Was your budget completely expended when building that ~$900 rig?
Why not start out with 2x 58xx?
Do you have capital to apply towards the card(s)?
Can you rework the payback formula to show 50% - gaming time - elec from btc earnings so we can see how much cash you will be paying out of pocket each month?
What is your source of income now to pay back the out of pocket portion?
The $900+ Rig was built according to my set budget.
The 58xx series of cards are rather rare now. Perhaps I would have to visit the mall to check out if they have them in stocks. (The cards aren't listed on their price list). Tried searching from our local auction site, and the ones I could find are rather outdated in its pricing where if 2 were purchased, I could pay for a brand new 6990. What i am referring to is the 5870. Unless the 5870 x 2 is really much better than going with a 6990, then perhaps I could try hunting for it. However, since my board is a Mitx,it would be able to support a max of 2 cards. I was thinking that the 6990 would be a better suitor should i want to add an additional card.
Yes, I have the capital to pay for the card(s). However, at the moment, I don't prefer to drop it all at once. I would like to take a loan and pay back steadily as I progress. Of course if it doesn't work out my way, then I would have to pay everything in full, which is not a problem.
For the time being, While the machine is hashing, there wouldn't be any / much of gaming time.
Here is the payback formula. (Its going to be a long one)
1. The rig will be stationed at my home town.
2. I will be at another state (1 hour away from my home town) for college from Monday - Thursday.
3. The rig will be monitored via VNC / remote desktop. Should the machine crash, there will always be someone at home to reboot it for me.
According to my previous thread, these are the calculations:The average Mhash would be = 750
according to https://en.bitcoin.it/wiki/Mining_rigPower Consumption should be around 469 Watts
according to http://www.hardwarecanucks.com/forum/hardware-canucks-reviews/41404-amd-radeon-hd-6990-4gb-review-21.html
Add 60 more Watts for the overall computer usage and it is 529 Watts in total
Now according to the calculator with the current difficulty @ 1307728.3606 Exchange Rate @ $5.40333
Now lets do some math (Also, if you have not read / missed it, I am from Malaysia
)Our formula = Electricity charges - bitcoin generated per month (according to the calculator) = profit / loss
So lets do it.529 Watts / 1000 = 0.529 * 24 Hours =12.69 Kwh * 30 days = 380.88 Kwh per monthLocal charges for 380.88Kwh = RM 109.35 OR 35.96 USD
Calculator @ http://www.alloscomp.com/bitcoin/calculator.php
I'll be making $97.07 per month. So $97.07 - $35.96 = $61.11 (17.54 Bitcoins) of profit per month.
Because of stale/invalid shares (taken as an advice from another member), the amount would be somewhere around $91.
Taking his view into account, $91 - $35.96 = $55.04 per month or about 15.79 Bit coins per month (According to the current exchange rates. Might be more / less depending on the conversion rate in the future)
Depending on the amount of loan given, my priority would be to pay the loan back as soon as possible. As I have mentioned, the latest would be in 6 months. Even if the profit doesn't accumulate to that amount, the loan will be paid in 6 months. It will not escalate.
Now, with the amount earned of 15.79 Bit coins per month, 15 Bit Coins would go towards the loaner and I would keep the .79 . The rest would depend on the interest that the loaner is asking for , and further calculations would ensue.
There wouldn't be any source of income, however I am working on running a seedbox service (In the final stages now) to provide some financial support for me while I am in college. I ran the same service while I was in college (Diploma) and sold it off when I started working. Now that I am back to college, I plan to start the same service once again. The capital for the seedbox service has been provided for and wouldn't interfere with my mining project. However that wouldn't be my source of income to pay back. I have some savings in my bank that I saved from my salary and it is more than enough to pay for the loan.
You might be wondering, Why not just use the funds instead of taking a loan? Well being in the position that I am, it would be quite risky to dump the full amount of money right away as emergencies might occur. That is why I am seeking for a loan, so I could pay for my project in smaller amounts.
Edit : Taking that into account, by the end of the period, the loaner would receive 90 Bitcoins by the end of 6 months. If the loaner has loaned 100% of what i am asking for, that would make him short of 10 bitcoins. As per my previous post, the loaner will receive 100 bitcoins by the end of 6 months being the bulk of the loan will be settled by the end of the 6 months. This would of course vary, depending on the interest that is imposed by the loaner.