent a total of $1835 on mining hardware:
2 x Motherboards
6 x HD 5830s
2 x 850W PSUs
6 x 1GB RAM
2 x AMD CPUs
1 x Corsair 600T Case + Additional Side Panel for 4x120mm fans
6 x 120mm Fans

I've earned, in Bitcoin related trade, a total of $690 in the last 30 days ($360 consulting, $330 selling BTC).

I sold 21 BTC for $16 on July 6th.

I've earned another 11 BTC in the last 12 days which I'm holding currently.

I figure, on mining alone, it will take another 80 days to pay everything off, difficulty increases not withstanding.  Only 5 of the 6 5830s are online, so I'm not mining at my full potential yet, and I'm expecting to bring that card online shortly, which should offset some of the difficulty increases and keep me at a steady 1 BTC / day (hopefully).  This also doesn't account for electricity, which I have estimated at $2.50/day.  So, adding that back into the equation it would be another $275 in electricity over the life of the mining (110 days), so I'll need to mine an additional 20 days to pay for the electricity.  That pushes my payoff out to around 100 days more (give or take).

I cannot in good conscious recommend anyone get into mining today.  I did this as cost effectively as possible and was able to get ALL of my 5830s for under $110.

I added up how much I would spend to create (1) of the rigs you describe -- it came out to 689.44. And yes, that includes (3) brand new Sapphire 5830 Extremes and a nice case, as well as cooling. All parts would be brand-new. I could literally build several of those today, at the price I quoted, if I wanted to. And the machine would be able to mine all 3 Sapphire cards from day 1. Everything would be able to run cool enough to overclock slightly (but not excessively).

So for $1378.88, I could build the farm you describe, only with SIX cards running instead of just 5 of them running.

Sounds like I should be the one getting paid to build rigs for people Wink
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July 18, 2011, 10:53:58 PM
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hi op. no.

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July 19, 2011, 12:27:17 AM
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I started in May and dorked around with CPU mining not realizing that the clock was ticking.  I bought enough hardware to get two of my current PCs to mine - two power supplies, and 2 5830's.  I've only sold 2 bitcoins, just to see how the process worked.  I'm really more interested in the technology and how it all works than I am at turning a profit.  At current rates, if I were to "cash out", I would be upside down $200 so I figure I might as well hold out and see what they bring in the future.  Also, if I find something I'd like to purchase with them, then I have some available.
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July 19, 2011, 01:53:48 PM
 #18

I added up how much I would spend to create (1) of the rigs you describe -- it came out to 689.44. And yes, that includes (3) brand new Sapphire 5830 Extremes and a nice case, as well as cooling. All parts would be brand-new. I could literally build several of those today, at the price I quoted, if I wanted to. And the machine would be able to mine all 3 Sapphire cards from day 1. Everything would be able to run cool enough to overclock slightly (but not excessively).

So for $1378.88, I could build the farm you describe, only with SIX cards running instead of just 5 of them running.

Sounds like I should be the one getting paid to build rigs for people Wink

You mistook "build rigs" for physical setup.  While I'd love to fly to Dubai, France, and Florida to physically build rigs for people, I find it's not practical.  So, they buy whatever hardware they want, install the OS, and then I setup the mining operation for them.

I can see how you were confused.  As for being able to slap together cheap parts and build a rig more cheaply than I did, bully for you!  Go get them!

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July 19, 2011, 01:59:21 PM
 #19

I am jsut adding. Lookign for a data center location for weeks now we FINALYL fuond one - all others did not offer us enough power, this one has 1.5 mwat and we can have 1 of it;)

So Wink

We hope to sign next week, start setting up the first miners same week temporaorly, then expand the whole thing to about 32 coputers until end of August.
AngelusWebDesign
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July 19, 2011, 02:43:33 PM
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I added up how much I would spend to create (1) of the rigs you describe -- it came out to 689.44. And yes, that includes (3) brand new Sapphire 5830 Extremes and a nice case, as well as cooling. All parts would be brand-new. I could literally build several of those today, at the price I quoted, if I wanted to. And the machine would be able to mine all 3 Sapphire cards from day 1. Everything would be able to run cool enough to overclock slightly (but not excessively).

So for $1378.88, I could build the farm you describe, only with SIX cards running instead of just 5 of them running.

Sounds like I should be the one getting paid to build rigs for people Wink

You mistook "build rigs" for physical setup.  While I'd love to fly to Dubai, France, and Florida to physically build rigs for people, I find it's not practical.  So, they buy whatever hardware they want, install the OS, and then I setup the mining operation for them.

I can see how you were confused.  As for being able to slap together cheap parts and build a rig more cheaply than I did, bully for you!  Go get them!

Well, it sounds like it's good for THEM they buy their own hardware. Hahaha....

What DOES "build rigs" imply? You don't even give them a recommended hardware list? They're totally on their own, after paying you $120? I guess you just tell them where to get the software, how to sign up for pools, etc.?

Regarding "slap together"..."cheap parts"...
I guess your brand-new Sapphire 5830's are somehow higher quality than my brand-new Sapphire 5830's? And your high-end power supply is higher quality than my high-end power supply of choice?
And the CPU I chose was an AMDII 3.0 GHz or 3.1 GHz -- not a bottom-basement CPU (Sempron) like most miners choose.

Anyhow, I posit that my "build of choice" is just as likely to run 24/7 for months as yours -- only mine will be paid off several weeks sooner.

No offense, but you're simply not good at building cost-effective rigs. You may have found a fun hobby, but you're no superstar at it.

Not that you've said you're a superstar -- but you did put yourself forward as a "consultant" which does imply a certain level of expertise -- that's why I'm ribbing you a bit on how much you spent on your rigs. I just wanted to point out to the membership here that most of them are (apparently!) qualified to make a bit of money on the side as a Bitcoin consultant.
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