Europe out of the mining game?

[gw4tt]

You under estimate many in the distributed computing community such as Folding at Home, World Community Grid, GPUGRID, M@H, and other BOINC projects. Having my grass roots in those myself and many other's that do such projects at their own expense and enjoy hardware in general. There will away's be those of us backing computational power for projects we believe in regardless of monetary gain. In fact I know many who had plenty of empty pcie slots they have now occupied for mining on already very high end system (EVGA SR-2's etc) to off set there cost and expand even further for F@H, WCG etc. Mining is in many cases helping fund individuals efforts to cure disease's.

I didn't say there wouldn't be people mining, I just said there's no reason for it. If it drops below my threshold I drop off. If the network really looked like it was falling apart I probably would turn on 300mhash/s just to support it though.

As there is NO way to get Euros to an exchange site fast enough befor the price potentially bounces and goes back to profitable, you either need to keep a few day's worth of electricity money on an exchange site and monitor this closely (this costs time, and time is money I loose and have to deduct from these earnings!) or just live with occassional 20 cents of loss on a bad day + shrug it off. If you mine at a constant loss (far below profitability) however, buying is really cheaper and you should stop mining.

Just calculate how much a mined bitcoin costs you (all you need is your MH/s speed, current difficulty + the amount of Watts you use) and decide then if mining is worth it.

Just keep a months worth of electricity costs in EUR at the exchange and setup a buy for a months worth of BTC at your breakeven point. that way you're not even watching the markets.

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[Callius]

Well the one is stealing which will get noticed if you consume a significant amount and the other.

And solar power panels are still too expensive their roi is even worse than the mining rigs and I doubt that anyone who writes here and claims free electricity has a high end solar system.

Define "a significant amount", it doesn't matter if you've got 1 person running 20Ghash or 40 people just running 500Mhash each, the latter probably won't be noticed by landlords or universitys especially if they live in a large dorm where it's split between say 10 people.  I get free electricity in that I don't have to pay it, but be welcome to not believe me it doesn't matter to me if you do.

[ElectricMucus]

Well you answered the question yourself pretty much. It's all about expected usage and common sense.

[BombaUcigasa]

The solution is simple: Price your coins at profitable rates.

[ElectricMucus]

The solution is simple: Price your coins at profitable rates.

Well it's still profitable for people who started early and hoarded them and that's what we are seeing now. This trend will continue until the supply of old coins has permeated through the community which will raise the price automatically. 

[ArtForz]

It's also still plenty profitable for people that saw the trend early and went for significantly more efficient hardware instead of "LOL MOAR 5830!!!".

[DrKennethNoisewater]

In southern Cali, where energy costs is some of the most expensive in the land, it's costing me about $7 (in power costs)
to mine 1 BTC....................

[arnoldrimmer]

Germany : I get  my Coins from Solar Power like many others here... so wayne

[DrG]

In southern Cali, where energy costs is some of the most expensive in the land, it's costing me about $7 (in power costs)
to mine 1 BTC....................

I'm in SoCal too.  Yeah just letting a single 6870 run 24/7 on my main PC bumps my electric bill from $25/month (I live very cheaply with wife, mother-in-law and 2 babies) to $63/month (Tier 4 at $0.33).  If I were to build just 1 farming rig with 4 6870s I would hit Tier 5 and be losing about $5/day   

[Nicolai Larsen]

$0.44 in Denmark lol...

[mmortal03]

Are you guys pricing in the cost of the air conditioning required to cool the extra amount of heat your rigs are cotributing to your living space?  Is there a rule of thumb to price this into one's calculations in wattage?

[SolarSilver]

Are you guys pricing in the cost of the air conditioning required to cool the extra amount of heat your rigs are cotributing to your living space?  Is there a rule of thumb to price this into one's calculations in wattage?

What airco? Just put the machines spread out over a few rooms and use them to heat the house... That's how I do it here... Not so much fun in July (as it was extremely hot here) but August was a pretty cool month and in September we'll have no need to swich on the heating system

[mmortal03]

Are you guys pricing in the cost of the air conditioning required to cool the extra amount of heat your rigs are cotributing to your living space?  Is there a rule of thumb to price this into one's calculations in wattage?

What airco? Just put the machines spread out over a few rooms and use them to heat the house... That's how I do it here... Not so much fun in July (as it was extremely hot here) but August was a pretty cool month and in September we'll have no need to swich on the heating system

Where I live, it's still hot enough outside to require running the A/C, so until it gets colder outside, any additional heat produced by my rig is an additional cost, because the A/C has to run that much more.

Anyway, the question was more general than that, I'd simply like to know a way to calculate this additional cost using a rule o thumb of some sort.

[AngelusWebDesign]

In Texas it was 110 on Sunday, 107 on Monday, and today's supposed to be 103.

We're on track to set a record this year for "the most days over 100".

So I discovered mining in late May, on the cusp of the hottest summer on record. Sweet. 

[mmortal03]

In Texas it was 110 on Sunday, 107 on Monday, and today's supposed to be 103.

We're on track to set a record this year for "the most days over 100".

So I discovered mining in late May, on the cusp of the hottest summer on record. Sweet. 

Don't worry, though, because whether it was averaging 85 outside or 105, the heat produced by your mining rig was still only going to cost you the exact same amount on your A/C bill!

[SolarSilver]

Where I live, it's still hot enough outside to require running the A/C, so until it gets colder outside, any additional heat produced by my rig is an additional cost, because the A/C has to run that much more.

Anyway, the question was more general than that, I'd simply like to know a way to calculate this additional cost using a rule o thumb of some sort.

We used in the past a induction current meter to monitor our airco as it's hooked in with a 3 phase cable to the office. It sucked so much power we decided to junk our old servers and replace them with low power units.

Observe your consumption for a day without computer equipment running and compare it to day with the equipment running at the same weather conditions?

In general I'd just note the meter for the entire setup (including miners, airco and house hold consumption) and if you can't break even, it's not worth it. That is not taking in account the writeoff cost of the mining equiment, purly the power consumption. If you can't break even (including the household consumption), you are making a loss.

[Noviz]

Lucky for me I have free electricity Although in a year I won't so I have to make the most of it...
inb4 "Your a lier"
inb4 "You don't actually have 'free' electricity"
blah blah blah

[minero1]

Where I live, it's still hot enough outside to require running the A/C, so until it gets colder outside, any additional heat produced by my rig is an additional cost, because the A/C has to run that much more.

This. Man i'm considering in splurging on a bigger A/C to compensate for the added heat in my "computer room", it is currently running for 16h a day so i can survive this heat, that's 21KW/h a day and my humble 4 card rig is using 21.6KW/h a day, thats 42.6KW/h to generate 0.5BTC on average. Thank God in Venezuela we pay $0.011 per KW/h

[ElectricMucus]

Lucky for me I have free electricity Although in a year I won't so I have to make the most of it...
inb4 "Your a lier"
inb4 "You don't actually have 'free' electricity"
blah blah blah

Tell us your secret then.

[BkkCoins]

Lucky for me I have free electricity Although in a year I won't so I have to make the most of it...
inb4 "Your a lier"
inb4 "You don't actually have 'free' electricity"
blah blah blah

Tell us your secret then.

He's probably in some form of student shared housing. Quite commonly they'll have a fixed monthly rate. I had that back when I was in university. The free electricity is averaged out over a large number of rooms. Someone is paying but most likely it's future students who will have a higher rent.

This situation isn't scalable and time limited. When I was in school we had three student towers with 1440 rooms. Fixed $210/month rent (back in the 80s!). No metering of utilities.