Are alt coins profitable to mine at the moment?

[rovchris]

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?

[MaGNeT]

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?

What is your total hashrate?

[rovchris]

It is on average 18 Mega Hashes per second

[sal002]

I believe www.wheretomine.com is more accurate for coin generation.  You might want to compare its calcs with coinwarez.

[rovchris]

I think the problem with the calculators is they only give you a snapshot at that moment and if the difficulty did not change through the 24 hour period but as we all know it changes regularly and when you compare it your real earnings it is often out by quite a bit.

I am running 28 7970's and I can barely make enough money to warrant the time spent selling the coins on Cryptsy what is everyone else doing?

[QuantPlus]

Hardware is not free... especially when you are running flat out at high temperatures.

Hardware depreciation cost is roughly equivalent to electricity in North America...
For me, at $0.10 KWh in Canada, $$ hardware > $$ power...
This concept that PCs are a "sunk cost" and therefore "free" is NONSENSE.

[rovchris]

I have been running this set up since March and have managed to mine a total 105 Bitcoins (by trading alt coins) so have just covered the initial outlay on all the hardware but now I am not even paying the power costs.

The thing is this how many people are now running at a loss excluding the hardware payback?

If this trend continues are alt coins going to grind to a halt - I can not be the only person thinking this?

Could anyone else publish there actual earnings for the last 24 hour period versus power costs as opposed to what the mining calculators say?

The only winner at the moment for me is the power company!

[Buffer Overflow]

I am running 28 7970's and I can barely make enough money to warrant the time spent selling the coins on Cryptsy what is everyone else doing?

Everyone else is doing the same as you, trying to profit from someone else. Obviously this is unsustainable, something has to give.

[Buffer Overflow]

If this trend continues are alt coins going to grind to a halt - I can not be the only person thinking this?

Yes. I predict 'the great alt crash' coming.

[rovchris]

If this trend continues are alt coins going to grind to a halt - I can not be the only person thinking this?

Yes. I predict 'the great alt crash' coming.

That is what I was getting at - it is just reassuring to know there are a few others thinking along the same lines.

I think it will be more of a slow drawn out death than a sudden collapse though.

It may have already started is the truth!

I would still be keen to know others actual profit and loss for a 24 hour period in the last week, that way there is some actual data to verify what I suspect.

Anyone happy to share?

[Buffer Overflow]

If this trend continues are alt coins going to grind to a halt - I can not be the only person thinking this?

Yes. I predict 'the great alt crash' coming.

That is what I was getting at - it is just reassuring to know there are a few others thinking along the same lines.

Yeah, somethings gotta give.

I don't mine using GPUs anymore. Too expensive.

[fendlestick]

I don't mine anymore.

[Professor James Moriarty]

 Mining started out to be for 'hobby' reasons and for getting a stronger blockchain.

 I mean there are so many people willing to lose money on hardware + electricity for mining that , people who wants to earn money from it burns because of them.

[Buffer Overflow]

I mean there are so many people willing to lose money on hardware + electricity for mining

Also unsustainable. Unless they are stealing electricity of course.

[rovchris]

I mean there are so many people willing to lose money on hardware + electricity for mining

Also unsustainable. Unless they are stealing electricity of course.

Agreed and even then how long can you steal electricity for - it is not really a sound business model.

The only thing is - in winter you can use some of the coins generated to offset your heating costs.

[darksoft]

Pick a different coin...

[rovchris]

I was just using CGB as an example as its average position is always high on the mining profitability charts and is what I had been mining for the past 24 hours.

No one else want to say what their Profit and Loss was for a 24 hour period in the last week or do you guys not analyse this data?

[coldbreeze16]

My analysis for today is as follows
Mining on middlecoin-> 24hr (-10 min power outage)
Hash rate-> 636kHps (566 kHps while I use my PC which has been 6.5 hrs in this 24 hr period)
Coins earned ->0.013423 BTC = 1.6376$
Electricity consumed? Not sure, the room I rented was too large for me so the other half is rented out to another family and we share the electric bill. Haven't kept an eye on the meter today, but when PC is hashing it should maximally be consuming 350 kWh (HD 7950 = 220 W, proccy = 65 W, the rest). I pay 0.065$ per unit. So let's say it's 9 kWh/day. So that is 0.59$ on electricity
Probable profit -> 1.047

I'm taking worse conditions, give or take it should be 1.3-1.6$/day/HD 7950 (if I calculate exact electricity costs, let the PC hash away at maximal capacity without using it etc)

Plus I could earn 0.002-0.008 BTC extra each day if I use multipool.us which is what I was using until their servers went kaput 2 days ago or use multiminer which I fiddled with yesterday. But I believe trading manually is too time consuming especially when you have to track so many scamcoins. Auto trade is kinda inefficient at the moment.

PS: just to add, not hashing for money, just experimenting. Bought this baby 7950 for gaming and that's what I gonna do when my exams are over next month. Aaaand this 7950 is a reviewer unit = far better PCB build. :p

[QuantPlus]

I mean there are so many people willing to lose money on hardware + electricity for mining

Also unsustainable. Unless they are stealing electricity of course.

LOL... I have free electricity in my condo...
As long as I don't go crazy no one notices.

That's why I focus on hardware cost.

[rovchris]

My analysis for today is as follows
Mining on middlecoin-> 24hr (-10 min power outage)
Hash rate-> 636kHps (566 kHps while I use my PC which has been 6.5 hrs in this 24 hr period)
Coins earned ->0.013423 BTC = 1.6376$
Electricity consumed? Not sure, the room I rented was too large for me so the other half is rented out to another family and we share the electric bill. Haven't kept an eye on the meter today, but when PC is hashing it should maximally be consuming 350 kWh (HD 7950 = 220 W, proccy = 65 W, the rest). I pay 0.065$ per unit. So let's say it's 9 kWh/day. So that is 0.59$ on electricity
Probable profit -> 1.047

I'm taking worse conditions, give or take it should be 1.3-1.6$/day/HD 7950 (if I calculate exact electricity costs, let the PC hash away at maximal capacity without using it etc)

Plus I could earn 0.002-0.008 BTC extra each day if I use multipool.us which is what I was using until their servers went kaput 2 days ago or use multiminer which I fiddled with yesterday. But I believe trading manually is too time consuming especially when you have to track so many scamcoins. Auto trade is kinda inefficient at the moment.

PS: just to add, not hashing for money, just experimenting. Bought this baby 7950 for gaming and that's what I gonna do when my exams are over next month. Aaaand this 7950 is a reviewer unit = far better PCB build. :p

Thanks man - it is interesting to see how cheap your electricity is - it is under half of what I have to pay!

Where are you based in the USA, I know it can not be California because they have insane green taxes and a stepped electricity tariff the more you use the higher the cost per KWh.