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Author Topic: Making a profitable rig for altcoin  (Read 3884 times)
manav1112
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October 18, 2013, 04:21:29 AM
 #1

I know I created a topic of this already, but this time I just want to keep it to MINING only!

So I was thinking, I could use the reserve money (quite a lot) and create a mining rig.
Now is this website correct: in saying that a HD 7950 can run at 725 KH/s? If so according to: http://www.wheretomine.com/ if I put in a hashrate of 3625 KH/s for Scrypt it gives me a earning of 355$ a month which is 20000 INR.
Calculations
However when I mine worldcoin on 100 KH/s, for about 1400 minutes (23.33 hours) it only gave me about 25 WDC which is about 0.00275373 BTC at current exchange rate which is about $0.4 at the average rate of $156 / BTC, meaning I do get more than what it says on wheretomine.com So, that would mean that if I was mining that long at 3250 KH/s I would have gotten $0.4 * 32.5 = $13 a day x 30 for 1 month = 390$ x 61.13 for INR = 23140!
I am not taking electricity into account, because in my locality it is dirt cheap  Smiley

Now that would mean I would need to invest 1100$ As I need to just upgrade my motherboard and GPU's? Or is there a more efficient of mining to get 20000 INR at least a month, as I need to start earning ASAP.

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October 18, 2013, 04:49:32 AM
 #2

Now that would mean I would need to invest 1100$ As I need to just upgrade my motherboard and GPU's? Or is there a more efficient of mining to get 20000 INR at least a month, as I need to start earning ASAP.
Sell yourself into the sex trade.

Mining is not a profitable venture.

manav1112
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October 18, 2013, 05:26:53 AM
 #3

I dont mean PROFITABLE, but it just needs to give me some money every month, which is possible. P.S Your comment has really really offended me. Just because I have less money atm, you dont just say things like that.

hendo420
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October 18, 2013, 05:28:12 AM
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Now that would mean I would need to invest 1100$ As I need to just upgrade my motherboard and GPU's? Or is there a more efficient of mining to get 20000 INR at least a month, as I need to start earning ASAP.
Sell yourself into the sex trade.

Mining is not a profitable venture.

You lie. lol

My Scrypt farm has made ROI a few times over since I started mining with it in March/April.

It all depends on how much your power costs.

My power costs $0.03/kwh delivery $0.04/kwh which is $0.07/kwh Smiley

42 The Meaning of Life and CryptoCurrency       http://www.coingig.com/Hendo420
manav1112
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October 18, 2013, 05:29:54 AM
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Now that would mean I would need to invest 1100$ As I need to just upgrade my motherboard and GPU's? Or is there a more efficient of mining to get 20000 INR at least a month, as I need to start earning ASAP.
Sell yourself into the sex trade.

Mining is not a profitable venture.

You lie. lol

My Scrypt farm has made ROI a few times over since I started mining with it in March/April.
So, do you think the setup of 5 HD 7950 could make about $467 a month?

hendo420
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October 18, 2013, 05:34:27 AM
 #6

Now that would mean I would need to invest 1100$ As I need to just upgrade my motherboard and GPU's? Or is there a more efficient of mining to get 20000 INR at least a month, as I need to start earning ASAP.
Sell yourself into the sex trade.

Mining is not a profitable venture.

You lie. lol

My Scrypt farm has made ROI a few times over since I started mining with it in March/April.
So, do you think the setup of 5 HD 7950 could make about $467 a month?

on average 5x 7950s should do about 3250kh/s
That would earn about 3.17LTC per day, other coins are more profitable, FTC has been the most profitable for me for the past few weeks.
3.17LTC is about $5.79 per day or a total of $173 per month.

5x 7950s will pull about 1500w including the mobo/cpu.
1500w over a month would be 1080kwh  at my power cost it would be about $75.60 a month.
$173 - $75.60 = $97.40 profit per month


NOT INCLUDING KEEPING THE WHOLE THING COOL!!!

See my Old Trunk Litecoin Mining Rig for an example of overkill. lol

https://bitcointalk.org/index.php?topic=280614.0

42 The Meaning of Life and CryptoCurrency       http://www.coingig.com/Hendo420
manav1112
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October 18, 2013, 05:42:05 AM
 #7

I am just upgrading, and I got enough fans (6 just lying around) so im only taking the cost of the GPU + motherboard which is $1100.
Are these calculations correct, or am I going wrong somewhere?

Calculations
However when I mine worldcoin on 100 KH/s, for about 1400 minutes (23.33 hours) it only gave me about 25 WDC which is about 0.00275373 BTC at current exchange rate which is about $0.4 at the average rate of $156 / BTC, meaning I do get more than what it says on wheretomine.com So, that would mean that if I was mining that long at 3250 KH/s I would have gotten $0.4 * 32.5 = $13 a day x 30 for 1 month = 390$ x 61.13 for INR = 23140!
I am not taking electricity into account, because in my locality it is dirt cheap  Smiley
Changed it to 3250 KH/s, still above 20k per month Cheesy and if I just use it for ROI, in theory I should get it back in 3 months

manav1112
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October 18, 2013, 06:07:32 AM
 #8

I am taking the figure from my $0.4 a day for World Coin though at 100 KH/s. Seems unbelievable but i dont know how my calculations are wrong though. Exchange rate: https://www.cryptsy.com/markets/view/14
Time of mining was taken from my client because it says it started 23.33 hours ago at the time I wrote this
My wallet shows 24.9 WDC

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October 18, 2013, 06:18:05 AM
 #9

P.S Your comment has really really offended me. Just because I have less money atm, you dont just say things like that.
Call the internet police.

You lie. lol

My Scrypt farm has made ROI a few times over since I started mining with it in March/April.

It all depends on how much your power costs.

My power costs $0.03/kwh delivery $0.04/kwh which is $0.07/kwh Smiley
Okay, that was 7 months ago... Completely irrelevant to the situation today. March was a great time to own a mining rig, especially if you were mining LTC.

Especially with FPGAs starting to pop up for scrypt... Building a mining rig is not where you wanna be right now Roll Eyes

manav1112
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October 18, 2013, 06:38:15 AM
 #10

P.S Your comment has really really offended me. Just because I have less money atm, you dont just say things like that.
Call the internet police.

You lie. lol

My Scrypt farm has made ROI a few times over since I started mining with it in March/April.

It all depends on how much your power costs.

My power costs $0.03/kwh delivery $0.04/kwh which is $0.07/kwh Smiley
Okay, that was 7 months ago... Completely irrelevant to the situation today. March was a great time to own a mining rig, especially if you were mining LTC.

Especially with FPGAs starting to pop up for scrypt... Building a mining rig is not where you wanna be right now Roll Eyes
Yeah but then there are so many scrypt coins, some of them are still very profitable in some aspect such as the worldcoin which gave me 0.4$ at 100 KH/s so if I had a much more powerful rig that would be very good.

hendo420
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October 18, 2013, 06:51:48 AM
 #11

The problem is you cannot rely on the other coins to be profitable over LTC for long. I use LTC as a baseline because its more stable than most.

I have gotten lucky on a few and been one of the first miners on a new coin and then get to sell it at a very nice profit. ($1000-2000+ is possible for a few days mining) But this is a very rare occurrence now adays. lol

42 The Meaning of Life and CryptoCurrency       http://www.coingig.com/Hendo420
cowandtea
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October 18, 2013, 07:19:12 AM
 #12

Wait for FPGA or ASIC, then it would be even more profitable..

manav1112
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October 18, 2013, 08:58:11 AM
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FPGA is likely to come, but I dont think ASIC will be there for scrypt yet...

Sword Smith
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October 18, 2013, 09:07:48 AM
 #14

If you have some liquidity and some decent bank access, you could start trading bitcoins locally. I think that would be more profitable than mining. But mining might work out fo you if you are lucky. Trading bitcoins for local fiat currency is probably a more long-term thing, though.

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October 18, 2013, 09:20:14 AM
 #15

If you have some liquidity and some decent bank access, you could start trading bitcoins locally. I think that would be more profitable than mining. But mining might work out fo you if you are lucky. Trading bitcoins for local fiat currency is probably a more long-term thing, though.

I know some people have made more from Trading than mining over here.
But there are risks too.
So do your own due diligence before jumping into any projects.

manav1112
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October 18, 2013, 09:21:29 AM
 #16

If you have some liquidity and some decent bank access, you could start trading bitcoins locally. I think that would be more profitable than mining. But mining might work out fo you if you are lucky. Trading bitcoins for local fiat currency is probably a more long-term thing, though.
Yeah, so u mean like buy bitcoins cheap and sell them expensive right? There isnt much demand though over here, and mining is something which will keep going, all i have to do is a daily check if its mining enough or i should switch coin, or if its getting to hot.

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October 18, 2013, 09:34:53 AM
 #17

How much do you pay for electricity in India?  What's the average temperature in the room where you'll be operating your rigs?  You will not be able to run your cards at 100% if you can't keep the room cool and the air flowing.

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Sword Smith
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October 18, 2013, 09:38:09 AM
 #18

If you have some liquidity and some decent bank access, you could start trading bitcoins locally. I think that would be more profitable than mining. But mining might work out fo you if you are lucky. Trading bitcoins for local fiat currency is probably a more long-term thing, though.
Yeah, so u mean like buy bitcoins cheap and sell them expensive right? There isnt much demand though over here, and mining is something which will keep going, all i have to do is a daily check if its mining enough or i should switch coin, or if its getting to hot.
Yes. That is what I mean. If there is not a lot of demand, you could work to create the demand. Sell it as an investment oppurtunity to protect against inflation.

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October 18, 2013, 11:07:07 AM
 #19

For alt-coins that use scrypt jane, AMD R9 Hawaii would be a good choice due to the 4GB ram.

manav1112
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October 19, 2013, 06:06:02 AM
 #20

How much do you pay for electricity in India?  What's the average temperature in the room where you'll be operating your rigs?  You will not be able to run your cards at 100% if you can't keep the room cool and the air flowing.
1st question: $0.05 KW/h but it is ok because if it ends up too high, i have a house which is connected to Golden Temple (I am very lucky to have such a ancestrial house right next to it) and that had (im not joking) free electricity, but i prefer having it in my current house, which is also powered by Solar Panel Smiley
2nd question:
Here you go:
Also please do tell me how to keep it cool, because I dont want it to go bad, or not work at 100%. Currently year round, the rig is at 66 if idle, and 74 when mining (celcius).

Thanks for the advice Smiley

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