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teukon

legendary

Activity: 1246

Merit: 1011

My mining rig costs about 0.8 GBP (about 1.3 USD) a day to run and makes about 0.4 BTC a day. I can 'hang on' by selling my BTC on the market and pocketing the difference.

I guess the trick is to avoid mining with CPUs and stick with GPUs or FPGAs.

Your title has reminded me of a fact useful for quickly mentally converting kh/s into BTC/day:
At a difficulty of 1`000`000, 1GH/s is worth very close to 1 BTC/day.

Also, where I live electricity costs are such that wattage is almost exactly GBP/year so I have a very easy time with the figures.

PatrickHarnett

hero member

Activity: 518

Merit: 500

Quote from: muyoso on August 07, 2011, 09:39:04 PM

If that person with 1875MHash/s was pool hopping he would make 1-2.5 BTC a day depending on luck.

With luck, I would make 50 BTC from every block and create 1000 blocks per hour - with luck.

Without luck, or something akin to the law of large numbers (can't recall if it's the weak or strong version, but read average) you will on average get around 1/day.

dentldir

sr. member

Activity: 333

Merit: 250

Quote from: BitcoinEXpress on August 07, 2011, 04:27:57 PM

It takes a Minumum of 1.875 G/hps to make 1BTC/24hr.

With current prices at $6-7 how do the casual miners hang on?

Im running about 2Ghps and average just over 1 BTC a day. I consider myself a casual miner.

I hang on by not changing anything?

Also day trading BTC as the market swings. The action this weekend was better than EUR/JPY during the financial collapse. I should say the 2008 financial collapse.

Did anyone else see those $50k trades back and forth. Good stuff.

naypalm

legendary

Activity: 1272

Merit: 1012

howdy

The cruddy prices don't really effect me. I mine in minecraft on my minecraft server on my bitcoin mining rig. Cool

muyoso

member

Activity: 84

Merit: 10

If that person with 1875MHash/s was pool hopping he would make 1-2.5 BTC a day depending on luck.

geek-trader

sr. member

Activity: 294

Merit: 250

Yes, it is totally not worth it, please, everyone shut off your rigs.

(damn I hope the difficulty goes down Grin

)

PatrickHarnett

hero member

Activity: 518

Merit: 500

Quote from: Shinobi on August 07, 2011, 09:00:46 PM

Wow, you're idea of fun is quite expensive.

Yes, but then I expect the current mayhem to die down, and in a couple of years it will be "normal" again and the paper losses will turn into profits.

My other hobbies are also expensive, that's why I have a day job.

Bazil

full member

Activity: 126

Merit: 100

At the current prices you'd need to make 8BTC a day to reach minimum wage in the US. What kind of machine would you need for that? Probably not worth it.

Shinobi

full member

Activity: 196

Merit: 100

Wow, you're idea of fun is quite expensive.

Quote from: PatrickHarnett on August 07, 2011, 08:55:38 PM

Quote from: Quix on August 07, 2011, 06:35:58 PM

Those of us who just do this for fun haven't really lost anything. Electricity is the same price and our hardware is paid off so we can keep going pretty much forever.

Um, I spend about $500/month on electricity (and at a minimum half of that is computers and probably closer to 70%). Also, I am down a few thousand dollars in the bitcoin market based on the current cash-out price.

But I do this for fun and that's the trade-off.

PatrickHarnett

hero member

Activity: 518

Merit: 500

Quote from: Quix on August 07, 2011, 06:35:58 PM

Those of us who just do this for fun haven't really lost anything. Electricity is the same price and our hardware is paid off so we can keep going pretty much forever.

Um, I spend about $500/month on electricity (and at a minimum half of that is computers and probably closer to 70%). Also, I am down a few thousand dollars in the bitcoin market based on the current cash-out price.

But I do this for fun and that's the trade-off.

ampirebus

full member

Activity: 672

Merit: 100

Quote from: willphase on August 07, 2011, 07:03:29 PM

Quote from: ampirebus on August 07, 2011, 06:59:26 PM

you forget one thing Topic creator,

many people with high end comptuers or video cards already left their machines on 24/7 for torrents or seedboxing or what have you... i never turned mine off before so i dont lose any money at all mining compared to my previous (wasteful) habits

My PC uses 120W when not mining and 480W when mining... The 'I always leave my pc on' argument only goes so far.

Will

i notice about a 7 dollar increase in my power bill per month from mining and i leave 2 750watt PSUs on 24/7 ... my point is 300 watts or whatever for a casual person is like leaving a few lightbulbs on without turning them off... its nothing at all

not to mention electricity costs less at night time than day time or w/e the peak hours are

shotgun

member

Activity: 98

Merit: 11

Quote from: BitcoinEXpress on August 07, 2011, 04:27:57 PM

It takes a Minumum of 1.875 G/hps to make 1BTC/24hr.

With current prices at $6-7 how do the casual miners hang on?

depends where you pool. ex: coinotron took >1month to mind a block, so it took far longer for my 3.5ghash (at that time) to generate 1BTC, however at Deepbit my 4Ghash (approx current +/- 10% dep on stales) generates >2.5BTC/d.

willphase

hero member

Activity: 767

Merit: 500

Quote from: ampirebus on August 07, 2011, 06:59:26 PM

you forget one thing Topic creator,

many people with high end comptuers or video cards already left their machines on 24/7 for torrents or seedboxing or what have you... i never turned mine off before so i dont lose any money at all mining compared to my previous (wasteful) habits

My PC uses 120W when not mining and 480W when mining... The 'I always leave my pc on' argument only goes so far.

Will

ampirebus

full member

Activity: 672

Merit: 100

you forget one thing Topic creator,

many people with high end comptuers or video cards already left their machines on 24/7 for torrents or seedboxing or what have you... i never turned mine off before so i dont lose any money at all mining compared to my previous (wasteful) habits

TeaRex

member

Activity: 78

Merit: 10

And with something like micro combined heat and power, bitcoin mining wouldn't cost any more than heating the house. At least in the colder season.

Quix

full member

Activity: 174

Merit: 100

Quote from: bitplane on August 07, 2011, 05:24:45 PM

Don't you mean "how can the professional miners hang on?"

As a casual miners I don't care about the electricity cost, hell, most nights my girlfriend leaves the TV on all night but it's not going to break the bank.

Seriously, it's the "professional" miners who this is going to affect. Those of us who just do this for fun haven't really lost anything. Electricity is the same price and our hardware is paid off so we can keep going pretty much forever. I personally could afford to power my Bitcoin mining rigs (or folding@home rigs should things change) indefinitely without it really costing me more than I care to spend (assuming 0 rate of return on my mining). The electricity isn't really that much money, although I live in a place where the power is $0.08 kw/h so your mileage may differ.

The real problem is trying to turn Bitcoin into a business. Only for one shining moment did this make sense and it looks that that time is long gone.

PatrickHarnett

hero member

Activity: 518

Merit: 500

I'm probably a "casual miner", and the computers do a nice job heating the house - at the moment I cover my electricity bill (for computers and other appliances), so it's ok. However, I have more coins purchased with actual cash and watching the panic on the trading screens is fun.

NickW

newbie

Activity: 27

Merit: 0

Quote from: ?? on ??

Quote from: NickW on August 07, 2011, 04:43:20 PM

You can make 50 BTC or more per 24 hours with far less hashing power if you're lucky.

What's your point?

I asked a legit question, but I'll see if I can dig up some crayon font and explain it to you. Grin

"It takes a Minumum of 1.875 G/hps to make 1BTC/24hr"

That is just not true.

"At the current difficulty, it takes 1.875 Ghps on average to make 1 BTC per day"

Would be better.

(I'm not intending to be a dick even though it may appear the opposite)

bitplane

sr. member

Activity: 321

Merit: 250

Firstbits: 1gyzhw

Don't you mean "how can the professional miners hang on?"

As a casual miners I don't care about the electricity cost, hell, most nights my girlfriend leaves the TV on all night but it's not going to break the bank.

NickW

newbie

Activity: 27

Merit: 0

You can make 50 BTC or more per 24 hours with far less hashing power if you're lucky.

What's your point?

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