Topic: Enjoy the Last 24 Hours of Profitable GPU Mining - page 2. (Read 7135 times)
I'm not going to leave mining completely, just taking a break. Once the ASICs start shipping and there isn't a massive backlog I'm going to order several and start mining again. I'm just hoping that the ASICs actually start shipping soon.
I think Ill contiune to GPU mine for another month, and hope the price goes up. If it doesn't, then its pointless. Ill just be twiddling my thumbs until the ASIC start showing up.
Yeah, I'm pretty much done mining for the time being unless things change drastically. Currently for every $1 I earn in BTC, it would cost me $0.75 in power. While it's still profitable, I'll make more selling the cards I have now than I would in a few years of mining at that rate.
Little bit sad to see so many have to go. Hope lots of GPU miners will be able to stick around with ASICs or higher prices when they hit. Not really a good thing to have people leave the BTC community.
Maybe you can sell the GPUs for BTC and make $$ as the BTC price rises.
Maybe you can sell the GPUs for BTC and make $$ as the BTC price rises.
It's winter. That means we have to use heat. So, rather than running the electric base-board heaters, I'll run my BTC miner. Even if it breaks even, it's still better than having to pay for heat.
If you are unfortunate to have electric heat I guess that is true. For those of us with natural gas heaters, using miners as heat would cost more.
I just did a calculation based on current price of $12.31
Mining profitability (my rigs) per day: $5.29
Cost of whole house per day electricity (most recent bill): $4.86
Cost of mining rigs (which help to heat now): $3.44
So it appears bitcoin would still pay my electric bill plus about $10/mo and reduce my gas bill somewhat. Not enough to keep $1200 worth of GPUs unsold.
I'll give the coin price a few days to rise. If it doesn't, shutting down. In reality, with ASICs right around the corner, its either shut down today or what, shutdown in a month or so?
I don't know what size house you have, or mining rig you have (probably large and small respectively), but you're looking at it the wrong way. You have a 24/7 heater running, all electrical use in your house is paid, and it is also making you $13/mo towards any additional heating you're running.
Not saying you shouldn't shut down, but it's not just paying itself +10 bucks towards your gas bill.
You missed the part where it's not worth the $1200 he's essentially paying by not selling the hardware.
Option A: Sell the hardware and get $1200 now.
Option B: Heat the house, make $10 a month, and take what, 2 years to make back that same $1200?
Why wait?
If I lived in British Columbia or similar this guy would have more of a valid point. In terms of electric and heat though I (unfortunately?) live in the southern united states so there are still days where I have to use AC. December should end all that, but I did not disclose this so I totally understand why the arguments for continued mining were made.
It is a gamble. I believe my solution is to sell my cards for "market rates" which usually takes time. So I think i'll mine with them and shut down and sell off as they sell. I remember when the $2 per coin price hit I sold a lot of my 5000 series cards for decent prices (slightly below market) and at the point I was just trying to break even. Luckily I did but it was still 2 or 3 months of listening to fans in various rooms for nothing but some fun experience.
Again, with ASICS on the doorstep its either shut down now or shut down when that package is opened... which is who knows when.. but supposedly soon.
I was really hoping that in the 10 hours since the payout drop we'd see coin prices move to $14+ but no such luck. I'll give it some more time before ebay and craigslist become my mistress.
Yeah, I know it's not exact, but I just noticed we had hit block 209,858, or 142 blocks from BTC reward halving. Assuming 6 blocks/hour, we're just under 24 hours (23.66 to be exact) until we hit block 210,000 and reward goes down to 25 BTC/block.
Unless BTC/$ goes way up, at .10 kilowatt/hour here, I'll still be profitable, but just barely, and likely not worth the effort/aggravation.
It's been fun...and I'll be sad to see it go away.
Unless BTC/$ goes way up, at .10 kilowatt/hour here, I'll still be profitable, but just barely, and likely not worth the effort/aggravation.
It's been fun...and I'll be sad to see it go away.
I totally agree! I'm going to stop mining Bitcoins tomorrow and switch what few gpus I have left over to Litecoin until I sell them. It's been fun, but I won't miss the heat and noise!
Agreed, the noise will not be missed. I have already started listing my cards on eBay.
It's winter. That means we have to use heat. So, rather than running the electric base-board heaters, I'll run my BTC miner. Even if it breaks even, it's still better than having to pay for heat.
If you are unfortunate to have electric heat I guess that is true. For those of us with natural gas heaters, using miners as heat would cost more.
I just did a calculation based on current price of $12.31
Mining profitability (my rigs) per day: $5.29
Cost of whole house per day electricity (most recent bill): $4.86
Cost of mining rigs (which help to heat now): $3.44
So it appears bitcoin would still pay my electric bill plus about $10/mo and reduce my gas bill somewhat. Not enough to keep $1200 worth of GPUs unsold.
I'll give the coin price a few days to rise. If it doesn't, shutting down. In reality, with ASICs right around the corner, its either shut down today or what, shutdown in a month or so?
I don't know what size house you have, or mining rig you have (probably large and small respectively), but you're looking at it the wrong way. You have a 24/7 heater running, all electrical use in your house is paid, and it is also making you $13/mo towards any additional heating you're running.
Not saying you shouldn't shut down, but it's not just paying itself +10 bucks towards your gas bill.
You missed the part where it's not worth the $1200 he's essentially paying by not selling the hardware.
Option A: Sell the hardware and get $1200 now.
Option B: Heat the house, make $10 a month, and take what, 2 years to make back that same $1200?
Why wait?
If he can make $1200 out the gate, which is possible as I have no idea what he's running, then certainly he is free to do so. I was not responding to the idea that he forever mine, I was responding to his response to a post about heating. Which does not rely on A vs. B as listed above.
A better way to look at it would be:
Option A: Sell the hardware and get $1200(?) now.
Option B: Heat the house, make $13 a month, pay off all other electric usage, and take what, 3 months of extra mining time until spring before selling for $1200-X? (x potentially being negligible, I doubt 3 months will make them valueless).
It's winter. That means we have to use heat. So, rather than running the electric base-board heaters, I'll run my BTC miner. Even if it breaks even, it's still better than having to pay for heat.
If you are unfortunate to have electric heat I guess that is true. For those of us with natural gas heaters, using miners as heat would cost more.
I just did a calculation based on current price of $12.31
Mining profitability (my rigs) per day: $5.29
Cost of whole house per day electricity (most recent bill): $4.86
Cost of mining rigs (which help to heat now): $3.44
So it appears bitcoin would still pay my electric bill plus about $10/mo and reduce my gas bill somewhat. Not enough to keep $1200 worth of GPUs unsold.
I'll give the coin price a few days to rise. If it doesn't, shutting down. In reality, with ASICs right around the corner, its either shut down today or what, shutdown in a month or so?
I don't know what size house you have, or mining rig you have (probably large and small respectively), but you're looking at it the wrong way. You have a 24/7 heater running, all electrical use in your house is paid, and it is also making you $13/mo towards any additional heating you're running.
Not saying you shouldn't shut down, but it's not just paying itself +10 bucks towards your gas bill.
You missed the part where it's not worth the $1200 he's essentially paying by not selling the hardware.
Option A: Sell the hardware and get $1200 now.
Option B: Heat the house, make $10 a month, and take what, 2 years to make back that same $1200?
Why wait?
It's winter. That means we have to use heat. So, rather than running the electric base-board heaters, I'll run my BTC miner. Even if it breaks even, it's still better than having to pay for heat.
If you are unfortunate to have electric heat I guess that is true. For those of us with natural gas heaters, using miners as heat would cost more.
I just did a calculation based on current price of $12.31
Mining profitability (my rigs) per day: $5.29
Cost of whole house per day electricity (most recent bill): $4.86
Cost of mining rigs (which help to heat now): $3.44
So it appears bitcoin would still pay my electric bill plus about $10/mo and reduce my gas bill somewhat. Not enough to keep $1200 worth of GPUs unsold.
I'll give the coin price a few days to rise. If it doesn't, shutting down. In reality, with ASICs right around the corner, its either shut down today or what, shutdown in a month or so?
I don't know what size house you have, or mining rig you have (probably large and small respectively), but you're looking at it the wrong way. You have a 24/7 heater running, all electrical use in your house is paid, and it is also making you $13/mo towards any additional heating you're running.
Not saying you shouldn't shut down, but it's not just paying itself +10 bucks towards your gas bill.
It's winter. That means we have to use heat. So, rather than running the electric base-board heaters, I'll run my BTC miner. Even if it breaks even, it's still better than having to pay for heat.
If you are unfortunate to have electric heat I guess that is true. For those of us with natural gas heaters, using miners as heat would cost more.
I just did a calculation based on current price of $12.31
Mining profitability (my rigs) per day: $5.29
Cost of whole house per day electricity (most recent bill): $4.86
Cost of mining rigs (which help to heat now): $3.44
So it appears bitcoin would still pay my electric bill plus about $10/mo and reduce my gas bill somewhat. Not enough to keep $1200 worth of GPUs unsold.
I'll give the coin price a few days to rise. If it doesn't, shutting down. In reality, with ASICs right around the corner, its either shut down today or what, shutdown in a month or so?
Aaaaand it's gone. 
It's winter. That means we have to use heat. So, rather than running the electric base-board heaters, I'll run my BTC miner. Even if it breaks even, it's still better than having to pay for heat.
The first reward half has hit.
May there be many more. /cheers
May there be many more. /cheers
Yeah, I know it's not exact, but I just noticed we had hit block 209,858, or 142 blocks from BTC reward halving. Assuming 6 blocks/hour, we're just under 24 hours (23.66 to be exact) until we hit block 210,000 and reward goes down to 25 BTC/block.
Unless BTC/$ goes way up, at .10 kilowatt/hour here, I'll still be profitable, but just barely, and likely not worth the effort/aggravation.
It's been fun...and I'll be sad to see it go away.
Unless BTC/$ goes way up, at .10 kilowatt/hour here, I'll still be profitable, but just barely, and likely not worth the effort/aggravation.
It's been fun...and I'll be sad to see it go away.
You do know there are 3 inputs to profitability for a miner
a) exchange rate
b) difficulty
c) miner's cost
You do realize it is impossible for difficulty to both remain too high for profitability AND miners quick because it is unprofitable. The market will find no equilibrium. It always has. Price was 1/4th of what it is now less than a year ago and (some) miners were profitable. Price could go to $20,000 USD:BTC and many GPU miners would be unprofitable (if 4th generation aSICs drove difficulty to 40 billion by then).
11 blocks left, still moving closer
Down to the last 18 blocks. Less than 3 hours till split...
If you really wanted to shut it down and sell the hardware wouldnt it be way wiser to do it some weeks before? Now you will get a real bad price because the market will be flooded. So much worse that its probably worth months of mining. Am i wrong?
No you are right. I sold most of my GPUs quite a while back, but kept 1 7970 to game on. Lol! I kept a 7950 to game on. I decided to sell my 7970 because I was able to get another $100 dollars out of it vs. my 7950s. These 7xxx series cards ain't no joke. I'm crushing BF3 frames now!
sr. member
Activity: 350
Merit: 250
Trust me, these default swaps will limit the risks
If you really wanted to shut it down and sell the hardware wouldnt it be way wiser to do it some weeks before? Now you will get a real bad price because the market will be flooded. So much worse that its probably worth months of mining. Am i wrong?
No you are right. I sold most of my GPUs quite a while back, but kept 1 7970 to game on. Lol! I kept a 7950 to game on. I decided to sell my 7970 because I was able to get another $100 dollars out of it vs. my 7950s. These 7xxx series cards ain't no joke. I'm crushing BF3 frames now!
I wondered if something other could be done with all these new used gpus on the market. Im sure some miners would have found something already. But i think in the near future many cheap high end gpus will be out there. Maybe a super-computer could be created for cheap? I dunno, but its a pity that there isnt a solution for this opportunity.
There was another thread suggesting to create a blockchain which actually computes something useful as POW. (lookup fuzz coin?) The underlying computation can be moderately complex which makes it suitable for GPUs...
I wondered if something other could be done with all these new used gpus on the market. Im sure some miners would have found something already. But i think in the near future many cheap high end gpus will be out there. Maybe a super-computer could be created for cheap? I dunno, but its a pity that there isnt a solution for this opportunity.
Jump to: