Topic: Is mining in Australia worth it? (Read 2085 times)

Quote from: Lethn on August 06, 2013, 07:44:51 AM

Hi All,

I'm considering throwing my money at a KNC 100 Gigahash Miner that chews 250w of power. According to profitability calculators online, it's still profitable here in Aus if we get the machines in time without extreme difficulty increases. This is also taking into consideration Australia's high price of energy, I used .50c as a guide - 30c kWh and the rest to cover any supply charges, etc.

Thoughts?

bolded the bit you are gambling on Wink

but there is also the value of BTC in time to consider
I was one of the crazy fools that mined unprofitably in AUS when BTC was $3ea but when price spiked and I sold some for >$200ea - well it felt pretty fine Wink

Lucky S.O.B Wink

- Yeah well, I've been watching bitcoin for what seems like decades, only wish I'd acted sooner, if only. I've used all calculators in the world and from experience I think it'll still be profitable and yeah, the difficulty increases can't really be determined, but oh well. I'll only be $1500 out of pocket if the machine comes too late. I'm going all in...

Are you still mining Graet?

Good luck with it,
yeah running 2 Avalons and 2 FPGA atm

And still profitable obviously? Stupid question...

Thanks for the wishes, may I ask how many hashes you're pulling with the machines and many Watts they use all up?

All good if you don't want to answer and want to make me do ma own research

Batch2 3module with ckloivas' firmware 85Gh/s (he's an Aussie too)
Batch3 4module 105Gh/s on stock firmware
Haven't put a wattmeter on them yet

The fuck? Why mine cryptocurrencies in Australia? From the research I've done if you get permission from your local government you could just get a shovel, hammer and screwdriver ( or something similar to pry out the rock, I don't know if there's a specialised tool you use for it ) and go dig up gemstones etc. you'll probably get a much better payout than mining digital currencies, it's one of the few places left that still has a real mining industry.

I also find hunting for gemstones to be much more interesting and healthy than mining crpytocurrencies Tongue

I guess your research is based on the fantasies in your own mind, perhaps you should go hunt gemstones or do proper research...
When I researched Bitcoin I found it to be very interesting and available to anyone in the world, being interested and someone in the world I thought I would mine.
I find running a mining pool much more interesting than searching through the local sand for non-existent treasure- each to their own I guess.

Lethn

legendary

Activity: 1540

Merit: 1000

The fuck? Why mine cryptocurrencies in Australia? From the research I've done if you get permission from your local government you could just get a shovel, hammer and screwdriver ( or something similar to pry out the rock, I don't know if there's a specialised tool you use for it ) and go dig up gemstones etc. you'll probably get a much better payout than mining digital currencies, it's one of the few places left that still has a real mining industry.

I also find hunting for gemstones to be much more interesting and healthy than mining crpytocurrencies Tongue

jmevz

sr. member

Activity: 251

Merit: 250

Quote from: Graet on August 06, 2013, 06:44:32 AM

Quote from: jmevz on August 06, 2013, 05:34:59 AM

Quote from: jmevz on August 06, 2013, 05:34:59 AM

Hi All,

I'm considering throwing my money at a KNC 100 Gigahash Miner that chews 250w of power. According to profitability calculators online, it's still profitable here in Aus if we get the machines in time without extreme difficulty increases. This is also taking into consideration Australia's high price of energy, I used .50c as a guide - 30c kWh and the rest to cover any supply charges, etc.

Thoughts?

bolded the bit you are gambling on Wink

but there is also the value of BTC in time to consider
I was one of the crazy fools that mined unprofitably in AUS when BTC was $3ea but when price spiked and I sold some for >$200ea - well it felt pretty fine Wink

Lucky S.O.B Wink

- Yeah well, I've been watching bitcoin for what seems like decades, only wish I'd acted sooner, if only. I've used all calculators in the world and from experience I think it'll still be profitable and yeah, the difficulty increases can't really be determined, but oh well. I'll only be $1500 out of pocket if the machine comes too late. I'm going all in...

Are you still mining Graet?

Good luck with it,
yeah running 2 Avalons and 2 FPGA atm

And still profitable obviously? Stupid question...

Thanks for the wishes, may I ask how many hashes you're pulling with the machines and many Watts they use all up?

All good if you don't want to answer and want to make me do ma own research

Graet

vip

Activity: 980

Merit: 1001

Hi All,

I'm considering throwing my money at a KNC 100 Gigahash Miner that chews 250w of power. According to profitability calculators online, it's still profitable here in Aus if we get the machines in time without extreme difficulty increases. This is also taking into consideration Australia's high price of energy, I used .50c as a guide - 30c kWh and the rest to cover any supply charges, etc.

Thoughts?

bolded the bit you are gambling on Wink

but there is also the value of BTC in time to consider
I was one of the crazy fools that mined unprofitably in AUS when BTC was $3ea but when price spiked and I sold some for >$200ea - well it felt pretty fine Wink

Lucky S.O.B Wink

- Yeah well, I've been watching bitcoin for what seems like decades, only wish I'd acted sooner, if only. I've used all calculators in the world and from experience I think it'll still be profitable and yeah, the difficulty increases can't really be determined, but oh well. I'll only be $1500 out of pocket if the machine comes too late. I'm going all in...

Are you still mining Graet?

Good luck with it,
yeah running 2 Avalons and 2 FPGA atm

jmevz

sr. member

Activity: 251

Merit: 250

Hi All,

I'm considering throwing my money at a KNC 100 Gigahash Miner that chews 250w of power. According to profitability calculators online, it's still profitable here in Aus if we get the machines in time without extreme difficulty increases. This is also taking into consideration Australia's high price of energy, I used .50c as a guide - 30c kWh and the rest to cover any supply charges, etc.

Thoughts?

bolded the bit you are gambling on Wink

but there is also the value of BTC in time to consider
I was one of the crazy fools that mined unprofitably in AUS when BTC was $3ea but when price spiked and I sold some for >$200ea - well it felt pretty fine Wink

Lucky S.O.B Wink

- Yeah well, I've been watching bitcoin for what seems like decades, only wish I'd acted sooner, if only. I've used all calculators in the world and from experience I think it'll still be profitable and yeah, the difficulty increases can't really be determined, but oh well. I'll only be $1500 out of pocket if the machine comes too late. I'm going all in...

Are you still mining Graet?

Graet

vip

Activity: 980

Merit: 1001

Quote from: LogicalUnit on August 06, 2013, 05:13:49 AM

Hi All,

I'm considering throwing my money at a KNC 100 Gigahash Miner that chews 250w of power. According to profitability calculators online, it's still profitable here in Aus if we get the machines in time without extreme difficulty increases. This is also taking into consideration Australia's high price of energy, I used .50c as a guide - 30c kWh and the rest to cover any supply charges, etc.

Thoughts?

bolded the bit you are gambling on Wink

but there is also the value of BTC in time to consider
I was one of the crazy fools that mined unprofitably in AUS when BTC was $3ea but when price spiked and I sold some for >$200ea - well it felt pretty fine Wink

jmevz

sr. member

Activity: 251

Merit: 250

From my thread:

Quote from: LogicalUnit on June 19, 2013, 06:28:35 AM

Quote from: Kake on June 19, 2013, 05:48:42 AM

Any idea how much electricity cost the setup is per day/month?

My energy provider is ActewAGL, and my bill has 2 components: a flat fee of AUD$0.605 per day, plus AUD$0.179 per kWh. The rig draws 20W at most. So to run for thirty days is 30 days * 24 hours * 0.020kW * AUD$0.179 = AUD$2.58

.179 per kWh, I really have to change my energy provider, sh*t!

LogicalUnit

sr. member

Activity: 299

Merit: 250

From my thread:

Quote from: LogicalUnit on June 19, 2013, 06:28:35 AM

Quote from: Kake on June 19, 2013, 05:48:42 AM

Any idea how much electricity cost the setup is per day/month?

My energy provider is ActewAGL, and my bill has 2 components: a flat fee of AUD$0.605 per day, plus AUD$0.179 per kWh. The rig draws 20W at most. So to run for thirty days is 30 days * 24 hours * 0.020kW * AUD$0.179 = AUD$2.58

jmevz

sr. member

Activity: 251

Merit: 250

Hi All,

I'm considering throwing my money at a KNC 100 Gigahash Miner that chews 250w of power. According to profitability calculators online, it's still profitable here in Aus if we get the machines in time without extreme difficulty increases. This is also taking into consideration Australia's high price of energy, I used .50c as a guide - 30c kWh and the rest to cover any supply charges, etc.

Thoughts?

Kernel32

member

Activity: 85

Merit: 10

If you can't do something smart,do something right

Hell yeah it is worth it if you can put your hands on a ASIC (or even FPGA) hardware.
Mining using GPUs is in its last weeks, maybe months of resonability. Worldwide.

santostfm

newbie

Activity: 14

Merit: 0

Thanks for the reply's guys.

Sounds like I am a little late to the mining game in general .... I have been thinking about making a gaming comp so it might be worth a try anyway.

DobZombie

hero member

Activity: 896

Merit: 532

Former curator of The Bitcoin Museum

Is it worth the electricity bills to mine in australia?
Also how much can you make per day mining with a pool like slush's pool. I understand it will depend on your rig I am just wondering what the average person is pulling.

Hey Matey.

If you'd purchased equipment 12 months ago I'd say yes.

I started mining July 2012 with about 5GH worth of machine. In that time I've collected nearly 400BTC (I've spent 3/4 of it tho Tongue

)

with my machines currently mining at 4GH at 23 cents per kwh I'm still making about $10-$20 a day.

Another difficulty increase tho, it'll be time to sell up Sad

chungenhung

legendary

Activity: 1134

Merit: 1005

Is it worth the electricity bills to mine in australia?
Also how much can you make per day mining with a pool like slush's pool. I understand it will depend on your rig I am just wondering what the average person is pulling.

No

buildbit

newbie

Activity: 46

Merit: 0

Im in Sydney and Ive got a rig with 7 x 7950's running off 2 x 750W PSU and 1 850W PSU.

Last month the units generated 6.9BTC and the power usage was 930KW/H

If i was paying $0.30 per Kw/h (which is very high and does not take into account off peak, shoulders etc) it would cost me $279 per month.

If i sold the Bitcoins today at $120, i would have $828.

So definitely still worth mining in Australia. If it does become unfeasible, you can sell the cards our have an awesome gaming rig .

crazyates

legendary

Activity: 952

Merit: 1000

Many people in Australia mine. Ozcoin is originated in Australia, and both main devs of CGMiner are down there, IIRC.

Seal

donator

Activity: 848

Merit: 1078

Quote from: razorfishsl on May 20, 2013, 05:51:20 PM

Is it worth the electricity bills to mine in australia?
Also how much can you make per day mining with a pool like slush's pool. I understand it will depend on your rig I am just wondering what the average person is pulling.

Probably not with bitcoin. Or very little. Especially as you will be paying more for hardware too.

YipYip

hero member

Activity: 574

Merit: 500

Australia has good incentives on solar power.
The government pays you to feed surplus power into the grid and you get sponsorship to install solar.

go do it, then use it to support your mining.
I have a couple of rigs I sent to my parents in Australia and they run them off the solar.

Cool

I have 16 x 2-3.6 m hash rigs pulling in 35m + doing most LTC but a bit of btc every now and then

Get an off peak tarriff with momentum energy are the cheapest and u get it down to 17 k/w which is super cheap in OZ works out to 124$ per month per rig

I am making very good coin off my investment ... so umm .. yes

Also the solar solution rocks ... u will get a rig down to aprox 42$ per month with solar and off peak tarriff combo

So theres the long and short of mining in OZ ..its not the easiest but what is in life ...lol

razorfishsl

sr. member

Activity: 399

Merit: 250

Australia has good incentives on solar power.
The government pays you to feed surplus power into the grid and you get sponsorship to install solar.

go do it, then use it to support your mining.
I have a couple of rigs I sent to my parents in Australia and they run them off the solar.

doosey2

newbie

Activity: 28

Merit: 0

What is your cost of electricity in kilo-watt hours? (and what part of australia, i am curious).

vinne81

full member

Activity: 182

Merit: 100