I think George had made some miscalculations on his part or for short term it works as he planned maybe. But in the longterm it will defenitivly not as you calculate, LTEX. Write-off of the miners must be included ofcourse and George wanted to invest in new BTC mining also to feed the scryptmining, as I understood. Maybe George can explain with other calculations, that he plans otherwise. Good post LTEX. No offence George, but I think LTEX is right on this, that in the longterm it can't work. But prove us wrong.
No offence taken
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That makes no sense to me:
The average Bitcoin (SHA) miner takes probably 2 years to break even, after which it is already close to obsolete, so its basically just an inefficient way of renting with more variables that can go wrong may as well rent directly.
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Thnx for your extensive answer.
1. The average Bitcoin (SHA) miner takes probably 2 years to break even
Depends on power costs also I guess.
2. What I personally would like to see is some basic sums
I would like to see these too. @George
3. I was replying to SuicidalTendencies
My mistake.
---
Forgot to mention it in my previous reply regarding;
This very much depends on the chipset type
and electricity costs.
Using a setup derived from for example Antminers U3, a break even point would never ever be reached.
Using a setup derived from fro example Antminers S5, a break even point would be reached within 160 ~180 days.
Ok, I'm taking this serious, so here is a calculation based upon my own real live experience:
Given:I bought 3 Spondoolies SP20 miners a while ago. The total investment was about 8 BTC including power supplies (a little bit more then the 7.5BTC in this project)
They run pretty smooth @ 4.3Th (a little bit more then the 4Th proposed in this project)
As the Spondoolies machines are known to be the best manufactured ones in the world, they would probably last 3 years
They operate @ about € 125,- per month in power costs, lets turn that down to € 75 for arguments sake = 0.37BTC / month
We have to calculate replacement in 36 months, being (8BTC:36) = 0.22BTC / month
On average I get 1.1BTC / month mining @ Ghash.io
Renting 100Mh @ MiningRiggRentals.com costs on average 0.022BTC / Day = 0.66BTC / month
Asked:1. ROI on miners in days (if only mining BTC)
2. ROI on miners in days (if mining BTC to buy Scrypt hashes)
Answer:1:Total operational costs: (Write-off miners=0.22 + Power=0.37) = 0.59 / month
Average income on Ghash.io = 1.1
Average nett profit = (1.1 - 0.59) = 0.51
ROI = 8 : 0.51 = 15.68 months = 470 days
2:Total operational costs: (Write-off miners=0.22 + Power=0.37 + MRR=0.66 ) = 1.25 / month
Average income on Ghash.io = 1.1
Average nett
loss = (1.1 - 1.25) = 0.15
ROI = 8 : -0.15 =
IMPOSSIBLE!Now there are obviously variables that can be altered here, like lower power costs and longer lifetime of the miners. But then still, it is a big IF! It's like tying to ride an electrical bike forever by feeding the battery with a dynamo on the wheels, that would be called a
"perpetuum mobile" and those do not exist as you can read here:
https://nl.wikipedia.org/wiki/Perpetuum_mobileAgain, I'm looking at this from my point of view. It might be possible George has alternative ways that make the figures turn out better, but let's not forget things change rapidly in the crypto landscape, thus making hard promises like lifetime insurance is not something to take for granted!
I like to throw another phrase at you on this one (in dutch, sorry): "resultaten in de toekomst zijn geen garantie voor wat het verleden u wilt voorhouden"...
Forget about "perpetuum mobile's", magnetic engines is what is hot
But seriously, numbers are similar to some degree, yet with a huge detail overlooked by many thus far.
Around 4 TH/s, as proposed, yields around 0.04 BTC daily.
Yet, as this part seems overlooked quite frueqently, the SHA256 part
includes electricity, maintenance, replacements, etc.
Meaning, 4 TH/s yielding around 0.04 BTC daily, this yielding is a
net yielding. Give or take a few on luck and diminishing of performance due time, one could state average yielding would closely be more like 0.035 ~ 0.03 on overall.
These are my statistics:Since I had notified (
https://community.guldencoin.com/t/community-mining-ipo-switching-gears-session/1150/13), I have been testing
what I notified. Which, sinds then, is nearly over a month.
On average, I have been testing with 2 TH/s. Over a time period of nearly a full month, this averaged around ~0.018 daily
net profits with luck hovering around 95 ~ 96% on overal during that month.
Regarding empowering the SHA256 part towards the Scrypt part, there are quite some variances depending on networks chosen, either be them public or private.
You gave MRR as an example, averaging 0.022 per 100 MH/s. Nicehash could go for 0.018 whilst betarigs could go for 0.03, and private networks vary hugely between them (Netherlands for example is pricey as hell, versus Venezuela being a mere paradise).
Regarding the 'left overs' from the surplus generated by the SHA256 part, they will be used to put back into the system. I.e, will be used to expand the system to keep up with votality on hashrates and difficulty, in order to keep the Scrypt hash running.
