How much do you guys make off of mining?

[snarlpill]

This thread is as titled- what are your personal figures for mining? If you don't want to tell the internet/whole world the details of your monetary gains, I could definitely understand that. But if you don't mind, what amount of BTC do you make per day/week/month with your current set-up, and what is that set-up? I have been thinking about giving it a shot. And I know -before everyone says it- that just getting into mining at this time and level of difficulty is probably crazy and definitely risky, and probably not the most profitable job. I understand that. But I am very interested in the Bitcoin economy and community as a whole, and this is definitely something I'd like to be a part of. If you do post BTC mining figures, try to include the total mined (that is, before electricity, hardware costs, etc.). You can definitely still post that info. with it though. Thanks in advance to anyone who posts their figures and/or offers advice.

[nlsupernova]

people who say you cant make money mining are trying to keep competition at bay, arent mining themselves or doing it the lazy way.

it all depends on what you want to spend, how much time you want to invest and what kind of circumstances you have to work with.

what are you electric costs? free electricity obviously gives you a lot of options.

do you want to mine sha256 of do you wanna build a gpu rig. gpu rigs are cheaper and less risky but cunsume more power and generate more heat.

do you want a set it and forget it solution, or do you wanna be active with your mining. hand pick coins to mine is far more profitable then just straight up btc or ltc mining or mining on multipools.

doing your own trading from alts to btc or ltc can also easily add 20% to your revenue.

are you comfertable with buying used hardware, or do you wanna buy everything new? (especially with gpu rigs buying used can drasticly shorten roi time)

but whatever you do dont buy any sha256 asics under 200ghs. antminers are currently the cheapest entry level asics available with any chance of making some more btc then you spend.

it isn`t easy, but done right you can easily make some nice pocket money.

[Bryanrobh]

nlsupernova you seem to know plenty.  Is it worth going in on mining if the electricity is .08 /Kwh with an Bitmain AntMiner S1 180 GHs / 200 GHs? How long does it take to break even? Does the increasing diffuculty hurt that much? I am trying to decide if it is worth it to get started on mining.

[nlsupernova]

nlsupernova you seem to know plenty.  Is it worth going in on mining if the electricity is .08 /Kwh with an Bitmain AntMiner S1 180 GHs / 200 GHs? How long does it take to break even? Does the increasing diffuculty hurt that much? I am trying to decide if it is worth it to get started on mining.

visit btcinvest.net and try out the calculator.
its the only one that i know of that actually handles difficulty the right way.
at the moment i use initial 20% diff increase per jump, and a -3% growth of the size of the jumps ( "lower difficulty increase / jump").

i believe difficulty is going to settle down and by the end of the year we will have diff increases well under 10% consistantly. that why i use those setting. but thats based on my reasoning. i dont have a crystal globe, so i dont know for sure either.
if you believe diff increasses stay at the level they are now, adjust those values accordingly in the calculator. you can also play a around a little to see what circumstances you would need to at least break even and see how likely it is to come true in your opinion.

also if your not mining altcoins atm, start doing it now. especially with small miners. the bitcoin network doesnt need that little bit of hashing power but it will extend the lifetime of your gear.
if you do it right you can pump revenue by 25 and sometimes even 50%.

also always compare the btc that the miner wil yield with the amount of btc you could buy today for the price of the miner. if the miner doesnt produce more, DONT BUY!! just buy btc.. that will rise in price as well and you will end up with more btc. never compare in dollars.

and dont forget to take into consideration any resale value of your gear at the time when power costs exeed revenue. that could just be the little extra profit you need to make the numbers work.

i hope this helps you a little. i cant answer your question for you really. there are to many things that can change, and expect things to do so. you have to decide if you can live with the risk of loosing money if btc would drop under 100 usd again, or when it would disapear completely. its unlikely, but not impossible. and you have to decide if the potential gains are big enough for you to take the risk. its stupid to risk a 1000 dollars for 10 dollars in potential profit. but everybody has different ideas to what is acceptable and everybody has their own reasons for doing this in the first place. is it just for hobby or do you want a real pasive income stream. these are important things to consider and will influence the decision you make eventually.

live long and prosper

[kthejung]

Are you wanting to get into mining to have something to do, for the fun of it, or to make a small profit?  If so, then definitely jump into it.  I like mining; just being a part of history is fun to me.  However, serious mining is not a "set it and forget it" kinda thing.  You have to think about fire dangers: do not overload circuits, keep the miners at a reasonable temperature, and keep the mining room at a reasonable temperature.  Miners make quite a bit of noise and heat.  I have 6 Antminer S1's that I began running(intermittently) about 10 days ago; I made back about $450 on an initial $4,700 investment for the units, psu's, and ventilation supplies for the room.  I say intermittently because I shut down the miners for a combined total of about 3 days for reasons like: fire safety and figuring out circuits, excessive heat in room, and wifi issues.  When I ran into problems and I had to go to work, I shut down the miners because there was no one there to supervise; better to lose a few $ than come home to fire.  

Purchase price + supplies= -$4700

miners started 3/16
+$65 payout 3/17
+$67 payout 3/19
+$72 payout 3/21
+$72 payout 3/21
+$68 payout 3/23
+$93 payout 3/25

The payout figures are not steady because Slush's pool holds some rewards as "unconfirmed" until a certain time; they pay the same as other pools though.  The gaps in the payment dates are due to the miners being shut off for safety reasons until I figured out the solution to the problem; miners should be able to be left on continuously from now on except to blow out the dust from the units.  I did not post the payouts in btc because I'm having to convert to fiat whenever I get btc, at least for now.

edited in:  I second the opinion that the Antminer S1 is the best bet for an entry-level miner.  There are a lot of crap companies with crap products so be wary.  Do further your research before hopping in.

[ZiG]

You want numbers...here we go:...

Simple facts...


Starting January 27 2014:


BTC ...invested so far...2.2 + 1.45 + 1.426 + 0.878 = 4 Ants ...800GH

Paid out so far: ...3.25 BTC...my income...

Average income is :...0.08BTC per day ...low estimate...at the moment/difficulty...

Expected breakeven...in approx 38 days...End of April 2014...

Free sailing after that...or re-investing...or partying...you decide...


Good luck, buddy...and don't be afraid to try...

[ngongong]

Yeah I've been looking into that one.that surprised me

Thanx for sharing!

[nlsupernova]

Miners will end mining in just three or four weeks from now.

The difficulty rises at a 22% average per month so whoever says is making money that's bullshit.

You need a super hash rate to mine and taking on account the difficulty, the hash rate needed plus the current exchange rate of bitcoin, you have to make a huge investment if you want to make real money.

But the thing is that you need to increase your hashrate every two months in order to compensate the difficulty % rise.

So....bye bye miners. This is THE END, unless bitcoin rises at another 22% per month which is not going to happen. Look at it now.....it's 520 US dollar per one bitcoin.

THIS IS A TOTAL RUIN gentlemen.....

so dont mine. if you feel its not profitable you should be happy you resisted the hype and are better off for it.
i`ll go and order another ant.

[ZiG]

Miners will end mining in just three or four weeks from now.

The difficulty rises at a 22% average per month so whoever says is making money that's bullshit.

You need a super hash rate to mine and taking on account the difficulty, the hash rate needed plus the current exchange rate of bitcoin, you have to make a huge investment if you want to make real money.

But the thing is that you need to increase your hashrate every two months in order to compensate the difficulty % rise.

So....bye bye miners. This is THE END, unless bitcoin rises at another 22% per month which is not going to happen. Look at it now.....it's 520 US dollar per one bitcoin.

THIS IS A TOTAL RUIN gentlemen.....

so dont mine. if you feel its not profitable you should be happy you resisted the hype and are better off for it.
i`ll go and order another ant.

Me too...+1 more Ant...

[bookiwp]

 I don't think GPU drilling opportunities bring you many benefits, we advice to you is my own opinion, you need to consider carefully.

[snarlpill]

Thanks for all of the responses guys, sorry I've been absent in my own thread. But anyways, yes I am Definitely interested in mining. For fun, learning experiences, to be a part of history like one of you said, and for profit. Right now I only have approximately 0.45 BTC. I've looked at the Antminer like most of you suggested (if that is the one selling for 1 BTC and it's ~200 GHs). I'm definitely wanting to get one. But like I said, I only have 0.45 BTC, and no more fiat money to add (maybe some $$ here and there down the road to add, but for planning purposes, adding no more $$ into BTC). So in the meantime I plan on hopefully building up my BTC wallet by investing some of it into cloud mining, trading alt-coins on Cryptsy, and any other safe(ish) investment idea. Once I work up to around 1 bitcoin, I will consider buying the Antminer. Or I could sell that 1 bitcoin and buy an Ant. or a different alternative on eBay. Would it be cheaper for a novice like me to buy the individual parts and build a mining rig, rather than buying an Antminer?  And one more question for now- I've heard someone refer to their 2 GHs USB miner as a lottery ticket. As in, they Might be the first to discover a block one day right, and get the 50 BTC reward? Is that why they refer to it as a lottery ticket? Because the chances of that are very low, but existent? Or is it something different? Thanks

[snarlpill]

And is there any sort of CPU mining I could do just with a computer? As in Bitcoin but also Litecoin and other alt-coins. Is that possible? Even if it's not ideal or profitable, let me know please.

And in your opinion, if you were just getting into mining now, and had 1 BTC to spend on investing in mining gear, do you think it would be more profitable to go for mainly Bitcoin, like spending 1 BTC on a ~200 GHs Ant? Or would you invest your 1 BTC in buying mining gear for scrypt-mining?

[xstr8guy]

And is there any sort of CPU mining I could do just with a computer? As in Bitcoin but also Litecoin and other alt-coins. Is that possible? Even if it's not ideal or profitable, let me know please.

And in your opinion, if you were just getting into mining now, and had 1 BTC to spend on investing in mining gear, do you think it would be more profitable to go for mainly Bitcoin, like spending 1 BTC on a ~200 GHs Ant? Or would you invest your 1 BTC in buying mining gear for scrypt-mining?

You may want to direct your interest here... https://bitcointalk.org/index.php?board=67.0

But you really need to do your own research... or at least try and then ask questions later.   

[mycoin25]

I don't think GPU drilling opportunities bring you many benefits, we advice to you is my own opinion, you need to consider carefully.

I think GPU drilling can bring many benefits, of course, the idea is not the same for everyone!

[BitcoinAwesomeMan]

What do you think about the upcoming surge in hashrate due to cointerra/KNC?

[Borntostun]

Not much so far . . . any miners that I've bought feel obsolete by the time they are delivered.  Honestly, I've made more ebay'ing those miners than I ever did running them.  Then, I take that cash and place it in some cloud hashing and trading on the exchanges.  That said, I got bit by CoinEx . . . and CEX fees are eating up any profits there.  I have a mining contract with GroupBitCoin but that hasn't started either.  After months of searching around, the best I've found is Scrypt.cc - http://scrypt.cc?ref=baaaT

The link below will get you there.  The auto-switch converts to BTC and returns are strong.  About .5% a day for me.

[Alex023]

Are you wanting to get into mining to have something to do, for the fun of it, or to make a small profit?  If so, then definitely jump into it.  I like mining; just being a part of history is fun to me.  However, serious mining is not a "set it and forget it" kinda thing.  You have to think about fire dangers: do not overload circuits, keep the miners at a reasonable temperature, and keep the mining room at a reasonable temperature.  Miners make quite a bit of noise and heat.  I have 6 Antminer S1's that I began running(intermittently) about 10 days ago; I made back about $450 on an initial $4,700 investment for the units, psu's, and ventilation supplies for the room.  I say intermittently because I shut down the miners for a combined total of about 3 days for reasons like: fire safety and figuring out circuits, excessive heat in room, and wifi issues.  When I ran into problems and I had to go to work, I shut down the miners because there was no one there to supervise; better to lose a few $ than come home to fire.  

Purchase price + supplies= -$4700

miners started 3/16
+$65 payout 3/17
+$67 payout 3/19
+$72 payout 3/21
+$72 payout 3/21
+$68 payout 3/23
+$93 payout 3/25

The payout figures are not steady because Slush's pool holds some rewards as "unconfirmed" until a certain time; they pay the same as other pools though.  The gaps in the payment dates are due to the miners being shut off for safety reasons until I figured out the solution to the problem; miners should be able to be left on continuously from now on except to blow out the dust from the units.  I did not post the payouts in btc because I'm having to convert to fiat whenever I get btc, at least for now.

edited in:  I second the opinion that the Antminer S1 is the best bet for an entry-level miner.  There are a lot of crap companies with crap products so be wary.  Do further your research before hopping in.

Hey I see You know what you are doing. I have 5k to invest and wil have around 15k more until 2017. So how does this works now? Does it has sense and also is it good now when Bitcoin is higher (so we get higher value) or is itbetter for it to be low (easier to get then wait to get higher to sell)? How is mining in 2016 and are you still doing that?

[QuintLeo]

It took me about 3 years of investing all I could spare from work + pretty much all of my mining profits, but I have managed to earn enough to be able to MOVE last summer to the "Land Of Very Very Cheap Electric" and go full-time as a smallish miner.

[gt_addict]

I make approximately £25 per month profit (after electricity has been paid) out of ONE Antminer S9.

BUT that's does not include the cost of the miner itself if I were to take into account the cost of the miner too (£1000) then I would be making a Return On Investment (ROI) in approximately 40 YEARS !!!!!

So if anyone comes on here and says they make loads of money out of a few miners they are not telling the whole truth as to actually be making a real profit the cost of the equipment (miners) must be factored in.

Good thing I only do it as a hobby 

[QuintLeo]

I make approximately £25 per month profit (after electricity has been paid) out of ONE Antminer S9.

BUT that's does not include the cost of the miner itself if I were to take into account the cost of the miner too (£1000) then I would be making a Return On Investment (ROI) in approximately 40 YEARS !!!!!

So if anyone comes on here and says they make loads of money out of a few miners they are not telling the whole truth as to actually be making a real profit the cost of the equipment (miners) must be factored in.

Good thing I only do it as a hobby 

 Your electric cost is bloody high - I've crunched the numbers on those and I can make ballpark $180 a month (right now, will drop over time as diff increases) from one of the 11TH S9 batch miners, somewhat more from the higher hashrate ones.

 ASSUMING it works reliably - which is my issue with the S9, I do NOT like the reliability figures I've seen about it to date, coupled with it's still overpriced due to ZERO real competition.