Topic: Is bitcoin really worth mining? CoinTerra and Cex.io Analyized - page 2. (Read 23722 times)
November 01, 2013, 08:02:26 PM
Didn't you find the exact figure in the FAQ that the fee is $0.001 Per GHs. Notice it's in dollars not BTC.
November 01, 2013, 07:55:43 PM
Overall, if I am correct. CoinTerra's upcoming new technology and Cex.io cloud hashing is not worth it. Simply put, you won't break even.
Currently bitcoin has gotten alot of attention, there are even companies paying for large amounts of Hashing Power creating a demand for Mining Contracts. The issue now is will there be profitability.
First and foremost, the backbone of computers are one's and zero's this means at any given time if a hacker arises with the skill to hack bitcoin, then it is possible at any time the market for bitcoin may crash. In other words, at anytime, bitcoin currency could significantly it's value.
Second, the difficulty is changing by about "last change in % + 5%" to equal the next difficulty that changes about every 10 days or so. This is all according to http://bitcoinwisdom.com/bitcoin/difficulty. The change is due to the change in the total amount of miners in the pool and the amount of hashing power one brings. That is not the only issue with the change in difficulty, but the fact that new technology with faster hashing power at a better watt usage and cheaper price her GH/s. This will allow each miner to have more shares in bitcoins, but at the same time increase the difficulty.
The real question now is, "Will there actually be any profit in mining bitcoins?"
Holding onto history were the difficulty is "changing by about 'last change in % + 5%' to equal the next difficulty that changes about every 10 days or so.", by the 3rd change of difficulty in February, the difficulty factor will be 564632224929.
For demonstration purposes, I will pretend I pre-ordered the found here: http://cointerra.com/product/terraminer-iv-2ths-networked-miner-january-batch and it arrives by the end of February.
I will assume watt usage is 1200. As stated it should be around .6W/GH/s. (https://bitcointalksearch.org/topic/cointerra-miner-2000-ghs-06-wghs-featured-on-anandtech-preorders-open-287049)
Where I live electricity is about .3510 kWh
Since 1 change is about 5% additional from last change in %, I will assume there is a 15% change, BUT the change in difficulty will be significantly be much great. The loss of money will be greater than my calculations without any doubt. Again, due to the calculators limit in functions, this number is much much lower than actual loss.
In summary: If you earn 25.00 BTC per block found with a value of $212.51 per BTC, mining with a difficulty of 564632224929.1992 at 2000000 Mh/s, power costing $0.3510 per kilowatt hour @ 1200 watts for the next 90 days, spending $5999 in startup costs:
I entered that data into: https://bitclockers.com/calc
The results were shocking.
I would be losing about $9.73 per day.
What is more tragic is the story of Cex.io
Got a email:
"The fee will be implemented in 1 week, which makes it November 8th 2013.
The maintenance fee is estimated as $0.30 / kW*hour:
$0.17/kW electricity cost + $0.09 data centre upkeep + $0.04 hardware repair/maintenance.
(The power consumption of 1 GHS is 1.5W per hour)"
Including:
- hashrate of 2,000 GH/s
- for watts it will be 3000. As stated 1.5W per 1 GH/s
- fee of 0.30 kWh per GH/s
- about $21.89/GH/s . Last time I checked 1 GH/s was 0.107797 BTC on Cex.io. And on preev.com, 0.107797 BTC = $21.89
Therefore:
If you earn 25.00 BTC per block found with a value of $212.51 per BTC, mining with a difficulty of 564632224929.1992 at 2000000 Mh/s, power costing $0.3 per kilowatt hour @ 3000 watts for the next 90 days, spending $43780 in startup costs:
By the end of February you would lose $636.64 per month, if you bought 2,000 GH/s from Cex.io at the above prices today and did not sell any back.
Of course this is just my theory based on trends. There is a high chance that my theory is a correct, because it is based on trends I gathered from various sources on the interwebs. I am not responsible for any gains or losses due to the theory.
Overall, if I am correct. CoinTerra's upcoming new technology and Cex.io cloud hashing is not worth it. Simply put, you won't break even.
Currently bitcoin has gotten alot of attention, there are even companies paying for large amounts of Hashing Power creating a demand for Mining Contracts. The issue now is will there be profitability.
First and foremost, the backbone of computers are one's and zero's this means at any given time if a hacker arises with the skill to hack bitcoin, then it is possible at any time the market for bitcoin may crash. In other words, at anytime, bitcoin currency could significantly it's value.
Second, the difficulty is changing by about "last change in % + 5%" to equal the next difficulty that changes about every 10 days or so. This is all according to http://bitcoinwisdom.com/bitcoin/difficulty. The change is due to the change in the total amount of miners in the pool and the amount of hashing power one brings. That is not the only issue with the change in difficulty, but the fact that new technology with faster hashing power at a better watt usage and cheaper price her GH/s. This will allow each miner to have more shares in bitcoins, but at the same time increase the difficulty.
The real question now is, "Will there actually be any profit in mining bitcoins?"
Holding onto history were the difficulty is "changing by about 'last change in % + 5%' to equal the next difficulty that changes about every 10 days or so.", by the 3rd change of difficulty in February, the difficulty factor will be 564632224929.
For demonstration purposes, I will pretend I pre-ordered the found here: http://cointerra.com/product/terraminer-iv-2ths-networked-miner-january-batch and it arrives by the end of February.
I will assume watt usage is 1200. As stated it should be around .6W/GH/s. (https://bitcointalksearch.org/topic/cointerra-miner-2000-ghs-06-wghs-featured-on-anandtech-preorders-open-287049)
Where I live electricity is about .3510 kWh
Since 1 change is about 5% additional from last change in %, I will assume there is a 15% change, BUT the change in difficulty will be significantly be much great. The loss of money will be greater than my calculations without any doubt. Again, due to the calculators limit in functions, this number is much much lower than actual loss.
In summary: If you earn 25.00 BTC per block found with a value of $212.51 per BTC, mining with a difficulty of 564632224929.1992 at 2000000 Mh/s, power costing $0.3510 per kilowatt hour @ 1200 watts for the next 90 days, spending $5999 in startup costs:
I entered that data into: https://bitclockers.com/calc
The results were shocking.
I would be losing about $9.73 per day.
What is more tragic is the story of Cex.io
Got a email:
"The fee will be implemented in 1 week, which makes it November 8th 2013.
The maintenance fee is estimated as $0.30 / kW*hour:
$0.17/kW electricity cost + $0.09 data centre upkeep + $0.04 hardware repair/maintenance.
(The power consumption of 1 GHS is 1.5W per hour)"
Including:
- hashrate of 2,000 GH/s
- for watts it will be 3000. As stated 1.5W per 1 GH/s
- fee of 0.30 kWh per GH/s
- about $21.89/GH/s . Last time I checked 1 GH/s was 0.107797 BTC on Cex.io. And on preev.com, 0.107797 BTC = $21.89
Therefore:
If you earn 25.00 BTC per block found with a value of $212.51 per BTC, mining with a difficulty of 564632224929.1992 at 2000000 Mh/s, power costing $0.3 per kilowatt hour @ 3000 watts for the next 90 days, spending $43780 in startup costs:
By the end of February you would lose $636.64 per month, if you bought 2,000 GH/s from Cex.io at the above prices today and did not sell any back.
Of course this is just my theory based on trends. There is a high chance that my theory is a correct, because it is based on trends I gathered from various sources on the interwebs. I am not responsible for any gains or losses due to the theory.
Overall, if I am correct. CoinTerra's upcoming new technology and Cex.io cloud hashing is not worth it. Simply put, you won't break even.
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