I want in will my PC even do it?

[Heliarc]

You are both correct, I'm kind of ignoring the electricity cost at the moment. I'm viewing this as a complete newbie trying to just get started with one card, to test the water. Power costs would be fairly low for a just-getting-started machine, so assuming that the OP can cover his leccy bill at the moment, he's not likely to be put under immediate pressure with a small machine.

Ofc it becomes a different story with multicard rigs, and it wouldn't be smart to ignore the cost at that point. But if the OP progresses to that point, then he should have picked up on that.

Rit.

That's pretty much it. I just want to check this thing out to see if I like it or not. I'm sure there's money to be made if you do it right but for now I just want a look at the scene. Plus I need a new card so I might as well have some fun with it. Right now as long as I don't raise my power usage by something ridiculous it's ok. After I figure out if I want to keep going and get the hang of this I can think about a better rig.

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[atc1]

I'm not claiming to be an expert, but I'll recommend AGAINST cloud mining at the moment.

The price you pay is generally not enough to get your money back. Plus you own nothing.

Buy a card, set it up, learn a bit of stuff, have some fun, and maybe make a few shekels.



Rit.

But GH/s are tradable too,no?

[Ritual]

Well, they are. I'm assuming you're referring to a system like cex.io.

Buying GH there and mining with them is not at all profitable. But I guess that you could speculate on the rising or falling prices of GH, and make some money by trading it.

But that's not really mining, it's speculation, and I am not sure it's within the scope of what Heliarc is interested in at the moment. I could be wrong

Rit.

[Heliarc]

Well, they are. I'm assuming you're referring to a system like cex.io.

Buying GH there and mining with them is not at all profitable. But I guess that you could speculate on the rising or falling prices of GH, and make some money by trading it.

But that's not really mining, it's speculation, and I am not sure it's within the scope of what Heliarc is interested in at the moment. I could be wrong

Rit.

You're right on. I want to get my own card, learn how to do this, and not be dependent on someone elses equipment. Though I'm not sure if that's how it works, but I don't want to pay fees and other crap. I want the raw mining. Not renting the pickaxe.

[Ritual]

Well, it's more or less how it works

I think the biggest hurdle for you is possibly going to be warming to the idea of pool mining. Once again, I'm going to point you at my blog here: http://cryptoexperiment.wordpress.com/2014/02/04/release-the-hounds-setting-up-and-letting-it-rip/

To quote myself:

You’re standing in a football field. You know that somewhere in the field, a box of golden coins is buried. You have a shovel – a bigger hashrate is a bigger shovel. Now, you can go around by yourself digging holes trying to find the box, but it’s probably going to take a while, unless you get lucky. When you find the box, it’s all yours, and you can fill your pockets with those shiny coins. Or you can join a whole gang of people, all with their own shovels, and join in the group effort. When the box is found, the coins are distributed amongst everyone, with the guys who have the biggest shovels getting the most. But as soon as the box in that field is found, the whole gang moves to the next field and starts looking for a box there too.

My advice is to just get going, join a pool (I can recommend Terk's - linked), and see how you get on. It's the only way to learn!

Rit.

[w00tcoin]

Not with that NVidia card.

[Ritual]

Dunno if you're talking to me or not, w00tcoin, but I'll start where I'm at, thanks very much

And the reason that I came into this thread is that I think Heliarc wants to do the same.

Have a nice day mate!

Rit.

[R0yalAir]

You are both correct, I'm kind of ignoring the electricity cost at the moment. I'm viewing this as a complete newbie trying to just get started with one card, to test the water.

be careful not to get electrocuted when you are using electricity.

[atc1]

Not with that NVidia card.

Cudaminer and altcoins work fine for a few pennies a day.

[mladen00]

buy some ATI GPU

and with CPU mine some newbie CPU cryptocoins

[nasamanBoy]

Mine is definitely not worth it now is certainly not.....

[mladen00]

Mine is definitely not worth it now is certainly not.....

why?

if you have many Ghash...

[Sonny]

Mine is definitely not worth it now is certainly not.....

why?

if you have many Ghash...

If you have free hardware, it would be profitable to run it.
But, it will not be profitable to buy hardware or buy hashrate to mine bitcoin...

[Ritual]

I wouldn't say it's unprofitable. But you have to have a goal, and there is a breakeven mark.

With coin switching, trading and then converting to Bitcoin, it's realistic to expect a return of 0.01 BTC per day per MHash. That's 0.3 per month roughly, which works out to about €200 per month atm. A 1GHash machine will probably comprise a base system and 2 cards, so you're looking at about 650-750 watts pulled, which is 0.75 KW/H. At €0.15 (where I live) per KW/H, that about €0.12 per hour, or €2.88 per day. Which adds to €86.40 per month. That's a profit of approx €113 per month. Which is pretty OK for a small machine.

Generally, here's how you can work it out:

CPD (Cost per day) = Watts/1000 * Cost of 1 KWH * 24

CPD = 24WU/1000 [U = unit = cost of 1 KWH]

IPD (Income per Day) = 0.01 * Khash/1000

IPD = 0.01K/1000

IPD here is in Bitcoin, so we'll multiply by the current BTC price to get a cash figure:

IPDC = 0.01K*(BTC)/1000

Breakeven is reached when they are equal:

24WU/1000 = 0.01K(BTC)/1000

24WU = 0.01K*(BTC)

U is a constant, in my case 0.15, so I can reduce to:

(3.60)W = 0.01K*(BTC)

Rearranging a bit:

K = (360/BTC) * W

Or a bit more usefully...

(360/BTC) * (W/K) = 1 when you are exactly breaking even.

A coefficient of profitability is a bit more useful maybe...

If you calculate (360/BTC) * (W/K), you will see that:

- 1 is exactly break-even
- Higher than 1 is a loss
- Less than 1 is a profit

Hope that helps.

Rit

[Ritual]

It might be a bit clearer here:

http://cryptoexperiment.wordpress.com/2014/02/07/86/



Rit.