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Author Topic: for people who started mining recently, have you paid off your machines?  (Read 3689 times)
Rob P.
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July 19, 2011, 02:47:57 PM
 #21

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.


A troll says what?

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flyswatta
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July 19, 2011, 02:54:40 PM
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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.

I normally don't mind your posts, but really, why do you care about what he does? Good for him that he's able to make some money on the side doing this.  I know with some of my work associates, they are quite adept at building PC's/servers, but are tentative about building mining rigs. They don't want to/can't spend 20+ hours figuring it all out.  They just aren't sure about what software to install, how to set up a wallet, what exchanges to use, etc. I did all of the research, played with it and figured it out. I chose to freely share that information with them since we are just playing around with it and are interested in new technologies. If it were someone out to run a business for profit then I would charge consulting fees.  
Rob P.
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July 19, 2011, 03:13:28 PM
 #23

Thanks guys.  Appreciate the thoughts.

It's easy to criticize others, hard to take criticism, and harder yet to rise above it.

I'm not worried about AngelusWebDesign, his forum posts speak for themselves, and I like to think mine speak for me.  I don't hide my identity, I'm upfront with my thoughts and beliefs, and I have references for my work. 

I won't let him hijack the thread.  I didn't have to post all of the details on my rigs, I just wanted to provide the OP some insight, Angelus believes he could build the rigs for 30% less and get them paid off 30% faster, good for him.  If I went back in time knowing what I know now, I wouldn't have made the same choices I did.  I'm stuck with mine for the time being.  Just trying to help someone else make better choices.

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Morebitcoinsplease
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July 19, 2011, 03:30:48 PM
 #24

Started out few months ago with just my laptop doing 60 Mhashes and then become profitable and went on to build what I have been running on now, 6x5970's each card doing 750 Mhashs each and 10x5850's doing also about 330 Mhashs. I have so far made back 2 / 3 investment within 3 months hoping to pay it all off within the next 4 - 5 months to pay it all off (including electricity costs every month).

So nope not paid off yet, but hopefully soon =)
m0w3r
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July 19, 2011, 04:58:06 PM
 #25

I'm trying to look 12+ months down the road.  I think this current BTC price dip is a good opportunity to get in, both for mining and just buying BTC.  
So, I'm doing both.  
I also plan to mine, mine, mine for 1 year or maybe until the block reward goes down to 25BTC.  At which point I guess I'll reevaluate.
So, no, not payed off (not even close), but am really waiting about 1 year to total things up anyway.
TonyHoyle
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July 19, 2011, 06:03:38 PM
 #26

I got in just before the big price rise a couple of months back, sold a few BTC, realized the price was going up, then stopped selling.. that was a mistake, but realized that way too late.

Currently losing much more per week on the price drops than I'm gaining mining, and don't have the luxury of the nearly free power you get in the US so I'm resigned to never paying it off (price drop plus difficulty increase looks like converging with the power cost in the next month or so), but I had fun...
bcpokey
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July 19, 2011, 06:10:40 PM
 #27

How are we defining recently? Last few days? Last few weeks? Last few months?

The people who started in the past few days cannot have paid off their machines regardless. Past few weeks, possibly if they just bought a very efficient GPU(s) and no other hardware, but even then, that's a stretch.

Myself, I started 2 months ago, which seems to have been a lucky strike timing for latecomers, and I've paid off my rigs with a few thousands dollars on top to boot. Including paying off my main machine which is ridiculously inefficient, as it is a gaming/workstation as well as mining rig (HAFX, i7 2600k, P8P67 Extreme, SSD, raid HDDs, extra scythe GT15 fans, oversized PSU, basically everything possible to drive up price). But that was a matter of timing, I managed to get in when difficulty was relatively low, buying tons of cheap 5870s before people realized what they were for, and when price began surging upwards, allowing me to hold until plateaus appeared to dump.

So I'm probably close to an ideal case for relatively recent mining. Anyone much later than me probably still has a month or two to go to reach equitability if things remain stable.
jme621
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July 19, 2011, 08:50:53 PM
 #28

my first order for newegg was exactly 2 months ago today. all my stuff is paid off and the extra i made has funded a trip to vegas this weekend. depending on how i do there, i may add one more 3 card rig when i get back. 

SmokeAndMirrors
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July 20, 2011, 01:48:20 AM
 #29

Bought 2 6970's after doing a bit of research into bitcoins. Mined in a pool until I found a block and realized I had missed out on about 46 BTC after a couple weeks in the pool. Switched over to solo mining immediately and just found another block the other day so I'm about 3/4 paid off for my 2 cards, not including the $600 I made playing poker over at betco.in.

Help Bitcoins by buying clothes, technology, books, etc. through people/stores that accept BTC. This will increase overall value of BTC as well as mitigate unnecessary bank transaction fees.

My address -
1EM9HGg1SEa5Bux1rVEPxGqGSfNTTc9EkC
Fjordbit
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July 20, 2011, 05:01:03 AM
 #30

No. I will say I'm a little mad at myself because It took a few iterations to make sure I had all of the right parts, so that was 1.5 weeks wasted and then I've been struggling with getting all of the cards to be recognized until today, so that was another 1.5 weeks wasted (although I had one card going, so there's that).

Still with all the mistakes, it only cost about $1 per MHps. My ROI is 6 months at this price/difficulty.
bcpokey
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July 20, 2011, 10:22:33 AM
 #31

Seems we have a lot of gambling sharks in here :p
Fjordbit
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July 20, 2011, 01:42:36 PM
 #32

Seems we have a lot of gambling sharks in here :p

Poker is a draw for bit coin. I believe in the liberty philosophy of bitcoin, but as a practical matter, the fact that I can play poker with real money gives it utility.
Bitonetta
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July 20, 2011, 04:41:42 PM
 #33

Yes.

Started just shy of 2 months ago.  Dropped *LOL* many thousands of dollars on hardware.  Would EASILY have more if I was able to drop more power into my place.  I'm nearly at my limit and more machines will end up tripping fuses.  =(

I'm limited by electrical supply.  No problems with space, noise or heat.  I would need to go commercial or move my machines out of my residential to grow if I wanted to.  Regardless, I'm quite happy with this whole operation and even if everything collapsed today, I wouldn't care much.  I don't know what I'm going to do with this many 5xxx/6xxx cards after bitcoin tho.  I'm going to have alot of happy family and friends tho.  I plan on just giving them away to them.  They can duo/tri/quad them.  =O
ensign_lee
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July 20, 2011, 08:50:45 PM
 #34

Yes, started about the middle of May according to my newegg invoices.

Of course, my payoff period was a little longer, since I was buying parts for machines that I would use after mining. So no AMD Semprons, I was getting Intel i5-2500k's along with P67 mobos, etc.

Just barely started making money, and that's with me selling some of my video cards that I got as well. But hey, I have shiny new computers, so yay for that.
bcpokey
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July 20, 2011, 09:32:57 PM
 #35

Seems we have a lot of gambling sharks in here :p

Poker is a draw for bit coin. I believe in the liberty philosophy of bitcoin, but as a practical matter, the fact that I can play poker with real money gives it utility.

A shame that pornography, drugs and gambling are the best bets to gaining any traction for something like bitcoin, but don't look a gift horse in the mouth eh?

I'm still waiting for pokerstars.net or someone big to start accepting bitcoin, that would certianly be a boon for the currency Smiley
Bitonetta
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July 20, 2011, 10:14:25 PM
 #36

A shame that pornography, drugs and gambling are the best bets to gaining any traction for something like bitcoin, but don't look a gift horse in the mouth eh?
Pornography tends to push edge stuff.  And even helps the adoption rate of many of those things.  Just looking back.  Photography, Video, VHS/DVD and Bluray, Internet/WWW.  Seems they always in front of things before 'mainstream' does.  So it's not always such a 'bad' thing.
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