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Author Topic: Are alt coins profitable to mine at the moment?  (Read 2906 times)
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September 30, 2013, 02:13:17 AM

Today I have mined 100 cgb in a 24 hour period and have been burning 7.5kwh - 8kwh on average. My electricity cost here in the UK is 11.5 pence per kwh (and that is one of the cheapest tariffs) so that is £22.08 per 24 hours. The cgb I have mined are only worth around £18!!!

The electricity is everything used including switches, router,  extractor and inlet fans.

I find the coinwarz calculator to be over optimistic for the number of coins mined as well.

Is anyone actually making any money?

Coinwarz is slow on updates and/or inaccurate at times with the profits. Also, they don't have other coins that are more profitable to mine on there. To be honest, mining has some many variables to account for: equipment costs, electricity usage/cost per kwhr, a coin's exchange rate, difficulty mining the coin, etc..... I'm have second thoughts of backing out of mining and just buying coins outright and selling at the right time, just like the stock market....Electricity companies are making a killing off of miners....Last month, after electricity cost, I made $70 USD with my 3 GPU card setup.....Just put it like this, not something enough to make a living off of yet....Only those who were fortunate to mine the first 3 years of Bitcoin and 1st year of Litecoin, made the most profits....

CRYPTSY exchange: BURST= BURST-TE3W-CFGH-7343-6VM6R BTC=1CNsqGUR9YJNrhydQZnUPbaDv6h4uaYCHv ETH=0x144bc9fe471d3c71d8e09d58060d78661b1d4f32 SHF=0x13a0a2cb0d55eca975cf2d97015f7d580ce52d85 EXP=0xd71921dca837e415a58ca0d6dd2223cc84e0ea2f SC=6bdf9d12a983fed6723abad91a39be4f95d227f9bdb0490de3b8e5d45357f63d564638b1bd71 CLAMS=xGVTdM9EJpNBCYAjHFVxuZGcqvoL22nP6f SOIL=0x8b5c989bc931c0769a50ecaf9ffe490c67cb5911
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