Topic: Getting back into mining looking for current advice (Read 575 times)

Not sure you read the post. I already have the mining equipment, cost was negligible. I was wondering if people had any alternative ideas or suggestions in the current market.

Just plug your numbers into a mining calculator so you know before hand whether you can mine at a profit, at break even, or at a loss, and decide if it's worth it for you.

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/

current rigs (s9 13t/hash) works out as $450 at america's 10cent/kwatt for 6 months.. so your 12cent/kw would cost you $540 for 6 months.

however this is not the problem with miners today. the ASIC cost is.
at todays $2100 pricetag plus $120 for a PSU that is going to be the major lump you have to recoup.

so knowing its going to be an initial outlay of $2760,

also current maths of todays estimated mining income and considering the fortnightly drop income due to difficulty adjustments. you will expect to get ~1.2btc after 6 months.

no one would in their right mind pay $2760 for 1.2btc..
you would be far better off just buying 2.5btc now and hoarding it.

the reason that people do mine is because they get the rigs 'at cost' (estimated at under $400) mostly though its the asic manufacturers that are the ones in profit to sustain mining.

this is simply because for every rig they sell at retail($2100) they can make upto 5 rigs.
what they (if smart) would do is make 3 rigs. give 1 rig to the customer. put 2 rigs online and have $600 spare to go towards paying the electric, meaning thanks to their customers, asic manufacturers get 2 rigs for free and cash to cover electric for free. thus any bitcoin they get, is 100% profit

unless you can get a rig dirty cheap, at lets say a quarter of the retail price forget it. but thats my evaluation based on bitcoin mining

others will suggest altcoin mining.. but thats hit and miss based on timing of mining the right coin at the right time and selling it at the right time of the pump.. before you hit the dump

I would mine some alt coins. There are pools that auto-mine most profitable alt-coins and convert to BTC. That is usually more profitable. If it is a strong Alt that supports asic mining it may be worthwhile to mine and hold.

Here is a neat tool: https://whattomine.com/asic

Hey folks. Long post here but want to give all the needed info. Three years ago I got some Bitcoin miners for virtually free. Some rich college student listed them on cl(bought them with his dad's credit card) and I traded for them. So my initial investment was less than 100$ for 8 antminer s1's, and three s3's, with power supply's and cables and everything. Began mining and made money for a bit, but two summers ago stopped mining as I left for school and couldn't monitor them, and keep them running(internet is inconsistent and needs to be restarted often and my family can barely turn on a computer much less use it). So I'm back in my hometown area, made them a place to run and started doing math on operating cost to hash rate and it doesn't look feasable. Electrical costs here is around .12 cents kW, and I'll be drawing around 2000 watts,( I have the s1's undervolted to hash around 120 and draw 150 watts) and hashing around 2000ghs. So as of right now it's not profitable to mine. What would be your folks advice? Should I ditch the miners? Should I wait for the Bitcoin price to increase and then mining would be more profitable? Just looking for some advice.