Home mining is dead. | Bitcointalksearch.org

xstr8guy

hero member

Activity: 784

Merit: 1004

Glow Stick Dance!

Quote from: helipotte on October 03, 2014, 08:26:20 PM

My small farm is still profitable. And now with winter just around the corner I can have subsidized heat for a few months! About half of my miners have been running

in outdoor temps all summer but are going to get brought in to stay at their "winter home".

Also if you have enough hardware of different sorts running as a home miner, it starts to become a lot like a second job. Maybe I just fiddle with my equipment too

much. Tongue

You, just like me, are running miners that we purchased months ago. I'm at a net positive for all of my miner purchases combined (notice how I didn't use ROI, lol). And we will run them until electrical costs exceed our income and it doesn't make sense anymore. And that time is fast approaching.

But for anyone just starting now and buying new (or even used gear) or anyone adding gear to their existing farm... the investment is hopeless and stupid.

helipotte

hero member

Activity: 650

Merit: 500

Pick and place? I need more coffee.

My small farm is still profitable. And now with winter just around the corner I can have subsidized heat for a few months! About half of my miners have been running

in outdoor temps all summer but are going to get brought in to stay at their "winter home".

Also if you have enough hardware of different sorts running as a home miner, it starts to become a lot like a second job. Maybe I just fiddle with my equipment too

much. Tongue

xstr8guy

hero member

Activity: 784

Merit: 1004

Glow Stick Dance!

Quote from: jonnybravo0311 on October 03, 2014, 01:17:40 PM

Quote from: ChuckBuck on October 03, 2014, 12:58:14 PM

Quote from: johnyj on October 03, 2014, 11:24:56 AM

There are many home miners with free electricity, they are unbeatable. If they scale up the operation and have large management and electricity overhead, then they can not hold long in a bear market. The most stable situation for bitcoin mining is millions of users mining at home using mostly free electricity, so that the cost is well under control. Large mining farms will be too risky, they have to either find the private investors to sell their coin or sell the hash power through a competitive pricing

Really? Where in the USA can one get free electricity?

I might have to move there to start my mining farm! Cheesy

A lot of people seem to confuse "free" with "somebody else is paying for it."

Bravo Jonny! Cheesy

The geniuses who think "free" electricity is the answer are living in a fantasy world, retarded or just really deep in denial.

I have an average sized American home with average electricity costs. My circuits can currently handle my 10Ths of gear as long as my pool pump and A/C aren't running at the same time, lol. And I'm lucky if I bring in $50 per day in BTC revenue. And I'm extra lucky if $10 of that is profit! I'm exactly one average difficulty adjustment from going into the red.

How is someone with "free electricity" who lives in a small flat (or dorm room) or is stashing miners under their desk at work and who has very restricted electrical capacity going to make any significant income?! At best they'll be able to run 1 or 2 THs before they start tripping circuits.

And even 1 or 2 THs is going to raise suspicion of the person/organization who is actually paying the electric bill. So is that extra $5 or $10 per day worth someone spending any money on new mining gear? No, not even with free electricity. And considering they are likely to be caught, it's certainly not worth the risk.

Home mining is indeed dead.

Transisto

donator

Activity: 1731

Merit: 1008

What is currently killing home miners is the high cost of shipping and customs fee compared to the hardware itself.
Also the fact that 90% of hardware designs use noisy 12 000 RPM fans into units that look like crap. (external power supplies)

Used to be a fan of the S3 for home mining until they priced themselves out of the market.

ChuckBuck

hero member

Activity: 1372

Merit: 783

better everyday ♥

Quote from: jonnybravo0311 on October 03, 2014, 01:17:40 PM

Quote from: ChuckBuck on October 03, 2014, 12:58:14 PM

Quote from: johnyj on October 03, 2014, 11:24:56 AM

There are many home miners with free electricity, they are unbeatable. If they scale up the operation and have large management and electricity overhead, then they can not hold long in a bear market. The most stable situation for bitcoin mining is millions of users mining at home using mostly free electricity, so that the cost is well under control. Large mining farms will be too risky, they have to either find the private investors to sell their coin or sell the hash power through a competitive pricing

Really? Where in the USA can one get free electricity?

I might have to move there to start my mining farm! Cheesy

A lot of people seem to confuse "free" with "somebody else is paying for it."

True, there's included in rent or maintenance costs, then there's the "Landlord ain't gonna pay shit for this outrageous electrical bill cost you passed on to him".

Nothing's completely free, a line gets crossed at some point.

erenna

full member

Activity: 182

Merit: 100

Someone is still mining in Italy, and I've said it all Roll Eyes

The highest costs around the globe probably Grin

hedgy73

legendary

Activity: 1414

Merit: 1077

Some basic accommodation in the UK (mainly flats or bedsits) come with free electricity included in the rent. Its obviously not free they just put it on the rent Wink

.

However I know for a fact that the landlords would notice if they had an extra light on, let alone mining equipment as they know what the average expected usage would be.

The reason I know is because I do work for many different landlords and they know where every penny is going in every property they own.

jonnybravo0311

legendary

Activity: 1344

Merit: 1024

Mine at Jonny's Pool

Quote from: ChuckBuck on October 03, 2014, 12:58:14 PM

Quote from: johnyj on October 03, 2014, 11:24:56 AM

There are many home miners with free electricity, they are unbeatable. If they scale up the operation and have large management and electricity overhead, then they can not hold long in a bear market. The most stable situation for bitcoin mining is millions of users mining at home using mostly free electricity, so that the cost is well under control. Large mining farms will be too risky, they have to either find the private investors to sell their coin or sell the hash power through a competitive pricing

Really? Where in the USA can one get free electricity?

I might have to move there to start my mining farm! Cheesy

A lot of people seem to confuse "free" with "somebody else is paying for it."

ChuckBuck

hero member

Activity: 1372

Merit: 783

better everyday ♥

Quote from: johnyj on October 03, 2014, 11:24:56 AM

There are many home miners with free electricity, they are unbeatable. If they scale up the operation and have large management and electricity overhead, then they can not hold long in a bear market. The most stable situation for bitcoin mining is millions of users mining at home using mostly free electricity, so that the cost is well under control. Large mining farms will be too risky, they have to either find the private investors to sell their coin or sell the hash power through a competitive pricing

Really? Where in the USA can one get free electricity?

I might have to move there to start my mining farm! Cheesy

btcxyzzz

legendary

Activity: 888

Merit: 1000

Monero - secure, private and untraceable currency.

Ever considered mining altcoins? CPU and GPU mining is still alive and well.

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

There are many home miners with free electricity, they are unbeatable. If they scale up the operation and have large management and electricity overhead, then they can not hold long in a bear market. The most stable situation for bitcoin mining is millions of users mining at home using mostly free electricity, so that the cost is well under control. Large mining farms will be too risky, they have to either find the private investors to sell their coin or sell the hash power through a competitive pricing

ChuckBuck

hero member

Activity: 1372

Merit: 783

better everyday ♥

Quote from: Feneusens on October 03, 2014, 08:17:53 AM

Home mining isnt dead. We just need cheaper power to complete with the giants...

How does one go about to get cheaper power?

Oooh, I know I know! We get a bunch of giant hamsters and a bunch of giant wheels, and then let them run for hours and hours generating free electricity! Brilliant.

Feneusens

sr. member

Activity: 275

Merit: 250

Home mining isnt dead. We just need cheaper power to complete with the giants...

MaxDZ8

hero member

Activity: 672

Merit: 500

For mining to stay at homes, it has to be so little profitable big investments have better alternatives yet enough profitable to let you pay for at least the running costs.
Because residential electricity is usually more expensive I see those two conditions very difficult to happen at the same time.
To sustain the costs, coin value must rise higher than difficulty. Might have worked for BTC but surely won't happen for any alt. Except in short term maybe, PnD "is proven to work".

rammy2k2

legendary

Activity: 1974

Merit: 1003

Quote from: xstr8guy on October 02, 2014, 05:46:08 PM

Quote from: c0ffer on October 02, 2014, 04:41:20 PM

For BTC maybe. Altcoin home mining is still workable.

Although if the estimated difficulty holds we're on the way to a decrease Shocked

Do you mean SHA alts or Scrypt coins? And are we talking Scrypt ASICs or GPUs?

I think he means SCRYPT asics

aurel57

legendary

Activity: 1232

Merit: 1000

Quote from: Cluster2k on October 03, 2014, 12:23:53 AM

Quote from: Mattofla on October 03, 2014, 12:12:11 AM

If you have some solar panels at home maybe it could work out your profit.

I have 5kw of solar panels at home and am currently pulling in an average of 25KwH per day. I get three times more money selling the power to the grid than using it to make bitcoins. The sold power is tax free, refund from the power company comes automatically once every three months, there are no exchange fees to pay and I don't need to hand over my private info to some anonymous exchange in eastern Europe.

In other words, although I could mine for 'free' during the day, I would be losing a lot of money doing so.

Just wondering how much per KW the power company is paying or crediting you? Some electric companies require a duel meter where the electric you use they charge you normal price but only want to pay you for your electric "generating cost" which can be a 1/4 of what they charge.

hedgy73

legendary

Activity: 1414

Merit: 1077

Quote from: RoadStress on October 03, 2014, 02:53:56 AM

Quote from: joae1975 on October 02, 2014, 10:48:36 PM

I solo mine 3gh. I figure I have a 1 in 42 million chance of hitting a block every 10 minutes. Better than powerball odds, not as big a jackpot tho. But I'll take it.

Is my math right?

I would like to know that too!

With 3 GH at current difficulty would take on average 895 years to solo mine a block according to http://www.bitcoinx.com/.

Doesn't mean to say you wont find one today, tomorrow or next week but your chances are very slim.

RoadStress

legendary

Activity: 1904

Merit: 1007

Quote from: joae1975 on October 02, 2014, 10:48:36 PM

I solo mine 3gh. I figure I have a 1 in 42 million chance of hitting a block every 10 minutes. Better than powerball odds, not as big a jackpot tho. But I'll take it.

Is my math right?

I would like to know that too!

wilth1

member

Activity: 63

Merit: 10

Quote from: xstr8guy on October 02, 2014, 04:08:01 PM

Does it make sense for manufacturers to go to smaller process nodes for future generations of miners? It will cost so much more to develop and take so much time, it will be too late for the next gen to make sense for the home miner. And then, would they even bother to sell them at retail?

It's only made sense for manufacturers to sell retail to offset their own mining reinvestment costs.

Efficiency may be leveling out, but operational scaling has only just begun.

Cluster2k

legendary

Activity: 1692

Merit: 1018

Quote from: Mattofla on October 03, 2014, 12:12:11 AM

If you have some solar panels at home maybe it could work out your profit.

I have 5kw of solar panels at home and am currently pulling in an average of 25KwH per day. I get three times more money selling the power to the grid than using it to make bitcoins. The sold power is tax free, refund from the power company comes automatically once every three months, there are no exchange fees to pay and I don't need to hand over my private info to some anonymous exchange in eastern Europe.

In other words, although I could mine for 'free' during the day, I would be losing a lot of money doing so.

Topic: Home mining is dead. (Read 2344 times)