I was calculating the profits of Bitcoin Mining and came across a weird thing. I wanted to share it with others and it would be great if guys also post your results.
It's simple. Find out the hash rate for your GPU, use a Bitcoin Mining Calculator like this one: http://tpbitcalc.appspot.com
Enter the Hash Speed value for your GPU and press calculate.
Check out the amount of USD you will be earning per year from mining.
Make a note of this figure.
Now, head over to Google and type in the name of GPU and find out the current price of it in the market. Do the 2 figures look similar, or relatively close?By running your GPU mining Bitcoins for 1 year, you can recover the cost of the hardware for which you purchased it.
But you are incurring the price for electricity also.
Probably, we should have a Calculator for that also. Enter the value of Electricity (per KWh) in your country and calculate the amount of Electricity you will end up spending and hence the money.