eleuthria
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April 21, 2011, 02:49:12 PM |
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Last summer I was in the top tier of electricity usage, which at the rates in central California means I was paying $0.40/kWh on the last couple kWh of electricity I used. I've made a few changes to my house this year, but I'm sure I'll be hugging that line of top tier costs again, even without counting the 3 mining rigs I'm now running.
I've prepared my rigs based on an estimated cost of $0.40 USD per kWh, and only about 35% of the BTC generated (at $1.1/BTC) needs to be allocated towards electricity. The rigs should pay themselves off within 4 months even assuming a worst case scenario of summer electricity rates.
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RIP BTC Guild, April 2011 - June 2015
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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MoonShadow
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April 21, 2011, 03:26:51 PM |
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Last summer I was in the top tier of electricity usage, which at the rates in central California means I was paying $0.40/kWh on the last couple kWh of electricity I used. I've made a few changes to my house this year, but I'm sure I'll be hugging that line of top tier costs again, even without counting the 3 mining rigs I'm now running.
I've prepared my rigs based on an estimated cost of $0.40 USD per kWh, and only about 35% of the BTC generated (at $1.1/BTC) needs to be allocated towards electricity. The rigs should pay themselves off within 4 months even assuming a worst case scenario of summer electricity rates.
Have you considered the additional air conditioning load during summer? |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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eleuthria
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April 21, 2011, 03:55:50 PM |
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Have you considered the additional air conditioning load during summer?
My rigs are actually producing very little radiant heat, and I already had the AC running 24/7 last summer, so it's not going to result in any extra hours of AC use. |
RIP BTC Guild, April 2011 - June 2015
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rebuilder
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April 21, 2011, 06:40:38 PM |
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Regarding heat, couldn't you route your exhaust outside via some creative duct assembly?
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Selling out to advertisers shows you respect neither yourself nor the rest of us.
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proudhon
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April 21, 2011, 06:43:40 PM |
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Regarding heat, couldn't you route your exhaust outside via some creative duct assembly?
I've been toying with that idea lately. What's annoying about AMD's dual GPU single slot cards (e.g. 5970, 6990) is that they exhaust hot air from both ends. My mining rig isn't in a case, but if it was in a case, then half of the hot air would be blasted right back into the case instead of out of the back of the system. Derp. |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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barbarousrelic
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April 21, 2011, 06:47:58 PM |
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Have you considered the additional air conditioning load during summer?
My rigs are actually producing very little radiant heat, and I already had the AC running 24/7 last summer, so it's not going to result in any extra hours of AC use. Assuming you keep your place at the same temperature with miners running as you do without them running, then you have to be running more power to your A/C when you have the miner running. You have to spend at least as many watts on air conditioning as you do on mining, plus a certian percentage on top of that because your A/C is not perfectly efficient. Your thermostat might be at the same setting but the A/C compressor will stay on longer (and thus consume more power) when you've got 1KW of heat coming out of your rig than it does without the rig running. |
Do not waste your time debating whether Bitcoin can work. It does work.
"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.
There is no such thing as "market manipulation." There is only buying and selling.
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nster
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April 21, 2011, 06:52:10 PM |
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Sometimes shutting off the minings the right thing to do, sadly... This is not always true even if mining profit is negative. If someone pays $0.8 in energy to generate 1 BTC then he should have shut down his miners some weeks ago. But if he didn't, he can sell those bitcoins for $1.2 now  (just an example) if that same someone Had bought the bitcoins at 0.70$ ea, he would have made even more! so yes, profit wise it makes sense to not mine anymore. Instead, you can buy |
167q1CHgVjzLCwQwQvJ3tRMUCrjfqvSznd Donations are welcome Please be kind if I helped |
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Grinder
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April 21, 2011, 07:23:51 PM |
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Right but who here pays $0.80 per kilowatt-hour? I doubt anyone pays that much. I think for the majority of GPU miners the mining biz is still profitable.
You'll need a very efficient miner (probably 2x5970) to generate 1 BTC/kWh, so that's not really relevant. If you only have a single 5870 in a normal machine it will be less than half as efficient, and if you have a 4xxx ATI or Nvidia GPU it will use several times more power to generate 1 BTC. |
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mjsbuddha
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yung lean
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April 21, 2011, 07:37:28 PM |
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cost of generating bitcoins goes up to the point that mining is no longer profitable, miners shut off their machines, fewer bitcoins for trade on Mt. Gox, scarcity makes value spike, miners turn machines back on. Its more or less self regulating. As long as your machine kicks out the same hash rate it should more or less generate the same revenue.
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MoonShadow
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April 21, 2011, 07:58:28 PM |
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After 2012 though it's not so certain. I am not positive that it will remain cost-effective to continue expansion, but it should still be marginally profitable to keep the existing rigs running for another year or so. I am hoping that by then there are better alternatives available which will help me to further reduce operating and expansion costs.
When the block reward drops to 25, and transaction fees begin to matter, these mining profit calculations are going to become much more difficult than they already are. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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Grinder
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April 21, 2011, 08:22:24 PM |
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cost of generating bitcoins goes up to the point that mining is no longer profitable, miners shut off their machines, fewer bitcoins for trade on Mt. Gox, scarcity makes value spike, miners turn machines back on. Unless absolutely everybody turns off their miner, the same amount of bitcoins will be mined every day. The difficulty level will just drop to adapt. |
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