Topic: I'm wavering....before I take the plunge, input needed (Read 791 times)
Option 3: buy 4 BTC for 2200 GBP and be done.
Where can you buy the Gridseed Miners you speak of? You mind sharing your source?
Thx
Thx
Hello all,
I've posted a number of times recently about wanting to get into the GPU mining scene (scrypt). The Gridseed stuff has kinda shaken me a bit.
My initial plan was to:
- Use the components I have spare for a base
- Buy 2 cards this month - 1 x 6990 (2nd hand from a friend) and 1 x R9-280X (new) - approx €500
- This would give me a hashrate of about 1500-1600k
- Next month add another R9-280X and a second PSU - approx €500
- Total hashrate now about 2250Khash (Scrypt)
This would represent an input of €1000 over a 2 month period (1st month starting next week, so to me 5 weeks), for a fairly newbie rig. I had planned to do some buying and selling over the following 4 weeks to upgrade to about 4000khash if possible, leaving me at the end of March with 4KHash and €1000-€1200 invested, not counting any returns made in the meantime. Also, I need to take into account the electricity used in the meantime, which would run at approx 1 KW/H, which for me is €0.15 average. So assuming full time mining I'd have spent (9 weeks) €1200 + €227 = €1427.
Now in fairness, mining time is accounted for in the above, and I've calculated that at a monthly difficulty rise of 20% (using the compound interest formula) I could expect to mine approx 34 LTC. Let's assume a disaster of some kind, and make that 25. So at current prices, that'd be about €500. As I do not plan to cash this out, but plan instead to trade it up (partially) let's say I make about 0.9 BTC.
So I've forked out 1400+ for 0.9 BTC in 9 weeks.
Now in reality it wouldn't work this way, because I'm active and plan on using a combo of LTC pool-mining and switch mining in a pool to maximise, and I could probably set a goal over 9-10 weeks of 1.5-2 BTC, particularly if I take a hand by manually playing the market on Cryptsy or other exchanges. So I'll average it to 1.15 BTC.
Now, suppose instead I can raise €2200 to buy a gridseed box-of-10 setup (and can find one).
For those 9 weeks I can mine:
- Scrypt @ 3Mhash - expected return using the same criteria as above: 0.675 BTC
- SHA256 @ 80GHash - expected return using same criteria as above: 1.1 BTC
- Total 1.775 BTC income for €2200 outlay at the start.
- Running costs over 9 week period (going at 0.6KW/H): 136.08
So, to sum up my beermat maths:
Option 1)
Build over 9 weeks, to 4 Mhash Scrypt only capability: €1427 for 1.15 BTC over that period and own a 4 Mhash miner at the end with the difficulty going up by approx 20% per month.
Option 2)
Buy a 10-box of Gridseed miners for 3Mhash Scrypt and 80Ghash SHA256: €2336 for 1.775 BTC over same period, and own these at start, with both diffs increasing
In both cases, I would hope to bank 50% and reinvest 50%. The cost of the gear I would consider lost. The cost of the electricity I would take away from the total pre-bank to write off the cost of running (i.e. true total would probably be closer to 58% bank, 42% keep, with some bank being cashed out every month to cover the increase in energy).
Option 2 seems a no-brainer. The problem is just getting the 2.2K together in one lump, which is not easy for me. I can throw away 500-700 a month easily enough, but I gotta keep a roof over my head too
Am I missing something? Please, someone tell me if I am conjuring rainbows here.
Thank you for any advice.
Rit.
I've posted a number of times recently about wanting to get into the GPU mining scene (scrypt). The Gridseed stuff has kinda shaken me a bit.
My initial plan was to:
- Use the components I have spare for a base
- Buy 2 cards this month - 1 x 6990 (2nd hand from a friend) and 1 x R9-280X (new) - approx €500
- This would give me a hashrate of about 1500-1600k
- Next month add another R9-280X and a second PSU - approx €500
- Total hashrate now about 2250Khash (Scrypt)
This would represent an input of €1000 over a 2 month period (1st month starting next week, so to me 5 weeks), for a fairly newbie rig. I had planned to do some buying and selling over the following 4 weeks to upgrade to about 4000khash if possible, leaving me at the end of March with 4KHash and €1000-€1200 invested, not counting any returns made in the meantime. Also, I need to take into account the electricity used in the meantime, which would run at approx 1 KW/H, which for me is €0.15 average. So assuming full time mining I'd have spent (9 weeks) €1200 + €227 = €1427.
Now in fairness, mining time is accounted for in the above, and I've calculated that at a monthly difficulty rise of 20% (using the compound interest formula) I could expect to mine approx 34 LTC. Let's assume a disaster of some kind, and make that 25. So at current prices, that'd be about €500. As I do not plan to cash this out, but plan instead to trade it up (partially) let's say I make about 0.9 BTC.
So I've forked out 1400+ for 0.9 BTC in 9 weeks.
Now in reality it wouldn't work this way, because I'm active and plan on using a combo of LTC pool-mining and switch mining in a pool to maximise, and I could probably set a goal over 9-10 weeks of 1.5-2 BTC, particularly if I take a hand by manually playing the market on Cryptsy or other exchanges. So I'll average it to 1.15 BTC.
Now, suppose instead I can raise €2200 to buy a gridseed box-of-10 setup (and can find one).
For those 9 weeks I can mine:
- Scrypt @ 3Mhash - expected return using the same criteria as above: 0.675 BTC
- SHA256 @ 80GHash - expected return using same criteria as above: 1.1 BTC
- Total 1.775 BTC income for €2200 outlay at the start.
- Running costs over 9 week period (going at 0.6KW/H): 136.08
So, to sum up my beermat maths:
Option 1)
Build over 9 weeks, to 4 Mhash Scrypt only capability: €1427 for 1.15 BTC over that period and own a 4 Mhash miner at the end with the difficulty going up by approx 20% per month.
Option 2)
Buy a 10-box of Gridseed miners for 3Mhash Scrypt and 80Ghash SHA256: €2336 for 1.775 BTC over same period, and own these at start, with both diffs increasing
In both cases, I would hope to bank 50% and reinvest 50%. The cost of the gear I would consider lost. The cost of the electricity I would take away from the total pre-bank to write off the cost of running (i.e. true total would probably be closer to 58% bank, 42% keep, with some bank being cashed out every month to cover the increase in energy).
Option 2 seems a no-brainer. The problem is just getting the 2.2K together in one lump, which is not easy for me. I can throw away 500-700 a month easily enough, but I gotta keep a roof over my head too
Am I missing something? Please, someone tell me if I am conjuring rainbows here.
Thank you for any advice.
Rit.
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