Miners that pay for electricity should seriously start reconsidering

[release]

Just because I have time I'll try to build a high ratio build that cuts all corners with the 5850 @ 145

http://www.newegg.com/Product/Product.aspx?Item=N82E16813138324
48 for extenders
30 for cpu (heat sink not included)
10 for heatsink
6-flash drive
10-ram
580 for 4 5850
90 for psu
total=834
expected megahash=1,600

ratio = 1.91
I guess if you want to add a case add ~$60
ratio=1.79

if you just build your own case with metal from a reputable metal seller (onlinemetals, not the one in the "how to" guide in hardware), it will cost about $20. (assuming you have spare screws, a caliper and a power drill with drill bits)

[kiwiasian]

I was curious, so I checked out the price of kWh from my utility. Not bad. $0.0950 per kWh. I need to get a kill a watt meter for my pc.

Yes the rate seems low but that is the rate you pay while you are in the "normal usage" tier. I don't know exactly what they call it. But once you go over the kwh/month "limit" or baseline then you start getting ridiculous charges, up to 14 cents per kwh.

So in other words so long as you are in tier 1 "normal usage" you pay $0.0950 per kwh, tier 2 "excess usage" you pay (hypothetically) $0.5000 per kwh, tier 3 "overboard usage" $0.14 per kwh.

I have the exact same rate. You know what the electricity bill was for my 24/7 dual 5850 miner? $250. Last month's bill, not mining at all? $70. No, I don't use the AC.

[bmgjet]

Well iv finished mining now, Still holding on to a few BTC which ill sell if price ever gets back to $2X.XX.
My power billing is a bit like that.
Looking on last months bill I got so many KW/H charged at 0.19 then the last day it went up to tire 3 (high usage) which was charged at 0.29 but luckily it only cost $6 for that day but would of sucked being on that pricing for a week or 2. On the low rate it was only costing $2.XX per day about $15-16 per week for my rig and I was making $62NZD a week (when BTC was at $15USD.)

Was a good run tho. Managed to Pay off 1/4 of my 6850, 100% of my 6670 and buy 2X antec-kuhler-h2o-620 watercooler setups.
Both GFX cards are getting a good using with BFBC2 online now.

Just wish I had a time machine tho. Take my rig back in time with the GFX miner client to when bitcoin first started then I would have had sh*t loads of btc to sell when it was at the $2X.XX high.

[nebiki]

Well iv finished mining now, Still holding on to a few BTC which ill sell if price ever gets back to $2X.XX.
My power billing is a bit like that.
Looking on last months bill I got so many KW/H charged at 0.19 then the last day it went up to tire 3 (high usage) which was charged at 0.29 but luckily it only cost $6 for that day but would of sucked being on that pricing for a week or 2. On the low rate it was only costing $2.XX per day about $15-16 per week for my rig and I was making $62NZD a week (when BTC was at $15USD.)

Was a good run tho. Managed to Pay off 1/4 of my 6850, 100% of my 6670 and buy 2X antec-kuhler-h2o-620 watercooler setups.
Both GFX cards are getting a good using with BFBC2 online now.

Just wish I had a time machine tho. Take my rig back in time with the GFX miner client to when bitcoin first started then I would have had sh*t loads of btc to sell when it was at the $2X.XX high.

this is serious business. if you started at that time with such a huge hashrate, it would have affected bitcoins in a very dramatic way. so that's not a good idea.

[Mousepotato]

Just wish I had a time machine tho. Take my rig back in time with the GFX miner client to when bitcoin first started then I would have had sh*t loads of btc to sell when it was at the $2X.XX high.

Yeah, IF you waited that long for BTC to reach $20.  Back when Bitcoin mining first started, even if you had 20 GH/s of hashing power, you still wouldn't be as profitable as you are right now.  I don't get why people are crying about how "unprofitable" mining has become.  Even at $8.70 per BTC, it's still way more profitable than when the earliest adopters were mining.

[navigator]

DELETED for privacy

[Transisto]

Only paying $0.05194 per kWh here. During the winter after the first 1200kWh the rest are only $0.04426.

Where is "here" ?

[navigator]

DELETED for privacy

[jasonk]

Switched my 2 mining rigs off today when the price fell to $6.  Will reconsider if it goes above $9.

[phorensic]

Switched my 2 mining rigs off today when the price fell to $6.  Will reconsider if it goes above $9.

Thank you!

[Cluster2k]

Switched my 2 mining rigs off today when the price fell to $6.  Will reconsider if it goes above $9.

Thank you!

And this ladies and gentlemen, is a prime example of the Tragedy of the Commons.  A miner quitting as it's pointless mining for a return of cents per day is sarcastically thanked by other miners still in the game, who get very cheap or 'free' electricity.  Other miners are now less likely to quit as someone else will take their share, and it's a race to the bottom from here.

In reality we don't need any miners.  There are 7 million bitcoins in existence which is probably more than half what will ever get generated (early adopters who mined and thought the whole thing to be pointless and deleted their wallet, hard drive crashes, stolen and reformatted computers, deceased bitcoin owners not informing anyone of their wallet, etc).  More than enough bitcoins out there to satisfy speculators.

[Grinder]

In reality we don't need any miners.  There are 7 million bitcoins in existence which is probably more than half what will ever get generated (early adopters who mined and thought the whole thing to be pointless and deleted their wallet, hard drive crashes, stolen and reformatted computers, deceased bitcoin owners not informing anyone of their wallet, etc).  More than enough bitcoins out there to satisfy speculators.

Except for the fact that the security of the existing bitcoins is directly related to the difficulty level. The mining part isn't there to distribute bitcoins, it's there to keep them safe.

[sharky112065]

Switched my 2 mining rigs off today when the price fell to $6.  Will reconsider if it goes above $9.

Thank you!

And this ladies and gentlemen, is a prime example of the Tragedy of the Commons.  A miner quitting as it's pointless mining for a return of cents per day is sarcastically thanked by other miners still in the game, who get very cheap or 'free' electricity.  Other miners are now less likely to quit as someone else will take their share, and it's a race to the bottom from here.

In reality we don't need any miners.  There are 7 million bitcoins in existence which is probably more than half what will ever get generated (early adopters who mined and thought the whole thing to be pointless and deleted their wallet, hard drive crashes, stolen and reformatted computers, deceased bitcoin owners not informing anyone of their wallet, etc).  More than enough bitcoins out there to satisfy speculators.

Wow, 203 posts and you still do not know that you need mining for the transactions to go through?

[Hands]

Southern US

that may be your fuel charge, but depending where you are your fuel charge is about half of your KWH charge... That or you live somewhere with rates that are less than 1/2 those of Austin Tx, and we are know for having some of the lowest rates in texas..  (with the summer surcharge, after the first 500KWH's per month I pay .13XXX in the summer and about .115XX in the winter.. however the first 500KWH's only cost me .095... With my 3 miners I need 10.00/day to break even.. (when you include the increased AC costs, Fan costs, etc.. (the miners alone are about 7.00/day) and thats running my house at 80' F so not really "cold".

I turned off all 3 of my miners on Saturday morning. I'll turn them back on when the price goes back up to $13 or I'll scale down over the next few weeks.. I'm not going t loose 2 or 3 dollors a day just to keep the bitcoin network secure.

Josh

[Cluster2k]

Wow, 203 posts and you still do not know that you need mining for the transactions to go through?

Oh, I know that.  By 'we don't need miners' I mean we don't need hoards generating bitcoins for little to no profit at current prices.  There will always be miners out there mining with very cheap or 'free' electricity, so transactions will always go through.

The hash rate has barely risen over the past few weeks so it seems we're well past the moment where GPU mining is attractive.  Next up is FPGA mining, assuming someone puts together an attractive package.

[mike678]

The hash rate has barely risen over the past few weeks so it seems we're well past the moment where GPU mining is attractive.

I'm sure if we ever have another spike where bitcoins surges to 30 dollars we will see a huge difficulty increase where people run to buy every ati card possible.

[kokojie]

Yep this is why I created this post. Those who have to pay above 10c per KW for electricity, should start wind down their operation now. The only miners that can remain in the game for the long run, are those that pay zero or almost nothing for electricity. These people will laugh at difficulty rise, price drop, they don't care, they will still turn a profit. You just can't compete with these guys.

Wow, 203 posts and you still do not know that you need mining for the transactions to go through?

Oh, I know that.  By 'we don't need miners' I mean we don't need hoards generating bitcoins for little to no profit at current prices.  There will always be miners out there mining with very cheap or 'free' electricity, so transactions will always go through.

The hash rate has barely risen over the past few weeks so it seems we're well past the moment where GPU mining is attractive.  Next up is FPGA mining, assuming someone puts together an attractive package.

[navigator]

Southern US

that may be your fuel charge, but depending where you are your fuel charge is about half of your KWH charge...

See for yourself. Removed for privacy

[Littleshop]

DROOL!

[Hands]

Southern US

that may be your fuel charge, but depending where you are your fuel charge is about half of your KWH charge...

See for yourself. http://www.wste.coop/rates-farmhome.php

Holy Snikies thats insane!!!! I need to rent a house in Slidell and load it up with miners.. thats just straight crazy energy pricing there !!!  Looks like your coop doesn't charge transmission rates.... Me = shocked right now :-).

I would call you a lucky bastard, but living Louisiana during this heat-wave probably isn't all that much fun... I'm not a fan of the 105's we keep seeing but at least the humidity is below 40%.. :-)

Josh