Profit and LossLooking at my Gridseeds and wondering if I should mod the hardware, and if so by how much, it seemed to me that the alarming increase in power usage as clock speed increases might have undesirable effects on the profitability. So I decided to get out my calculator. The results below are based on some tests performed by myself on the latest version of the Gridseed 5 chip module (the one with surface mount LED's). I modified one by changing R52 to 39k and another by changing R52 to 47K. The modules all had the 5V fan mod and were clocked at 850MHz, 1000MHz and 1200MHz, these values were chosen as the maximum which gave zero (or close to it) errors. The power cost is calculated from what I pay at about $0.20/KWHour and the modules using 4W, 15W and 25W. All figures relate to one Gridseed module running for one day and based on a bitcoin value of $460. Earnings figures are based upon a return of 0.004386 BTC/MHash/day.
R52 | Power Cost | Earns Today | Profit Today | Earns Month 2 | Profit Month 2 | Earns Month 3 | Profit Month 3 |
33k(standard) | $0.019 | $0.72 | $0.701 | $0.36 | $0.341 | $0.18 | $0.161 |
39k | $0.072 | $0.857 | $0.785 | $0.4285 | $0.3565 | $0.21425 | $0.14225 |
47k | $0.12 | $1.029 | $0.909 | $0.5145 | $0.3945 | $0.25725 | $0.13725 |
So assuming that the income from mining halves each month (seems likely it will) we can see that in just 2 or 3 months time it will be best to have unmodified Gridseeds.
I must emphasize that these figures are far from definitive and should only be viewed as a rough estimate. Your modules might give different results and your power cost is probably different from mine.
Overall I think my best bet is to leave mine standard with no fans at all rather than go to all the trouble of modding them only to have to put them back in a month or two.
This isn't even worth quoting much less commenting on! But, before anyone goes throwing their miner's out the window, here's my take on the above.
*Fact: Most folks pay .10 per KWh, not .20!
*Fact: I pay NOTHING extra for my added KW usage!
So my extra hashes ARE indeed extra $profitable!$
*Fact: Bitcoin difficulty has not been halving 2X per month!
*Fact: On average, difficulty has been incrementing at ONLY around 2.3% on average! (Jan '14 - to current)
*Postulate: Second generation ASICs coming out in Q2/Q3 will have a significant impact on the value of our beloved Gridseeds by causing their price per unit to drop significantly meaning their actual profit value will increase several times which will make our mods and modded units even more profitable! That is, it will make our investment in modifications even more valuable than it is right now!
*Fact: There is plenty of time to recoup the investment in over-volting / overclocking due to the fact that ROI is - in most cases - only a matter of days i.e. less than 1 month!
I feel sorry for anyone having to pay .20 per KWh and I know some in other countries are paying upwards of .75 per KWh! Wow! One can hardly compete much less profit under conditions like that!
So, do not let the merchants of chaos and fear mongers / market manipulators talk you out of your due profits and profitability!
The modification IS profitable. The modification IS harmless. And for most folks, the modification will always be an improvement over stock! Always!
Oh and one other point. If you're going to mine crypto-coins, go at it with long term investment in mind, years, not short term and certainly not on a quarterly basis. Bitcoin is not going anywhere. It's here to stay. So is the entire crypto-currency market! It's here to stay! Don't let short sightedness hinder or stop you from progressing, from risking and especially from WINNING PROFIT$!