My First Mining Rigs + Delivery Delay = Depressed

[colinfx]

I've got the crypto bug, read up everything, ready to order kit after 7 days research, ordered 4 x 1.5Mh/s rigs so I can hit the ground 'running' with some alt mining. Now today, when I am due to pick up the rigs I am told some of the kit will not arrive until tomorrow but maybe a few days more AAARGH!!!

Am I being too impatient - I want it NOW!

[wustenkatze]

I hear you! I feel like an expectant father every time I order hardware. The Wait, the checking of tracking numbers, the delays, partial shipments, I too feel your pain. Then the glorious day arrives when the UPS or Fed-Ex truck arrives, and you bound out of the house, tears streaming down your face as you sign for your new hardware. Personally, I open the box, look at my new purchase and smoke a cigar. Basking in the joy of my new arrival. 

[CryptoCraze]

Sounds like me, except actually going through with an order for equipment! What are you going to mine? Any ideas as of now? Currently running on 150kh/s (scrypt), something which takes forver :-/

[colinfx]

Currently running on 150kh/s (scrypt), something which takes forver :-/

Only been in crypto for a week and a few days, had my three laptops mining, around 40kh/s average? It was enough to learn about Xubuntu and cgminer, was so made up when my first moon coins arrived! Strange thing to create something from nothing that can be exchanged for LTC.

SO, without delay I ordered and PAID for the kit, didn't want to risk courier so was due to pick it up in person, 200 mile round trip drive - was going to be no sweat!

At first I thought 1.5Mh/s would be great, then I thought 3Mh/s would be better, then I thought (!) in for a penny, in for a pound and ordered 4 rigs giving a total of 6Mh/s!

It took me three days to mine my first 25,000 Mooncoins. When this kit arrives, I should get 100,000+ per hour

In all seriousness, I haven't got enough experience to know what to mine yet. So i've just been looking at anything that will convert to LTC. Mooncoins and Dogecoins look great. I got attached to Mooncoins as they were my first [ANN] of a new launch which I followed for days.

I am so impatient. I'm counting all the coins I haven't got.

Thumbs up to my supplier though, they have been great communicators and I am sure they'll have the kit to me as soon as they can - but I am SOOOO IMPATIENT!!!!

[CryptoCraze]

[...] ordered 4 rigs giving a total of 6Mh/s!

It took me three days to mine my first 25,000 Mooncoins. When this kit arrives, I should get 100,000+ per hour

100k an hour!? How much did those rigs cost you? I might have to invest in something similar myself. I guess the semi annually student loan will come in handy now.
Sadly, importing them to Norway would probably cost a fortune! :-/

[colinfx]

100k an hour!? How much did those rigs cost you? I might have to invest in something similar myself. I guess the semi annually student loan will come in handy now. Sadly, importing them to Norway would probably cost a fortune! :-/

The hard bit is finding the 8 x R9 280X GPU's, the rest is just cheap stuff. I probably paid over the odds, but I think it will be worth it!

[CryptoCraze]

100k an hour!? How much did those rigs cost you? I might have to invest in something similar myself. I guess the semi annually student loan will come in handy now. Sadly, importing them to Norway would probably cost a fortune! :-/

The hard bit is finding the 8 x R9 280X GPU's, the rest is just cheap stuff. I probably paid over the odds, but I think it will be worth it!

For the GPU's alone, I'd end up paying around $3250. Is that similar to what you paid, or are they perhaps more expensive here?

[colinfx]

My total spend is just over $5k

[CryptoCraze]

My total spend is just over $5k

Oh - I guess I shouldn't complain then !
But if you paid $5k for the equipment, and can mine 100k mooncoins per hour; have you calculated when you'll break even with your investments?

[colinfx]

But if you paid $5k for the equipment, and can mine 100k mooncoins per hour; have you calculated when you'll break even with your investments?

I won't only mine Mooncoin, but let's just say I did.

Hardware spend $5k but this will take some time to depreciate to $0 worth. The GPU are worth money for gamers who are probably having a hard time finding them! But, let's see how long to recover 100% hardware cost if I dumped mooncoins daily.

Let's say I mine 2,000,000 mooncoins per day and sell them at the current price of 400,000 Mooncoins to 1 LTC which is around $20.00 per LTC. That is 5 x $20 = $100 per day.

It would take me 50 days (7 weeks and 1 day) to recover my entire hardware cost. But of course, in 50 days time, my hardware asset value is way more than $0, probably still around $3,500 if I sold the parts on ebay.

But, after 50 days, my hardware is free and every penny I make is profit.

Of course, I am a newbie, does this sound about right?

[CryptoCraze]

That does sound reasonable, indeed! I caught myself not thinking about the price you could sell them for if it turns out to not generate any profit.
Hm, perhaps I have to invest some cash into this myself now :-)

[colinfx]

That does sound reasonable, indeed! I caught myself not thinking about the price you could sell them for if it turns out to not generate any profit. Hm, perhaps I have to invest some cash into this myself now :-)

This is exactly how I ended up ordering 4 rigs instead of 1! If it's going to make money, may as well try and make a lot of it

To take it a step further...

After 50 days I am getting $100 per day for nothing. Let's save up that $100 per day for 50 days, giving me $5,000 to buy MORE hardware - 4 x more rigs. This will DOUBLE my mining power.

After 100 days from starting, I would have recovered ALL of my $10k hardware cost and also earn $200 per day ($6,000 per month) for doing absolutely nothing!!!

[Skaterdiejosh]

At 6 Mh/s from my calculations you won't hit ROI for little over 3 months .....


http://bitcoinwisdom.com/litecoin/difficulty


That is just mining litecoin you really make that much more mining mooncoins then switching to litecoin ??

[colinfx]

At 6 Mh/s from my calculations you won't hit ROI for little over 3 months .....

Cool! I'm a newbie and don't even have delivery of my hardware yet, so my calcs might be a little 'out'. BUT, if I get ROI after 90 days, that's great (That is probably also assuming hardware is worth $0 day after purchase). Far more return than i'd get from my bank or any other investment I can think of (which would also be far less fun).

Also this is selling the coins on a daily basis. There's always the speculative fun of holding coins that you 'like'. Got to be honest, no-one knows which coins will/wont make it in the long term. But prices are up and down along the way with all coins, I think mixing basic mining with trading is the cherry on the cake for making money in this business - so I plan to do both

[alose]

For a newbie, if you want to be more hands off. Look at multipool its a mining pool site that is setup to mine the most profitable of the coins it can. Then you set resonable auto withdrawls to cryptsy and have auto sells on the addresses. You should be able to get around $100/day in btc while mining established new coins. Pre exchange coins are a gamble sometimes they dont get listed.

[imine]

I've got the crypto bug, read up everything, ready to order kit after 7 days research, ordered 4 x 1.5Mh/s rigs so I can hit the ground 'running' with some alt mining. Now today, when I am due to pick up the rigs I am told some of the kit will not arrive until tomorrow but maybe a few days more AAARGH!!!

Am I being too impatient - I want it NOW!

I know how you feel.  2 weeks ago I placed a $500 dollar order to get a rig up and running. While I was waiting for it to arrive I placed another $1500 dollar order   Im at close to $2200 total and should be able to do close to 3800kh using 8 r9 270s (280s were out of stock).  Still waiting on my ebay pci riser cables so Im only running 4 cards now, cant wait to get the other 4 installed.

[colinfx]

I know how you feel.  2 weeks ago I placed a $500 dollar order to get a rig up and running. While I was waiting for it to arrive I placed another $1500 dollar order   Im at close to $2200 total and should be able to do close to 3800kh using 8 r9 270s (280s were out of stock).  Still waiting on my ebay pci riser cables so Im only running 4 cards now, cant wait to get the other 4 installed.

With an ROI of 90 days it makes sense to max out your credit cards and just buy as many mining rigs as you (your bank) can afford

[md1984]

power cost factor.